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, 2021 |
Item 1.
Reports to Stockholders
Fidelity Advisor® Value Strategies Fund
November 30, 2021
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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 24.33% | 10.99% | 11.94% |
Class M (incl. 3.50% sales charge) | 26.98% | 11.26% | 11.96% |
Class C (incl. contingent deferred sales charge) | 29.84% | 11.44% | 11.92% |
Fidelity® Value Strategies Fund | 32.24% | 12.62% | 12.92% |
Class K | 32.41% | 12.76% | 13.08% |
Class I | 32.23% | 12.58% | 12.89% |
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, 2011, 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/0001379491-22-000216/img762225508_740.jpg)
Period Ending Values | ||
$30,881 | Fidelity Advisor® Value Strategies Fund - Class A | |
$33,616 | Russell Midcap® Value Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Portfolio Manager Matt Friedman: For the fiscal year ending November 30, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 31% to 32%, outperforming the 26.34% result of the benchmark, the Russell Midcap® Value Index. Versus the benchmark, security selection contributed, especially in the materials sector. Strong picks in industrials, primarily driven by the capital goods industry, also helped, as did choices in consumer staples. An outsized stake in chemicals company Olin (+154%) added more value than any other fund holding the past 12 months. We thought Olin could benefit from an upturn in the market for chlor-alkali in coming years, driven by environmental regulations in Europe, and China's renewed focus on the environment. We reduced the fund’s holdings in Olin for the period. The fund's non-benchmark stake in Capital One Financial (+106%), a position not held as of November 30, also contributed notably. Conversely, stock selection in health care, real estate and energy hampered the fund’s relative performance. A non-benchmark stake in managed health care and insurance company Cigna (-7%) hurt versus the benchmark, as did overweighting retailer Gap (-51%), the latter a fund position we established in the past 12 months. We still held Cigna and Gap as of November 30. Notable changes in fund positioning for the 12 months included increased exposure to the energy 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, 2021
% of fund's net assets | |
CubeSmart | 2.4 |
Canadian Natural Resources Ltd. | 2.3 |
Equity Lifestyle Properties, Inc. | 2.2 |
Builders FirstSource, Inc. | 2.0 |
Cigna Corp. | 1.9 |
Edison International | 1.8 |
Cushman & Wakefield PLC | 1.7 |
Ameriprise Financial, Inc. | 1.7 |
Cheniere Energy, Inc. | 1.7 |
Hess Corp. | 1.6 |
19.3 |
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Industrials | 19.5 |
Financials | 16.3 |
Consumer Discretionary | 11.3 |
Real Estate | 10.0 |
Materials | 8.6 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021* | ||
Stocks | 98.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.2% |
* Foreign investments – 16.9%
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 2.2% | |||
Diversified Telecommunication Services - 0.5% | |||
Liberty Global PLC Class C (a) | 253,200 | $6,745 | |
Media - 1.7% | |||
Interpublic Group of Companies, Inc. | 372,600 | 12,367 | |
Nexstar Broadcasting Group, Inc. Class A | 64,400 | 9,628 | |
21,995 | |||
TOTAL COMMUNICATION SERVICES | 28,740 | ||
CONSUMER DISCRETIONARY - 11.3% | |||
Auto Components - 0.8% | |||
Adient PLC (a) | 248,400 | 10,545 | |
Distributors - 1.1% | |||
LKQ Corp. | 254,900 | 14,249 | |
Diversified Consumer Services - 1.3% | |||
Adtalem Global Education, Inc. (a) | 387,037 | 11,483 | |
Laureate Education, Inc. Class A | 626,900 | 6,269 | |
17,752 | |||
Hotels, Restaurants & Leisure - 1.1% | |||
Caesars Entertainment, Inc. (a) | 155,800 | 14,033 | |
Household Durables - 2.0% | |||
Mohawk Industries, Inc. (a) | 88,000 | 14,773 | |
Taylor Morrison Home Corp. (a) | 401,200 | 12,461 | |
27,234 | |||
Internet & Direct Marketing Retail - 1.2% | |||
eBay, Inc. | 239,100 | 16,130 | |
Multiline Retail - 1.5% | |||
Dollar Tree, Inc. (a) | 148,800 | 19,914 | |
Specialty Retail - 2.3% | |||
Gap, Inc. | 621,500 | 10,273 | |
Rent-A-Center, Inc. | 248,900 | 10,994 | |
Sally Beauty Holdings, Inc. (a)(b) | 448,200 | 8,780 | |
30,047 | |||
TOTAL CONSUMER DISCRETIONARY | 149,904 | ||
CONSUMER STAPLES - 4.1% | |||
Beverages - 1.1% | |||
Primo Water Corp. | 853,600 | 14,187 | |
Food Products - 1.6% | |||
Bunge Ltd. | 65,000 | 5,627 | |
Darling Ingredients, Inc. (a) | 240,022 | 16,206 | |
21,833 | |||
Household Products - 0.7% | |||
Reynolds Consumer Products, Inc. | 301,100 | 8,786 | |
Tobacco - 0.7% | |||
Altria Group, Inc. | 234,400 | 9,995 | |
TOTAL CONSUMER STAPLES | 54,801 | ||
ENERGY - 6.3% | |||
Energy Equipment & Services - 0.7% | |||
Liberty Oilfield Services, Inc. Class A (a) | 987,400 | 9,084 | |
Oil, Gas & Consumable Fuels - 5.6% | |||
Canadian Natural Resources Ltd. | 761,600 | 31,145 | |
Cheniere Energy, Inc. | 213,000 | 22,325 | |
Hess Corp. | 279,600 | 20,836 | |
74,306 | |||
TOTAL ENERGY | 83,390 | ||
FINANCIALS - 16.3% | |||
Banks - 2.9% | |||
East West Bancorp, Inc. | 132,600 | 10,210 | |
First Citizens Bancshares, Inc. (b) | 16,400 | 13,185 | |
Signature Bank | 51,100 | 15,448 | |
38,843 | |||
Capital Markets - 4.2% | |||
Ameriprise Financial, Inc. | 77,600 | 22,473 | |
Lazard Ltd. Class A | 347,800 | 14,823 | |
LPL Financial | 116,200 | 18,314 | |
55,610 | |||
Consumer Finance - 2.9% | |||
OneMain Holdings, Inc. | 262,700 | 13,080 | |
SLM Corp. | 808,684 | 14,378 | |
Synchrony Financial | 237,300 | 10,629 | |
38,087 | |||
Diversified Financial Services - 0.6% | |||
Voya Financial, Inc. (b) | 121,800 | 7,569 | |
Insurance - 5.7% | |||
American Financial Group, Inc. | 134,700 | 17,997 | |
Arch Capital Group Ltd. (a) | 422,400 | 17,057 | |
Assurant, Inc. | 108,500 | 16,503 | |
Reinsurance Group of America, Inc. | 89,628 | 8,507 | |
The Travelers Companies, Inc. | 110,600 | 16,253 | |
76,317 | |||
TOTAL FINANCIALS | 216,426 | ||
HEALTH CARE - 6.6% | |||
Biotechnology - 0.5% | |||
United Therapeutics Corp. (a) | 35,700 | 6,765 | |
Health Care Providers & Services - 4.8% | |||
Centene Corp. (a) | 262,400 | 18,738 | |
Cigna Corp. | 136,300 | 26,156 | |
Laboratory Corp. of America Holdings (a) | 68,700 | 19,602 | |
64,496 | |||
Pharmaceuticals - 1.3% | |||
Bristol-Myers Squibb Co. | 141,800 | 7,605 | |
Jazz Pharmaceuticals PLC (a) | 78,900 | 9,458 | |
17,063 | |||
TOTAL HEALTH CARE | 88,324 | ||
INDUSTRIALS - 19.5% | |||
Aerospace & Defense - 1.0% | |||
Curtiss-Wright Corp. | 109,000 | 13,714 | |
Air Freight & Logistics - 1.0% | |||
FedEx Corp. | 58,200 | 13,408 | |
Building Products - 3.1% | |||
Builders FirstSource, Inc. (a)(b) | 379,000 | 26,318 | |
Jeld-Wen Holding, Inc. (a) | 622,700 | 15,088 | |
41,406 | |||
Commercial Services & Supplies - 0.9% | |||
The Brink's Co. | 186,300 | 11,394 | |
Construction & Engineering - 2.5% | |||
Fluor Corp. (a)(b) | 671,300 | 14,842 | |
Willscot Mobile Mini Holdings (a) | 494,300 | 18,828 | |
33,670 | |||
Machinery - 2.0% | |||
Allison Transmission Holdings, Inc. | 350,600 | 12,127 | |
Crane Co. | 143,100 | 13,815 | |
25,942 | |||
Marine - 0.8% | |||
Kirby Corp. (a) | 214,800 | 11,217 | |
Professional Services - 3.0% | |||
KBR, Inc. | 244,100 | 10,740 | |
Manpower, Inc. | 115,600 | 10,361 | |
Nielsen Holdings PLC | 978,000 | 18,738 | |
39,839 | |||
Road & Rail - 2.3% | |||
Ryder System, Inc. | 116,900 | 9,712 | |
TFI International, Inc. (Canada) | 127,000 | 12,610 | |
XPO Logistics, Inc. (a) | 105,500 | 7,642 | |
29,964 | |||
Trading Companies & Distributors - 2.9% | |||
AerCap Holdings NV (a) | 173,000 | 9,695 | |
Beacon Roofing Supply, Inc. (a) | 288,100 | 14,379 | |
Univar, Inc. (a) | 534,300 | 13,844 | |
37,918 | |||
TOTAL INDUSTRIALS | 258,472 | ||
INFORMATION TECHNOLOGY - 5.4% | |||
Electronic Equipment & Components - 1.2% | |||
Flex Ltd. (a) | 931,100 | 15,922 | |
IT Services - 1.8% | |||
DXC Technology Co. (a) | 390,800 | 11,720 | |
Unisys Corp. (a) | 623,332 | 11,320 | |
23,040 | |||
Software - 2.4% | |||
NCR Corp. (a) | 297,200 | 11,561 | |
SS&C Technologies Holdings, Inc. | 270,700 | 20,663 | |
32,224 | |||
TOTAL INFORMATION TECHNOLOGY | 71,186 | ||
MATERIALS - 8.6% | |||
Chemicals - 3.6% | |||
Axalta Coating Systems Ltd. (a) | 550,146 | 16,680 | |
Olin Corp. | 358,283 | 19,473 | |
Tronox Holdings PLC | 519,500 | 11,424 | |
47,577 | |||
Construction Materials - 0.8% | |||
Eagle Materials, Inc. | 67,700 | 10,441 | |
Containers & Packaging - 2.9% | |||
Berry Global Group, Inc. (a) | 217,500 | 15,018 | |
Crown Holdings, Inc. | 137,154 | 14,511 | |
O-I Glass, Inc. (a) | 872,600 | 9,660 | |
39,189 | |||
Metals & Mining - 1.3% | |||
Arconic Corp. (a) | 364,800 | 9,747 | |
Constellium NV (a) | 411,300 | 7,227 | |
16,974 | |||
TOTAL MATERIALS | 114,181 | ||
REAL ESTATE - 10.0% | |||
Equity Real Estate Investment Trusts (REITs) - 8.3% | |||
American Tower Corp. | 60,208 | 15,803 | |
Americold Realty Trust | 364,900 | 11,910 | |
CubeSmart | 584,700 | 31,526 | |
Equinix, Inc. | 25,500 | 20,711 | |
Equity Lifestyle Properties, Inc. | 364,700 | 29,650 | |
109,600 | |||
Real Estate Management & Development - 1.7% | |||
Cushman & Wakefield PLC (a) | 1,287,400 | 22,761 | |
TOTAL REAL ESTATE | 132,361 | ||
UTILITIES - 8.5% | |||
Electric Utilities - 4.1% | |||
Edison International | 377,600 | 24,650 | |
NRG Energy, Inc. | 284,100 | 10,233 | |
PG&E Corp. (a) | 1,699,900 | 20,195 | |
55,078 | |||
Independent Power and Renewable Electricity Producers - 2.1% | |||
The AES Corp. | 862,800 | 20,172 | |
Vistra Corp. | 369,800 | 7,352 | |
27,524 | |||
Multi-Utilities - 2.3% | |||
CenterPoint Energy, Inc. | 604,800 | 15,670 | |
MDU Resources Group, Inc. | 538,700 | 14,669 | |
30,339 | |||
TOTAL UTILITIES | 112,941 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,066,634) | 1,310,726 | ||
Money Market Funds - 4.5% | |||
Fidelity Cash Central Fund 0.06% (c) | 42,793,361 | 42,802 | |
Fidelity Securities Lending Cash Central Fund 0.07% (c)(d) | 17,041,264 | 17,043 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $59,845) | 59,845 | ||
TOTAL INVESTMENT IN SECURITIES - 103.3% | |||
(Cost $1,126,479) | 1,370,571 | ||
NET OTHER ASSETS (LIABILITIES) - (3.3)% | (43,303) | ||
NET ASSETS - 100% | $1,327,268 |
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
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $5,856 | $414,518 | $377,572 | $11 | $-- | $-- | $42,802 | 0.1% |
Fidelity Securities Lending Cash Central Fund 0.07% | 3,433 | 155,483 | 141,873 | 8 | -- | -- | 17,043 | 0.1% |
Total | $9,289 | $570,001 | $519,445 | $19 | $-- | $-- | $59,845 |
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, 2021, 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 | $28,740 | $28,740 | $-- | $-- |
Consumer Discretionary | 149,904 | 149,904 | -- | -- |
Consumer Staples | 54,801 | 54,801 | -- | -- |
Energy | 83,390 | 83,390 | -- | -- |
Financials | 216,426 | 216,426 | -- | -- |
Health Care | 88,324 | 88,324 | -- | -- |
Industrials | 258,472 | 258,472 | -- | -- |
Information Technology | 71,186 | 71,186 | -- | -- |
Materials | 114,181 | 114,181 | -- | -- |
Real Estate | 132,361 | 132,361 | -- | -- |
Utilities | 112,941 | 112,941 | -- | -- |
Money Market Funds | 59,845 | 59,845 | -- | -- |
Total Investments in Securities: | $1,370,571 | $1,370,571 | $-- | $-- |
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% |
United Kingdom | 4.5% |
Canada | 4.4% |
Bermuda | 4.0% |
Ireland | 1.5% |
Singapore | 1.2% |
Others (Individually Less Than 1%) | 1.3% |
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, 2021 | |
Assets | ||
Investment in securities, at value (including securities loaned of $16,376) — See accompanying schedule: Unaffiliated issuers (cost $1,066,634) | $1,310,726 | |
Fidelity Central Funds (cost $59,845) | 59,845 | |
Total Investment in Securities (cost $1,126,479) | $1,370,571 | |
Receivable for fund shares sold | 1,981 | |
Dividends receivable | 1,122 | |
Distributions receivable from Fidelity Central Funds | 3 | |
Prepaid expenses | 2 | |
Other receivables | 36 | |
Total assets | 1,373,715 | |
Liabilities | ||
Payable for investments purchased | $23,949 | |
Payable for fund shares redeemed | 4,290 | |
Accrued management fee | 764 | |
Distribution and service plan fees payable | 173 | |
Other affiliated payables | 212 | |
Other payables and accrued expenses | 16 | |
Collateral on securities loaned | 17,043 | |
Total liabilities | 46,447 | |
Net Assets | $1,327,268 | |
Net Assets consist of: | ||
Paid in capital | $985,211 | |
Total accumulated earnings (loss) | 342,057 | |
Net Assets | $1,327,268 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($253,532 ÷ 5,949.31 shares)(a) | $42.62 | |
Maximum offering price per share (100/94.25 of $42.62) | $45.22 | |
Class M: | ||
Net Asset Value and redemption price per share ($237,047 ÷ 5,224.87 shares)(a) | $45.37 | |
Maximum offering price per share (100/96.50 of $45.37) | $47.02 | |
Class C: | ||
Net Asset Value and offering price per share ($14,064 ÷ 394.59 shares)(a) | $35.64 | |
Fidelity Value Strategies Fund: | ||
Net Asset Value, offering price and redemption price per share ($512,558 ÷ 9,946.18 shares) | $51.53 | |
Class K: | ||
Net Asset Value, offering price and redemption price per share ($54,407 ÷ 1,056.64 shares) | $51.49 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($255,660 ÷ 5,361.40 shares) | $47.69 |
(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, 2021 | |
Investment Income | ||
Dividends | $19,304 | |
Special dividends | 4,395 | |
Income from Fidelity Central Funds (including $8 from security lending) | 19 | |
Total income | 23,718 | |
Expenses | ||
Management fee | ||
Basic fee | $6,139 | |
Performance adjustment | 1,490 | |
Transfer agent fees | 1,873 | |
Distribution and service plan fees | 1,963 | |
Accounting fees | 378 | |
Custodian fees and expenses | 14 | |
Independent trustees' fees and expenses | 4 | |
Registration fees | 150 | |
Audit | 66 | |
Legal | 6 | |
Miscellaneous | 6 | |
Total expenses before reductions | 12,089 | |
Expense reductions | (19) | |
Total expenses after reductions | 12,070 | |
Net investment income (loss) | 11,648 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 140,313 | |
Foreign currency transactions | (13) | |
Futures contracts | 53 | |
Total net realized gain (loss) | 140,353 | |
Change in net unrealized appreciation (depreciation) on investment securities | 103,632 | |
Net gain (loss) | 243,985 | |
Net increase (decrease) in net assets resulting from operations | $255,633 |
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, 2021 | Year ended November 30, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $11,648 | $8,096 |
Net realized gain (loss) | 140,353 | (41,544) |
Change in net unrealized appreciation (depreciation) | 103,632 | 38,216 |
Net increase (decrease) in net assets resulting from operations | 255,633 | 4,768 |
Distributions to shareholders | (6,556) | (45,643) |
Share transactions - net increase (decrease) | 289,262 | (74,892) |
Total increase (decrease) in net assets | 538,339 | (115,767) |
Net Assets | ||
Beginning of period | 788,929 | 904,696 |
End of period | $1,327,268 | $788,929 |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $32.58 | $33.23 | $33.48 | $38.91 | $40.25 |
Income from Investment Operations | |||||
Net investment income (loss)A | .37B | .29 | .42C | .35 | .60D |
Net realized and unrealized gain (loss) | 9.96 | .87 | 3.66 | (2.50) | 6.13 |
Total from investment operations | 10.33 | 1.16 | 4.08 | (2.15) | 6.73 |
Distributions from net investment income | (.29) | (.46)E | (.29) | (.51) | (.56) |
Distributions from net realized gain | – | (1.34)E | (4.04) | (2.77) | (7.52) |
Total distributions | (.29) | (1.81)F | (4.33) | (3.28) | (8.07)F |
Net asset value, end of period | $42.62 | $32.58 | $33.23 | $33.48 | $38.91 |
Total ReturnG,H | 31.91% | 3.53% | 16.34% | (6.16)% | 19.84% |
Ratios to Average Net AssetsI,J | |||||
Expenses before reductions | 1.13% | 1.03% | 1.02% | .91% | .91% |
Expenses net of fee waivers, if any | 1.13% | 1.02% | 1.02% | .91% | .91% |
Expenses net of all reductions | 1.13% | 1.01% | 1.01% | .90% | .90% |
Net investment income (loss) | .90%B | 1.03% | 1.39%C | .98%K | 1.64%D |
Supplemental Data | |||||
Net assets, end of period (in millions) | $254 | $191 | $204 | $175 | $212 |
Portfolio turnover rateL | 53% | 72% | 66% | 72% | 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 $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .52%.
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 1.10%.
D 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%.
E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
F Total distributions per share do not sum due to rounding.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the sales charges.
I 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.
J 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.
K The 2018 net investment income (loss) ratio has been restated to reflect the reclassification of certain distributions received by the fund.
L 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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $34.67 | $35.23 | $35.16 | $40.69 | $41.72 |
Income from Investment Operations | |||||
Net investment income (loss)A | .29B | .24 | .37C | .28 | .54D |
Net realized and unrealized gain (loss) | 10.61 | .92 | 3.93 | (2.63) | 6.40 |
Total from investment operations | 10.90 | 1.16 | 4.30 | (2.35) | 6.94 |
Distributions from net investment income | (.20) | (.37)E | (.19) | (.41) | (.46) |
Distributions from net realized gain | – | (1.34)E | (4.04) | (2.77) | (7.52) |
Total distributions | (.20) | (1.72)F | (4.23) | (3.18) | (7.97)F |
Net asset value, end of period | $45.37 | $34.67 | $35.23 | $35.16 | $40.69 |
Total ReturnG,H | 31.59% | 3.32% | 16.07% | (6.38)% | 19.57% |
Ratios to Average Net AssetsI,J | |||||
Expenses before reductions | 1.37% | 1.25% | 1.25% | 1.14% | 1.13% |
Expenses net of fee waivers, if any | 1.37% | 1.25% | 1.24% | 1.14% | 1.13% |
Expenses net of all reductions | 1.37% | 1.24% | 1.24% | 1.13% | 1.13% |
Net investment income (loss) | .66%B | .81% | 1.16%C | .75% | 1.42%D |
Supplemental Data | |||||
Net assets, end of period (in millions) | $237 | $204 | $234 | $225 | $271 |
Portfolio turnover rateK | 53% | 72% | 66% | 72% | 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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.
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 .87%.
D 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%.
E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
F Total distributions per share do not sum due to rounding.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the sales charges.
I 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.
J 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.
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 C
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $27.33 | $28.07 | $28.95 | $34.09 | $36.19 |
Income from Investment Operations | |||||
Net investment income (loss)A | .04B | .05 | .15C | .06 | .28D |
Net realized and unrealized gain (loss) | 8.37 | .71 | 3.04 | (2.16) | 5.43 |
Total from investment operations | 8.41 | .76 | 3.19 | (2.10) | 5.71 |
Distributions from net investment income | (.10) | (.16)E | (.03) | (.27) | (.30) |
Distributions from net realized gain | – | (1.34)E | (4.04) | (2.77) | (7.52) |
Total distributions | (.10) | (1.50) | (4.07) | (3.04) | (7.81)F |
Net asset value, end of period | $35.64 | $27.33 | $28.07 | $28.95 | $34.09 |
Total ReturnG,H | 30.84% | 2.73% | 15.41% | (6.89)% | 18.97% |
Ratios to Average Net AssetsI,J | |||||
Expenses before reductions | 1.92% | 1.83% | 1.82% | 1.68% | 1.68% |
Expenses net of fee waivers, if any | 1.91% | 1.83% | 1.82% | 1.68% | 1.68% |
Expenses net of all reductions | 1.91% | 1.82% | 1.82% | 1.67% | 1.67% |
Net investment income (loss) | .11%B | .23% | .58%C | .21% | .87%D |
Supplemental Data | |||||
Net assets, end of period (in millions) | $14 | $11 | $14 | $34 | $46 |
Portfolio turnover rateK | 53% | 72% | 66% | 72% | 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 $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.26) %.
C 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%.
D 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%.
E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
F Total distributions per share do not sum due to rounding.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the contingent deferred sales charge.
I 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.
J 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.
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
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $39.30 | $39.68 | $39.04 | $44.81 | $45.17 |
Income from Investment Operations | |||||
Net investment income (loss)A | .58B | .43 | .60C | .52 | .81D |
Net realized and unrealized gain (loss) | 12.00 | 1.07 | 4.46 | (2.92) | 7.01 |
Total from investment operations | 12.58 | 1.50 | 5.06 | (2.40) | 7.82 |
Distributions from net investment income | (.35) | (.54)E | (.38) | (.61) | (.66) |
Distributions from net realized gain | – | (1.34)E | (4.04) | (2.77) | (7.52) |
Total distributions | (.35) | (1.88) | (4.42) | (3.37)F | (8.18) |
Net asset value, end of period | $51.53 | $39.30 | $39.68 | $39.04 | $44.81 |
Total ReturnG | 32.24% | 3.85% | 16.63% | (5.89)% | 20.18% |
Ratios to Average Net AssetsH,I | |||||
Expenses before reductions | .86% | .76% | .74% | .63% | .62% |
Expenses net of fee waivers, if any | .86% | .76% | .74% | .63% | .62% |
Expenses net of all reductions | .86% | .75% | .74% | .62% | .62% |
Net investment income (loss) | 1.17%B | 1.30% | 1.66%C | 1.26% | 1.93%D |
Supplemental Data | |||||
Net assets, end of period (in millions) | $513 | $285 | $332 | $324 | $436 |
Portfolio turnover rateJ | 53% | 72% | 66% | 72% | 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 $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .79%.
C 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%.
D 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%.
E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
F Total distributions per share do not sum due to rounding.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 K
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $39.27 | $39.65 | $39.03 | $44.82 | $45.18 |
Income from Investment Operations | |||||
Net investment income (loss)A | .64B | .48 | .64C | .58 | .86D |
Net realized and unrealized gain (loss) | 11.98 | 1.07 | 4.46 | (2.93) | 7.02 |
Total from investment operations | 12.62 | 1.55 | 5.10 | (2.35) | 7.88 |
Distributions from net investment income | (.40) | (.59)E | (.44) | (.67) | (.72) |
Distributions from net realized gain | – | (1.34)E | (4.04) | (2.77) | (7.52) |
Total distributions | (.40) | (1.93) | (4.48) | (3.44) | (8.24) |
Net asset value, end of period | $51.49 | $39.27 | $39.65 | $39.03 | $44.82 |
Total ReturnF | 32.41% | 3.99% | 16.80% | (5.80)% | 20.36% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | .75% | .62% | .61% | .50% | .50% |
Expenses net of fee waivers, if any | .75% | .61% | .61% | .50% | .50% |
Expenses net of all reductions | .75% | .60% | .61% | .49% | .49% |
Net investment income (loss) | 1.28%B | 1.44% | 1.79%C | 1.39% | 2.05%D |
Supplemental Data | |||||
Net assets, end of period (in millions) | $54 | $37 | $49 | $49 | $79 |
Portfolio turnover rateI | 53% | 72% | 66% | 72% | 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 $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .91%.
C 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%.
D 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%.
E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
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 I
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $36.40 | $36.90 | $36.64 | $42.27 | $43.07 |
Income from Investment Operations | |||||
Net investment income (loss)A | .54B | .40 | .55C | .48 | .74D |
Net realized and unrealized gain (loss) | 11.10 | .98 | 4.12 | (2.75) | 6.64 |
Total from investment operations | 11.64 | 1.38 | 4.67 | (2.27) | 7.38 |
Distributions from net investment income | (.35) | (.53)E | (.37) | (.59) | (.66) |
Distributions from net realized gain | – | (1.34)E | (4.04) | (2.77) | (7.52) |
Total distributions | (.35) | (1.88)F | (4.41) | (3.36) | (8.18) |
Net asset value, end of period | $47.69 | $36.40 | $36.90 | $36.64 | $42.27 |
Total ReturnG | 32.23% | 3.80% | 16.64% | (5.95)% | 20.13% |
Ratios to Average Net AssetsH,I | |||||
Expenses before reductions | .88% | .78% | .78% | .67% | .67% |
Expenses net of fee waivers, if any | .88% | .78% | .78% | .67% | .67% |
Expenses net of all reductions | .88% | .77% | .77% | .66% | .66% |
Net investment income (loss) | 1.15%B | 1.27% | 1.63%C | 1.22% | 1.88%D |
Supplemental Data | |||||
Net assets, end of period (in millions) | $256 | $61 | $72 | $62 | $72 |
Portfolio turnover rateJ | 53% | 72% | 66% | 72% | 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 $.18 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .77%.
C 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%.
D 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%.
E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
F Total distributions per share do not sum due to rounding.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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.
Notes to Financial Statements
For the period ended November 30, 2021
(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. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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 a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, 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, 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 | $305,918 |
Gross unrealized depreciation | (66,449) |
Net unrealized appreciation (depreciation) | $239,469 |
Tax Cost | $1,131,101 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $14,308 |
Undistributed long-term capital gain | $88,278 |
Net unrealized appreciation (depreciation) on securities and other investments | $239,469 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $6,556 | $ 11,818 |
Long-term Capital Gains | – | 33,825 |
Total | $6,556 | $ 45,643 |
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 and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Value Strategies Fund | 883,135 | 596,415 |
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 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 .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% | $604 | $14 |
Class M | .25% | .25% | 1,222 | 55 |
Class C | .75% | .25% | 137 | 26 |
$1,963 | $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 | $58 |
Class M | 6 |
Class C(a) | 1 |
$65 |
(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.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $429 | .18 |
Class M | 397 | .16 |
Class C | 29 | .21 |
Fidelity Value Strategies Fund | 717 | .16 |
Class K | 22 | .04 |
Class I | 279 | .17 |
$1,873 |
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 | .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 Value Strategies Fund | $15 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At 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 | $6,833 | .33% | $-(a) |
(a) In the amount of less than five hundred dollars.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Value Strategies Fund | 87,628 | 31,621 | 2,985 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Value Strategies Fund | $2 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Value Strategies Fund | $1 | $– | $– |
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $19.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Value Strategies Fund | ||
Distributions to shareholders | ||
Class A | $1,656 | $10,967 |
Class M | 1,180 | 11,294 |
Class C | 40 | 715 |
Fidelity Value Strategies Fund | 2,562 | 16,344 |
Class K | 519 | 2,635 |
Class I | 599 | 3,688 |
Total | $6,556 | $45,643 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended November 30, 2021 | Year ended November 30, 2020 | Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Value Strategies Fund | ||||
Class A | ||||
Shares sold | 923 | 562 | $38,968 | $14,707 |
Reinvestment of distributions | 46 | 325 | 1,564 | 10,468 |
Shares redeemed | (886) | (1,153) | (36,228) | (31,522) |
Net increase (decrease) | 83 | (266) | $4,304 | $(6,347) |
Class M | ||||
Shares sold | 264 | 233 | $11,691 | $6,817 |
Reinvestment of distributions | 30 | 306 | 1,087 | 10,508 |
Shares redeemed | (946) | (1,318) | (41,613) | (38,923) |
Net increase (decrease) | (652) | (779) | $(28,835) | $(21,598) |
Class C | ||||
Shares sold | 176 | 96 | $6,181 | $1,957 |
Reinvestment of distributions | 1 | 26 | 39 | 705 |
Shares redeemed | (199) | (191) | (6,868) | (4,381) |
Net increase (decrease) | (22) | (69) | $(648) | $(1,719) |
Fidelity Value Strategies Fund | ||||
Shares sold | 5,709 | 1,873 | $286,521 | $64,949 |
Reinvestment of distributions | 59 | 399 | 2,426 | 15,456 |
Shares redeemed | (3,070) | (3,381) | (154,252) | (109,785) |
Net increase (decrease) | 2,698 | (1,109) | $134,695 | $(29,380) |
Class K | ||||
Shares sold | 940 | 580 | $42,621 | $20,190 |
Reinvestment of distributions | 13 | 68 | 519 | 2,635 |
Shares redeemed | (838) | (947) | (38,317) | (30,980) |
Net increase (decrease) | 115 | (299) | $4,823 | $(8,155) |
Class I | ||||
Shares sold | 4,762 | 367 | $225,688 | $11,900 |
Reinvestment of distributions | 15 | 97 | 571 | 3,475 |
Shares redeemed | (1,086) | (744) | (51,336) | (23,068) |
Net increase (decrease) | 3,691 | (280) | $174,923 | $(7,693) |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. 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, 2021, 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, 2021, 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, 2021, 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, 2022
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 314 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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Value Strategies Fund | ||||
Class A | 1.13% | |||
Actual | $1,000.00 | $973.70 | $5.59 | |
Hypothetical-C | $1,000.00 | $1,019.40 | $5.72 | |
Class M | 1.36% | |||
Actual | $1,000.00 | $972.60 | $6.73 | |
Hypothetical-C | $1,000.00 | $1,018.25 | $6.88 | |
Class C | 1.91% | |||
Actual | $1,000.00 | $969.80 | $9.43 | |
Hypothetical-C | $1,000.00 | $1,015.49 | $9.65 | |
Fidelity Value Strategies Fund | .86% | |||
Actual | $1,000.00 | $974.80 | $4.26 | |
Hypothetical-C | $1,000.00 | $1,020.76 | $4.36 | |
Class K | .75% | |||
Actual | $1,000.00 | $975.60 | $3.71 | |
Hypothetical-C | $1,000.00 | $1,021.31 | $3.80 | |
Class I | .88% | |||
Actual | $1,000.00 | $975.10 | $4.36 | |
Hypothetical-C | $1,000.00 | $1,020.66 | $4.46 |
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/ 365 (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 Value Strategies 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 Value Strategies Fund | ||||
Class A | 12/29/21 | 12/28/21 | $0.385 | $3.292 |
Class M | 12/29/21 | 12/28/21 | $0.247 | $3.292 |
Class C | 12/29/21 | 12/28/21 | $0.136 | $3.292 |
Fidelity Value Strategies Fund | 12/29/21 | 12/28/21 | $0.487 | $3.292 |
Class K | 12/29/21 | 12/28/21 | $0.540 | $3.292 |
Class I | 12/29/21 | 12/28/21 | $0.507 | $3.292 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $88,278,376, or, if subsequently determined to be different, the net capital gain of such year.
Class A, Class M, Class C, Fidelity Advisor Value Strategies Fund, Class K and Class I 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, Fidelity Advisor Value Strategies Fund, Class K and Class I designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
SO-ANN-0122
1.539180.124
Fidelity Advisor® Equity Income Fund
November 30, 2021
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 11.65% | 7.19% | 9.89% |
Class M (incl. 3.50% sales charge) | 14.03% | 7.44% | 9.90% |
Class C (incl. contingent deferred sales charge) | 16.51% | 7.63% | 9.87% |
Class I | 18.75% | 8.75% | 10.83% |
Class Z | 18.89% | 8.90% | 10.97% |
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® Equity Income Fund - Class A on November 30, 2011, 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/0001379491-22-000216/img762225160_740.jpg)
Period Ending Values | ||
$25,684 | Fidelity Advisor® Equity Income Fund - Class A | |
$32,297 | Russell 3000® Value Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Portfolio Manager John Sheehy: For the fiscal year ending November 30, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 18% to 19%, trailing the 22.92% result of the benchmark Russell 3000® Value Index. The largest detractor from performance versus the benchmark was the combination of subpar stock picks and an overweighting in the health care sector. Weak security selection among information technology and energy stocks also hindered the portfolio's relative return. The biggest individual relative detractor was an overweighting in Bristol-Myers Squibb, which returned roughly -11% the past year and was among the fund’s largest holdings. Non-benchmark exposure to Unilever, also one of our biggest holdings, returned about -14% and weighed on performance versus the benchmark as well. Further hampering performance was our outsized stake in Verizon Communications, which returned -13% and was another one of the portfolio's more sizable positions at the end of the period. In contrast, the biggest contributor to the fund’s relative performance was stock selection in financials. Favorable investment choices in consumer discretionary and utilities also helped. Our top individual relative contributor was an overweighting in Wells Fargo, which gained 77% the past 12 months and was among the portfolio's biggest holdings. Avoiding AT&T, a benchmark component that returned roughly -15%, also added value on a relative basis. The fund's non-benchmark stake in Capgemini (+68%) also helped, though we decreased our stake in the company the past 12 months.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, 2021
% of fund's net assets | |
Verizon Communications, Inc. | 3.0 |
Bristol-Myers Squibb Co. | 2.8 |
Unilever PLC sponsored ADR | 2.6 |
Wells Fargo & Co. | 2.3 |
Cisco Systems, Inc. | 2.1 |
Amdocs Ltd. | 2.0 |
Philip Morris International, Inc. | 2.0 |
Johnson & Johnson | 2.0 |
Merck & Co., Inc. | 1.9 |
State Street Corp. | 1.9 |
22.6 |
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Health Care | 17.7 |
Financials | 16.2 |
Information Technology | 13.1 |
Industrials | 12.1 |
Consumer Staples | 11.0 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021* | ||
Stocks | 97.6% | |
Other Investments | 0.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 2.3% |
* Foreign investments - 18.9%
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 97.6% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 7.1% | |||
Diversified Telecommunication Services - 3.6% | |||
Deutsche Telekom AG | 480,800 | $8,468 | |
Verizon Communications, Inc. | 928,490 | 46,676 | |
55,144 | |||
Entertainment - 0.4% | |||
The Walt Disney Co. (a) | 43,700 | 6,332 | |
Media - 3.1% | |||
Cogeco Communications, Inc. | 112,300 | 8,583 | |
Comcast Corp. Class A | 313,900 | 15,689 | |
Omnicom Group, Inc. | 364,300 | 24,521 | |
48,793 | |||
TOTAL COMMUNICATION SERVICES | 110,269 | ||
CONSUMER DISCRETIONARY - 3.9% | |||
Household Durables - 1.1% | |||
Whirlpool Corp. (b) | 80,100 | 17,441 | |
Internet & Direct Marketing Retail - 0.8% | |||
eBay, Inc. | 179,000 | 12,075 | |
Multiline Retail - 0.5% | |||
Kohl's Corp. | 124,300 | 6,368 | |
Nordstrom, Inc. (a) | 71,000 | 1,503 | |
7,871 | |||
Specialty Retail - 1.0% | |||
Camping World Holdings, Inc. (b) | 143,600 | 6,298 | |
Lowe's Companies, Inc. | 39,400 | 9,637 | |
15,935 | |||
Textiles, Apparel & Luxury Goods - 0.5% | |||
Kontoor Brands, Inc. | 14,136 | 762 | |
Tapestry, Inc. | 154,500 | 6,199 | |
6,961 | |||
TOTAL CONSUMER DISCRETIONARY | 60,283 | ||
CONSUMER STAPLES - 11.0% | |||
Beverages - 2.3% | |||
Anheuser-Busch InBev SA NV ADR (b) | 152,200 | 8,481 | |
Keurig Dr. Pepper, Inc. | 236,000 | 8,022 | |
The Coca-Cola Co. | 366,700 | 19,233 | |
35,736 | |||
Household Products - 3.1% | |||
Kimberly-Clark Corp. | 94,700 | 12,340 | |
Procter & Gamble Co. | 165,400 | 23,914 | |
Reynolds Consumer Products, Inc. | 414,300 | 12,089 | |
48,343 | |||
Personal Products - 2.6% | |||
Unilever PLC sponsored ADR | 799,100 | 40,634 | |
Tobacco - 3.0% | |||
Altria Group, Inc. | 371,100 | 15,824 | |
Philip Morris International, Inc. | 366,700 | 31,514 | |
47,338 | |||
TOTAL CONSUMER STAPLES | 172,051 | ||
ENERGY - 3.8% | |||
Oil, Gas & Consumable Fuels - 3.8% | |||
BP PLC sponsored ADR | 94,100 | 2,443 | |
Enterprise Products Partners LP | 847,300 | 18,124 | |
Exxon Mobil Corp. | 155,900 | 9,329 | |
Parkland Corp. | 338,100 | 8,729 | |
Royal Dutch Shell PLC Class A sponsored ADR | 366,200 | 15,395 | |
Suncor Energy, Inc. | 245,400 | 5,978 | |
59,998 | |||
FINANCIALS - 16.2% | |||
Banks - 6.6% | |||
Citigroup, Inc. | 243,200 | 15,492 | |
Huntington Bancshares, Inc. | 548,100 | 8,134 | |
M&T Bank Corp. | 138,000 | 20,232 | |
PNC Financial Services Group, Inc. | 112,900 | 22,241 | |
Wells Fargo & Co. | 758,550 | 36,244 | |
102,343 | |||
Capital Markets - 3.3% | |||
Bank of New York Mellon Corp. | 260,800 | 14,289 | |
Lazard Ltd. Class A | 180,800 | 7,706 | |
State Street Corp. | 335,899 | 29,885 | |
51,880 | |||
Insurance - 6.3% | |||
Assurant, Inc. | 44,800 | 6,814 | |
AXA SA | 478,900 | 13,164 | |
Chubb Ltd. | 83,484 | 14,983 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 21,300 | 9,453 | |
First American Financial Corp. | 243,000 | 18,026 | |
Old Republic International Corp. | 420,100 | 10,066 | |
The Travelers Companies, Inc. | 176,300 | 25,907 | |
98,413 | |||
TOTAL FINANCIALS | 252,636 | ||
HEALTH CARE - 17.7% | |||
Biotechnology - 1.5% | |||
AbbVie, Inc. | 206,000 | 23,748 | |
Health Care Providers & Services - 6.6% | |||
AmerisourceBergen Corp. | 143,300 | 16,587 | |
Anthem, Inc. | 42,900 | 17,427 | |
Cigna Corp. | 103,100 | 19,785 | |
CVS Health Corp. | 151,436 | 13,487 | |
McKesson Corp. | 75,500 | 16,365 | |
Premier, Inc. | 161,500 | 5,987 | |
UnitedHealth Group, Inc. | 30,400 | 13,504 | |
103,142 | |||
Pharmaceuticals - 9.6% | |||
Bristol-Myers Squibb Co. | 801,700 | 42,995 | |
Johnson & Johnson | 200,218 | 31,220 | |
Merck & Co., Inc. | 402,900 | 30,181 | |
Organon & Co. | 281,030 | 8,215 | |
Royalty Pharma PLC | 228,500 | 9,087 | |
Sanofi SA sponsored ADR | 571,500 | 27,186 | |
148,884 | |||
TOTAL HEALTH CARE | 275,774 | ||
INDUSTRIALS - 12.1% | |||
Aerospace & Defense - 3.6% | |||
General Dynamics Corp. | 140,300 | 26,512 | |
Lockheed Martin Corp. | 23,100 | 7,700 | |
Raytheon Technologies Corp. | 273,907 | 22,165 | |
56,377 | |||
Air Freight & Logistics - 0.5% | |||
United Parcel Service, Inc. Class B | 38,600 | 7,657 | |
Building Products - 0.8% | |||
Owens Corning | 146,300 | 12,412 | |
Electrical Equipment - 0.7% | |||
Regal Rexnord Corp. | 63,200 | 9,992 | |
Industrial Conglomerates - 2.6% | |||
3M Co. | 90,900 | 15,457 | |
General Electric Co. | 85,794 | 8,150 | |
Hitachi Ltd. | 249,500 | 14,615 | |
Rheinmetall AG | 32,100 | 2,862 | |
41,084 | |||
Machinery - 2.3% | |||
Allison Transmission Holdings, Inc. | 475,900 | 16,461 | |
Otis Worldwide Corp. | 86,753 | 6,975 | |
Stanley Black & Decker, Inc. | 71,400 | 12,478 | |
35,914 | |||
Professional Services - 1.6% | |||
Intertrust NV (a)(c) | 398,600 | 9,222 | |
Manpower, Inc. | 78,200 | 7,009 | |
Science Applications Internati | 106,800 | 8,959 | |
25,190 | |||
TOTAL INDUSTRIALS | 188,626 | ||
INFORMATION TECHNOLOGY - 13.1% | |||
Communications Equipment - 2.1% | |||
Cisco Systems, Inc. | 605,853 | 33,225 | |
IT Services - 7.6% | |||
Amdocs Ltd. | 459,522 | 32,084 | |
Capgemini SA | 48,100 | 11,134 | |
Fidelity National Information Services, Inc. | 235,100 | 24,568 | |
Fiserv, Inc. (a) | 97,800 | 9,440 | |
Genpact Ltd. | 221,000 | 10,668 | |
Global Payments, Inc. | 100,800 | 11,999 | |
IBM Corp. | 101,300 | 11,862 | |
Maximus, Inc. | 86,400 | 6,519 | |
118,274 | |||
Software - 2.3% | |||
Micro Focus International PLC | 536,790 | 2,487 | |
Open Text Corp. | 362,000 | 17,161 | |
SS&C Technologies Holdings, Inc. | 210,500 | 16,067 | |
35,715 | |||
Technology Hardware, Storage & Peripherals - 1.1% | |||
Samsung Electronics Co. Ltd. | 273,980 | 16,510 | |
TOTAL INFORMATION TECHNOLOGY | 203,724 | ||
MATERIALS - 3.1% | |||
Chemicals - 1.6% | |||
CF Industries Holdings, Inc. | 177,400 | 10,749 | |
DuPont de Nemours, Inc. | 103,666 | 7,667 | |
LyondellBasell Industries NV Class A | 81,000 | 7,058 | |
25,474 | |||
Metals & Mining - 1.5% | |||
Newmont Corp. | 430,900 | 23,665 | |
TOTAL MATERIALS | 49,139 | ||
REAL ESTATE - 2.5% | |||
Equity Real Estate Investment Trusts (REITs) - 2.5% | |||
Corporate Office Properties Trust (SBI) | 391,900 | 10,056 | |
Douglas Emmett, Inc. | 153,000 | 5,014 | |
Highwoods Properties, Inc. (SBI) | 326,400 | 14,100 | |
National Retail Properties, Inc. | 214,700 | 9,468 | |
38,638 | |||
UTILITIES - 7.1% | |||
Electric Utilities - 5.6% | |||
Duke Energy Corp. | 187,500 | 18,189 | |
Edison International | 289,364 | 18,890 | |
Entergy Corp. | 136,700 | 13,716 | |
Exelon Corp. | 228,300 | 12,038 | |
FirstEnergy Corp. | 217,100 | 8,176 | |
PPL Corp. | 403,300 | 11,224 | |
Southern Co. | 82,900 | 5,065 | |
87,298 | |||
Independent Power and Renewable Electricity Producers - 0.6% | |||
Vistra Corp. | 505,500 | 10,049 | |
Multi-Utilities - 0.9% | |||
CenterPoint Energy, Inc. | 531,500 | 13,771 | |
TOTAL UTILITIES | 111,118 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,336,660) | 1,522,256 | ||
Energy - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f) | |||
(Cost $5,865) | 5,865,354 | 1,898 | |
Money Market Funds - 3.0% | |||
Fidelity Cash Central Fund 0.06% (g) | 35,903,258 | 35,910 | |
Fidelity Securities Lending Cash Central Fund 0.07% (g)(h) | 11,222,382 | 11,224 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $47,134) | 47,134 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% | |||
(Cost $1,389,659) | 1,571,288 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (10,677) | ||
NET ASSETS - 100% | $1,560,611 |
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 $9,222,000 or 0.6% of net assets.
(d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,898,000 or 0.1% of net assets.
(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 | $5,865 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $22,216 | $196,559 | $182,865 | $17 | $-- | $-- | $35,910 | 0.1% |
Fidelity Securities Lending Cash Central Fund 0.07% | 7,982 | 193,908 | 190,666 | 36 | -- | -- | 11,224 | 0.0% |
Total | $30,198 | $390,467 | $373,531 | $53 | $-- | $-- | $47,134 |
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, 2021, 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 | $110,269 | $101,801 | $8,468 | $-- |
Consumer Discretionary | 60,283 | 60,283 | -- | -- |
Consumer Staples | 172,051 | 172,051 | -- | -- |
Energy | 59,998 | 59,998 | -- | -- |
Financials | 252,636 | 239,472 | 13,164 | -- |
Health Care | 275,774 | 275,774 | -- | -- |
Industrials | 188,626 | 174,011 | 14,615 | -- |
Information Technology | 203,724 | 201,237 | 2,487 | -- |
Materials | 49,139 | 49,139 | -- | -- |
Real Estate | 38,638 | 38,638 | -- | -- |
Utilities | 111,118 | 111,118 | -- | -- |
Other | 1,898 | -- | -- | 1,898 |
Money Market Funds | 47,134 | 47,134 | -- | -- |
Total Investments in Securities: | $1,571,288 | $1,530,656 | $38,734 | $1,898 |
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 | 81.1% |
United Kingdom | 3.9% |
France | 3.3% |
Canada | 3.1% |
Bailiwick of Guernsey | 2.0% |
Bermuda | 1.2% |
Korea (South) | 1.1% |
Netherlands | 1.0% |
Switzerland | 1.0% |
Others (Individually Less Than 1%) | 2.3% |
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, 2021 | |
Assets | ||
Investment in securities, at value (including securities loaned of $10,424) — See accompanying schedule: Unaffiliated issuers (cost $1,342,525) | $1,524,154 | |
Fidelity Central Funds (cost $47,134) | 47,134 | |
Total Investment in Securities (cost $1,389,659) | $1,571,288 | |
Cash | 9 | |
Restricted cash | 28 | |
Receivable for investments sold | 1,920 | |
Receivable for fund shares sold | 1,196 | |
Dividends receivable | 4,100 | |
Distributions receivable from Fidelity Central Funds | 3 | |
Prepaid expenses | 2 | |
Other receivables | 84 | |
Total assets | 1,578,630 | |
Liabilities | ||
Payable for investments purchased | $4,162 | |
Payable for fund shares redeemed | 1,273 | |
Accrued management fee | 582 | |
Distribution and service plan fees payable | 438 | |
Other affiliated payables | 271 | |
Other payables and accrued expenses | 70 | |
Collateral on securities loaned | 11,223 | |
Total liabilities | 18,019 | |
Net Assets | $1,560,611 | |
Net Assets consist of: | ||
Paid in capital | $1,235,248 | |
Total accumulated earnings (loss) | 325,363 | |
Net Assets | $1,560,611 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($675,220 ÷ 20,881.5 shares)(a) | $32.34 | |
Maximum offering price per share (100/94.25 of $32.34) | $34.31 | |
Class M: | ||
Net Asset Value and redemption price per share ($554,644 ÷ 16,654.2 shares)(a) | $33.30 | |
Maximum offering price per share (100/96.50 of $33.30) | $34.51 | |
Class C: | ||
Net Asset Value and offering price per share ($51,811 ÷ 1,582.1 shares)(a) | $32.75 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($244,066 ÷ 7,119.7 shares) | $34.28 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($34,870 ÷ 1,018.3 shares) | $34.24 |
(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, 2021 | |
Investment Income | ||
Dividends | $42,584 | |
Income from Fidelity Central Funds (including $36 from security lending) | 53 | |
Total income | 42,637 | |
Expenses | ||
Management fee | $6,734 | |
Transfer agent fees | 2,746 | |
Distribution and service plan fees | 5,248 | |
Accounting fees | 492 | |
Custodian fees and expenses | 25 | |
Independent trustees' fees and expenses | 6 | |
Registration fees | 83 | |
Audit | 68 | |
Legal | 5 | |
Miscellaneous | 8 | |
Total expenses before reductions | 15,415 | |
Expense reductions | (25) | |
Total expenses after reductions | 15,390 | |
Net investment income (loss) | 27,247 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 150,273 | |
Foreign currency transactions | 29 | |
Total net realized gain (loss) | 150,302 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 75,055 | |
Assets and liabilities in foreign currencies | (7) | |
Total change in net unrealized appreciation (depreciation) | 75,048 | |
Net gain (loss) | 225,350 | |
Net increase (decrease) in net assets resulting from operations | $252,597 |
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, 2021 | Year ended November 30, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $27,247 | $33,072 |
Net realized gain (loss) | 150,302 | 3,568 |
Change in net unrealized appreciation (depreciation) | 75,048 | (59,755) |
Net increase (decrease) in net assets resulting from operations | 252,597 | (23,115) |
Distributions to shareholders | (30,150) | (120,284) |
Share transactions - net increase (decrease) | (54,783) | (103,256) |
Total increase (decrease) in net assets | 167,664 | (246,655) |
Net Assets | ||
Beginning of period | 1,392,947 | 1,639,602 |
End of period | $1,560,611 | $1,392,947 |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $27.88 | $30.22 | $31.53 | $34.96 | $32.05 |
Income from Investment Operations | |||||
Net investment income (loss)A | .58 | .65 | .67 | .68 | .62 |
Net realized and unrealized gain (loss) | 4.53 | (.67) | 2.08 | (.37)B | 3.32 |
Total from investment operations | 5.11 | (.02) | 2.75 | .31 | 3.94 |
Distributions from net investment income | (.65) | (.66) | (.65) | (.78) | (.58)C |
Distributions from net realized gain | –D | (1.67) | (3.41) | (2.95) | (.46)C |
Total distributions | (.65) | (2.32)E | (4.06) | (3.74)E | (1.03)E |
Net asset value, end of period | $32.34 | $27.88 | $30.22 | $31.53 | $34.96 |
Total ReturnF,G | 18.46% | .02% | 11.73% | .77%B | 12.55% |
Ratios to Average Net AssetsH,I | |||||
Expenses before reductions | .90% | .92% | .93% | .93% | .94% |
Expenses net of fee waivers, if any | .89% | .92% | .92% | .93% | .94% |
Expenses net of all reductions | .89% | .92% | .92% | .91% | .93% |
Net investment income (loss) | 1.80% | 2.51% | 2.37% | 2.11% | 1.88% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $675 | $591 | $660 | $609 | $686 |
Portfolio turnover rateJ | 48% | 65% | 48% | 59% | 48% |
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 amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Amount represents less than $.005 per share.
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 Equity Income Fund Class M
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $28.69 | $31.02 | $32.24 | $35.65 | $32.66 |
Income from Investment Operations | |||||
Net investment income (loss)A | .52 | .60 | .62 | .62 | .56 |
Net realized and unrealized gain (loss) | 4.66 | (.68) | 2.15 | (.38)B | 3.38 |
Total from investment operations | 5.18 | (.08) | 2.77 | .24 | 3.94 |
Distributions from net investment income | (.57) | (.59) | (.58) | (.70) | (.50)C |
Distributions from net realized gain | –D | (1.67) | (3.41) | (2.95) | (.46)C |
Total distributions | (.57) | (2.25)E | (3.99) | (3.65) | (.95)E |
Net asset value, end of period | $33.30 | $28.69 | $31.02 | $32.24 | $35.65 |
Total ReturnF,G | 18.16% | (.22)% | 11.46% | .56%B | 12.29% |
Ratios to Average Net AssetsH,I | |||||
Expenses before reductions | 1.14% | 1.16% | 1.16% | 1.16% | 1.17% |
Expenses net of fee waivers, if any | 1.13% | 1.16% | 1.16% | 1.16% | 1.17% |
Expenses net of all reductions | 1.13% | 1.15% | 1.16% | 1.15% | 1.17% |
Net investment income (loss) | 1.56% | 2.28% | 2.14% | 1.88% | 1.64% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $555 | $534 | $642 | $662 | $775 |
Portfolio turnover rateJ | 48% | 65% | 48% | 59% | 48% |
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 amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Amount represents less than $.005 per share.
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 Equity Income Fund Class C
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $28.21 | $30.52 | $31.73 | $35.15 | $32.21 |
Income from Investment Operations | |||||
Net investment income (loss)A | .32 | .45 | .45 | .44 | .37 |
Net realized and unrealized gain (loss) | 4.60 | (.66) | 2.12 | (.39)B | 3.35 |
Total from investment operations | 4.92 | (.21) | 2.57 | .05 | 3.72 |
Distributions from net investment income | (.37) | (.43) | (.37) | (.52) | (.32)C |
Distributions from net realized gain | –D | (1.67) | (3.41) | (2.95) | (.46)C |
Total distributions | (.38)E | (2.10) | (3.78) | (3.47) | (.78) |
Net asset value, end of period | $32.75 | $28.21 | $30.52 | $31.73 | $35.15 |
Total ReturnF,G | 17.51% | (.77)% | 10.86% | (.01)%B | 11.72% |
Ratios to Average Net AssetsH,I | |||||
Expenses before reductions | 1.70% | 1.72% | 1.72% | 1.70% | 1.70% |
Expenses net of fee waivers, if any | 1.69% | 1.72% | 1.71% | 1.69% | 1.70% |
Expenses net of all reductions | 1.69% | 1.72% | 1.71% | 1.68% | 1.70% |
Net investment income (loss) | 1.00% | 1.71% | 1.58% | 1.34% | 1.11% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $52 | $63 | $84 | $160 | $195 |
Portfolio turnover rateJ | 48% | 65% | 48% | 59% | 48% |
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 amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Amount represents less than $.005 per share.
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 Advisor Equity Income Fund Class I
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $29.51 | $31.85 | $32.99 | $36.40 | $33.31 |
Income from Investment Operations | |||||
Net investment income (loss)A | .70 | .75 | .78 | .80 | .74 |
Net realized and unrealized gain (loss) | 4.80 | (.70) | 2.21 | (.39)B | 3.46 |
Total from investment operations | 5.50 | .05 | 2.99 | .41 | 4.20 |
Distributions from net investment income | (.73) | (.72) | (.72) | (.87) | (.65)C |
Distributions from net realized gain | –D | (1.67) | (3.41) | (2.95) | (.46)C |
Total distributions | (.73) | (2.39) | (4.13) | (3.82) | (1.11) |
Net asset value, end of period | $34.28 | $29.51 | $31.85 | $32.99 | $36.40 |
Total ReturnE | 18.75% | .27% | 12.00% | 1.05%B | 12.86% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .65% | .67% | .67% | .67% | .68% |
Expenses net of fee waivers, if any | .65% | .67% | .67% | .67% | .68% |
Expenses net of all reductions | .65% | .66% | .67% | .66% | .68% |
Net investment income (loss) | 2.05% | 2.77% | 2.63% | 2.37% | 2.14% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $244 | $178 | $227 | $243 | $269 |
Portfolio turnover rateH | 48% | 65% | 48% | 59% | 48% |
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 amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Amount represents less than $.005 per share.
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 Equity Income Fund Class Z
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $29.48 | $31.82 | $32.96 | $36.38 | $33.30 |
Income from Investment Operations | |||||
Net investment income (loss)A | .75 | .79 | .82 | .85 | .79 |
Net realized and unrealized gain (loss) | 4.78 | (.70) | 2.21 | (.40)B | 3.46 |
Total from investment operations | 5.53 | .09 | 3.03 | .45 | 4.25 |
Distributions from net investment income | (.77) | (.76) | (.77) | (.91) | (.71)C |
Distributions from net realized gain | –D | (1.67) | (3.41) | (2.95) | (.46)C |
Total distributions | (.77) | (2.43) | (4.17)E | (3.87)E | (1.17) |
Net asset value, end of period | $34.24 | $29.48 | $31.82 | $32.96 | $36.38 |
Total ReturnF | 18.89% | .43% | 12.18% | 1.16%B | 13.02% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | .51% | .53% | .53% | .53% | .54% |
Expenses net of fee waivers, if any | .51% | .52% | .53% | .53% | .53% |
Expenses net of all reductions | .51% | .52% | .52% | .52% | .53% |
Net investment income (loss) | 2.18% | 2.91% | 2.77% | 2.51% | 2.28% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $35 | $26 | $27 | $22 | $23 |
Portfolio turnover rateI | 48% | 65% | 48% | 59% | 48% |
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 amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Amount represents less than $.005 per share.
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, 2021
(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. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3.��Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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, 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, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 | $54 |
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, 2021, 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, 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 | $241,697 |
Gross unrealized depreciation | (55,594) |
Net unrealized appreciation (depreciation) | $186,103 |
Tax Cost | $1,385,185 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $39,213 |
Undistributed long-term capital gain | $104,840 |
Net unrealized appreciation (depreciation) on securities and other investments | $181,309 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $30,150 | $ 32,522 |
Long-term Capital Gains | – | 87,762 |
Total | $30,150 | $ 120,284 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
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 | 1,926 | .12 |
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 and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Equity Income Fund | 730,749 | 796,877 |
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% | $1,698 | $39 |
Class M | .25% | .25% | 2,923 | 27 |
Class C | .75% | .25% | 627 | 56 |
$5,248 | $122 |
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 | $93 |
Class M | 14 |
Class C(a) | 2 |
$109 |
(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.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $1,208 | .18 |
Class M | 979 | .17 |
Class C | 142 | .23 |
Class I | 403 | .18 |
Class Z | 14 | .04 |
$2,746 |
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 | $16 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Equity Income Fund | 51,498 | 77,120 | 10,460 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($) | |
Fidelity Advisor Equity Income Fund | 178 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Equity Income Fund | $3 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Equity Income Fund | $4 | $– | $– |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $25.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Equity Income Fund | ||
Distributions to shareholders | ||
Class A | $13,793 | $50,413 |
Class M | 10,202 | 45,467 |
Class C | 748 | 5,660 |
Class I | 4,681 | 16,633 |
Class Z | 726 | 2,111 |
Total | $30,150 | $120,284 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended November 30, 2021 | Year ended November 30, 2020 | Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Equity Income Fund | ||||
Class A | ||||
Shares sold | 2,209 | 1,785 | $71,294 | $45,360 |
Reinvestment of distributions | 420 | 1,709 | 13,047 | 47,884 |
Shares redeemed | (2,950) | (4,122) | (94,556) | (105,342) |
Net increase (decrease) | (321) | (628) | $(10,215) | $(12,098) |
Class M | ||||
Shares sold | 1,292 | 1,555 | $42,524 | $40,510 |
Reinvestment of distributions | 313 | 1,540 | 9,978 | 44,626 |
Shares redeemed | (3,554) | (5,199) | (117,076) | (136,971) |
Net increase (decrease) | (1,949) | (2,104) | $(64,574) | $(51,835) |
Class C | ||||
Shares sold | 331 | 263 | $10,767 | $6,887 |
Reinvestment of distributions | 24 | 184 | 733 | 5,305 |
Shares redeemed | (1,023) | (934) | (33,534) | (23,819) |
Net increase (decrease) | (668) | (487) | $(22,034) | $(11,627) |
Class I | ||||
Shares sold | 2,020 | 841 | $69,683 | $22,912 |
Reinvestment of distributions | 129 | 488 | 4,280 | 14,415 |
Shares redeemed | (1,069) | (2,417) | (36,136) | (66,691) |
Net increase (decrease) | 1,080 | (1,088) | $37,827 | $(29,364) |
Class Z | ||||
Shares sold | 299 | 320 | $10,184 | $8,792 |
Reinvestment of distributions | 20 | 66 | 650 | 1,925 |
Shares redeemed | (197) | (342) | (6,621) | (9,049) |
Net increase (decrease) | 122 | 44 | $4,213 | $1,668 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. 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, 2021, 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, 2021, 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, 2021, 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 13, 2022
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 314 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 1-800-208-0098.
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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Equity Income Fund | ||||
Class A | .89% | |||
Actual | $1,000.00 | $965.00 | $4.38 | |
Hypothetical-C | $1,000.00 | $1,020.61 | $4.51 | |
Class M | 1.13% | |||
Actual | $1,000.00 | $963.90 | $5.56 | |
Hypothetical-C | $1,000.00 | $1,019.40 | $5.72 | |
Class C | 1.68% | |||
Actual | $1,000.00 | $961.20 | $8.26 | |
Hypothetical-C | $1,000.00 | $1,016.65 | $8.49 | |
Class I | .65% | |||
Actual | $1,000.00 | $966.10 | $3.20 | |
Hypothetical-C | $1,000.00 | $1,021.81 | $3.29 | |
Class Z | .51% | |||
Actual | $1,000.00 | $966.80 | $2.51 | |
Hypothetical-C | $1,000.00 | $1,022.51 | $2.59 |
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/ 365 (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 | 12/29/21 | 12/28/21 | $0.200 | $2.913 |
Class M | 12/29/21 | 12/28/21 | $0.176 | $2.913 |
Class C | 12/29/21 | 12/28/21 | $0.122 | $2.913 |
Class I | 12/29/21 | 12/28/21 | $0.222 | $2.913 |
Class Z | 12/29/21 | 12/28/21 | $0.236 | $2.913 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $104,839,821, or, if subsequently determined to be different, the net capital gain of such year.
A total of 0.01% 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 80.76% of the short-term capital gain dividends distributed in December, 2020 as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
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 2022 of amounts for use in preparing 2021 income tax returns.
EPI-ANN-0122
1.539449.125
Fidelity Advisor® Equity Growth Fund
November 30, 2021
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 19.09% | 24.26% | 18.27% |
Class M (incl. 3.50% sales charge) | 21.58% | 24.55% | 18.29% |
Class C (incl. contingent deferred sales charge) | 24.36% | 24.77% | 18.26% |
Class I | 26.65% | 26.07% | 19.31% |
Class Z | 26.77% | 26.23% | 19.44% |
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, 2011, 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/0001379491-22-000216/img762225073_740.jpg)
Period Ending Values | ||
$53,549 | Fidelity Advisor® Equity Growth Fund - Class A | |
$57,496 | Russell 3000® Growth Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Co-Managers Asher Anolic and Jason Weiner: For the fiscal year ending November 30, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 25% to 27%, underperforming the 29.39% result of the benchmark Russell 3000® Growth Index. Versus the benchmark, industry positioning was the primary detractor, especially in the automobiles & components area of the consumer discretionary sector. Also hurting performance was an overweighting in health care and an underweighting in information technology. Not owning Tesla, a benchmark component that gained about 102%, was the largest individual relative detractor. The fund's non-benchmark stake in Tencent Holdings, a position not held at period end, returned about -16%. Another notable relative detractor was an outsized stake in Meta Platforms (+16%), which was among our biggest holdings. Lastly, the fund's foreign holdings detracted overall, hampered in part by a broadly stronger U.S. dollar. Conversely, the top contributor to performance versus the benchmark was our security selection in the information technology sector, especially within the software & services industry. An overweighting in energy and stock selection in materials also bolstered the fund's relative result. The biggest individual relative contributor was an overweight position in Nvidia (+144%). Nvidia was among the fund's largest holdings. Also lifting performance was our overweighting in Alphabet, which gained 62%. Alphabet was among our biggest holdings. Another notable relative contributor was our lighter-than-benchmark stake in Visa (-7%), a position not held at period end. Notable changes in positioning include decreased exposure to the consumer discretionary sector and a higher allocation to communication services.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, 2021
% of fund's net assets | |
Microsoft Corp. | 11.2 |
Alphabet, Inc. Class A | 9.8 |
Amazon.com, Inc. | 5.5 |
Apple, Inc. | 5.3 |
NVIDIA Corp. | 4.7 |
Meta Platforms, Inc. Class A | 4.3 |
UnitedHealth Group, Inc. | 3.8 |
Adobe, Inc. | 3.7 |
Qualcomm, Inc. | 1.8 |
Palo Alto Networks, Inc. | 1.6 |
51.7 |
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Information Technology | 39.0 |
Communication Services | 19.3 |
Health Care | 13.5 |
Consumer Discretionary | 8.5 |
Industrials | 8.1 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021* | ||
Stocks | 99.8% | |
Convertible Securities | 0.2% |
* Foreign investments - 11.8%
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 19.3% | |||
Diversified Telecommunication Services - 0.8% | |||
Cellnex Telecom SA (a) | 671,123 | $39,609 | |
Entertainment - 3.6% | |||
Roblox Corp. (b) | 51,400 | 6,482 | |
Sea Ltd. ADR (b) | 72,900 | 21,000 | |
Take-Two Interactive Software, Inc. (b) | 147,518 | 24,470 | |
Universal Music Group NV | 2,435,575 | 69,911 | |
Warner Music Group Corp. Class A | 1,509,343 | 65,400 | |
187,263 | |||
Interactive Media & Services - 14.3% | |||
Alphabet, Inc. Class A (b) | 178,632 | 506,949 | |
Meta Platforms, Inc. Class A (b) | 683,274 | 221,695 | |
ZipRecruiter, Inc. | 36,800 | 1,018 | |
Zoominfo Technologies, Inc. (b) | 216,100 | 13,333 | |
742,995 | |||
Media - 0.6% | |||
Cable One, Inc. | 15,100 | 26,758 | |
Liberty Media Corp. Liberty Formula One Group Series C (b) | 67,641 | 4,121 | |
30,879 | |||
TOTAL COMMUNICATION SERVICES | 1,000,746 | ||
CONSUMER DISCRETIONARY - 8.5% | |||
Automobiles - 0.6% | |||
Ferrari NV | 114,411 | 29,799 | |
XPeng, Inc. ADR (b) | 19,500 | 1,073 | |
30,872 | |||
Diversified Consumer Services - 0.5% | |||
Laureate Education, Inc. Class A | 2,031,744 | 20,317 | |
Mister Car Wash, Inc. | 247,021 | 3,967 | |
24,284 | |||
Hotels, Restaurants & Leisure - 0.7% | |||
Airbnb, Inc. Class A | 147,600 | 25,467 | |
Flutter Entertainment PLC (b) | 85,600 | 11,601 | |
37,068 | |||
Household Durables - 0.0% | |||
Blu Investments LLC (b)(c)(d) | 12,123,162 | 4 | |
Internet & Direct Marketing Retail - 5.5% | |||
Amazon.com, Inc. (b) | 81,393 | 285,451 | |
Specialty Retail - 0.5% | |||
Aritzia, Inc. (b) | 89,600 | 3,550 | |
Victoria's Secret & Co. | 417,900 | 22,684 | |
26,234 | |||
Textiles, Apparel & Luxury Goods - 0.7% | |||
LVMH Moet Hennessy Louis Vuitton SE | 29,217 | 22,750 | |
On Holding AG | 11,400 | 458 | |
Samsonite International SA (a)(b) | 5,604,000 | 10,492 | |
33,700 | |||
TOTAL CONSUMER DISCRETIONARY | 437,613 | ||
CONSUMER STAPLES - 1.3% | |||
Beverages - 0.9% | |||
Kweichow Moutai Co. Ltd. (A Shares) | 37,766 | 11,457 | |
Monster Beverage Corp. (b) | 410,400 | 34,383 | |
45,840 | |||
Household Products - 0.4% | |||
Reckitt Benckiser Group PLC | 258,308 | 20,924 | |
TOTAL CONSUMER STAPLES | 66,764 | ||
ENERGY - 1.4% | |||
Oil, Gas & Consumable Fuels - 1.4% | |||
Reliance Industries Ltd. | 2,100,161 | 67,267 | |
Reliance Industries Ltd. (b) | 130,164 | 4,169 | |
71,436 | |||
FINANCIALS - 4.2% | |||
Banks - 0.2% | |||
HDFC Bank Ltd. | 135,292 | 2,682 | |
HDFC Bank Ltd. sponsored ADR | 139,581 | 9,138 | |
11,820 | |||
Capital Markets - 2.7% | |||
BlackRock, Inc. Class A | 33,400 | 30,214 | |
CME Group, Inc. | 306,822 | 67,660 | |
Morningstar, Inc. | 29,100 | 9,031 | |
MSCI, Inc. | 38,311 | 24,115 | |
S&P Global, Inc. | 12,300 | 5,605 | |
136,625 | |||
Diversified Financial Services - 0.0% | |||
Ion Acquisition Corp. 2 Ltd. (c) | 242,614 | 1,736 | |
Insurance - 1.3% | |||
American Financial Group, Inc. | 156,010 | 20,844 | |
Arthur J. Gallagher & Co. | 234,231 | 38,156 | |
BRP Group, Inc. (b) | 255,241 | 9,454 | |
68,454 | |||
TOTAL FINANCIALS | 218,635 | ||
HEALTH CARE - 13.5% | |||
Biotechnology - 3.3% | |||
Adamas Pharmaceuticals, Inc.: | |||
rights (b)(d) | 1,000,100 | 60 | |
rights (b)(d) | 1,000,100 | 60 | |
Affimed NV (b) | 337,485 | 2,302 | |
Alnylam Pharmaceuticals, Inc. (b) | 47,800 | 8,786 | |
Applied Therapeutics, Inc. (b) | 247,100 | 2,837 | |
Atara Biotherapeutics, Inc. (b) | 232,900 | 4,167 | |
BioNTech SE ADR (b)(e) | 19,007 | 6,686 | |
Cytokinetics, Inc. (b) | 111,500 | 4,386 | |
Erasca, Inc. | 55,500 | 786 | |
Evelo Biosciences, Inc. (b) | 34,000 | 293 | |
Gamida Cell Ltd. (b) | 934,668 | 2,393 | |
Hookipa Pharma, Inc. (b) | 211,900 | 684 | |
Innovent Biologics, Inc. (a)(b) | 615,500 | 5,474 | |
Insmed, Inc. (b) | 444,589 | 12,235 | |
Prelude Therapeutics, Inc. (b) | 17,000 | 243 | |
Regeneron Pharmaceuticals, Inc. (b) | 101,986 | 64,917 | |
Rubius Therapeutics, Inc. (b) | 80,596 | 996 | |
Seres Therapeutics, Inc. (b) | 96,200 | 1,035 | |
Synlogic, Inc. (b) | 664,600 | 1,655 | |
Vertex Pharmaceuticals, Inc. (b) | 255,435 | 47,751 | |
Vor Biopharma, Inc. (b) | 252,839 | 2,918 | |
XOMA Corp. (b) | 149,100 | 3,058 | |
173,722 | |||
Health Care Equipment & Supplies - 1.9% | |||
Axonics Modulation Technologies, Inc. (b) | 126,300 | 6,872 | |
Edwards Lifesciences Corp. (b) | 285,600 | 30,648 | |
Insulet Corp. (b) | 5,300 | 1,529 | |
Intuitive Surgical, Inc. (b) | 137,493 | 44,594 | |
iRhythm Technologies, Inc. (b) | 34,000 | 3,590 | |
Medacta Group SA (a)(b) | 8,040 | 1,130 | |
Nevro Corp. (b) | 30,000 | 2,612 | |
Penumbra, Inc. (b) | 34,886 | 8,570 | |
99,545 | |||
Health Care Providers & Services - 4.2% | |||
Guardant Health, Inc. (b) | 75,915 | 7,980 | |
HealthEquity, Inc. (b) | 230,200 | 12,587 | |
UnitedHealth Group, Inc. | 438,368 | 194,732 | |
215,299 | |||
Health Care Technology - 0.5% | |||
Certara, Inc. | 121,723 | 3,278 | |
Schrodinger, Inc. (b) | 52,900 | 2,073 | |
Simulations Plus, Inc. (e) | 57,000 | 2,677 | |
Veeva Systems, Inc. Class A (b) | 65,103 | 18,397 | |
26,425 | |||
Life Sciences Tools & Services - 2.1% | |||
10X Genomics, Inc. (b) | 31,196 | 4,767 | |
Berkeley Lights, Inc. (b) | 386,300 | 8,062 | |
Bio-Techne Corp. | 19,000 | 8,969 | |
Bruker Corp. | 322,371 | 26,109 | |
Codexis, Inc. (b)(e) | 287,504 | 9,979 | |
Danaher Corp. | 145,356 | 46,752 | |
Nanostring Technologies, Inc. (b) | 62,300 | 2,561 | |
Olink Holding AB ADR | 16,200 | 340 | |
107,539 | |||
Pharmaceuticals - 1.5% | |||
Aclaris Therapeutics, Inc. (b) | 144,100 | 1,844 | |
Eli Lilly & Co. | 265,099 | 65,755 | |
Nuvation Bio, Inc. (b) | 186,501 | 1,673 | |
Revance Therapeutics, Inc. (b) | 251,100 | 3,435 | |
Zoetis, Inc. Class A | 26,100 | 5,795 | |
78,502 | |||
TOTAL HEALTH CARE | 701,032 | ||
INDUSTRIALS - 8.1% | |||
Aerospace & Defense - 1.0% | |||
Airbus Group NV (b) | 243,840 | 27,217 | |
Axon Enterprise, Inc. (b) | 57,900 | 9,773 | |
Northrop Grumman Corp. | 32,300 | 11,266 | |
48,256 | |||
Airlines - 0.6% | |||
Ryanair Holdings PLC sponsored ADR (b) | 340,280 | 32,514 | |
Electrical Equipment - 1.1% | |||
Ballard Power Systems, Inc. (b)(e) | 17,100 | 259 | |
Bloom Energy Corp. Class A (b)(e) | 87,000 | 2,391 | |
Ceres Power Holdings PLC (b) | 547,300 | 8,065 | |
Eaton Corp. PLC | 32,200 | 5,218 | |
Encore Wire Corp. | 81,684 | 11,473 | |
Generac Holdings, Inc. (b) | 72,351 | 30,477 | |
57,883 | |||
Industrial Conglomerates - 0.9% | |||
General Electric Co. | 483,528 | 45,930 | |
Machinery - 1.0% | |||
Ingersoll Rand, Inc. | 577,535 | 33,693 | |
Otis Worldwide Corp. | 235,800 | 18,958 | |
52,651 | |||
Professional Services - 2.2% | |||
ASGN, Inc. (b) | 40,222 | 4,894 | |
Clarivate Analytics PLC (b) | 485,600 | 11,334 | |
CoStar Group, Inc. (b) | 25,400 | 1,975 | |
Equifax, Inc. | 146,206 | 40,740 | |
KBR, Inc. | 750,900 | 33,040 | |
Kforce, Inc. | 35,400 | 2,713 | |
Upwork, Inc. (b) | 461,488 | 17,195 | |
111,891 | |||
Road & Rail - 0.6% | |||
Uber Technologies, Inc. (b) | 791,523 | 30,078 | |
Trading Companies & Distributors - 0.7% | |||
Azelis Group NV | 79,500 | 2,266 | |
Ferguson PLC | 201,500 | 30,724 | |
United Rentals, Inc. (b) | 14,200 | 4,810 | |
37,800 | |||
TOTAL INDUSTRIALS | 417,003 | ||
INFORMATION TECHNOLOGY - 39.0% | |||
Electronic Equipment & Components - 0.1% | |||
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 1,740,000 | 6,485 | |
IT Services - 4.3% | |||
Adyen BV (a)(b) | 5,700 | 15,788 | |
Amadeus IT Holding SA Class A (b) | 205,500 | 13,157 | |
Cloudflare, Inc. (b) | 60,454 | 11,380 | |
Cognizant Technology Solutions Corp. Class A | 329,200 | 25,671 | |
MasterCard, Inc. Class A | 40,627 | 12,794 | |
MongoDB, Inc. Class A (b) | 111,768 | 55,672 | |
PayPal Holdings, Inc. (b) | 112,850 | 20,865 | |
Shopify, Inc. Class A (b) | 14,859 | 22,578 | |
Square, Inc. (b) | 105,971 | 22,077 | |
VeriSign, Inc. (b) | 88,107 | 21,138 | |
221,120 | |||
Semiconductors & Semiconductor Equipment - 8.8% | |||
Aixtron AG | 434,700 | 8,728 | |
ASML Holding NV | 33,251 | 26,318 | |
eMemory Technology, Inc. | 36,000 | 2,802 | |
Enphase Energy, Inc. (b) | 124,300 | 31,075 | |
NVIDIA Corp. | 747,889 | 244,380 | |
Qualcomm, Inc. | 524,461 | 94,697 | |
Silicon Laboratories, Inc. (b) | 6,200 | 1,217 | |
SiTime Corp. (b) | 35,100 | 10,477 | |
SolarEdge Technologies, Inc. (b) | 56,400 | 18,486 | |
Universal Display Corp. | 120,200 | 17,195 | |
455,375 | |||
Software - 20.5% | |||
Adobe, Inc. (b) | 286,433 | 191,867 | |
Coupa Software, Inc. (b) | 125,300 | 24,641 | |
Crowdstrike Holdings, Inc. (b) | 33,400 | 7,252 | |
CyberArk Software Ltd. (b) | 166,917 | 28,852 | |
Elastic NV (b) | 3,012 | 468 | |
Epic Games, Inc. (b)(c)(d) | 3,289 | 2,368 | |
Intuit, Inc. | 84,700 | 55,250 | |
Mandiant, Inc. (b) | 3,145,504 | 53,379 | |
Manhattan Associates, Inc. (b) | 187,927 | 29,347 | |
Microsoft Corp. | 1,747,532 | 577,717 | |
Palo Alto Networks, Inc. (b) | 153,302 | 83,847 | |
SentinelOne, Inc. | 21,600 | 1,166 | |
Volue A/S | 485,800 | 3,255 | |
1,059,409 | |||
Technology Hardware, Storage & Peripherals - 5.3% | |||
Apple, Inc. | 1,653,383 | 273,304 | |
TOTAL INFORMATION TECHNOLOGY | 2,015,693 | ||
MATERIALS - 3.5% | |||
Chemicals - 3.1% | |||
Albemarle Corp. U.S. | 206,982 | 55,159 | |
Axalta Coating Systems Ltd. (b) | 338,466 | 10,262 | |
CF Industries Holdings, Inc. | 479,200 | 29,035 | |
Corbion NV | 47,800 | 2,216 | |
Sherwin-Williams Co. | 150,114 | 49,724 | |
The Chemours Co. LLC | 541,600 | 16,086 | |
162,482 | |||
Metals & Mining - 0.4% | |||
First Quantum Minerals Ltd. | 258,000 | 5,500 | |
Freeport-McMoRan, Inc. | 164,500 | 6,100 | |
Lynas Rare Earths Ltd. (b) | 850,462 | 5,328 | |
MP Materials Corp. (b)(e) | 73,000 | 3,208 | |
20,136 | |||
TOTAL MATERIALS | 182,618 | ||
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.4% | |||
Prologis (REIT), Inc. | 133,200 | 20,080 | |
Real Estate Management & Development - 0.1% | |||
Doma Holdings, Inc. (c) | 487,314 | 3,075 | |
TOTAL REAL ESTATE | 23,155 | ||
UTILITIES - 0.5% | |||
Electric Utilities - 0.5% | |||
NextEra Energy, Inc. | 292,300 | 25,366 | |
Independent Power and Renewable Electricity Producers - 0.0% | |||
Brookfield Renewable Partners LP | 60,000 | 2,178 | |
TOTAL UTILITIES | 27,544 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,775,603) | 5,162,239 | ||
Convertible Preferred Stocks - 0.2% | |||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (c)(d) | 111,100 | 415 | |
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
AppNexus, Inc. Series E (Escrow) (b)(c)(d) | 105,425 | 3 | |
Software - 0.0% | |||
ASAPP, Inc. Series C (c)(d) | 367,427 | 1,675 | |
TOTAL INFORMATION TECHNOLOGY | 1,678 | ||
MATERIALS - 0.2% | |||
Metals & Mining - 0.2% | |||
Illuminated Holdings, Inc.: | |||
Series C2 (b)(c)(d) | 76,285 | 3,296 | |
Series C3 (b)(c)(d) | 95,356 | 4,119 | |
Series C4 (c)(d) | 27,230 | 1,176 | |
Series C5 (c)(d) | 53,844 | 2,326 | |
10,917 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $10,964) | 13,010 | ||
Money Market Funds - 1.2% | |||
Fidelity Cash Central Fund 0.06% (f) | 47,873,549 | 47,883 | |
Fidelity Securities Lending Cash Central Fund 0.07% (f)(g) | 15,136,670 | 15,138 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $63,021) | 63,021 | ||
TOTAL INVESTMENT IN SECURITIES - 101.2% | |||
(Cost $2,849,588) | 5,238,270 | ||
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (63,585) | ||
NET ASSETS - 100% | $5,174,685 |
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 $72,493,000 or 1.4% of net assets.
(b) Non-income producing
(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 $20,193,000 or 0.4% of net assets.
(d) Level 3 security
(e) Security or a portion of the security is on loan at period end.
(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 |
ASAPP, Inc. Series C | 4/30/21 | $2,424 |
Blu Investments LLC | 5/21/20 | $21 |
Doma Holdings, Inc. | 3/2/21 | $4,873 |
ElevateBio LLC Series C | 3/9/21 | $466 |
Epic Games, Inc. | 3/29/21 | $2,911 |
Illuminated Holdings, Inc. Series C2 | 7/7/20 | $1,907 |
Illuminated Holdings, Inc. Series C3 | 7/7/20 | $2,861 |
Illuminated Holdings, Inc. Series C4 | 1/8/21 | $980 |
Illuminated Holdings, Inc. Series C5 | 6/16/21 | $2,326 |
Ion Acquisition Corp. 2 Ltd. | 6/24/21 | $2,426 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $8,753 | $743,227 | $704,097 | $15 | $-- | $-- | $47,883 | 0.1% |
Fidelity Securities Lending Cash Central Fund 0.07% | 42,350 | 288,850 | 316,062 | 237 | -- | -- | 15,138 | 0.0% |
Total | $51,103 | $1,032,077 | $1,020,159 | $252 | $-- | $-- | $63,021 |
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, 2021, 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 | $1,000,746 | $1,000,746 | $-- | $-- |
Consumer Discretionary | 437,613 | 437,609 | -- | 4 |
Consumer Staples | 66,764 | 45,840 | 20,924 | -- |
Energy | 71,436 | 71,436 | -- | -- |
Financials | 218,635 | 214,217 | 4,418 | -- |
Health Care | 701,447 | 700,912 | -- | 535 |
Industrials | 417,003 | 389,786 | 27,217 | -- |
Information Technology | 2,017,371 | 1,975,093 | 38,232 | 4,046 |
Materials | 193,535 | 177,290 | 5,328 | 10,917 |
Real Estate | 23,155 | 23,155 | -- | -- |
Utilities | 27,544 | 27,544 | -- | -- |
Money Market Funds | 63,021 | 63,021 | -- | -- |
Total Investments in Securities: | $5,238,270 | $5,126,649 | $96,119 | $15,502 |
Net unrealized depreciation on unfunded commitments | $(253) | $-- | $(253) | $-- |
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 | 88.2% |
Netherlands | 3.3% |
India | 1.6% |
Spain | 1.1% |
Others (Individually Less Than 1%) | 5.8% |
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, 2021 | |
Assets | ||
Investment in securities, at value (including securities loaned of $14,511) — See accompanying schedule: Unaffiliated issuers (cost $2,786,567) | $5,175,249 | |
Fidelity Central Funds (cost $63,021) | 63,021 | |
Total Investment in Securities (cost $2,849,588) | $5,238,270 | |
Receivable for investments sold | 64,634 | |
Receivable for fund shares sold | 2,433 | |
Dividends receivable | 2,457 | |
Distributions receivable from Fidelity Central Funds | 5 | |
Prepaid expenses | 6 | |
Other receivables | 132 | |
Total assets | 5,307,937 | |
Liabilities | ||
Payable for investments purchased | $106,179 | |
Unrealized depreciation on unfunded commitments | 253 | |
Payable for fund shares redeemed | 3,391 | |
Accrued management fee | 2,321 | |
Distribution and service plan fees payable | 1,321 | |
Other affiliated payables | 718 | |
Other payables and accrued expenses | 3,936 | |
Collateral on securities loaned | 15,133 | |
Total liabilities | 133,252 | |
Net Assets | $5,174,685 | |
Net Assets consist of: | ||
Paid in capital | $2,206,170 | |
Total accumulated earnings (loss) | 2,968,515 | |
Net Assets | $5,174,685 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($1,751,645 ÷ 91,102 shares)(a) | $19.23 | |
Maximum offering price per share (100/94.25 of $19.23) | $20.40 | |
Class M: | ||
Net Asset Value and redemption price per share ($1,937,730 ÷ 103,937 shares)(a) | $18.64 | |
Maximum offering price per share (100/96.50 of $18.64) | $19.32 | |
Class C: | ||
Net Asset Value and offering price per share ($133,577 ÷ 8,821 shares)(a) | $15.14 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($1,067,081 ÷ 48,914 shares) | $21.82 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($284,652 ÷ 12,896 shares) | $22.07 |
(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, 2021 | |
Investment Income | ||
Dividends | $31,193 | |
Special dividends | 14,243 | |
Income from Fidelity Central Funds (including $237 from security lending) | 252 | |
Total income | 45,688 | |
Expenses | ||
Management fee | $25,274 | |
Transfer agent fees | 7,346 | |
Distribution and service plan fees | 14,875 | |
Accounting fees | 1,073 | |
Custodian fees and expenses | 118 | |
Independent trustees' fees and expenses | 18 | |
Registration fees | 128 | |
Audit | 70 | |
Legal | 9 | |
Interest | 5 | |
Miscellaneous | 19 | |
Total expenses before reductions | 48,935 | |
Expense reductions | (76) | |
Total expenses after reductions | 48,859 | |
Net investment income (loss) | (3,171) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 641,776 | |
Foreign currency transactions | (255) | |
Total net realized gain (loss) | 641,521 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,301) | 464,913 | |
Unfunded commitments | (253) | |
Assets and liabilities in foreign currencies | 7 | |
Total change in net unrealized appreciation (depreciation) | 464,667 | |
Net gain (loss) | 1,106,188 | |
Net increase (decrease) in net assets resulting from operations | $1,103,017 |
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, 2021 | Year ended November 30, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(3,171) | $(14,272) |
Net realized gain (loss) | 641,521 | 525,770 |
Change in net unrealized appreciation (depreciation) | 464,667 | 789,004 |
Net increase (decrease) in net assets resulting from operations | 1,103,017 | 1,300,502 |
Distributions to shareholders | (476,279) | (289,806) |
Share transactions - net increase (decrease) | 241,772 | 68,144 |
Total increase (decrease) in net assets | 868,510 | 1,078,840 |
Net Assets | ||
Beginning of period | 4,306,175 | 3,227,335 |
End of period | $5,174,685 | $4,306,175 |
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, | 2021 | 2020 | 2019 | 2018 A | 2017 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $17.06 | $13.07 | $11.84 | $12.26 | $9.61 |
Income from Investment Operations | |||||
Net investment income (loss)B | –C | (.05) | (.02) | (.01) | (.01) |
Net realized and unrealized gain (loss) | 4.08 | 5.22 | 1.97 | .93 | 3.24 |
Total from investment operations | 4.08 | 5.17 | 1.95 | .92 | 3.23 |
Distributions from net investment income | – | – | – | – | – |
Distributions from net realized gain | (1.91) | (1.18) | (.72) | (1.34) | (.58) |
Total distributions | (1.91) | (1.18) | (.72) | (1.34) | (.58) |
Net asset value, end of period | $19.23 | $17.06 | $13.07 | $11.84 | $12.26 |
Total ReturnD,E | 26.35% | 42.92% | 18.34% | 8.38% | 35.72% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .97% | .99% | 1.01% | 1.02% | 1.03% |
Expenses net of fee waivers, if any | .97% | .99% | 1.01% | 1.01% | 1.03% |
Expenses net of all reductions | .97% | .99% | 1.01% | 1.01% | 1.03% |
Net investment income (loss) | (.02)%C | (.33)% | (.16)% | (.09)% | (.12)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $1,752 | $1,477 | $1,049 | $865 | $843 |
Portfolio turnover rateH | 44% | 52% | 49%I | 37% | 48% |
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 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 (.31) %.
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).
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 Growth Fund Class M
Years ended November 30, | 2021 | 2020 | 2019 | 2018 A | 2017 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $16.60 | $12.78 | $11.61 | $12.05 | $9.47 |
Income from Investment Operations | |||||
Net investment income (loss)B | (.04)C | (.08) | (.05) | (.04) | (.04) |
Net realized and unrealized gain (loss) | 3.95 | 5.08 | 1.94 | .91 | 3.20 |
Total from investment operations | 3.91 | 5.00 | 1.89 | .87 | 3.16 |
Distributions from net investment income | – | – | – | – | – |
Distributions from net realized gain | (1.87) | (1.18) | (.72) | (1.31) | (.58) |
Total distributions | (1.87) | (1.18) | (.72) | (1.31) | (.58) |
Net asset value, end of period | $18.64 | $16.60 | $12.78 | $11.61 | $12.05 |
Total ReturnD,E | 25.99% | 42.54% | 18.18% | 8.07% | 35.41% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.21% | 1.23% | 1.25% | 1.25% | 1.26% |
Expenses net of fee waivers, if any | 1.21% | 1.23% | 1.25% | 1.25% | 1.26% |
Expenses net of all reductions | 1.21% | 1.23% | 1.24% | 1.24% | 1.26% |
Net investment income (loss) | (.26)%C | (.57)% | (.40)% | (.32)% | (.36)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $1,938 | $1,747 | $1,417 | $1,332 | $1,353 |
Portfolio turnover rateH | 44% | 52% | 49%I | 37% | 48% |
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 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 (.56) %.
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).
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 Growth Fund Class C
Years ended November 30, | 2021 | 2020 | 2019 | 2018 A | 2017 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $13.84 | $10.90 | $10.07 | $10.63 | $8.47 |
Income from Investment Operations | |||||
Net investment income (loss)B | (.11)C | (.13) | (.09) | (.09) | (.08) |
Net realized and unrealized gain (loss) | 3.24 | 4.25 | 1.64 | .80 | 2.82 |
Total from investment operations | 3.13 | 4.12 | 1.55 | .71 | 2.74 |
Distributions from net investment income | – | – | – | – | – |
Distributions from net realized gain | (1.83) | (1.18) | (.72) | (1.27) | (.58) |
Total distributions | (1.83) | (1.18) | (.72) | (1.27) | (.58) |
Net asset value, end of period | $15.14 | $13.84 | $10.90 | $10.07 | $10.63 |
Total ReturnD,E | 25.36% | 41.73% | 17.53% | 7.50% | 34.70% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.74% | 1.78% | 1.80% | 1.78% | 1.79% |
Expenses net of fee waivers, if any | 1.74% | 1.77% | 1.80% | 1.78% | 1.79% |
Expenses net of all reductions | 1.74% | 1.77% | 1.79% | 1.77% | 1.79% |
Net investment income (loss) | (.79)%C | (1.12)% | (.95)% | (.85)% | (.89)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $134 | $131 | $101 | $196 | $200 |
Portfolio turnover rateH | 44% | 52% | 49%I | 37% | 48% |
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 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 (1.09) %.
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).
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 Growth Fund Class I
Years ended November 30, | 2021 | 2020 | 2019 | 2018 A | 2017 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $19.10 | $14.46 | $12.98 | $13.32 | $10.36 |
Income from Investment Operations | |||||
Net investment income (loss)B | .05C | (.01) | .01 | .02 | .02 |
Net realized and unrealized gain (loss) | 4.61 | 5.83 | 2.19 | 1.01 | 3.52 |
Total from investment operations | 4.66 | 5.82 | 2.20 | 1.03 | 3.54 |
Distributions from net investment income | – | – | – | – | – |
Distributions from net realized gain | (1.94) | (1.18) | (.72) | (1.37) | (.58) |
Total distributions | (1.94) | (1.18) | (.72) | (1.37) | (.58) |
Net asset value, end of period | $21.82 | $19.10 | $14.46 | $12.98 | $13.32 |
Total ReturnD | 26.65% | 43.32% | 18.68% | 8.65% | 36.08% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .71% | .74% | .75% | .75% | .77% |
Expenses net of fee waivers, if any | .71% | .73% | .75% | .75% | .76% |
Expenses net of all reductions | .71% | .73% | .75% | .75% | .76% |
Net investment income (loss) | .24%C | (.07)% | .10% | .17% | .14% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $1,067 | $770 | $548 | $679 | $677 |
Portfolio turnover rateG | 44% | 52% | 49%H | 37% | 48% |
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 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 (.06) %.
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, | 2021 | 2020 | 2019 | 2018 A | 2017 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $19.30 | $14.59 | $13.07 | $13.40 | $10.41 |
Income from Investment Operations | |||||
Net investment income (loss)B | .07C | .01 | .03 | .04 | .03 |
Net realized and unrealized gain (loss) | 4.66 | 5.88 | 2.21 | 1.02 | 3.54 |
Total from investment operations | 4.73 | 5.89 | 2.24 | 1.06 | 3.57 |
Distributions from net investment income | – | – | – | – | – |
Distributions from net realized gain | (1.96) | (1.18) | (.72) | (1.39) | (.58) |
Total distributions | (1.96) | (1.18) | (.72) | (1.39) | (.58) |
Net asset value, end of period | $22.07 | $19.30 | $14.59 | $13.07 | $13.40 |
Total ReturnD | 26.77% | 43.43% | 18.87% | 8.80% | 36.27% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .60% | .61% | .62% | .62% | .63% |
Expenses net of fee waivers, if any | .60% | .61% | .62% | .62% | .63% |
Expenses net of all reductions | .60% | .61% | .62% | .62% | .63% |
Net investment income (loss) | .35%C | .05% | .23% | .30% | .28% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $285 | $180 | $112 | $87 | $59 |
Portfolio turnover rateG | 44% | 52% | 49%H | 37% | 48% |
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 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 .06%.
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.
Notes to Financial Statements
For the period ended November 30, 2021
(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. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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, 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, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 | $56 |
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, 2021, 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, certain foreign taxes, partnerships, deferred Trustees compensation, net operating losses 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 | $2,504,601 |
Gross unrealized depreciation | (116,878) |
Net unrealized appreciation (depreciation) | $2,387,723 |
Tax Cost | $2,850,294 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $61,999 |
Undistributed long-term capital gain | $522,596 |
Net unrealized appreciation (depreciation) on securities and other investments | $2,387,731 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $19,253 | $ - |
Long-term Capital Gains | 457,026 | 289,806 |
Total | $476,279 | $ 289,806 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.
Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.
At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Equity Growth Fund | 2,103,089 | 2,338,190 |
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% | $4,106 | $104 |
Class M | .25% | .25% | 9,401 | 163 |
Class C | .75% | .25% | 1,368 | 172 |
$14,875 | $439 |
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 | $373 |
Class M | 34 |
Class C(a) | 9 |
$416 |
(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.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $2,650 | .16 |
Class M | 2,921 | .16 |
Class C | 255 | .19 |
Class I | 1,419 | .16 |
Class Z | 101 | .04 |
$7,346 |
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 | .02 |
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 | $33 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At 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 | $10,166 | .32% | $5 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Equity Growth Fund | 78,134 | 107,121 | 19,205 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($) | |
Fidelity Advisor Equity Growth Fund | 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 listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Equity Growth Fund | $8 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Equity Growth Fund | $25 | $–(a) | $– |
(a) In the amount of less than five hundred dollars.
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 | $664 | .59% | $–(a) |
(a) In the amount of less than five hundred dollars.
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $76.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Equity Growth Fund | ||
Distributions to shareholders | ||
Class A | $165,526 | $94,509 |
Class M | 196,250 | 130,485 |
Class C | 17,503 | 10,905 |
Class I | 77,607 | 44,885 |
Class Z | 19,393 | 9,022 |
Total | $476,279 | $289,806 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended November 30, 2021 | Year ended November 30, 2020 | Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Equity Growth Fund | ||||
Class A | ||||
Shares sold | 10,433 | 12,402 | $181,362 | $169,105 |
Reinvestment of distributions | 9,810 | 7,084 | 155,004 | 88,264 |
Shares redeemed | (15,717) | (13,182) | (273,966) | (178,516) |
Net increase (decrease) | 4,526 | 6,304 | $62,400 | $78,853 |
Class M | ||||
Shares sold | 8,240 | 12,320 | $138,409 | $163,111 |
Reinvestment of distributions | 12,449 | 10,499 | 191,216 | 127,561 |
Shares redeemed | (22,005) | (28,497) | (373,922) | (372,328) |
Net increase (decrease) | (1,316) | (5,678) | $(44,297) | $(81,656) |
Class C | ||||
Shares sold | 1,699 | 2,208 | $23,445 | $24,218 |
Reinvestment of distributions | 1,378 | 1,040 | 17,283 | 10,589 |
Shares redeemed | (3,751) | (3,034) | (51,874) | (33,247) |
Net increase (decrease) | (674) | 214 | $(11,146) | $1,560 |
Class I | ||||
Shares sold | 15,368 | 14,257 | $307,950 | $221,694 |
Reinvestment of distributions | 4,008 | 2,963 | 71,711 | 41,212 |
Shares redeemed | (10,810) | (14,738) | (214,558) | (222,116) |
Net increase (decrease) | 8,566 | 2,482 | $165,103 | $40,790 |
Class Z | ||||
Shares sold | 4,967 | 3,582 | $99,995 | $56,572 |
Reinvestment of distributions | 1,033 | 612 | 18,669 | 8,598 |
Shares redeemed | (2,454) | (2,498) | (48,952) | (36,573) |
Net increase (decrease) | 3,546 | 1,696 | $69,712 | $28,597 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. 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, 2021, 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, 2021, 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, 2021, by correspondence with the custodian, issuers of privately offered securities, and brokers; when replies were not received from issuers of privately offered securities and 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 13, 2022
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 314 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 1-800-208-0098.
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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Equity Growth Fund | ||||
Class A | .96% | |||
Actual | $1,000.00 | $1,116.10 | $5.09 | |
Hypothetical-C | $1,000.00 | $1,020.26 | $4.86 | |
Class M | 1.20% | |||
Actual | $1,000.00 | $1,114.20 | $6.36 | |
Hypothetical-C | $1,000.00 | $1,019.05 | $6.07 | |
Class C | 1.73% | |||
Actual | $1,000.00 | $1,110.80 | $9.15 | |
Hypothetical-C | $1,000.00 | $1,016.39 | $8.74 | |
Class I | .70% | |||
Actual | $1,000.00 | $1,117.30 | $3.72 | |
Hypothetical-C | $1,000.00 | $1,021.56 | $3.55 | |
Class Z | .59% | |||
Actual | $1,000.00 | $1,117.50 | $3.13 | |
Hypothetical-C | $1,000.00 | $1,022.11 | $2.99 |
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/ 365 (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 | 12/29/21 | 12/28/21 | $2.217 |
Class M | 12/29/21 | 12/28/21 | $2.172 |
Class C | 12/29/21 | 12/28/21 | $2.106 |
Class I | 12/29/21 | 12/28/21 | $2.262 |
Class Z | 12/29/21 | 12/28/21 | $2.283 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $522,936,780, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
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 2022 of amounts for use in preparing 2021 income tax returns.
EPG-ANN-0122
1.539469.124
Fidelity Advisor® Equity Value Fund
November 30, 2021
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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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 13.64% | 8.86% | 11.42% |
Class M (incl. 3.50% sales charge) | 16.10% | 9.09% | 11.40% |
Class C (incl. contingent deferred sales charge) | 18.67% | 9.29% | 11.40% |
Class I | 20.93% | 10.47% | 12.41% |
Class Z | 21.07% | 10.61% | 12.48% |
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 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, 2011, 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/0001379491-22-000216/img762224812_740.jpg)
Period Ending Values | ||
$29,493 | Fidelity Advisor® Equity Value Fund - Class A | |
$32,297 | Russell 3000® Value Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Portfolio Manager Sean Gavin: For the fiscal year ending November 30, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 20% to 21%, underperforming the 22.92% result of the benchmark Russell 3000® Value Index. The primary detractors from performance versus the benchmark were an underweighting and security selection in energy. Weak picks among health care stocks, especially within the pharmaceuticals, biotechnology & life sciences industry, also hurt. Further hampering performance was an overweighting in utilities. The biggest individual relative detractor was a larger-than-benchmark position in Bristol-Myers Squibb (-12%). An outsized stake in Cigna (-7%), which was among our largest holdings this period, weighed on the portfolio’s result as well. Another notable relative detractor was our smaller-than-benchmark stake, on average, in Exxon Mobil (+67%). The company was a top-10 holding as of November 30, however. Conversely, the top contributor to performance versus the benchmark was security selection in the communication services sector, especially among media & entertainment stocks. Strong picks in the industrials sector, primarily driven by the capital goods industry, also bolstered the fund's relative return the past 12 months. The portfolio's performance versus the benchmark was further aided by investment choices in real estate. In fact, the biggest individual relative contributor was an overweight position in CBRE Group (+57%), which was among the fund's largest holdings at the end of the period. Also boosting value was our overweighting in Capital One Financial, which gained 100% but was no longer not held at period end. Another key relative contributor was our outsized stake in Discover Financial Services (+66%), another holding within the portfolio sold prior to November 30. Notable changes in positioning this past year include decreased 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, 2021
% of fund's net assets | |
Berkshire Hathaway, Inc. Class B | 4.1 |
Comcast Corp. Class A | 3.0 |
Bank of America Corp. | 2.8 |
UnitedHealth Group, Inc. | 2.7 |
Alphabet, Inc. Class A | 2.6 |
JPMorgan Chase & Co. | 2.6 |
Procter & Gamble Co. | 2.5 |
Exxon Mobil Corp. | 2.3 |
Centene Corp. | 2.3 |
Cisco Systems, Inc. | 2.2 |
27.1 |
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Financials | 18.8 |
Health Care | 17.8 |
Industrials | 10.3 |
Information Technology | 10.2 |
Utilities | 10.0 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021 * | ||
Stocks | 98.9% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.1% |
* Foreign investments - 17.7%
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 97.4% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 10.0% | |||
Diversified Telecommunication Services - 1.6% | |||
Verizon Communications, Inc. | 71,626 | $3,600,639 | |
Interactive Media & Services - 3.0% | |||
Alphabet, Inc. Class A (a) | 2,081 | 5,905,774 | |
Meta Platforms, Inc. Class A (a) | 3,189 | 1,034,703 | |
6,940,477 | |||
Media - 5.4% | |||
Comcast Corp. Class A | 136,907 | 6,842,612 | |
Fox Corp. Class A | 17,058 | 609,141 | |
Interpublic Group of Companies, Inc. | 106,197 | 3,524,678 | |
WPP PLC | 96,518 | 1,339,681 | |
12,316,112 | |||
TOTAL COMMUNICATION SERVICES | 22,857,228 | ||
CONSUMER DISCRETIONARY - 4.4% | |||
Household Durables - 0.7% | |||
Whirlpool Corp. | 7,702 | 1,677,033 | |
Internet & Direct Marketing Retail - 0.7% | |||
eBay, Inc. | 24,194 | 1,632,127 | |
Multiline Retail - 1.2% | |||
Dollar General Corp. | 11,930 | 2,640,109 | |
Specialty Retail - 0.6% | |||
Best Buy Co., Inc. | 13,473 | 1,439,725 | |
Textiles, Apparel & Luxury Goods - 1.2% | |||
PVH Corp. | 10,704 | 1,142,973 | |
Tapestry, Inc. | 38,014 | 1,525,122 | |
2,668,095 | |||
TOTAL CONSUMER DISCRETIONARY | 10,057,089 | ||
CONSUMER STAPLES - 7.1% | |||
Food & Staples Retailing - 0.7% | |||
U.S. Foods Holding Corp. (a) | 48,450 | 1,522,299 | |
Food Products - 2.0% | |||
Mondelez International, Inc. | 54,972 | 3,240,050 | |
Tyson Foods, Inc. Class A | 18,164 | 1,434,229 | |
4,674,279 | |||
Household Products - 4.4% | |||
Procter & Gamble Co. | 38,856 | 5,617,800 | |
Reckitt Benckiser Group PLC | 23,719 | 1,921,312 | |
Spectrum Brands Holdings, Inc. | 13,132 | 1,314,513 | |
The Clorox Co. | 7,477 | 1,217,629 | |
10,071,254 | |||
TOTAL CONSUMER STAPLES | 16,267,832 | ||
ENERGY - 2.9% | |||
Oil, Gas & Consumable Fuels - 2.9% | |||
Exxon Mobil Corp. | 89,523 | 5,357,056 | |
Parex Resources, Inc. | 79,400 | 1,272,936 | |
6,629,992 | |||
FINANCIALS - 18.8% | |||
Banks - 8.3% | |||
Bank of America Corp. | 145,332 | 6,462,914 | |
Cullen/Frost Bankers, Inc. | 5,434 | 684,086 | |
JPMorgan Chase & Co. | 36,597 | 5,812,702 | |
M&T Bank Corp. | 17,188 | 2,519,933 | |
PNC Financial Services Group, Inc. | 17,049 | 3,358,653 | |
18,838,288 | |||
Capital Markets - 2.2% | |||
Affiliated Managers Group, Inc. | 10,899 | 1,854,247 | |
BlackRock, Inc. Class A | 880 | 796,057 | |
Invesco Ltd. | 26,252 | 586,207 | |
Northern Trust Corp. | 15,691 | 1,815,449 | |
5,051,960 | |||
Diversified Financial Services - 4.1% | |||
Berkshire Hathaway, Inc. Class B (a) | 34,153 | 9,449,792 | |
Insurance - 4.2% | |||
American International Group, Inc. | 17,883 | 940,646 | |
Chubb Ltd. | 18,780 | 3,370,447 | |
The Travelers Companies, Inc. | 23,463 | 3,447,888 | |
Willis Towers Watson PLC | 8,581 | 1,937,933 | |
9,696,914 | |||
TOTAL FINANCIALS | 43,036,954 | ||
HEALTH CARE - 17.8% | |||
Biotechnology - 1.4% | |||
Regeneron Pharmaceuticals, Inc. (a) | 4,353 | 2,770,815 | |
Vertex Pharmaceuticals, Inc. (a) | 2,525 | 472,024 | |
3,242,839 | |||
Health Care Providers & Services - 10.4% | |||
Anthem, Inc. | 7,409 | 3,009,758 | |
Centene Corp. (a) | 73,014 | 5,213,930 | |
Cigna Corp. | 22,625 | 4,341,738 | |
CVS Health Corp. | 23,655 | 2,106,714 | |
Humana, Inc. | 6,755 | 2,835,141 | |
UnitedHealth Group, Inc. | 14,096 | 6,261,725 | |
23,769,006 | |||
Pharmaceuticals - 6.0% | |||
AstraZeneca PLC sponsored ADR | 52,020 | 2,852,257 | |
Bristol-Myers Squibb Co. | 83,123 | 4,457,886 | |
Roche Holding AG (participation certificate) | 10,044 | 3,921,282 | |
Sanofi SA sponsored ADR | 51,031 | 2,427,545 | |
13,658,970 | |||
TOTAL HEALTH CARE | 40,670,815 | ||
INDUSTRIALS - 10.3% | |||
Aerospace & Defense - 3.5% | |||
Airbus Group NV (a) | 8,778 | 979,800 | |
L3Harris Technologies, Inc. | 9,724 | 2,033,094 | |
Lockheed Martin Corp. | 5,091 | 1,696,932 | |
Northrop Grumman Corp. | 9,491 | 3,310,461 | |
8,020,287 | |||
Air Freight & Logistics - 0.6% | |||
Deutsche Post AG | 21,958 | 1,299,167 | |
Electrical Equipment - 0.7% | |||
Regal Rexnord Corp. | 10,524 | 1,663,844 | |
Industrial Conglomerates - 1.3% | |||
Siemens AG | 17,962 | 2,863,424 | |
Machinery - 4.2% | |||
ITT, Inc. | 20,761 | 1,963,575 | |
Oshkosh Corp. | 26,190 | 2,818,044 | |
Otis Worldwide Corp. | 19,617 | 1,577,207 | |
Pentair PLC | 27,261 | 2,008,863 | |
Stanley Black & Decker, Inc. | 7,308 | 1,277,146 | |
9,644,835 | |||
TOTAL INDUSTRIALS | 23,491,557 | ||
INFORMATION TECHNOLOGY - 8.7% | |||
Communications Equipment - 2.2% | |||
Cisco Systems, Inc. | 91,381 | 5,011,334 | |
Electronic Equipment & Components - 1.6% | |||
TE Connectivity Ltd. | 23,164 | 3,565,635 | |
IT Services - 3.4% | |||
Amdocs Ltd. | 19,572 | 1,366,517 | |
Capgemini SA | 5,880 | 1,361,042 | |
Cognizant Technology Solutions Corp. Class A | 32,754 | 2,554,157 | |
Fiserv, Inc. (a) | 26,442 | 2,552,182 | |
7,833,898 | |||
Semiconductors & Semiconductor Equipment - 0.7% | |||
NXP Semiconductors NV | 7,497 | 1,674,530 | |
Software - 0.8% | |||
NortonLifeLock, Inc. | 74,184 | 1,843,472 | |
TOTAL INFORMATION TECHNOLOGY | 19,928,869 | ||
MATERIALS - 3.4% | |||
Chemicals - 1.5% | |||
DuPont de Nemours, Inc. | 28,836 | 2,132,711 | |
International Flavors & Fragrances, Inc. | 9,385 | 1,334,265 | |
3,466,976 | |||
Metals & Mining - 1.9% | |||
Lundin Mining Corp. | 256,208 | 2,011,637 | |
Newmont Corp. | 40,676 | 2,233,926 | |
4,245,563 | |||
TOTAL MATERIALS | 7,712,539 | ||
REAL ESTATE - 4.0% | |||
Equity Real Estate Investment Trusts (REITs) - 1.9% | |||
American Tower Corp. | 9,583 | 2,515,346 | |
Simon Property Group, Inc. | 11,647 | 1,780,127 | |
4,295,473 | |||
Real Estate Management & Development - 2.1% | |||
CBRE Group, Inc. (a) | 49,420 | 4,723,069 | |
TOTAL REAL ESTATE | 9,018,542 | ||
UTILITIES - 10.0% | |||
Electric Utilities - 8.6% | |||
Duke Energy Corp. | 25,259 | 2,450,376 | |
Entergy Corp. | 9,531 | 956,341 | |
Evergy, Inc. | 38,869 | 2,460,408 | |
Exelon Corp. | 74,094 | 3,906,977 | |
PG&E Corp. (a) | 273,267 | 3,246,412 | |
Portland General Electric Co. | 30,845 | 1,501,226 | |
PPL Corp. | 62,287 | 1,733,447 | |
Southern Co. | 56,426 | 3,447,629 | |
19,702,816 | |||
Multi-Utilities - 1.4% | |||
Dominion Energy, Inc. | 44,928 | 3,198,874 | |
TOTAL UTILITIES | 22,901,690 | ||
TOTAL COMMON STOCKS | |||
(Cost $187,214,614) | 222,573,107 | ||
Nonconvertible Preferred Stocks - 1.5% | |||
INFORMATION TECHNOLOGY - 1.5% | |||
Technology Hardware, Storage & Peripherals - 1.5% | |||
Samsung Electronics Co. Ltd. | |||
(Cost $3,130,973) | 65,817 | 3,554,579 | |
Money Market Funds - 1.3% | |||
Fidelity Cash Central Fund 0.06% (b) | |||
(Cost $2,898,565) | 2,897,985 | 2,898,565 | |
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $193,244,152) | 229,026,251 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (567,110) | ||
NET ASSETS - 100% | $228,459,141 |
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
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $1,383,493 | $93,798,804 | $92,283,750 | $2,216 | $18 | $-- | $2,898,565 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.07% | -- | 265,572 | 265,572 | 377 | -- | -- | -- | 0.0% |
Total | $1,383,493 | $94,064,376 | $92,549,322 | $2,593 | $18 | $-- | $2,898,565 |
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, 2021, 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 | $22,857,228 | $21,517,547 | $1,339,681 | $-- |
Consumer Discretionary | 10,057,089 | 10,057,089 | -- | -- |
Consumer Staples | 16,267,832 | 14,346,520 | 1,921,312 | -- |
Energy | 6,629,992 | 6,629,992 | -- | -- |
Financials | 43,036,954 | 43,036,954 | -- | -- |
Health Care | 40,670,815 | 36,749,533 | 3,921,282 | -- |
Industrials | 23,491,557 | 19,648,333 | 3,843,224 | -- |
Information Technology | 23,483,448 | 23,483,448 | -- | -- |
Materials | 7,712,539 | 7,712,539 | -- | -- |
Real Estate | 9,018,542 | 9,018,542 | -- | -- |
Utilities | 22,901,690 | 22,901,690 | -- | -- |
Money Market Funds | 2,898,565 | 2,898,565 | -- | -- |
Total Investments in Securities: | $229,026,251 | $218,000,752 | $11,025,499 | $-- |
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 | 82.3% |
Switzerland | 4.8% |
United Kingdom | 2.8% |
Germany | 1.9% |
France | 1.7% |
Korea (South) | 1.5% |
Canada | 1.5% |
Netherlands | 1.1% |
Others (Individually Less Than 1%) | 2.4% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
November 30, 2021 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $190,345,587) | $226,127,686 | |
Fidelity Central Funds (cost $2,898,565) | 2,898,565 | |
Total Investment in Securities (cost $193,244,152) | $229,026,251 | |
Cash | 40 | |
Foreign currency held at value (cost $45) | 1,094 | |
Receivable for investments sold | 670,924 | |
Receivable for fund shares sold | 181,039 | |
Dividends receivable | 402,017 | |
Distributions receivable from Fidelity Central Funds | 183 | |
Prepaid expenses | 196 | |
Other receivables | 1,755 | |
Total assets | 230,283,499 | |
Liabilities | ||
Payable for investments purchased | $1,476,727 | |
Payable for fund shares redeemed | 132,832 | |
Accrued management fee | 111,331 | |
Distribution and service plan fees payable | 47,139 | |
Other affiliated payables | 39,058 | |
Other payables and accrued expenses | 17,271 | |
Total liabilities | 1,824,358 | |
Net Assets | $228,459,141 | |
Net Assets consist of: | ||
Paid in capital | $185,746,523 | |
Total accumulated earnings (loss) | 42,712,618 | |
Net Assets | $228,459,141 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($96,669,095 ÷ 4,293,053 shares)(a) | $22.52 | |
Maximum offering price per share (100/94.25 of $22.52) | $23.89 | |
Class M: | ||
Net Asset Value and redemption price per share ($31,217,471 ÷ 1,387,715 shares)(a) | $22.50 | |
Maximum offering price per share (100/96.50 of $22.50) | $23.32 | |
Class C: | ||
Net Asset Value and offering price per share ($14,095,781 ÷ 644,044 shares)(a) | $21.89 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($51,170,523 ÷ 2,211,566 shares) | $23.14 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($35,306,271 ÷ 1,535,313 shares) | $23.00 |
(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, 2021 | ||
Investment Income | ||
Dividends | $3,297,566 | |
Income from Fidelity Central Funds (including $377 from security lending) | 2,593 | |
Total income | 3,300,159 | |
Expenses | ||
Management fee | ||
Basic fee | $928,736 | |
Performance adjustment | 84,462 | |
Transfer agent fees | 320,686 | |
Distribution and service plan fees | 516,394 | |
Accounting fees | 68,780 | |
Custodian fees and expenses | 16,346 | |
Independent trustees' fees and expenses | 604 | |
Registration fees | 78,096 | |
Audit | 59,049 | |
Legal | 3,752 | |
Miscellaneous | 770 | |
Total expenses before reductions | 2,077,675 | |
Expense reductions | (2,814) | |
Total expenses after reductions | 2,074,861 | |
Net investment income (loss) | 1,225,298 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 12,941,882 | |
Fidelity Central Funds | 18 | |
Foreign currency transactions | 6,847 | |
Total net realized gain (loss) | 12,948,747 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 10,772,239 | |
Assets and liabilities in foreign currencies | (989) | |
Total change in net unrealized appreciation (depreciation) | 10,771,250 | |
Net gain (loss) | 23,719,997 | |
Net increase (decrease) in net assets resulting from operations | $24,945,295 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,225,298 | $1,586,131 |
Net realized gain (loss) | 12,948,747 | (6,522,494) |
Change in net unrealized appreciation (depreciation) | 10,771,250 | 9,081,200 |
Net increase (decrease) in net assets resulting from operations | 24,945,295 | 4,144,837 |
Distributions to shareholders | (1,211,161) | (6,894,201) |
Share transactions - net increase (decrease) | 81,076,800 | (12,517,702) |
Total increase (decrease) in net assets | 104,810,934 | (15,267,066) |
Net Assets | ||
Beginning of period | 123,648,207 | 138,915,273 |
End of period | $228,459,141 | $123,648,207 |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.87 | $18.81 | $18.77 | $18.84 | $16.46 |
Income from Investment Operations | |||||
Net investment income (loss)A | .16 | .24B | .26 | .26 | .21 |
Net realized and unrealized gain (loss) | 3.69 | .80 | 1.25 | (.16) | 2.30 |
Total from investment operations | 3.85 | 1.04 | 1.51 | .10 | 2.51 |
Distributions from net investment income | (.20) | (.45) | (.28) | (.13) | (.13) |
Distributions from net realized gain | – | (.53) | (1.19) | (.05) | – |
Total distributions | (.20) | (.98) | (1.47) | (.17)C | (.13) |
Net asset value, end of period | $22.52 | $18.87 | $18.81 | $18.77 | $18.84 |
Total ReturnD,E | 20.58% | 5.68% | 9.75% | .53% | 15.35% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.14% | 1.11% | 1.00% | 1.00% | 1.10% |
Expenses net of fee waivers, if any | 1.14% | 1.10% | 1.00% | 1.00% | 1.09% |
Expenses net of all reductions | 1.14% | 1.09% | .99% | 1.00% | 1.08% |
Net investment income (loss) | .73% | 1.44%B | 1.47% | 1.39% | 1.18% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $96,669 | $67,291 | $71,916 | $67,457 | $81,229 |
Portfolio turnover rateH | 35% | 75% | 43%I | 33% | 42% |
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 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).
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 M
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.85 | $18.79 | $18.73 | $18.80 | $16.43 |
Income from Investment Operations | |||||
Net investment income (loss)A | .11 | .20B | .21 | .21 | .16 |
Net realized and unrealized gain (loss) | 3.69 | .79 | 1.26 | (.16) | 2.30 |
Total from investment operations | 3.80 | .99 | 1.47 | .05 | 2.46 |
Distributions from net investment income | (.15) | (.40) | (.23) | (.07) | (.09) |
Distributions from net realized gain | – | (.53) | (1.19) | (.05) | – |
Total distributions | (.15) | (.93) | (1.41)C | (.12) | (.09) |
Net asset value, end of period | $22.50 | $18.85 | $18.79 | $18.73 | $18.80 |
Total ReturnD,E | 20.31% | 5.37% | 9.51% | .25% | 15.02% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.39% | 1.37% | 1.26% | 1.27% | 1.36% |
Expenses net of fee waivers, if any | 1.38% | 1.36% | 1.26% | 1.27% | 1.35% |
Expenses net of all reductions | 1.38% | 1.35% | 1.26% | 1.26% | 1.35% |
Net investment income (loss) | .48% | 1.19%B | 1.21% | 1.12% | .91% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $31,217 | $25,905 | $28,791 | $30,030 | $38,976 |
Portfolio turnover rateH | 35% | 75% | 43%I | 33% | 42% |
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 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).
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 C
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.33 | $18.29 | $18.25 | $18.33 | $16.04 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.01) | .10B | .12 | .11 | .07 |
Net realized and unrealized gain (loss) | 3.61 | .76 | 1.24 | (.16) | 2.24 |
Total from investment operations | 3.60 | .86 | 1.36 | (.05) | 2.31 |
Distributions from net investment income | (.04) | (.29) | (.13) | – | (.02) |
Distributions from net realized gain | – | (.53) | (1.19) | (.03) | – |
Total distributions | (.04) | (.82) | (1.32) | (.03) | (.02) |
Net asset value, end of period | $21.89 | $18.33 | $18.29 | $18.25 | $18.33 |
Total ReturnC,D | 19.67% | 4.78% | 8.95% | (.29)% | 14.44% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.93% | 1.91% | 1.79% | 1.78% | 1.87% |
Expenses net of fee waivers, if any | 1.93% | 1.90% | 1.79% | 1.78% | 1.86% |
Expenses net of all reductions | 1.93% | 1.89% | 1.79% | 1.78% | 1.86% |
Net investment income (loss) | (.06)% | .64%B | .68% | .61% | .40% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $14,096 | $11,555 | $15,819 | $21,206 | $25,427 |
Portfolio turnover rateG | 35% | 75% | 43%H | 33% | 42% |
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 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 Value Fund Class I
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $19.39 | $19.16 | $19.09 | $19.18 | $16.74 |
Income from Investment Operations | |||||
Net investment income (loss)A | .22 | .30B | .31 | .32 | .26 |
Net realized and unrealized gain (loss) | 3.79 | .81 | 1.28 | (.17) | 2.35 |
Total from investment operations | 4.01 | 1.11 | 1.59 | .15 | 2.61 |
Distributions from net investment income | (.26) | (.35) | (.34) | (.19) | (.17) |
Distributions from net realized gain | – | (.53) | (1.19) | (.05) | – |
Total distributions | (.26) | (.88) | (1.52)C | (.24) | (.17) |
Net asset value, end of period | $23.14 | $19.39 | $19.16 | $19.09 | $19.18 |
Total ReturnD | 20.93% | 5.95% | 10.12% | .75% | 15.73% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .90% | .77% | .72% | .73% | .82% |
Expenses net of fee waivers, if any | .90% | .76% | .72% | .72% | .82% |
Expenses net of all reductions | .90% | .75% | .72% | .72% | .82% |
Net investment income (loss) | .97% | 1.78%B | 1.75% | 1.66% | 1.45% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $51,171 | $16,291 | $18,538 | $122,603 | $136,750 |
Portfolio turnover rateG | 35% | 75% | 43%H | 33% | 42% |
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 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).
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 Value Fund Class Z
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $19.26 | $19.18 | $19.12 | $19.20 | $17.46 |
Income from Investment Operations | |||||
Net investment income (loss)B | .26 | .32C | .33 | .34 | .24 |
Net realized and unrealized gain (loss) | 3.75 | .82 | 1.28 | (.16) | 1.50 |
Total from investment operations | 4.01 | 1.14 | 1.61 | .18 | 1.74 |
Distributions from net investment income | (.27) | (.52) | (.37) | (.21) | – |
Distributions from net realized gain | – | (.53) | (1.19) | (.05) | – |
Total distributions | (.27) | (1.06)D | (1.55)D | (.26) | – |
Net asset value, end of period | $23.00 | $19.26 | $19.18 | $19.12 | $19.20 |
Total ReturnE,F | 21.07% | 6.09% | 10.27% | .91% | 9.97% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | .74% | .70% | .58% | .59% | .69%I |
Expenses net of fee waivers, if any | .74% | .69% | .58% | .59% | .69%I |
Expenses net of all reductions | .74% | .68% | .58% | .58% | .68%I |
Net investment income (loss) | 1.12% | 1.86%C | 1.89% | 1.80% | 1.59%I |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $35,306 | $2,606 | $3,852 | $2,406 | $581 |
Portfolio turnover rateJ | 35% | 75% | 43%K | 33% | 42% |
A For the period February 1, 2017 (commencement of sale of shares) through 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, 2021
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. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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, 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, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, 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, 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 | $41,530,926 |
Gross unrealized depreciation | (6,038,833) |
Net unrealized appreciation (depreciation) | $35,492,093 |
Tax Cost | $193,534,158 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $2,907,662 |
Undistributed long-term capital gain | $4,310,452 |
Net unrealized appreciation (depreciation) on securities and other investments | $35,494,504 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $1,211,161 | $ 3,002,890 |
Long-term Capital Gains | – | 3,891,311 |
Total | $1,211,161 | $ 6,894,201 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Equity Value Fund | 141,426,201 | 59,782,687 |
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 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 .57% 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% | $219,417 | $8,015 |
Class M | .25% | .25% | 152,148 | 1,881 |
Class C | .75% | .25% | 144,829 | 25,189 |
$516,394 | $35,085 |
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 | $44,616 |
Class M | 4,065 |
Class C(a) | 477 |
$49,158 |
(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.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $164,719 | .19 |
Class M | 56,454 | .19 |
Class C | 33,205 | .23 |
Class I | 60,763 | .20 |
Class Z | 5,545 | .04 |
$320,686 |
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 | $1,370 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Equity Value Fund | 11,187,995 | 3,149,430 | 551,485 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Equity Value Fund | $282 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Equity Value Fund | $41 | $– | $– |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2,814.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Equity Value Fund | ||
Distributions to shareholders | ||
Class A | $709,752 | $3,759,647 |
Class M | 208,993 | 1,389,000 |
Class C | 24,421 | 686,184 |
Class I | 224,961 | 848,755 |
Class Z | 43,034 | 210,615 |
Total | $1,211,161 | $6,894,201 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended November 30, 2021 | Year ended November 30, 2020 | Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Equity Value Fund | ||||
Class A | ||||
Shares sold | 1,299,687 | 404,813 | $28,834,825 | $6,728,890 |
Reinvestment of distributions | 35,675 | 195,838 | 686,391 | 3,595,585 |
Shares redeemed | (608,816) | (856,402) | (13,399,891) | (13,656,866) |
Net increase (decrease) | 726,546 | (255,751) | $16,121,325 | $(3,332,391) |
Class M | ||||
Shares sold | 208,702 | 93,950 | $4,624,895 | $1,515,259 |
Reinvestment of distributions | 10,601 | 74,509 | 204,174 | 1,370,213 |
Shares redeemed | (205,820) | (326,419) | (4,482,792) | (5,334,827) |
Net increase (decrease) | 13,483 | (157,960) | $346,277 | $(2,449,355) |
Class C | ||||
Shares sold | 320,493 | 95,407 | $6,900,532 | $1,552,348 |
Reinvestment of distributions | 1,282 | 37,097 | 24,143 | 666,633 |
Shares redeemed | (308,019) | (367,217) | (6,686,187) | (5,908,459) |
Net increase (decrease) | 13,756 | (234,713) | $238,488 | $(3,689,478) |
Class I | ||||
Shares sold | 2,160,884 | 136,802 | $49,834,773 | $2,250,542 |
Reinvestment of distributions | 10,646 | 40,391 | 209,931 | 760,152 |
Shares redeemed | (799,903) | (304,984) | (18,344,141) | (4,914,087) |
Net increase (decrease) | 1,371,627 | (127,791) | $31,700,563 | $(1,903,393) |
Class Z | ||||
Shares sold | 1,464,624 | 40,256 | $34,162,637 | $640,402 |
Reinvestment of distributions | 1,708 | 9,538 | 33,426 | 178,071 |
Shares redeemed | (66,358) | (115,287) | (1,525,916) | (1,961,558) |
Net increase (decrease) | 1,399,974 | (65,493) | $32,670,147 | $(1,143,085) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. 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 Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2021, 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, 2021, 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, 2021, 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 13, 2022
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 314 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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Equity Value Fund | ||||
Class A | 1.09% | |||
Actual | $1,000.00 | $971.90 | $5.39 | |
Hypothetical-C | $1,000.00 | $1,019.60 | $5.52 | |
Class M | 1.33% | |||
Actual | $1,000.00 | $970.70 | $6.57 | |
Hypothetical-C | $1,000.00 | $1,018.40 | $6.73 | |
Class C | 1.88% | |||
Actual | $1,000.00 | $968.20 | $9.28 | |
Hypothetical-C | $1,000.00 | $1,015.64 | $9.50 | |
Class I | .89% | |||
Actual | $1,000.00 | $972.70 | $4.40 | |
Hypothetical-C | $1,000.00 | $1,020.61 | $4.51 | |
Class Z | .74% | |||
Actual | $1,000.00 | $973.80 | $3.66 | |
Hypothetical-C | $1,000.00 | $1,021.36 | $3.75 |
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/ 365 (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 Value 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 Value Fund | ||||
Class A | 12/29/2021 | 12/28/2021 | $0.113 | $0.596 |
Class M | 12/29/2021 | 12/28/2021 | $0.052 | $0.596 |
Class C | 12/29/2021 | 12/28/2021 | $0.000 | $0.520 |
Class I | 12/29/2021 | 12/28/2021 | $0.175 | $0.596 |
Class Z | 12/29/2021 | 12/28/2021 | $0.201 | $0.596 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $4,310,451, 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% 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 2022 of amounts for use in preparing 2021 income tax returns.
AEV-ANN-0122
1.767075.120
Fidelity Advisor® Growth Opportunities Fund
November 30, 2021
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 12.72% | 31.36% | 21.85% |
Class M (incl. 3.50% sales charge) | 15.13% | 31.68% | 21.87% |
Class C (incl. contingent deferred sales charge) | 17.70% | 31.93% | 21.85% |
Class I | 19.90% | 33.28% | 22.92% |
Class Z | 20.04% | 33.44% | 23.05% |
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, 2011, 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/0001379491-22-000216/img766598923_740.jpg)
Period Ending Values | ||
$72,160 | Fidelity Advisor® Growth Opportunities Fund - Class A | |
$59,374 | Russell 1000® Growth Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Portfolio Manager Kyle Weaver: For the fiscal year ending November 30, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 19% to 20%, considerably underperforming the 30.70% advance of the benchmark Russell 1000 Growth Index® Index. Versus the benchmark, security selection was the primary detractor, especially in the health care sector. Weak picks in communication services also hampered the fund's relative result. Also hurting our result were stock picks in the industrials sector, especially within the transportation industry. The biggest individual relative detractor was an overweight position in Wix.com (-40%), and we added to our stake in this company. Another notable relative detractor was an out-of-benchmark stake in T-Mobile (-18%). Also hampering performance was our overweighting in Uber Technologies, which returned -24%. Uber Technologies was one of the fund's largest holdings. Conversely, an underweighting and stock picks in consumer staples jointly made the biggest contribution to performance versus the benchmark. Also lifting the fund's relative performance was an overweighting in energy and an underweighting in industrials. Our top individual relative contributor was an out-of-benchmark stake in Rivian Automotive (+749%). The fund's non-benchmark stake in Sea Limited, one of our biggest holdings, gained 61% and lifted the fund’s relative result. Another notable relative contributor was our lighter-than-benchmark stake in Visa (-7%). Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.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, 2021
% of fund's net assets | |
Microsoft Corp. | 7.8 |
Alphabet, Inc. Class C | 5.4 |
Amazon.com, Inc. | 5.1 |
Apple, Inc. | 3.9 |
NVIDIA Corp. | 3.7 |
Sea Ltd. ADR | 2.7 |
Meta Platforms, Inc. Class A | 2.7 |
Alphabet, Inc. Class A | 2.4 |
Uber Technologies, Inc. | 2.0 |
Salesforce.com, Inc. | 2.0 |
37.7 |
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Information Technology | 41.8 |
Communication Services | 20.7 |
Consumer Discretionary | 15.5 |
Health Care | 11.0 |
Industrials | 4.1 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021* | ||
Stocks | 97.9% | |
Convertible Securities | 1.8% | |
Other Investments | 0.4% | |
Short-Term Investments and Net Other Assets (Liabilities)** | (0.1)% |
* Foreign investments - 12.2%
** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 97.6% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 20.7% | |||
Entertainment - 5.8% | |||
Netflix, Inc. (a) | 311,800 | $200,144 | |
Roblox Corp. (a) | 1,062,800 | 134,019 | |
Roku, Inc. Class A (a) | 1,978,620 | 450,354 | |
Sea Ltd. ADR (a) | 2,383,684 | 686,668 | |
1,471,185 | |||
Interactive Media & Services - 12.2% | |||
Alphabet, Inc.: | |||
Class A (a) | 215,258 | 610,891 | |
Class C (a) | 488,839 | 1,392,722 | |
Match Group, Inc. (a) | 156,712 | 20,371 | |
Meta Platforms, Inc. Class A (a) | 2,099,785 | 681,296 | |
NerdWallet, Inc. | 385,500 | 6,970 | |
Snap, Inc. Class A (a) | 3,968,900 | 188,959 | |
Taboola.com Ltd. (b) | 529,200 | 4,160 | |
Zoominfo Technologies, Inc. (a) | 3,624,400 | 223,625 | |
3,128,994 | |||
Media - 1.2% | |||
Comcast Corp. Class A | 1,849,892 | 92,458 | |
Integral Ad Science Holding Corp. | 526 | 12 | |
Magnite, Inc. (a)(b)(c) | 6,931,631 | 122,205 | |
TechTarget, Inc. (a) | 1,016,942 | 98,267 | |
312,942 | |||
Wireless Telecommunication Services - 1.5% | |||
T-Mobile U.S., Inc. (a) | 3,460,925 | 376,583 | |
TOTAL COMMUNICATION SERVICES | 5,289,704 | ||
CONSUMER DISCRETIONARY - 14.9% | |||
Automobiles - 2.2% | |||
Neutron Holdings, Inc. (a)(d)(e) | 474,927 | 33 | |
Rad Power Bikes, Inc. (d)(e) | 382,384 | 3,665 | |
Rivian Automotive, Inc. | 354,300 | 42,431 | |
Rivian Automotive, Inc. | 1,599,099 | 172,357 | |
Tesla, Inc. (a) | 295,680 | 338,483 | |
556,969 | |||
Diversified Consumer Services - 0.1% | |||
Arco Platform Ltd. Class A (a)(b) | 1,024,728 | 19,183 | |
Rover Group, Inc. Class A | 1,317,798 | 13,600 | |
The Beachbody Co., Inc. (d) | 807,944 | 2,101 | |
34,884 | |||
Hotels, Restaurants & Leisure - 0.9% | |||
Airbnb, Inc. Class A | 1,177,900 | 203,235 | |
Sweetgreen, Inc. | 676,096 | 23,232 | |
226,467 | |||
Household Durables - 0.1% | |||
Lovesac (a) | 172,200 | 10,897 | |
Purple Innovation, Inc. (a)(b) | 873,809 | 9,018 | |
19,915 | |||
Internet & Direct Marketing Retail - 8.0% | |||
Amazon.com, Inc. (a) | 372,967 | 1,308,021 | |
BARK, Inc. (b) | 1,211,178 | 6,492 | |
Cazoo Group Ltd. (d) | 260,200 | 2,108 | |
Cazoo Group Ltd. | 1,628,803 | 12,534 | |
Cazoo Group Ltd. Class A | 636,064 | 5,152 | |
Chewy, Inc. (a)(b) | 2,551,145 | 174,141 | |
Doordash, Inc. | 133,000 | 23,776 | |
FSN E-Commerce Ventures Private Ltd. (a)(d) | 2,325,300 | 64,229 | |
Global-e Online Ltd. (b) | 3,869,108 | 257,064 | |
Porch Group, Inc. Class A (a) | 2,555,200 | 53,761 | |
thredUP, Inc. (a) | 313,853 | 5,875 | |
Vivid Seats, Inc. (d) | 2,429,670 | 26,775 | |
Wayfair LLC Class A (a) | 285,771 | 70,825 | |
Zomato Ltd. (a)(d) | 10,619,500 | 18,336 | |
2,029,089 | |||
Multiline Retail - 0.0% | |||
Ollie's Bargain Outlet Holdings, Inc. (a) | 191,600 | 11,858 | |
Specialty Retail - 3.0% | |||
Academy Sports & Outdoors, Inc. (a) | 760,100 | 33,916 | |
American Eagle Outfitters, Inc. | 330,684 | 8,561 | |
Auto1 Group SE (f) | 4,249,172 | 119,511 | |
Carvana Co. Class A (a)(b) | 1,671,489 | 468,719 | |
Dick's Sporting Goods, Inc. (b) | 1,115,100 | 131,091 | |
761,798 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
Allbirds, Inc.: | |||
Class A (b) | 52,303 | 1,006 | |
Class B | 55,500 | 961 | |
Bombas LLC (d)(e) | 5,086,874 | 40,538 | |
Capri Holdings Ltd. (a) | 328,200 | 19,436 | |
lululemon athletica, Inc. (a) | 136,810 | 62,168 | |
Tapestry, Inc. | 838,400 | 33,637 | |
157,746 | |||
TOTAL CONSUMER DISCRETIONARY | 3,798,726 | ||
CONSUMER STAPLES - 0.4% | |||
Food & Staples Retailing - 0.4% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 1,582,100 | 104,656 | |
Blink Health, Inc. Series A1 (d)(e) | 56,119 | 2,143 | |
106,799 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc. Class B (a)(d)(e) | 2,772 | 136 | |
TOTAL CONSUMER STAPLES | 106,935 | ||
ENERGY - 1.1% | |||
Oil, Gas & Consumable Fuels - 1.1% | |||
Reliance Industries Ltd. | 8,704,778 | 278,808 | |
Reliance Industries Ltd. (a) | 497,403 | 15,931 | |
294,739 | |||
FINANCIALS - 1.9% | |||
Banks - 1.0% | |||
Starling Bank Ltd. Series D (a)(d)(e) | 6,322,000 | 10,883 | |
Wells Fargo & Co. | 5,124,400 | 244,844 | |
255,727 | |||
Capital Markets - 0.1% | |||
Coinbase Global, Inc. | 17,900 | 5,639 | |
XP, Inc. Class A (a) | 991,536 | 28,437 | |
34,076 | |||
Consumer Finance - 0.4% | |||
Capital One Financial Corp. | 407,100 | 57,210 | |
LendingTree, Inc. (a)(b) | 369,588 | 41,904 | |
99,114 | |||
Diversified Financial Services - 0.3% | |||
Ion Acquisition Corp. 2 Ltd. (d) | 1,017,722 | 7,282 | |
Local Bounti Corp. (d) | 2,034,278 | 12,029 | |
Rapyd Financial Network 2016 Ltd. (d)(e) | 340,545 | 31,640 | |
The Oncology Institute, Inc. (d) | 814,767 | 4,759 | |
WeWork, Inc. (d) | 2,023,582 | 16,706 | |
72,416 | |||
Insurance - 0.1% | |||
Palomar Holdings, Inc. (a)(b) | 294,912 | 21,552 | |
TOTAL FINANCIALS | 482,885 | ||
HEALTH CARE - 11.0% | |||
Biotechnology - 3.4% | |||
ADC Therapeutics SA (a) | 238,174 | 5,302 | |
Agios Pharmaceuticals, Inc. (a) | 956,600 | 34,074 | |
Allakos, Inc. (a) | 181,300 | 14,205 | |
Alnylam Pharmaceuticals, Inc. (a) | 566,635 | 104,148 | |
Applied Therapeutics, Inc. (a) | 484,100 | 5,557 | |
Arcutis Biotherapeutics, Inc. (a) | 235,100 | 3,896 | |
Argenx SE ADR (a) | 145,899 | 40,736 | |
Ascendis Pharma A/S sponsored ADR (a) | 67,662 | 9,271 | |
Aurinia Pharmaceuticals, Inc. (a)(b) | 1,478,100 | 27,847 | |
Celldex Therapeutics, Inc. (a) | 804,000 | 30,632 | |
Cullinan Oncology, Inc. | 187,000 | 3,366 | |
Cytokinetics, Inc. (a) | 1,015,500 | 39,950 | |
Erasca, Inc. | 896,900 | 12,709 | |
Exelixis, Inc. (a) | 1,277,900 | 21,456 | |
Forma Therapeutics Holdings, Inc. (a) | 518,100 | 7,507 | |
Fusion Pharmaceuticals, Inc. (a) | 141,767 | 822 | |
Generation Bio Co. (a) | 131,000 | 2,249 | |
Gritstone Bio, Inc. (a) | 1,099,408 | 14,512 | |
Icosavax, Inc. | 237,700 | 5,030 | |
Imago BioSciences, Inc. | 96,400 | 2,156 | |
Instil Bio, Inc. | 1,254,500 | 27,574 | |
Keros Therapeutics, Inc. (a) | 277,800 | 15,498 | |
Mirati Therapeutics, Inc. (a) | 176,000 | 24,072 | |
Moderna, Inc. (a) | 6,200 | 2,185 | |
Monte Rosa Therapeutics, Inc. | 396,100 | 7,680 | |
Morphic Holding, Inc. (a) | 208,036 | 9,923 | |
Neurocrine Biosciences, Inc. (a) | 230,093 | 19,155 | |
Nuvalent, Inc. Class A | 283,376 | 6,044 | |
ORIC Pharmaceuticals, Inc. (a) | 81,899 | 1,133 | |
Passage Bio, Inc. (a) | 192,929 | 1,406 | |
Poseida Therapeutics, Inc. (a) | 61,100 | 425 | |
Prelude Therapeutics, Inc. (a) | 391,600 | 5,596 | |
Protagonist Therapeutics, Inc. (a) | 655,987 | 22,054 | |
PTC Therapeutics, Inc. (a) | 58,900 | 2,189 | |
Regeneron Pharmaceuticals, Inc. (a) | 357,253 | 227,402 | |
Relay Therapeutics, Inc. (a) | 885,885 | 26,063 | |
Repare Therapeutics, Inc. (a) | 77,700 | 1,824 | |
Tenaya Therapeutics, Inc. | 421,700 | 8,286 | |
TG Therapeutics, Inc. (a) | 666,361 | 10,129 | |
Vaxcyte, Inc. (a) | 460,543 | 9,386 | |
Zentalis Pharmaceuticals, Inc. (a) | 545,300 | 44,742 | |
858,191 | |||
Health Care Equipment & Supplies - 2.1% | |||
Boston Scientific Corp. (a) | 5,219,274 | 198,698 | |
DexCom, Inc. (a) | 164,126 | 92,336 | |
Hologic, Inc. (a) | 751,518 | 56,161 | |
Insulet Corp. (a) | 146,810 | 42,346 | |
Novocure Ltd. (a) | 559,524 | 52,394 | |
Penumbra, Inc. (a) | 190,763 | 46,861 | |
TransMedics Group, Inc. (a)(c) | 2,347,117 | 51,730 | |
540,526 | |||
Health Care Providers & Services - 4.5% | |||
agilon health, Inc. | 6,187,200 | 136,118 | |
Alignment Healthcare, Inc. | 986,700 | 15,994 | |
Cano Health, Inc. (a) | 6,307,145 | 58,909 | |
CareMax, Inc. Class A (a) | 1,771,852 | 11,871 | |
Centene Corp. (a) | 1,623,444 | 115,930 | |
Humana, Inc. | 540,960 | 227,046 | |
LifeStance Health Group, Inc. | 12,895,297 | 102,389 | |
Oak Street Health, Inc. (a)(b) | 5,487,100 | 169,826 | |
Surgery Partners, Inc. (a) | 287,200 | 12,740 | |
UnitedHealth Group, Inc. | 655,967 | 291,394 | |
1,142,217 | |||
Health Care Technology - 0.2% | |||
GoodRx Holdings, Inc. (a)(b) | 726,100 | 28,986 | |
Inspire Medical Systems, Inc. (a) | 134,900 | 30,119 | |
Sema4 Holdings Corp. (d) | 217,600 | 1,451 | |
60,556 | |||
Life Sciences Tools & Services - 0.6% | |||
10X Genomics, Inc. (a) | 38,840 | 5,935 | |
Danaher Corp. | 306,300 | 98,518 | |
Olink Holding AB ADR | 387,900 | 8,130 | |
Sartorius Stedim Biotech | 81,600 | 48,252 | |
160,835 | |||
Pharmaceuticals - 0.2% | |||
Arvinas Holding Co. LLC (a) | 316,700 | 23,946 | |
Cyteir Therapeutics, Inc. | 126,300 | 2,098 | |
IMARA, Inc. (a) | 1,283,480 | 4,338 | |
Nabriva Therapeutics PLC (a)(b) | 1,126,502 | 877 | |
Nabriva Therapeutics PLC warrants 6/1/22 (a) | 6,814,048 | 0 | |
Nuvation Bio, Inc. (a) | 360,498 | 3,234 | |
Terns Pharmaceuticals, Inc. | 758,300 | 5,725 | |
40,218 | |||
TOTAL HEALTH CARE | 2,802,543 | ||
INDUSTRIALS - 3.6% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Class A (a)(d)(e) | 8,500 | 4,760 | |
Building Products - 0.2% | |||
The AZEK Co., Inc. (a) | 914,200 | 35,855 | |
View, Inc. (d) | 1,205,473 | 4,833 | |
40,688 | |||
Electrical Equipment - 0.4% | |||
ESS Tech, Inc. (d) | 2,025,800 | 30,696 | |
FREYR Battery SA | 806,106 | 8,488 | |
Sunrun, Inc. (a) | 1,521,172 | 70,035 | |
109,219 | |||
Machinery - 0.1% | |||
AutoStore Holdings Ltd. | 3,160,200 | 15,793 | |
Marine - 0.1% | |||
Golden Ocean Group Ltd. (b) | 2,367,100 | 22,274 | |
Professional Services - 0.1% | |||
HireRight Holdings Corp. | 1,299,100 | 24,111 | |
Road & Rail - 2.7% | |||
Bird Global, Inc. (d) | 607,013 | 3,915�� | |
Bird Global, Inc. | 2,734,201 | 15,872 | |
Bird Global, Inc.: | |||
rights 11/4/26 (a)(e) | 106,001 | 482 | |
rights 11/4/26 (a)(e) | 106,001 | 322 | |
rights 11/4/26 (a)(e) | 106,001 | 201 | |
Lyft, Inc. (a) | 3,682,478 | 149,545 | |
TuSimple Holdings, Inc. (b) | 433,800 | 17,348 | |
Uber Technologies, Inc. (a) | 13,258,281 | 503,815 | |
691,500 | |||
TOTAL INDUSTRIALS | 908,345 | ||
INFORMATION TECHNOLOGY - 41.0% | |||
Electronic Equipment & Components - 0.4% | |||
Flex Ltd. (a) | 2,732,400 | 46,724 | |
Jabil, Inc. | 676,400 | 39,542 | |
86,266 | |||
IT Services - 7.7% | |||
Cyxtera Technologies, Inc. (d) | 969,061 | 9,603 | |
Dlocal Ltd. | 3,074,500 | 102,073 | |
EPAM Systems, Inc. (a) | 66,073 | 40,209 | |
Flywire Corp. | 525,873 | 21,371 | |
Global Payments, Inc. | 1,183,812 | 140,921 | |
GoDaddy, Inc. (a) | 3,181,504 | 223,246 | |
Marqeta, Inc. Class A | 838,800 | 16,491 | |
MasterCard, Inc. Class A | 247,512 | 77,946 | |
MongoDB, Inc. Class A (a) | 218,112 | 108,642 | |
Nuvei Corp. (a)(f) | 1,511,842 | 148,870 | |
Payoneer Global, Inc. (d) | 442,000 | 3,426 | |
PayPal Holdings, Inc. (a) | 1,049,277 | 194,001 | |
Remitly Global, Inc. (b) | 981,300 | 23,610 | |
Repay Holdings Corp. (a) | 3,331,400 | 54,502 | |
Snowflake Computing, Inc. (a) | 50,644 | 17,227 | |
Square, Inc. (a) | 999,600 | 208,247 | |
TaskUs, Inc. | 1,076,569 | 47,961 | |
TDCX, Inc. ADR | 535,152 | 10,168 | |
Thoughtworks Holding, Inc. | 187,100 | 5,463 | |
Thoughtworks Holding, Inc. | 1,003,397 | 26,369 | |
Toast, Inc. (b) | 62,600 | 2,503 | |
Twilio, Inc. Class A (a) | 426,891 | 122,155 | |
Visa, Inc. Class A | 415,861 | 80,581 | |
Wix.com Ltd. (a)(b) | 1,885,073 | 288,039 | |
1,973,624 | |||
Semiconductors & Semiconductor Equipment - 9.4% | |||
Applied Materials, Inc. | 1,479,101 | 217,709 | |
Cirrus Logic, Inc. (a) | 74,900 | 6,005 | |
GlobalFoundries, Inc. | 544,800 | 37,722 | |
Lam Research Corp. | 239,976 | 163,148 | |
Marvell Technology, Inc. | 1,981,079 | 140,993 | |
Micron Technology, Inc. | 4,021,472 | 337,804 | |
NVIDIA Corp. | 2,866,072 | 936,518 | |
NXP Semiconductors NV | 1,437,472 | 321,074 | |
ON Semiconductor Corp. (a) | 2,796,361 | 171,780 | |
SolarEdge Technologies, Inc. (a) | 145,460 | 47,676 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 187,200 | 21,930 | |
2,402,359 | |||
Software - 19.4% | |||
Adobe, Inc. (a) | 392,430 | 262,869 | |
Alkami Technology, Inc. (a) | 911,437 | 26,149 | |
Anaplan, Inc. (a) | 2,147,600 | 91,939 | |
Autodesk, Inc. (a) | 303,965 | 77,265 | |
AvidXchange Holdings, Inc. | 68,300 | 1,459 | |
Braze, Inc. | 29,900 | 2,278 | |
BTRS Holdings, Inc. (a) | 712,300 | 5,314 | |
BTRS Holdings, Inc. (a)(d) | 1,599,340 | 11,931 | |
CCC Intelligent Solutions Holdings, Inc. (d) | 180,037 | 2,313 | |
Ceridian HCM Holding, Inc. (a) | 899,500 | 98,405 | |
Confluent, Inc. | 124,600 | 9,721 | |
Coupa Software, Inc. (a) | 149,998 | 29,499 | |
Digital Turbine, Inc. (a) | 190,173 | 10,091 | |
DocuSign, Inc. (a) | 42,178 | 10,391 | |
DoubleVerify Holdings, Inc. | 2,852,788 | 88,094 | |
DoubleVerify Holdings, Inc. (f) | 1,082,557 | 33,429 | |
Dynatrace, Inc. (a) | 3,640,900 | 228,831 | |
Elastic NV (a) | 484,540 | 75,327 | |
EngageSmart, Inc. | 151,752 | 3,319 | |
Epic Games, Inc. (a)(d)(e) | 56,200 | 40,459 | |
ForgeRock, Inc. | 74,700 | 2,001 | |
Freshworks, Inc. (b) | 121,900 | 4,293 | |
GitLab, Inc. | 73,400 | 7,086 | |
HubSpot, Inc. (a) | 265,649 | 214,355 | |
Intapp, Inc. (b)(c) | 3,235,900 | 88,631 | |
Intuit, Inc. | 313,108 | 204,240 | |
Latch, Inc. (b) | 1,725,400 | 14,286 | |
Lightspeed Commerce, Inc. (Canada) (a) | 2,173,473 | 109,945 | |
Matterport, Inc. (b) | 2,636,200 | 85,360 | |
Microsoft Corp. | 5,990,115 | 1,980,280 | |
Pine Labs Private Ltd. (d)(e) | 16,636 | 7,132 | |
RingCentral, Inc. (a) | 168,691 | 36,434 | |
Riskified Ltd. | 363,993 | 3,454 | |
Riskified Ltd.: | |||
Class A | 379,687 | 3,423 | |
Class B | 759,374 | 6,846 | |
Salesforce.com, Inc. (a) | 1,762,238 | 502,167 | |
SentinelOne, Inc. | 108,900 | 5,877 | |
ServiceNow, Inc. (a) | 222,758 | 144,280 | |
Stripe, Inc. Class B (a)(d)(e) | 73,500 | 2,949 | |
Synopsys, Inc. (a) | 40,600 | 13,845 | |
The Trade Desk, Inc. (a) | 1,260,210 | 130,331 | |
UiPath, Inc. Class A (a)(b) | 764,900 | 36,906 | |
UserTesting, Inc. | 360,400 | 3,063 | |
Viant Technology, Inc. | 1,487,192 | 14,574 | |
Volue A/S | 2,091,675 | 14,015 | |
Workday, Inc. Class A (a) | 330,772 | 90,708 | |
Zoom Video Communications, Inc. Class A (a) | 565,400 | 119,531 | |
4,955,095 | |||
Technology Hardware, Storage & Peripherals - 4.1% | |||
Apple, Inc. | 6,082,660 | 1,005,464 | |
IonQ, Inc. (d) | 598,800 | 14,263 | |
Samsung Electronics Co. Ltd. | 444,600 | 26,792 | |
1,046,519 | |||
TOTAL INFORMATION TECHNOLOGY | 10,463,863 | ||
MATERIALS - 1.6% | |||
Metals & Mining - 1.6% | |||
Freeport-McMoRan, Inc. | 10,929,600 | 405,270 | |
UTILITIES - 1.4% | |||
Electric Utilities - 0.7% | |||
Edison International | 404,021 | 26,374 | |
NextEra Energy, Inc. | 553,312 | 48,016 | |
ORSTED A/S (f) | 824,256 | 106,184 | |
180,574 | |||
Independent Power and Renewable Electricity Producers - 0.7% | |||
NextEra Energy Partners LP | 2,055,800 | 174,846 | |
TOTAL UTILITIES | 355,420 | ||
TOTAL COMMON STOCKS | |||
(Cost $15,833,887) | 24,908,430 | ||
Preferred Stocks - 2.1% | |||
Convertible Preferred Stocks - 1.8% | |||
COMMUNICATION SERVICES - 0.0% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry, Inc. Series D (a)(d) | 1,493,700 | 2,278 | |
CONSUMER DISCRETIONARY - 0.5% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A (d)(e) | 49,852 | 478 | |
Series C (d)(e) | 196,163 | 1,880 | |
Series D (d)(e) | 415,700 | 3,984 | |
6,342 | |||
Internet & Direct Marketing Retail - 0.5% | |||
GoBrands, Inc. Series G (d)(e) | 70,400 | 27,350 | |
Instacart, Inc.: | |||
Series H (d)(e) | 267,054 | 27,277 | |
Series I (d)(e) | 90,554 | 9,249 | |
Reddit, Inc. Series F (d)(e) | 793,873 | 49,057 | |
112,933 | |||
TOTAL CONSUMER DISCRETIONARY | 119,275 | ||
CONSUMER STAPLES - 0.2% | |||
Food & Staples Retailing - 0.0% | |||
Blink Health, Inc. Series C (a)(d)(e) | 234,164 | 8,940 | |
Food Products - 0.1% | |||
Bowery Farming, Inc. Series C1 (d)(e) | 404,785 | 24,388 | |
Tobacco - 0.1% | |||
JUUL Labs, Inc.: | |||
Series C (a)(d)(e) | 566,439 | 27,812 | |
Series D (a)(d)(e) | 3,671 | 180 | |
27,992 | |||
TOTAL CONSUMER STAPLES | 61,320 | ||
FINANCIALS - 0.0% | |||
Diversified Financial Services - 0.0% | |||
Sonder Holdings, Inc.: | |||
Series D1 (a)(d) | 126,152 | 1,561 | |
Series E (a)(d) | 757,018 | 9,368 | |
10,929 | |||
INDUSTRIALS - 0.5% | |||
Aerospace & Defense - 0.3% | |||
Relativity Space, Inc. Series E (d)(e) | 1,068,417 | 24,397 | |
Space Exploration Technologies Corp.: | |||
Series I (a)(d)(e) | 16,438 | 9,205 | |
Series N (a)(d)(e) | 51,400 | 28,784 | |
62,386 | |||
Construction & Engineering - 0.1% | |||
Beta Technologies, Inc. Series A (d)(e) | 441,839 | 32,374 | |
Road & Rail - 0.1% | |||
Convoy, Inc. Series D (a)(d)(e) | 1,038,289 | 17,130 | |
Transportation Infrastructure - 0.0% | |||
Delhivery Private Ltd. Series H (d)(e) | 10,397 | 4,936 | |
TOTAL INDUSTRIALS | 116,826 | ||
INFORMATION TECHNOLOGY - 0.5% | |||
Communications Equipment - 0.1% | |||
Meesho Series F (d)(e) | 243,800 | 18,693 | |
Xsight Labs Ltd. Series D (d)(e) | 501,100 | 4,007 | |
22,700 | |||
Electronic Equipment & Components - 0.0% | |||
Enevate Corp. Series E (d)(e) | 7,873,996 | 8,730 | |
IT Services - 0.1% | |||
ByteDance Ltd. Series E1 (d)(e) | 116,411 | 15,194 | |
Yanka Industries, Inc.: | |||
Series E (a)(d)(e) | 341,047 | 10,871 | |
Series F (d)(e) | 380,955 | 12,144 | |
38,209 | |||
Semiconductors & Semiconductor Equipment - 0.1% | |||
GaN Systems, Inc.: | |||
Series F1 (d)(e) | 339,534 | 2,879 | |
Series F2 (d)(e) | 179,288 | 1,520 | |
SiMa.ai Series B (d)(e) | 1,198,500 | 7,826 | |
Tenstorrent, Inc. Series C1 (d)(e) | 32,900 | 1,956 | |
14,181 | |||
Software - 0.2% | |||
Databricks, Inc.: | |||
Series G (d)(e) | 60,400 | 13,315 | |
Series H (d)(e) | 10,784 | 2,377 | |
Mountain Digital, Inc. Series D (d)(e) | 896,466 | 20,588 | |
Skyryse, Inc. Series B (d)(e) | 244,100 | 6,024 | |
Stripe, Inc. Series H (d)(e) | 30,700 | 1,232 | |
43,536 | |||
TOTAL INFORMATION TECHNOLOGY | 127,356 | ||
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
Diamond Foundry, Inc. Series C (d)(e) | 674,317 | 16,946 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 454,930 | ||
Nonconvertible Preferred Stocks - 0.3% | |||
COMMUNICATION SERVICES - 0.0% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry, Inc. Series E1 (d) | 4,395,224 | 6,702 | |
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc. Series 1C (a)(d)(e) | 6,477,300 | 453 | |
Waymo LLC Series A2 (a)(d)(e) | 47,838 | 4,388 | |
4,841 | |||
FINANCIALS - 0.1% | |||
Diversified Financial Services - 0.1% | |||
Thriveworks TopCo LLC Series B (d)(e)(g) | 672,000 | 19,289 | |
INFORMATION TECHNOLOGY - 0.2% | |||
IT Services - 0.0% | |||
Gupshup, Inc. (d)(e) | 509,400 | 11,648 | |
Software - 0.2% | |||
Pine Labs Private Ltd.: | |||
Series 1 (d)(e) | 39,764 | 17,047 | |
Series A (d)(e) | 9,936 | 4,260 | |
Series B (d)(e) | 10,808 | 4,634 | |
Series B2 (d)(e) | 8,745 | 3,749 | |
Series C (d)(e) | 16,265 | 6,973 | |
Series C1 (d)(e) | 3,427 | 1,469 | |
Series D (d)(e) | 3,667 | 1,572 | |
39,704 | |||
TOTAL INFORMATION TECHNOLOGY | 51,352 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 82,184 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $443,660) | 537,114 | ||
Principal Amount (000s) | Value (000s) | ||
Convertible Bonds - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc.: | |||
0% 10/27/25 (d)(e) | 12,391 | 12,391 | |
4% 5/22/27 (d)(e) | 843 | 843 | |
4% 6/12/27 (d)(e) | 232 | 232 | |
TOTAL CONVERTIBLE BONDS | |||
(Cost $13,466) | 13,466 | ||
Preferred Securities - 0.2% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Internet & Direct Marketing Retail - 0.1% | |||
Circle Internet Financial Ltd. 0% (d)(h) | 24,310 | 31,091 | |
INFORMATION TECHNOLOGY - 0.1% | |||
Electronic Equipment & Components - 0.0% | |||
Enevate Corp. 0% 1/29/23 (d)(e) | 3,352 | 3,352 | |
Semiconductors & Semiconductor Equipment - 0.1% | |||
GaN Systems, Inc. 0% (d)(e)(h) | 7,958 | 7,958 | |
Tenstorrent, Inc. 0% (d)(e)(h) | 1,830 | 1,830 | |
9,788 | |||
TOTAL INFORMATION TECHNOLOGY | 13,140 | ||
TOTAL PREFERRED SECURITIES | |||
(Cost $37,450) | 44,231 | ||
Shares | Value (000s) | ||
Money Market Funds - 3.7% | |||
Fidelity Cash Central Fund 0.06% (i) | 90,927,449 | 90,946 | |
Fidelity Securities Lending Cash Central Fund 0.07% (i)(j) | 856,276,419 | 856,362 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $947,308) | 947,308 | ||
Equity Funds - 0.2% | |||
Domestic Equity Funds - 0.2% | |||
iShares Russell 1000 Growth Index ETF | |||
(Cost $53,561) | 175,500 | 52,629 | |
TOTAL INVESTMENT IN SECURITIES - 103.8% | |||
(Cost $17,329,332) | 26,503,178 | ||
NET OTHER ASSETS (LIABILITIES) - (3.8)% | (977,516) | ||
NET ASSETS - 100% | $25,525,662 |
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) Affiliated company
(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 $975,905,000 or 3.8% of net assets.
(e) Level 3 security
(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 $407,994,000 or 1.6% of net assets.
(g) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(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) |
Beta Technologies, Inc. Series A | 4/9/21 | $32,374 |
Bird Global, Inc. | 5/11/21 | $6,070 |
Blink Health, Inc. Series A1 | 12/30/20 | $1,520 |
Blink Health, Inc. Series C | 11/7/19 - 7/14/21 | $8,939 |
Bombas LLC | 2/16/21 - 11/12/21 | $24,316 |
Bowery Farming, Inc. Series C1 | 5/18/21 | $24,388 |
BTRS Holdings, Inc. | 1/12/21 | $15,993 |
ByteDance Ltd. Series E1 | 11/18/20 | $12,756 |
Cazoo Group Ltd. | 3/28/21 | $2,602 |
CCC Intelligent Solutions Holdings, Inc. | 2/2/21 | $1,800 |
Circle Internet Financial Ltd. 0% | 5/11/21 | $24,310 |
Convoy, Inc. Series D | 10/30/19 | $14,058 |
Cyxtera Technologies, Inc. | 2/21/21 | $9,691 |
Databricks, Inc. Series G | 2/1/21 | $10,713 |
Databricks, Inc. Series H | 8/31/21 | $2,377 |
Delhivery Private Ltd. Series H | 5/20/21 | $5,075 |
Diamond Foundry, Inc. Series C | 3/15/21 | $16,184 |
Enevate Corp. Series E | 1/29/21 | $8,730 |
Enevate Corp. 0% 1/29/23 | 1/29/21 | $3,352 |
Epic Games, Inc. | 7/13/20 - 3/29/21 | $45,615 |
ESS Tech, Inc. | 5/6/21 | $20,258 |
FSN E-Commerce Ventures Private Ltd. | 10/7/20 - 10/26/20 | $6,381 |
GaN Systems, Inc. Series F1 | 11/30/21 | $2,879 |
GaN Systems, Inc. Series F2 | 11/30/21 | $1,520 |
GaN Systems, Inc. 0% | 11/30/21 | $7,958 |
GoBrands, Inc. Series G | 3/2/21 | $17,580 |
Gupshup, Inc. | 6/8/21 | $11,648 |
Instacart, Inc. Series H | 11/13/20 | $16,023 |
Instacart, Inc. Series I | 2/26/21 | $11,319 |
Ion Acquisition Corp. 2 Ltd. | 6/24/21 | $10,177 |
IonQ, Inc. | 3/7/21 | $5,988 |
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 |
Local Bounti Corp. | 6/17/21 | $20,343 |
Meesho Series F | 9/21/21 | $18,693 |
Mountain Digital, Inc. Series D | 11/5/21 | $20,588 |
Neutron Holdings, Inc. | 2/4/21 | $5 |
Neutron Holdings, Inc. Series 1C | 7/3/18 | $1,184 |
Neutron Holdings, Inc. 0% 10/27/25 | 10/29/21 | $12,391 |
Neutron Holdings, Inc. 4% 5/22/27 | 6/4/20 | $843 |
Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | $232 |
Payoneer Global, Inc. | 2/3/21 | $4,420 |
Pine Labs Private Ltd. | 6/30/21 | $6,203 |
Pine Labs Private Ltd. Series 1 | 6/30/21 | $14,826 |
Pine Labs Private Ltd. Series A | 6/30/21 | $3,705 |
Pine Labs Private Ltd. Series B | 6/30/21 | $4,030 |
Pine Labs Private Ltd. Series B2 | 6/30/21 | $3,261 |
Pine Labs Private Ltd. Series C | 6/30/21 | $6,065 |
Pine Labs Private Ltd. Series C1 | 6/30/21 | $1,278 |
Pine Labs Private Ltd. Series D | 6/30/21 | $1,367 |
Rad Power Bikes, Inc. | 1/21/21 | $1,845 |
Rad Power Bikes, Inc. Series A | 1/21/21 | $240 |
Rad Power Bikes, Inc. Series C | 1/21/21 | $946 |
Rad Power Bikes, Inc. Series D | 9/17/21 | $3,984 |
Rapyd Financial Network 2016 Ltd. | 3/30/21 | $25,000 |
Reddit, Inc. Series F | 8/11/21 | $49,057 |
Relativity Space, Inc. Series E | 5/27/21 | $24,397 |
Sema4 Holdings Corp. | 2/9/21 | $2,176 |
SiMa.ai Series B | 5/10/21 | $6,145 |
Skyryse, Inc. Series B | 10/21/21 | $6,024 |
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. Class A | 2/16/21 | $3,570 |
Space Exploration Technologies Corp. Series I | 4/5/18 | $2,778 |
Space Exploration Technologies Corp. Series N | 8/4/20 | $13,878 |
Starling Bank Ltd. Series D | 6/18/21 | $11,303 |
Starry, Inc. Series D | 7/30/20 | $2,136 |
Starry, Inc. Series E1 | 9/4/20 | $6,184 |
Stripe, Inc. Class B | 5/18/21 | $2,949 |
Stripe, Inc. Series H | 3/15/21 | $1,232 |
Tenstorrent, Inc. Series C1 | 4/23/21 | $1,956 |
Tenstorrent, Inc. 0% | 4/23/21 | $1,830 |
The Beachbody Co., Inc. | 2/9/21 | $8,079 |
The Oncology Institute, Inc. | 6/28/21 | $8,148 |
Thriveworks TopCo LLC Series B | 7/23/21 | $19,289 |
View, Inc. | 3/5/21 | $12,055 |
Vivid Seats, Inc. | 4/21/21 | $24,297 |
Waymo LLC Series A2 | 5/8/20 | $4,108 |
WeWork, Inc. | 3/25/21 | $20,236 |
Xsight Labs Ltd. Series D | 2/16/21 | $4,007 |
Yanka Industries, Inc. Series E | 5/15/20 | $4,120 |
Yanka Industries, Inc. Series F | 4/8/21 | $12,144 |
Zomato Ltd. | 12/9/20 - 2/10/21 | $7,456 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $32,258 | $5,627,162 | $5,568,484 | $38 | $10 | $-- | $90,946 | 0.1% |
Fidelity Securities Lending Cash Central Fund 0.07% | 666,328 | 3,111,017 | 2,920,983 | 3,331 | -- | -- | 856,362 | 2.7% |
Total | $698,586 | $8,738,179 | $8,489,467 | $3,369 | $10 | $-- | $947,308 |
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 |
BARK, Inc. | $-- | $12,744 | $30,153 | $-- | $(11,416) | $(4,917) | $-- |
CareMax, Inc. Class A | -- | 27,013 | 23,076 | -- | (13,219) | (5,847) | -- |
IMARA, Inc. | 6,296 | 12,351 | -- | -- | -- | (14,309) | -- |
Intapp, Inc. | -- | 94,486 | -- | -- | -- | (5,855) | 88,631 |
Magnite, Inc. | -- | 251,275 | 10,381 | -- | (6,270) | (112,419) | 122,205 |
Nabriva Therapeutics PLC | 4,810 | -- | -- | -- | -- | (3,933) | -- |
TransMedics Group, Inc. | 31,276 | 9,515 | -- | -- | -- | 10,939 | 51,730 |
Total | $42,382 | $407,384 | $63,610 | $-- | $(30,905) | $(136,341) | $262,566 |
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2021, 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 | $5,298,684 | $5,289,704 | $8,980 | $-- |
Consumer Discretionary | 3,922,842 | 3,436,066 | 318,424 | 168,352 |
Consumer Staples | 168,255 | 104,656 | -- | 63,599 |
Energy | 294,739 | 294,739 | -- | -- |
Financials | 513,103 | 399,586 | 51,705 | 61,812 |
Health Care | 2,802,543 | 2,802,543 | -- | -- |
Industrials | 1,025,171 | 851,179 | 51,401 | 122,591 |
Information Technology | 10,642,571 | 10,376,685 | 36,638 | 229,248 |
Materials | 422,216 | 405,270 | -- | 16,946 |
Utilities | 355,420 | 355,420 | -- | -- |
Corporate Bonds | 13,466 | -- | -- | 13,466 |
Preferred Securities | 44,231 | -- | 31,091 | 13,140 |
Money Market Funds | 947,308 | 947,308 | -- | -- |
Equity Funds | 52,629 | 52,629 | -- | -- |
Total Investments in Securities: | $26,503,178 | $25,315,785 | $498,239 | $689,154 |
Net unrealized appreciation on unfunded commitments | $1,204 | $-- | $1,204 | $-- |
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 | $238,452 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 73,867 |
Cost of Purchases | 492,751 |
Proceeds of Sales | (6,463) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (109,453) |
Ending Balance | $689,154 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2021 | $74,083 |
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 | 87.8% |
Cayman Islands | 3.0% |
Israel | 2.2% |
India | 1.8% |
Netherlands | 1.8% |
Canada | 1.2% |
Others (Individually Less Than 1%) | 2.2% |
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, 2021 | |
Assets | ||
Investment in securities, at value (including securities loaned of $817,451) — See accompanying schedule: Unaffiliated issuers (cost $16,005,480) | $25,293,304 | |
Fidelity Central Funds (cost $947,308) | 947,308 | |
Other affiliated issuers (cost $376,544) | 262,566 | |
Total Investment in Securities (cost $17,329,332) | $26,503,178 | |
Cash | 19 | |
Receivable for investments sold | 81,856 | |
Unrealized appreciation on unfunded commitments | 4,253 | |
Receivable for fund shares sold | 47,631 | |
Dividends receivable | 6,916 | |
Interest receivable | 64 | |
Distributions receivable from Fidelity Central Funds | 365 | |
Prepaid expenses | 27 | |
Other receivables | 392 | |
Total assets | 26,644,701 | |
Liabilities | ||
Payable for investments purchased | $191,901 | |
Unrealized depreciation on unfunded commitments | 3,049 | |
Payable for fund shares redeemed | 21,902 | |
Accrued management fee | 13,917 | |
Distribution and service plan fees payable | 3,665 | |
Other affiliated payables | 3,162 | |
Other payables and accrued expenses | 25,100 | |
Collateral on securities loaned | 856,343 | |
Total liabilities | 1,119,039 | |
Net Assets | $25,525,662 | |
Net Assets consist of: | ||
Paid in capital | $14,230,238 | |
Total accumulated earnings (loss) | 11,295,424 | |
Net Assets | $25,525,662 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($4,184,435 ÷ 26,161 shares)(a) | $159.95 | |
Maximum offering price per share (100/94.25 of $159.95) | $169.71 | |
Class M: | ||
Net Asset Value and redemption price per share ($3,480,610 ÷ 22,082 shares)(a) | $157.62 | |
Maximum offering price per share (100/96.50 of $157.62) | $163.34 | |
Class C: | ||
Net Asset Value and offering price per share ($1,412,597 ÷ 10,693 shares)(a) | $132.10 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($12,620,334 ÷ 71,979 shares) | $175.33 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($3,827,686 ÷ 21,580 shares) | $177.37 |
(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, 2021 | |
Investment Income | ||
Dividends | $79,531 | |
Interest | 42 | |
Income from Fidelity Central Funds (including $3,331 from security lending) | 3,369 | |
Total income | 82,942 | |
Expenses | ||
Management fee | ||
Basic fee | $122,898 | |
Performance adjustment | 20,948 | |
Transfer agent fees | 33,060 | |
Distribution and service plan fees | 40,860 | |
Accounting fees | 1,828 | |
Custodian fees and expenses | 420 | |
Independent trustees' fees and expenses | 82 | |
Registration fees | 681 | |
Audit | 94 | |
Legal | 26 | |
Interest | 22 | |
Miscellaneous | 87 | |
Total expenses before reductions | 221,006 | |
Expense reductions | (378) | |
Total expenses after reductions | 220,628 | |
Net investment income (loss) | (137,686) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $15) | 2,676,823 | |
Fidelity Central Funds | 10 | |
Other affiliated issuers | (30,905) | |
Foreign currency transactions | (588) | |
Total net realized gain (loss) | 2,645,340 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $14,010) | 1,389,851 | |
Affiliated issuers | (136,341) | |
Unfunded commitments | 1,205 | |
Assets and liabilities in foreign currencies | (15) | |
Total change in net unrealized appreciation (depreciation) | 1,254,700 | |
Net gain (loss) | 3,900,040 | |
Net increase (decrease) in net assets resulting from operations | $3,762,354 |
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, 2021 | Year ended November 30, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(137,686) | $(54,435) |
Net realized gain (loss) | 2,645,340 | 1,119,703 |
Change in net unrealized appreciation (depreciation) | 1,254,700 | 5,464,667 |
Net increase (decrease) in net assets resulting from operations | 3,762,354 | 6,529,935 |
Distributions to shareholders | (1,000,273) | (317,586) |
Share transactions - net increase (decrease) | 4,306,628 | 4,384,792 |
Total increase (decrease) in net assets | 7,068,709 | 10,597,141 |
Net Assets | ||
Beginning of period | 18,456,953 | 7,859,812 |
End of period | $25,525,662 | $18,456,953 |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $141.06 | $90.00 | $76.87 | $68.76 | $58.24 |
Income from Investment Operations | |||||
Net investment income (loss)A | (1.06) | (.56) | (.18)B | (.25) | .04 |
Net realized and unrealized gain (loss) | 27.68 | 55.26 | 21.21 | 13.33 | 17.86 |
Total from investment operations | 26.62 | 54.70 | 21.03 | 13.08 | 17.90 |
Distributions from net realized gain | (7.73) | (3.64) | (7.90) | (4.97) | (7.38) |
Total distributions | (7.73) | (3.64) | (7.90) | (4.97) | (7.38) |
Net asset value, end of period | $159.95 | $141.06 | $90.00 | $76.87 | $68.76 |
Total ReturnC,D | 19.60% | 63.12% | 31.29% | 20.35% | 34.64% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.04% | 1.06% | 1.11% | 1.05% | .91% |
Expenses net of fee waivers, if any | 1.04% | 1.06% | 1.11% | 1.05% | .91% |
Expenses net of all reductions | 1.04% | 1.06% | 1.10% | 1.05% | .91% |
Net investment income (loss) | (.68)% | (.52)% | (.22)%B | (.33)% | .06% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $4,184 | $3,037 | $1,349 | $673 | $540 |
Portfolio turnover rateG | 66% | 47% | 37%H | 46% | 52% |
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. 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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $139.13 | $89.03 | $76.28 | $68.27 | $57.99 |
Income from Investment Operations | |||||
Net investment income (loss)A | (1.41) | (.79) | (.37)B | (.41) | (.10) |
Net realized and unrealized gain (loss) | 27.31 | 54.53 | 21.02 | 13.24 | 17.76 |
Total from investment operations | 25.90 | 53.74 | 20.65 | 12.83 | 17.66 |
Distributions from net realized gain | (7.41) | (3.64) | (7.90) | (4.82) | (7.38) |
Total distributions | (7.41) | (3.64) | (7.90) | (4.82) | (7.38) |
Net asset value, end of period | $157.62 | $139.13 | $89.03 | $76.28 | $68.27 |
Total ReturnC,D | 19.31% | 62.71% | 31.01% | 20.07% | 34.34% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.28% | 1.30% | 1.34% | 1.28% | 1.14% |
Expenses net of fee waivers, if any | 1.28% | 1.30% | 1.34% | 1.28% | 1.14% |
Expenses net of all reductions | 1.28% | 1.30% | 1.34% | 1.28% | 1.13% |
Net investment income (loss) | (.93)% | (.76)% | (.46)%B | (.57)% | (.17)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $3,481 | $3,153 | $2,094 | $1,671 | $1,492 |
Portfolio turnover rateG | 66% | 47% | 37%H | 46% | 52% |
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. 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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $118.14 | $76.50 | $67.03 | $60.60 | $52.52 |
Income from Investment Operations | |||||
Net investment income (loss)A | (1.85) | (1.15) | (.67)B | (.70) | (.37) |
Net realized and unrealized gain (loss) | 23.04 | 46.43 | 18.04 | 11.68 | 15.83 |
Total from investment operations | 21.19 | 45.28 | 17.37 | 10.98 | 15.46 |
Distributions from net realized gain | (7.23) | (3.64) | (7.90) | (4.55) | (7.38) |
Total distributions | (7.23) | (3.64) | (7.90) | (4.55) | (7.38) |
Net asset value, end of period | $132.10 | $118.14 | $76.50 | $67.03 | $60.60 |
Total ReturnC,D | 18.70% | 61.89% | 30.31% | 19.44% | 33.64% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.80% | 1.81% | 1.86% | 1.81% | 1.66% |
Expenses net of fee waivers, if any | 1.80% | 1.81% | 1.86% | 1.81% | 1.66% |
Expenses net of all reductions | 1.80% | 1.81% | 1.86% | 1.80% | 1.66% |
Net investment income (loss) | (1.44)% | (1.27)% | (.98)%B | (1.09)% | (.69)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $1,413 | $1,159 | $483 | $244 | $201 |
Portfolio turnover rateG | 66% | 47% | 37%H | 46% | 52% |
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. 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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $153.77 | $97.56 | $82.42 | $73.38 | $61.52 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.74) | (.31) | .03B | (.05) | .22 |
Net realized and unrealized gain (loss) | 30.27 | 60.16 | 23.01 | 14.25 | 19.02 |
Total from investment operations | 29.53 | 59.85 | 23.04 | 14.20 | 19.24 |
Distributions from net realized gain | (7.97) | (3.64) | (7.90) | (5.16) | (7.38) |
Total distributions | (7.97) | (3.64) | (7.90) | (5.16) | (7.38) |
Net asset value, end of period | $175.33 | $153.77 | $97.56 | $82.42 | $73.38 |
Total ReturnC | 19.90% | 63.52% | 31.66% | 20.67% | 35.01% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .79% | .80% | .84% | .78% | .63% |
Expenses net of fee waivers, if any | .79% | .80% | .84% | .78% | .63% |
Expenses net of all reductions | .79% | .80% | .84% | .78% | .63% |
Net investment income (loss) | (.43)% | (.26)% | .04%B | (.06)% | .34% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $12,620 | $8,282 | $2,819 | $850 | $642 |
Portfolio turnover rateF | 66% | 47% | 37%G | 46% | 52% |
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. 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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $155.40 | $98.44 | $83.00 | $73.88 | $61.82 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.54) | (.17) | .14B | .04 | .32 |
Net realized and unrealized gain (loss) | 30.58 | 60.77 | 23.20 | 14.35 | 19.12 |
Total from investment operations | 30.04 | 60.60 | 23.34 | 14.39 | 19.44 |
Distributions from net investment income | – | – | – | (.05) | – |
Distributions from net realized gain | (8.07) | (3.64) | (7.90) | (5.22) | (7.38) |
Total distributions | (8.07) | (3.64) | (7.90) | (5.27) | (7.38) |
Net asset value, end of period | $177.37 | $155.40 | $98.44 | $83.00 | $73.88 |
Total ReturnC | 20.04% | 63.72% | 31.81% | 20.82% | 35.18% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .67% | .69% | .72% | .66% | .51% |
Expenses net of fee waivers, if any | .67% | .68% | .72% | .66% | .50% |
Expenses net of all reductions | .67% | .68% | .72% | .65% | .50% |
Net investment income (loss) | (.31)% | (.15)% | .16%B | .06% | .47% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $3,828 | $2,826 | $1,114 | $88 | $152 |
Portfolio turnover rateF | 66% | 47% | 37%G | 46% | 52% |
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. 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, 2021
(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. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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, 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. 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 | $662,548 | Market comparable | Discount rate | 40.0% - 45.0% / 44.8% | Decrease |
Premium rate | 25.0% - 84.8% / 45.5% | Increase | |||
Discount for lack of marketability | 10.0% | Decrease | |||
Enterprise Value/EBITDA multiple (EV/EBITDA) | 17.5 | Increase | |||
Enterprise Value/Sales Multiple (EV/S) | 2.7 – 25.5 / 12.6 | Increase | |||
Enterprise Value/Gross Profit (EV/GP) | 15.2 | Increase | |||
Market approach | Transaction price | $1.11 - $560.00 / $149.21 | Increase | ||
Recovery value | Recovery value | 1.9% - 4.6% / 3.5% | Increase | ||
Corporate Bonds | $13,466 | Market approach | Transaction price | $100.00 | Increase |
Preferred Securities | $13,140 | 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, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 | $27 |
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, 2021, 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, certain foreign taxes, passive foreign investment companies (PFIC), deferred Trustees compensation, net operating losses 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 | $10,551,184 |
Gross unrealized depreciation | (1,484,160) |
Net unrealized appreciation (depreciation) | $9,067,024 |
Tax Cost | $17,437,358 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $169,232 |
Undistributed long-term capital gain | $2,083,979 |
Net unrealized appreciation (depreciation) on securities and other investments | $9,067,038 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $170,667 | $ - |
Long-term Capital Gains | 829,606 | 317,586 |
Total | $1,000,273 | $ 317,586 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.
Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.
At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
$ Amount | % of Net Assets | |
Fidelity Advisor Growth Opportunities Fund | 19,289 | .08 |
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 and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Growth Opportunities Fund | 18,431,760 | 15,239,792 |
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 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 .61% 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% | $9,566 | $497 |
Class M | .25% | .25% | 17,599 | 367 |
Class C | .75% | .25% | 13,695 | 4,364 |
$40,860 | $5,228 |
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 | $3,266 |
Class M | 221 |
Class C(a) | 148 |
$3,635 |
(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.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $6,166 | .16 |
Class M | 5,373 | .15 |
Class C | 2,297 | .17 |
Class I | 17,665 | .16 |
Class Z | 1,559 | .04 |
$33,060 |
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 | $272 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At 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 | $40,421 | .31% | $22 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Growth Opportunities Fund | 1,455,653 | 495,550 | 116,807 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($) | |
Fidelity Advisor Growth Opportunities Fund | 19 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Growth Opportunities Fund | $39 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Growth Opportunities Fund | $343 | $168 | $1,152 |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $378.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Growth Opportunities Fund | ||
Distributions to shareholders | ||
Class A | $169,745 | $55,553 |
Class M | 168,099 | 85,325 |
Class C | 72,157 | 23,768 |
Class I | 439,475 | 109,950 |
Class Z | 150,797 | 42,990 |
Total | $1,000,273 | $317,586 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended November 30, 2021 | Year ended November 30, 2020 | Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Growth Opportunities Fund | ||||
Class A | ||||
Shares sold | 8,318 | 11,689 | $1,283,675 | $1,219,407 |
Reinvestment of distributions | 1,142 | 587 | 161,306 | 52,509 |
Shares redeemed | (4,829) | (5,737) | (742,467) | (605,901) |
Net increase (decrease) | 4,631 | 6,539 | $702,514 | $666,015 |
Class M | ||||
Shares sold | 2,549 | 3,754 | $385,475 | $379,705 |
Reinvestment of distributions | 1,163 | 931 | 162,126 | 82,318 |
Shares redeemed | (4,290) | (5,548) | (654,784) | (555,845) |
Net increase (decrease) | (578) | (863) | $(107,183) | $(93,822) |
Class C | ||||
Shares sold | 3,273 | 5,570 | $416,992 | $478,062 |
Reinvestment of distributions | 581 | 291 | 68,282 | 21,939 |
Shares redeemed | (2,973) | (2,360) | (379,808) | (207,656) |
Net increase (decrease) | 881 | 3,501 | $105,466 | $292,345 |
Class I | ||||
Shares sold | 34,051 | 42,729 | $5,739,683 | $4,757,625 |
Reinvestment of distributions | 2,534 | 950 | 391,310 | 92,340 |
Shares redeemed | (18,463) | (18,720) | (3,082,104) | (2,085,597) |
Net increase (decrease) | 18,122 | 24,959 | $3,048,889 | $2,764,368 |
Class Z | ||||
Shares sold | 12,098 | 13,629 | $2,064,123 | $1,517,673 |
Reinvestment of distributions | 860 | 398 | 134,230 | 39,102 |
Shares redeemed | (9,566) | (7,159) | (1,641,411) | (800,889) |
Net increase (decrease) | 3,392 | 6,868 | $556,942 | $755,886 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. 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, 2021, 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, 2021, 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, 2021, 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, 2022
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 314 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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Growth Opportunities Fund | ||||
Class A | 1.04% | |||
Actual | $1,000.00 | $1,066.90 | $5.39 | |
Hypothetical-C | $1,000.00 | $1,019.85 | $5.27 | |
Class M | 1.28% | |||
Actual | $1,000.00 | $1,065.60 | $6.63 | |
Hypothetical-C | $1,000.00 | $1,018.65 | $6.48 | |
Class C | 1.80% | |||
Actual | $1,000.00 | $1,062.90 | $9.31 | |
Hypothetical-C | $1,000.00 | $1,016.04 | $9.10 | |
Class I | .79% | |||
Actual | $1,000.00 | $1,068.20 | $4.10 | |
Hypothetical-C | $1,000.00 | $1,021.11 | $4.00 | |
Class Z | .67% | |||
Actual | $1,000.00 | $1,068.90 | $3.47 | |
Hypothetical-C | $1,000.00 | $1,021.71 | $3.40 |
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/ 365 (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 | 12/29/21 | 12/28/21 | $14.619 |
Class M | 12/29/21 | 12/28/21 | $14.173 |
Class C | 12/29/21 | 12/28/21 | $13.724 |
Class I | 12/29/21 | 12/28/21 | $14.970 |
Class Z | 12/29/21 | 12/28/21 | $15.150 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $2,084,034,747, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 99.94% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
The fund designates $582,000 of distributions paid in the calendar year 2020 as qualifying to be taxed as section 163(j) interest dividends.
Class A designates 27%; Class M designates 36%; Class C designates 45%; Class I designates 23%; and Class Z designates 21%; of the dividend distributed in December, as qualifying for the dividends–received deduction for corporate shareholders.
Class A designates 31%; Class M designates 41%; Class C designates 51%; Class I designates 26%; and Class Z designates 25%; of the dividend distributed in December, 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 2022 of amounts for use in preparing 2021 income tax returns.
GO-ANN-0122
1.704314.124
Fidelity Advisor® Growth & Income Fund
November 30, 2021
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 17.89% | 11.03% | 12.64% |
Class M (incl. 3.50% sales charge) | 20.40% | 11.28% | 12.64% |
Class C (incl. contingent deferred sales charge) | 23.14% | 11.50% | 12.64% |
Class I | 25.40% | 12.65% | 13.64% |
Class Z | 25.59% | 12.80% | 13.72% |
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, 2011, 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/0001379491-22-000216/img762225595_740.jpg)
Period Ending Values | ||
$32,889 | Fidelity Advisor® Growth & Income Fund - Class A | |
$44,726 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Portfolio Manager Matt Fruhan: For the fiscal year ending November 30, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 24% to 26%, underperforming the 27.92% result of the benchmark S&P 500® index. The primary detractors from performance versus the benchmark were security selection and an underweight in information technology. Weak picks in health care also hampered the fund's relative result. Also hampering performance was security selection in the communication services sector, especially within the media & entertainment industry. Not owning Nvidia, a benchmark component that gained roughly 144%, was the largest individual relative detractor. Our second-largest relative detractor this period was avoiding Alphabet, a benchmark component that gained 62%. Avoiding Tesla, a benchmark component that gained about 65%, also hurt relative performance. Conversely, the largest contributors to performance versus the benchmark were stock picks and an overweight in the financials sector, especially within the banks industry. An overweight and stock picks in energy and an underweight in utilities also bolstered the fund's relative result. The biggest individual relative contributor was an overweight position in Wells Fargo (+77%). Wells Fargo was among our biggest holdings. Also adding value was our outsized stake in Exxon Mobil, which gained roughly 67%. Exxon Mobil was among the fund's largest holdings. Another notable relative contributor was an overweight in Bank of America (+61%), which was one of the fund's biggest holdings. Notable changes in positioning include increased exposure to the energy sector and a lower allocation to communication services.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, 2021
% of fund's net assets | |
Microsoft Corp. | 7.4 |
General Electric Co. | 5.5 |
Wells Fargo & Co. | 5.0 |
Exxon Mobil Corp. | 4.5 |
Bank of America Corp.(a) | 3.7 |
Apple, Inc. | 3.7 |
Comcast Corp. Class A(a) | 2.8 |
Altria Group, Inc. | 2.3 |
Qualcomm, Inc.(a) | 2.2 |
United Parcel Service, Inc. Class B | 1.9 |
39.0 |
(a) Security or a portion of the security is pledged as collateral for call options written.
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Information Technology | 21.0 |
Financials | 18.7 |
Industrials | 16.9 |
Health Care | 12.9 |
Energy | 8.5 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021*,** | ||
Stocks | 97.8% | |
Convertible Securities | 0.3% | |
Other Investments | 0.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.8% |
* Foreign investments - 13.4%
** Written options - (0.0%)
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 97.8% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 6.1% | |||
Diversified Telecommunication Services - 0.7% | |||
Cellnex Telecom SA (a) | 7,300 | $431 | |
Elisa Corp. (A Shares) | 9,700 | 583 | |
Verizon Communications, Inc. | 66,209 | 3,328 | |
4,342 | |||
Entertainment - 1.9% | |||
Activision Blizzard, Inc. | 14,100 | 826 | |
Nintendo Co. Ltd. ADR | 30,500 | 1,680 | |
The Walt Disney Co. (b) | 41,200 | 5,970 | |
Universal Music Group NV | 134,700 | 3,866 | |
12,342 | |||
Media - 3.5% | |||
Comcast Corp. Class A (c) | 359,958 | 17,991 | |
Interpublic Group of Companies, Inc. | 137,600 | 4,567 | |
22,558 | |||
TOTAL COMMUNICATION SERVICES | 39,242 | ||
CONSUMER DISCRETIONARY - 3.5% | |||
Auto Components - 0.6% | |||
BorgWarner, Inc. | 91,800 | 3,973 | |
Hotels, Restaurants & Leisure - 0.5% | |||
Churchill Downs, Inc. | 6,300 | 1,413 | |
Marriott International, Inc. Class A (b) | 7,900 | 1,166 | |
Starbucks Corp. | 9,000 | 987 | |
3,566 | |||
Household Durables - 0.8% | |||
Sony Group Corp. sponsored ADR | 10,700 | 1,304 | |
Whirlpool Corp. | 16,800 | 3,658 | |
4,962 | |||
Specialty Retail - 1.5% | |||
Lowe's Companies, Inc. | 38,657 | 9,455 | |
Textiles, Apparel & Luxury Goods - 0.1% | |||
Puma AG | 5,844 | 708 | |
Tapestry, Inc. | 300 | 12 | |
720 | |||
TOTAL CONSUMER DISCRETIONARY | 22,676 | ||
CONSUMER STAPLES - 6.2% | |||
Beverages - 2.2% | |||
Anheuser-Busch InBev SA NV ADR (d) | 10,400 | 579 | |
Diageo PLC sponsored ADR | 16,400 | 3,332 | |
Keurig Dr. Pepper, Inc. | 82,700 | 2,811 | |
Pernod Ricard SA | 5,200 | 1,194 | |
Remy Cointreau SA | 3,023 | 710 | |
The Coca-Cola Co. | 113,084 | 5,931 | |
14,557 | |||
Food & Staples Retailing - 0.8% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 3,700 | 136 | |
Costco Wholesale Corp. | 500 | 270 | |
Sysco Corp. | 63,100 | 4,420 | |
Walmart, Inc. | 1,200 | 169 | |
4,995 | |||
Food Products - 0.2% | |||
Lamb Weston Holdings, Inc. | 25,700 | 1,334 | |
Household Products - 0.5% | |||
Colgate-Palmolive Co. | 6,000 | 450 | |
Energizer Holdings, Inc. | 5,600 | 208 | |
Kimberly-Clark Corp. | 1,000 | 130 | |
Procter & Gamble Co. | 1,900 | 275 | |
Spectrum Brands Holdings, Inc. | 20,100 | 2,012 | |
3,075 | |||
Tobacco - 2.5% | |||
Altria Group, Inc. | 358,120 | 15,270 | |
Swedish Match Co. AB | 177,200 | 1,294 | |
16,564 | |||
TOTAL CONSUMER STAPLES | 40,525 | ||
ENERGY - 8.4% | |||
Energy Equipment & Services - 0.0% | |||
Subsea 7 SA | 15,600 | 110 | |
Oil, Gas & Consumable Fuels - 8.4% | |||
Canadian Natural Resources Ltd. | 47,300 | 1,934 | |
Cenovus Energy, Inc. (d) | 2,300 | 27 | |
Cenovus Energy, Inc. (Canada) | 569,500 | 6,758 | |
Enterprise Products Partners LP | 8,600 | 184 | |
Exxon Mobil Corp. | 488,400 | 29,226 | |
Hess Corp. | 113,200 | 8,436 | |
Imperial Oil Ltd. | 31,800 | 1,051 | |
Kosmos Energy Ltd. (b) | 360,600 | 1,320 | |
Magellan Midstream Partners LP | 34,900 | 1,619 | |
Phillips 66 Co. | 24,500 | 1,695 | |
Tourmaline Oil Corp. | 65,400 | 2,176 | |
54,426 | |||
TOTAL ENERGY | 54,536 | ||
FINANCIALS - 18.7% | |||
Banks - 13.2% | |||
Bank of America Corp. (c) | 544,342 | 24,207 | |
JPMorgan Chase & Co. | 43,343 | 6,884 | |
M&T Bank Corp. | 9,900 | 1,451 | |
PNC Financial Services Group, Inc. | 45,416 | 8,947 | |
Truist Financial Corp. | 116,949 | 6,936 | |
U.S. Bancorp | 86,130 | 4,766 | |
Wells Fargo & Co. | 675,650 | 32,283 | |
85,474 | |||
Capital Markets - 3.8% | |||
Brookfield Asset Management, Inc. Class A | 25,001 | 1,404 | |
KKR & Co. LP | 43,013 | 3,202 | |
Morgan Stanley | 29,830 | 2,828 | |
Northern Trust Corp. | 68,637 | 7,941 | |
Raymond James Financial, Inc. | 33,750 | 3,317 | |
S&P Global, Inc. | 100 | 46 | |
State Street Corp. (c) | 61,970 | 5,513 | |
24,251 | |||
Consumer Finance - 0.4% | |||
Discover Financial Services | 25,700 | 2,772 | |
Insurance - 1.0% | |||
American Financial Group, Inc. | 3,400 | 454 | |
Brookfield Asset Management Reinsurance Partners Ltd. | 172 | 10 | |
Chubb Ltd. | 11,200 | 2,010 | |
Marsh & McLennan Companies, Inc. | 13,866 | 2,274 | |
Old Republic International Corp. | 17,800 | 426 | |
The Travelers Companies, Inc. | 7,500 | 1,102 | |
6,276 | |||
Thrifts & Mortgage Finance - 0.3% | |||
Essent Group Ltd. | 21,100 | 877 | |
Radian Group, Inc. | 64,090 | 1,306 | |
2,183 | |||
TOTAL FINANCIALS | 120,956 | ||
HEALTH CARE - 12.6% | |||
Biotechnology - 0.1% | |||
Intercept Pharmaceuticals, Inc. (b)(d) | 19,495 | 336 | |
Health Care Equipment & Supplies - 1.5% | |||
Abbott Laboratories | 4,100 | 516 | |
Becton, Dickinson & Co. | 8,475 | 2,010 | |
Boston Scientific Corp. (b) | 104,200 | 3,967 | |
GN Store Nord A/S | 4,000 | 230 | |
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.) | 54,185 | 1,906 | |
Sonova Holding AG | 2,053 | 775 | |
9,404 | |||
Health Care Providers & Services - 5.3% | |||
Cardinal Health, Inc. | 68,100 | 3,148 | |
Cigna Corp. | 31,100 | 5,968 | |
CVS Health Corp. | 94,651 | 8,430 | |
Humana, Inc. | 2,300 | 965 | |
McKesson Corp. | 33,833 | 7,334 | |
UnitedHealth Group, Inc. | 19,800 | 8,796 | |
34,641 | |||
Life Sciences Tools & Services - 0.1% | |||
Danaher Corp. | 2,800 | 901 | |
Pharmaceuticals - 5.6% | |||
Bayer AG | 100,373 | 5,068 | |
Bristol-Myers Squibb Co. | 187,800 | 10,072 | |
Eli Lilly & Co. | 7,100 | 1,761 | |
GlaxoSmithKline PLC sponsored ADR | 171,309 | 7,044 | |
Johnson & Johnson | 54,401 | 8,483 | |
Sanofi SA sponsored ADR | 29,400 | 1,399 | |
UCB SA | 21,300 | 2,322 | |
Viatris, Inc. | 7,200 | 89 | |
36,238 | |||
TOTAL HEALTH CARE | 81,520 | ||
INDUSTRIALS - 16.9% | |||
Aerospace & Defense - 2.4% | |||
Airbus Group NV (b) | 19,500 | 2,177 | |
General Dynamics Corp. | 11,500 | 2,173 | |
Huntington Ingalls Industries, Inc. | 8,600 | 1,527 | |
MTU Aero Engines AG | 3,600 | 673 | |
Raytheon Technologies Corp. | 15,731 | 1,273 | |
Safran SA | 7,200 | 804 | |
The Boeing Co. (b) | 34,500 | 6,826 | |
15,453 | |||
Air Freight & Logistics - 2.3% | |||
DSV A/S | 2,000 | 436 | |
Expeditors International of Washington, Inc. | 700 | 85 | |
FedEx Corp. | 8,600 | 1,981 | |
United Parcel Service, Inc. Class B | 61,179 | 12,136 | |
14,638 | |||
Airlines - 0.0% | |||
Copa Holdings SA Class A (b) | 2,300 | 161 | |
Building Products - 0.4% | |||
A.O. Smith Corp. | 5,400 | 427 | |
Johnson Controls International PLC | 32,200 | 2,407 | |
2,834 | |||
Commercial Services & Supplies - 0.6% | |||
GFL Environmental, Inc. | 45,100 | 1,738 | |
Healthcare Services Group, Inc. | 61,000 | 1,068 | |
HNI Corp. | 11,000 | 435 | |
Interface, Inc. | 40,100 | 572 | |
Ritchie Bros. Auctioneers, Inc. | 1,300 | 88 | |
3,901 | |||
Electrical Equipment - 1.3% | |||
Acuity Brands, Inc. | 11,600 | 2,336 | |
Hubbell, Inc. Class B | 11,012 | 2,155 | |
Regal Rexnord Corp. | 1,600 | 253 | |
Rockwell Automation, Inc. | 1,600 | 538 | |
Vertiv Holdings Co. | 121,600 | 3,118 | |
8,400 | |||
Industrial Conglomerates - 5.8% | |||
3M Co. | 11,200 | 1,904 | |
General Electric Co. | 375,536 | 35,672 | |
37,576 | |||
Machinery - 2.0% | |||
Allison Transmission Holdings, Inc. | 19,900 | 688 | |
Caterpillar, Inc. | 3,600 | 696 | |
Cummins, Inc. | 4,500 | 944 | |
Donaldson Co., Inc. | 49,600 | 2,799 | |
Epiroc AB (A Shares) | 2,700 | 66 | |
Flowserve Corp. | 28,400 | 851 | |
Fortive Corp. | 19,000 | 1,404 | |
Kardex AG | 550 | 167 | |
Nordson Corp. | 8,200 | 2,084 | |
Otis Worldwide Corp. | 7,265 | 584 | |
PACCAR, Inc. | 7,300 | 609 | |
Stanley Black & Decker, Inc. | 5,000 | 874 | |
Westinghouse Air Brake Tech Co. | 15,031 | 1,334 | |
13,100 | |||
Professional Services - 0.6% | |||
Equifax, Inc. | 5,100 | 1,421 | |
RELX PLC (London Stock Exchange) | 72,320 | 2,243 | |
Robert Half International, Inc. | 800 | 89 | |
3,753 | |||
Road & Rail - 0.6% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 68,300 | 3,910 | |
Trading Companies & Distributors - 0.9% | |||
Brenntag SE | 3,600 | 309 | |
Fastenal Co. | 10,500 | 621 | |
MSC Industrial Direct Co., Inc. Class A | 600 | 47 | |
Watsco, Inc. | 16,664 | 4,878 | |
5,855 | |||
Transportation Infrastructure - 0.0% | |||
Aena SME SA (a)(b) | 1,900 | 279 | |
TOTAL INDUSTRIALS | 109,860 | ||
INFORMATION TECHNOLOGY - 21.0% | |||
Electronic Equipment & Components - 0.3% | |||
CDW Corp. | 8,800 | 1,666 | |
Vontier Corp. | 14,100 | 444 | |
2,110 | |||
IT Services - 3.8% | |||
Amadeus IT Holding SA Class A (b) | 43,900 | 2,811 | |
DXC Technology Co. (b) | 9,400 | 282 | |
Edenred SA | 50,600 | 2,268 | |
Fidelity National Information Services, Inc. | 35,600 | 3,720 | |
Genpact Ltd. | 45,600 | 2,201 | |
Global Payments, Inc. | 5,000 | 595 | |
IBM Corp. | 16,300 | 1,909 | |
MasterCard, Inc. Class A | 2,800 | 882 | |
Unisys Corp. (b) | 66,892 | 1,215 | |
Visa, Inc. Class A | 45,040 | 8,727 | |
24,610 | |||
Semiconductors & Semiconductor Equipment - 4.4% | |||
Analog Devices, Inc. | 12,300 | 2,217 | |
Applied Materials, Inc. | 11,595 | 1,707 | |
Intel Corp. | 58,100 | 2,859 | |
Lam Research Corp. | 2,000 | 1,360 | |
Marvell Technology, Inc. | 29,700 | 2,114 | |
NXP Semiconductors NV | 17,300 | 3,864 | |
Qualcomm, Inc. (c) | 77,898 | 14,065 | |
28,186 | |||
Software - 8.6% | |||
Microsoft Corp. | 145,073 | 47,957 | |
Open Text Corp. | 13,700 | 649 | |
SAP SE sponsored ADR | 46,800 | 6,011 | |
Temenos Group AG | 9,690 | 1,244 | |
55,861 | |||
Technology Hardware, Storage & Peripherals - 3.9% | |||
Apple, Inc. | 145,492 | 24,050 | |
FUJIFILM Holdings Corp. | 5,200 | 409 | |
Samsung Electronics Co. Ltd. | 13,520 | 815 | |
25,274 | |||
TOTAL INFORMATION TECHNOLOGY | 136,041 | ||
MATERIALS - 2.2% | |||
Chemicals - 0.9% | |||
DuPont de Nemours, Inc. | 60,600 | 4,482 | |
PPG Industries, Inc. | 7,000 | 1,079 | |
5,561 | |||
Metals & Mining - 1.3% | |||
Anglo American PLC (United Kingdom) | 26,053 | 959 | |
First Quantum Minerals Ltd. | 82,546 | 1,760 | |
Freeport-McMoRan, Inc. | 126,800 | 4,702 | |
Glencore Xstrata PLC | 243,400 | 1,156 | |
8,577 | |||
TOTAL MATERIALS | 14,138 | ||
REAL ESTATE - 1.2% | |||
Equity Real Estate Investment Trusts (REITs) - 1.2% | |||
American Tower Corp. | 11,100 | 2,914 | |
Equinix, Inc. | 110 | 89 | |
Public Storage | 200 | 65 | |
Simon Property Group, Inc. | 31,700 | 4,845 | |
7,913 | |||
UTILITIES - 1.0% | |||
Electric Utilities - 0.8% | |||
Duke Energy Corp. | 9,700 | 941 | |
Entergy Corp. | 11,200 | 1,124 | |
Exelon Corp. | 11,900 | 627 | |
Southern Co. | 43,700 | 2,670 | |
5,362 | |||
Multi-Utilities - 0.2% | |||
CenterPoint Energy, Inc. | 21,600 | 560 | |
Sempra Energy | 5,700 | 683 | |
1,243 | |||
TOTAL UTILITIES | 6,605 | ||
TOTAL COMMON STOCKS | |||
(Cost $409,706) | 634,012 | ||
Convertible Preferred Stocks - 0.2% | |||
HEALTH CARE - 0.2% | |||
Health Care Equipment & Supplies - 0.2% | |||
Becton, Dickinson & Co. 6.50% | 12,900 | 655 | |
Boston Scientific Corp. Series A, 5.50% | 7,700 | 813 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $1,415) | 1,468 | ||
Principal Amount (000s) | Value (000s) | ||
Convertible Bonds - 0.1% | |||
HEALTH CARE - 0.1% | |||
Biotechnology - 0.1% | |||
Intercept Pharmaceuticals, Inc. 2% 5/15/26 (Cost $887) | 1,093 | 642 | |
Shares | Value (000s) | ||
Other - 0.1% | |||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Utica Shale Drilling Program (non-operating revenue interest) (e)(f)(g) | |||
(Cost $1,470) | 1,469,796 | 476 | |
Money Market Funds - 1.8% | |||
Fidelity Cash Central Fund 0.06% (h) | 11,069,195 | 11,071 | |
Fidelity Securities Lending Cash Central Fund 0.07% (h)(i) | 726,647 | 727 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $11,798) | 11,798 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $425,276) | 648,396 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (118) | ||
NET ASSETS - 100% | $648,278 |
Written Options | ||||||
Counterparty | Number of Contracts | Notional Amount (000s) | Exercise Price | Expiration Date | Value (000s) | |
Call Options | ||||||
Bank of America Corp. | Chicago Board Options Exchange | 270 | $1,201 | $45.00 | 12/17/21 | $(24) |
Bank of America Corp. | Chicago Board Options Exchange | 271 | 1,205 | 48.00 | 12/17/21 | (6) |
Bank of America Corp. | Chicago Board Options Exchange | 271 | 1,205 | 50.00 | 1/21/22 | (12) |
Comcast Corp. Class A | Chicago Board Options Exchange | 174 | 870 | 60.00 | 12/17/21 | (1) |
Qualcomm, Inc. | Chicago Board Options Exchange | 37 | 668 | 200.00 | 2/18/22 | (24) |
Qualcomm, Inc. | Chicago Board Options Exchange | 37 | 668 | 210.00 | 2/18/22 | (16) |
State Street Corp. | Chicago Board Options Exchange | 56 | 498 | 105.00 | 1/21/22 | (3) |
TOTAL WRITTEN OPTIONS | $(86) |
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 $710,000 or 0.1% of net assets.
(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 $6,315,000.
(d) Security or a portion of the security is on loan at period end.
(e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(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 $476,000 or 0.1% of net assets.
(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) |
Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $1,470 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $463 | $51,645 | $41,037 | $2 | $-- | $-- | $11,071 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.07% | 8,019 | 86,883 | 94,175 | 433 | -- | -- | 727 | 0.0% |
Total | $8,482 | $138,528 | $135,212 | $435 | $-- | $-- | $11,798 |
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, 2021, 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 | $39,242 | $39,242 | $-- | $-- |
Consumer Discretionary | 22,676 | 22,676 | -- | -- |
Consumer Staples | 40,525 | 40,525 | -- | -- |
Energy | 54,536 | 54,536 | -- | -- |
Financials | 120,956 | 120,956 | -- | -- |
Health Care | 82,988 | 81,520 | 1,468 | -- |
Industrials | 109,860 | 104,636 | 5,224 | -- |
Information Technology | 136,041 | 132,821 | 3,220 | -- |
Materials | 14,138 | 12,023 | 2,115 | -- |
Real Estate | 7,913 | 7,913 | -- | -- |
Utilities | 6,605 | 6,605 | -- | -- |
Corporate Bonds | 642 | -- | 642 | -- |
Other | 476 | -- | -- | 476 |
Money Market Funds | 11,798 | 11,798 | -- | -- |
Total Investments in Securities: | $648,396 | $635,251 | $12,669 | $476 |
Derivative Instruments: | ||||
Liabilities | ||||
Written Options | $(86) | $(86) | $-- | $-- |
Total Liabilities | $(86) | $(86) | $-- | $-- |
Total Derivative Instruments: | $(86) | $(86) | $-- | $-- |
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, 2021. 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 | $(86) |
Total Equity Risk | 0 | (86) |
Total Value of Derivatives | $0 | $(86) |
(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 | 86.6% |
Canada | 2.7% |
United Kingdom | 2.1% |
Germany | 1.9% |
Netherlands | 1.9% |
France | 1.0% |
Others (Individually Less Than 1%) | 3.8% |
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, 2021 | |
Assets | ||
Investment in securities, at value (including securities loaned of $697) — See accompanying schedule: Unaffiliated issuers (cost $413,478) | $636,598 | |
Fidelity Central Funds (cost $11,798) | 11,798 | |
Total Investment in Securities (cost $425,276) | $648,396 | |
Cash | 84 | |
Restricted cash | 7 | |
Foreign currency held at value (cost $101) | 101 | |
Receivable for investments sold | 372 | |
Receivable for fund shares sold | 526 | |
Dividends receivable | 1,546 | |
Interest receivable | 1 | |
Distributions receivable from Fidelity Central Funds | 1 | |
Prepaid expenses | 1 | |
Other receivables | 6 | |
Total assets | 651,041 | |
Liabilities | ||
Payable for investments purchased | $743 | |
Payable for fund shares redeemed | 655 | |
Accrued management fee | 239 | |
Distribution and service plan fees payable | 186 | |
Written options, at value (premium received $165) | 86 | |
Other affiliated payables | 112 | |
Other payables and accrued expenses | 13 | |
Collateral on securities loaned | 729 | |
Total liabilities | 2,763 | |
Net Assets | $648,278 | |
Net Assets consist of: | ||
Paid in capital | $400,829 | |
Total accumulated earnings (loss) | 247,449 | |
Net Assets | $648,278 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($344,334 ÷ 10,429.8 shares)(a) | $33.01 | |
Maximum offering price per share (100/94.25 of $33.01) | $35.02 | |
Class M: | ||
Net Asset Value and redemption price per share ($172,918 ÷ 5,237.7 shares)(a) | $33.01 | |
Maximum offering price per share (100/96.50 of $33.01) | $34.21 | |
Class C: | ||
Net Asset Value and offering price per share ($40,708 ÷ 1,342.2 shares)(a) | $30.33 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($76,085 ÷ 2,241.2 shares) | $33.95 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($14,233 ÷ 418.1 shares) | $34.04 |
(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, 2021 | |
Investment Income | ||
Dividends | $12,562 | |
Non-Cash dividends | 3,943 | |
Interest | 49 | |
Income from Fidelity Central Funds (including $433 from security lending) | 435 | |
Total income | 16,989 | |
Expenses | ||
Management fee | $2,606 | |
Transfer agent fees | 1,073 | |
Distribution and service plan fees | 2,081 | |
Accounting fees | 225 | |
Custodian fees and expenses | 21 | |
Independent trustees' fees and expenses | 2 | |
Registration fees | 81 | |
Audit | 67 | |
Legal | 6 | |
Miscellaneous | 4 | |
Total expenses before reductions | 6,166 | |
Expense reductions | (10) | |
Total expenses after reductions | 6,156 | |
Net investment income (loss) | 10,833 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $10) | 17,399 | |
Foreign currency transactions | 2 | |
Written options | 830 | |
Total net realized gain (loss) | 18,231 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $4) | 97,815 | |
Assets and liabilities in foreign currencies | (6) | |
Written options | 42 | |
Total change in net unrealized appreciation (depreciation) | 97,851 | |
Net gain (loss) | 116,082 | |
Net increase (decrease) in net assets resulting from operations | $126,915 |
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, 2021 | Year ended November 30, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $10,833 | $8,377 |
Net realized gain (loss) | 18,231 | 20,862 |
Change in net unrealized appreciation (depreciation) | 97,851 | (7,603) |
Net increase (decrease) in net assets resulting from operations | 126,915 | 21,636 |
Distributions to shareholders | (25,162) | (37,408) |
Share transactions - net increase (decrease) | 27,651 | (21,275) |
Total increase (decrease) in net assets | 129,404 | (37,047) |
Net Assets | ||
Beginning of period | 518,874 | 555,921 |
End of period | $648,278 | $518,874 |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $27.71 | $28.32 | $28.69 | $30.29 | $26.89 |
Income from Investment Operations | |||||
Net investment income (loss)A | .59B | .44 | .49 | .43 | .41 |
Net realized and unrealized gain (loss) | 6.08 | .90 | 2.48 | .58 | 3.83 |
Total from investment operations | 6.67 | 1.34 | 2.97 | 1.01 | 4.24 |
Distributions from net investment income | (.48) | (.48) | (.47) | (.36) | (.39)C |
Distributions from net realized gain | (.89) | (1.47) | (2.87) | (2.26) | (.45)C |
Total distributions | (1.37) | (1.95) | (3.34) | (2.61)D | (.84) |
Net asset value, end of period | $33.01 | $27.71 | $28.32 | $28.69 | $30.29 |
Total ReturnE,F | 25.08% | 4.86% | 13.65% | 3.42% | 16.15% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | .92% | .95% | .96% | .96% | .97% |
Expenses net of fee waivers, if any | .92% | .95% | .96% | .96% | .97% |
Expenses net of all reductions | .92% | .95% | .95% | .95% | .97% |
Net investment income (loss) | 1.85%B | 1.78% | 1.93% | 1.49% | 1.47% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $344 | $277 | $288 | $243 | $255 |
Portfolio turnover rateI | 15% | 28% | 29% | 40% | 36% |
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 $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.21%.
C The amount shown reflects 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 Growth & Income Fund Class M
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $27.71 | $28.31 | $28.67 | $30.26 | $26.87 |
Income from Investment Operations | |||||
Net investment income (loss)A | .51B | .38 | .43 | .36 | .34 |
Net realized and unrealized gain (loss) | 6.10 | .89 | 2.47 | .59 | 3.82 |
Total from investment operations | 6.61 | 1.27 | 2.90 | .95 | 4.16 |
Distributions from net investment income | (.42) | (.40) | (.39) | (.28) | (.32)C |
Distributions from net realized gain | (.89) | (1.47) | (2.87) | (2.26) | (.45)C |
Total distributions | (1.31) | (1.87) | (3.26) | (2.54) | (.77) |
Net asset value, end of period | $33.01 | $27.71 | $28.31 | $28.67 | $30.26 |
Total ReturnD,E | 24.77% | 4.61% | 13.33% | 3.19% | 15.85% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.16% | 1.20% | 1.21% | 1.21% | 1.23% |
Expenses net of fee waivers, if any | 1.16% | 1.20% | 1.21% | 1.21% | 1.22% |
Expenses net of all reductions | 1.16% | 1.20% | 1.20% | 1.20% | 1.22% |
Net investment income (loss) | 1.61%B | 1.53% | 1.68% | 1.24% | 1.22% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $173 | $153 | $172 | $175 | $186 |
Portfolio turnover rateH | 15% | 28% | 29% | 40% | 36% |
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 $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.
C The amount shown reflects 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 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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $25.56 | $26.22 | $26.79 | $28.45 | $25.33 |
Income from Investment Operations | |||||
Net investment income (loss)A | .32B | .23 | .27 | .20 | .19 |
Net realized and unrealized gain (loss) | 5.62 | .82 | 2.28 | .55 | 3.60 |
Total from investment operations | 5.94 | 1.05 | 2.55 | .75 | 3.79 |
Distributions from net investment income | (.28) | (.24) | (.26) | (.15) | (.22)C |
Distributions from net realized gain | (.89) | (1.47) | (2.87) | (2.26) | (.45)C |
Total distributions | (1.17) | (1.71) | (3.12)D | (2.41) | (.67) |
Net asset value, end of period | $30.33 | $25.56 | $26.22 | $26.79 | $28.45 |
Total ReturnE,F | 24.14% | 4.07% | 12.74% | 2.64% | 15.28% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | 1.69% | 1.73% | 1.73% | 1.72% | 1.73% |
Expenses net of fee waivers, if any | 1.69% | 1.73% | 1.73% | 1.71% | 1.73% |
Expenses net of all reductions | 1.69% | 1.73% | 1.73% | 1.71% | 1.72% |
Net investment income (loss) | 1.09%B | 1.00% | 1.15% | .73% | .72% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $41 | $34 | $41 | $75 | $86 |
Portfolio turnover rateI | 15% | 28% | 29% | 40% | 36% |
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 $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .44%.
C The amount shown reflects 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 contingent deferred sales charge.
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 Growth & Income Fund Class I
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $28.45 | $29.01 | $29.33 | $30.91 | $27.41 |
Income from Investment Operations | |||||
Net investment income (loss)A | .69B | .52 | .57 | .52 | .50 |
Net realized and unrealized gain (loss) | 6.24 | .93 | 2.52 | .60 | 3.90 |
Total from investment operations | 6.93 | 1.45 | 3.09 | 1.12 | 4.40 |
Distributions from net investment income | (.55) | (.54) | (.54) | (.44) | (.45)C |
Distributions from net realized gain | (.89) | (1.47) | (2.87) | (2.26) | (.45)C |
Total distributions | (1.43)D | (2.01) | (3.41) | (2.70) | (.90) |
Net asset value, end of period | $33.95 | $28.45 | $29.01 | $29.33 | $30.91 |
Total ReturnE | 25.40% | 5.16% | 13.89% | 3.71% | 16.45% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .67% | .70% | .70% | .69% | .70% |
Expenses net of fee waivers, if any | .67% | .70% | .69% | .69% | .70% |
Expenses net of all reductions | .67% | .69% | .69% | .69% | .70% |
Net investment income (loss) | 2.10%B | 2.03% | 2.19% | 1.75% | 1.74% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $76 | $45 | $48 | $47 | $53 |
Portfolio turnover rateH | 15% | 28% | 29% | 40% | 36% |
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 $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.46%.
C The amount shown reflects 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.
Fidelity Advisor Growth & Income Fund Class Z
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $28.52 | $29.09 | $29.35 | $30.94 | $27.35 |
Income from Investment Operations | |||||
Net investment income (loss)B | .73C | .55 | .62 | .56 | .51 |
Net realized and unrealized gain (loss) | 6.26 | .93 | 2.53 | .59 | 3.08 |
Total from investment operations | 6.99 | 1.48 | 3.15 | 1.15 | 3.59 |
Distributions from net investment income | (.59) | (.58) | (.54) | (.49) | – |
Distributions from net realized gain | (.89) | (1.47) | (2.87) | (2.26) | – |
Total distributions | (1.47)D | (2.05) | (3.41) | (2.74)D | – |
Net asset value, end of period | $34.04 | $28.52 | $29.09 | $29.35 | $30.94 |
Total ReturnE,F | 25.59% | 5.26% | 14.11% | 3.84% | 13.13% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | .53% | .55% | .56% | .56% | .57%I |
Expenses net of fee waivers, if any | .53% | .55% | .56% | .56% | .57%I |
Expenses net of all reductions | .53% | .55% | .55% | .55% | .57%I |
Net investment income (loss) | 2.24%C | 2.18% | 2.33% | 1.89% | 2.13%I |
Supplemental Data | |||||
Net assets, end of period (in millions) | $14 | $11 | $7 | $22 | $16 |
Portfolio turnover rateJ | 15% | 28% | 29% | 40% | 36% |
A For the period February 1, 2017 (commencement of sale of shares) through 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 $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.60%.
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).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2021
(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. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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, 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, 2021, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, 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, 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 | $251,179 |
Gross unrealized depreciation | (29,900) |
Net unrealized appreciation (depreciation) | $221,279 |
Tax Cost | $427,031 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $11,902 |
Undistributed long-term capital gain | $14,268 |
Net unrealized appreciation (depreciation) on securities and other investments | $221,280 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $8,545 | $ 8,663 |
Long-term Capital Gains | 16,617 | 28,745 |
Total | $25,162 | $ 37,408 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
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 | 483 | .07 |
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 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, in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Growth & Income Fund | 95,827 | 92,768 |
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% | $817 | $16 |
Class M | .25% | .25% | 869 | 17 |
Class C | .75% | .25% | 395 | 47 |
$2,081 | $80 |
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 | $101 |
Class M | 11 |
Class C(a) | 2 |
$114 |
(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.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $583 | .18 |
Class M | 299 | .17 |
Class C | 78 | .20 |
Class I | 108 | .18 |
Class Z | 5 | .04 |
$1,073 |
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 | $1 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Growth & Income Fund | 7,449 | 5,463 | 2,226 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($) | |
Fidelity Advisor Growth & Income Fund | 18 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Growth & Income Fund | $1 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Growth & Income Fund | $32 | $– | $– |
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $10.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Growth & Income Fund | ||
Distributions to shareholders | ||
Class A | $13,601 | $19,645 |
Class M | 7,162 | 11,240 |
Class C | 1,554 | 2,639 |
Class I | 2,271 | 3,375 |
Class Z | 574 | 509 |
Total | $25,162 | $37,408 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended November 30, 2021 | Year ended November 30, 2020 | Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Growth & Income Fund | ||||
Class A | ||||
Shares sold | 1,486 | 838 | $47,727 | $20,649 |
Reinvestment of distributions | 466 | 680 | 12,807 | 18,480 |
Shares redeemed | (1,503) | (1,707) | (47,472) | (42,354) |
Net increase (decrease) | 449 | (189) | $13,062 | $(3,225) |
Class M | ||||
Shares sold | 324 | 298 | $10,258 | $7,357 |
Reinvestment of distributions | 254 | 404 | 6,998 | 10,998 |
Shares redeemed | (859) | (1,272) | (27,103) | (31,461) |
Net increase (decrease) | (281) | (570) | $(9,847) | $(13,106) |
Class C | ||||
Shares sold | 366 | 161 | $10,922 | $3,660 |
Reinvestment of distributions | 60 | 102 | 1,533 | 2,577 |
Shares redeemed | (423) | (469) | (12,405) | (10,502) |
Net increase (decrease) | 3 | (206) | $50 | $(4,265) |
Class I | ||||
Shares sold | 1,111 | 933 | $36,641 | $23,094 |
Reinvestment of distributions | 72 | 109 | 2,022 | 3,021 |
Shares redeemed | (507) | (1,123) | (16,185) | (28,359) |
Net increase (decrease) | 676 | (81) | $22,478 | $(2,244) |
Class Z | ||||
Shares sold | 374 | 768 | $12,347 | $18,165 |
Reinvestment of distributions | 16 | 13 | 460 | 358 |
Shares redeemed | (344) | (659) | (10,899) | (16,958) |
Net increase (decrease) | 46 | 122 | $1,908 | $1,565 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. 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 Advisor Series I, including the schedule of investments, as of November 30, 2021, 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, 2021, 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, 2021, 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 13, 2022
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 314 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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Growth & Income Fund | ||||
Class A | .91% | |||
Actual | $1,000.00 | $997.00 | $4.56 | |
Hypothetical-C | $1,000.00 | $1,020.51 | $4.61 | |
Class M | 1.15% | |||
Actual | $1,000.00 | $995.80 | $5.75 | |
Hypothetical-C | $1,000.00 | $1,019.30 | $5.82 | |
Class C | 1.68% | |||
Actual | $1,000.00 | $993.40 | $8.40 | |
Hypothetical-C | $1,000.00 | $1,016.65 | $8.49 | |
Class I | .66% | |||
Actual | $1,000.00 | $998.50 | $3.31 | |
Hypothetical-C | $1,000.00 | $1,021.76 | $3.35 | |
Class Z | .53% | |||
Actual | $1,000.00 | $998.80 | $2.66 | |
Hypothetical-C | $1,000.00 | $1,022.41 | $2.69 |
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/ 365 (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 | 12/29/21 | 12/28/21 | $0.545 | $0.795 |
Class M | 12/29/21 | 12/28/21 | $0.456 | $0.795 |
Class C | 12/29/21 | 12/28/21 | $0.325 | $0.795 |
Class I | 12/29/21 | 12/28/21 | $0.630 | $0.795 |
Class Z | 12/29/21 | 12/28/21 | $0.675 | $0.795 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $14,287,001, 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 2020, 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 2022 of amounts for use in preparing 2021 income tax returns.
AGAI-ANN-0122
1.539472.124
Fidelity Advisor® Small Cap Fund
November 30, 2021
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 27.43% | 12.43% | 11.50% |
Class M (incl. 3.50% sales charge) | 30.19% | 12.69% | 11.51% |
Class C (incl. contingent deferred sales charge) | 33.12% | 12.87% | 11.48% |
Class I | 35.57% | 14.07% | 12.47% |
Class Z | 35.75% | 14.23% | 12.60% |
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, 2011, 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/0001379491-22-000216/img762226030_740.jpg)
Period Ending Values | ||
$29,695 | Fidelity Advisor® Small Cap Fund - Class A | |
$34,119 | Russell 2000® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Portfolio Manager Jennifer Fo Cardillo: For the fiscal year ending November 30, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 34% to 36%, handily outperforming the 22.03% result of the benchmark Russell 2000® Index. Versus the benchmark, security selection was the primary contributor, especially in the information technology sector. Strong picks in industrials also lifted the fund's relative result. Further aiding the portfolio's return versus the benchmark were investment choices and an underweighting in the lagging health care sector, primarily driven by the pharmaceuticals, biotechnology & life sciences industry. The fund's top individual relative contributor was an overweighting in Synaptics, which gained 262% the past 12 months and was among the largest holdings as of November 30. Also boosting value was our outsized stake in Atkore, which gained 172% and was among the fund's biggest holdings at the end of the period as well. Overweighting Crocs (+176%), another of the portfolio’s largest positions, also helped on a relative basis. Conversely, the largest detractors from performance versus the benchmark were stock picks and an underweighting in energy, followed by security selection in utilities and an underweighting in real estate. The fund's biggest individual relative detractor was larger-than-benchmark exposure to Haemonetics, which returned -50% and was ultimately sold during the 12-month period. Avoiding Avis Budget, a benchmark component that gained 681%, further weighed on the portfolio’s relative result. Also hurting performance was our outsized position in Array Technologies, which returned roughly -60%, though we added to our stake in the stock this past year. Notable changes in positioning include increased exposure to the information technology 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, 2021
% of fund's net assets | |
Synaptics, Inc. | 2.4 |
Atkore, Inc. | 2.0 |
Crocs, Inc. | 1.9 |
Skyline Champion Corp. | 1.8 |
KBR, Inc. | 1.6 |
TechTarget, Inc. | 1.6 |
BJ's Wholesale Club Holdings, Inc. | 1.6 |
ConnectOne Bancorp, Inc. | 1.6 |
Concentrix Corp. | 1.5 |
Morningstar, Inc. | 1.5 |
17.5 |
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Industrials | 18.9 |
Information Technology | 17.2 |
Health Care | 15.6 |
Financials | 14.8 |
Consumer Discretionary | 14.3 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021* | ||
Stocks | 99.4% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.6% |
* Foreign investments - 14.1%
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 98.4% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 3.1% | |||
Interactive Media & Services - 0.9% | |||
Ziff Davis, Inc. (a) | 159,900 | $18,208 | |
Media - 2.2% | |||
Gray Television, Inc. (b) | 672,300 | 13,863 | |
TechTarget, Inc. (a) | 352,700 | 34,081 | |
47,944 | |||
TOTAL COMMUNICATION SERVICES | 66,152 | ||
CONSUMER DISCRETIONARY - 14.3% | |||
Auto Components - 2.0% | |||
Adient PLC (a) | 482,700 | 20,491 | |
Patrick Industries, Inc. | 286,164 | 22,827 | |
43,318 | |||
Hotels, Restaurants & Leisure - 1.8% | |||
Brinker International, Inc. (a) | 293,100 | 10,141 | |
Churchill Downs, Inc. | 82,200 | 18,431 | |
Lindblad Expeditions Holdings (a) | 751,200 | 10,524 | |
39,096 | |||
Household Durables - 3.4% | |||
Skyline Champion Corp. (a) | 489,686 | 38,318 | |
Tempur Sealy International, Inc. | 332,800 | 14,257 | |
TopBuild Corp. (a) | 74,200 | 20,018 | |
Traeger, Inc. | 23,434 | 303 | |
72,896 | |||
Internet & Direct Marketing Retail - 0.1% | |||
BARK, Inc. (c) | 402,800 | 2,159 | |
Leisure Products - 1.0% | |||
Clarus Corp. | 465,138 | 12,275 | |
YETI Holdings, Inc. (a) | 101,400 | 9,345 | |
21,620 | |||
Specialty Retail - 4.1% | |||
Academy Sports & Outdoors, Inc. (a) | 177,305 | 7,911 | |
American Eagle Outfitters, Inc. (b) | 505,200 | 13,080 | |
Boot Barn Holdings, Inc. (a)(b) | 156,000 | 19,085 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 32,000 | 9,323 | |
Murphy U.S.A., Inc. | 132,100 | 22,897 | |
Musti Group OYJ | 526,793 | 17,756 | |
90,052 | |||
Textiles, Apparel & Luxury Goods - 1.9% | |||
Crocs, Inc. (a) | 252,721 | 41,451 | |
TOTAL CONSUMER DISCRETIONARY | 310,592 | ||
CONSUMER STAPLES - 2.3% | |||
Food & Staples Retailing - 1.6% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 513,730 | 33,983 | |
Food Products - 0.7% | |||
Nomad Foods Ltd. (a) | 680,800 | 16,264 | |
TOTAL CONSUMER STAPLES | 50,247 | ||
ENERGY - 2.2% | |||
Oil, Gas & Consumable Fuels - 2.2% | |||
Antero Resources Corp. (a) | 900,800 | 15,818 | |
Enviva Partners LP | 204,500 | 14,321 | |
Hess Midstream LP (b) | 298,448 | 7,390 | |
Renewable Energy Group, Inc. (a)(b) | 201,800 | 9,642 | |
47,171 | |||
FINANCIALS - 14.8% | |||
Banks - 6.0% | |||
ConnectOne Bancorp, Inc. | 1,038,900 | 33,764 | |
First Citizens Bancshares, Inc. (b) | 34,500 | 27,737 | |
First Interstate Bancsystem, Inc. (b) | 448,200 | 18,287 | |
Independent Bank Corp., Massachusetts (b) | 172,300 | 13,622 | |
ServisFirst Bancshares, Inc. (b) | 290,000 | 23,313 | |
Trico Bancshares | 330,000 | 13,913 | |
130,636 | |||
Capital Markets - 3.6% | |||
LPL Financial | 202,000 | 31,837 | |
Morningstar, Inc. | 102,609 | 31,843 | |
Patria Investments Ltd. | 765,900 | 13,082 | |
76,762 | |||
Consumer Finance - 1.0% | |||
PROG Holdings, Inc. | 483,514 | 21,816 | |
Insurance - 2.4% | |||
Enstar Group Ltd. (a) | 63,102 | 14,078 | |
Old Republic International Corp. | 612,900 | 14,685 | |
Primerica, Inc. | 152,500 | 22,440 | |
51,203 | |||
Thrifts & Mortgage Finance - 1.8% | |||
Essent Group Ltd. | 502,023 | 20,874 | |
WSFS Financial Corp. | 378,670 | 18,827 | |
39,701 | |||
TOTAL FINANCIALS | 320,118 | ||
HEALTH CARE - 15.6% | |||
Biotechnology - 4.5% | |||
ADC Therapeutics SA (a) | 66,997 | 1,491 | |
Agios Pharmaceuticals, Inc. (a) | 137,300 | 4,891 | |
Allakos, Inc. (a) | 72,000 | 5,641 | |
Aurinia Pharmaceuticals, Inc. (a)(b) | 247,900 | 4,670 | |
Avid Bioservices, Inc. (a)(b) | 468,611 | 14,321 | |
Bolt Biotherapeutics, Inc. (b) | 209,500 | 1,942 | |
Celldex Therapeutics, Inc. (a) | 69,400 | 2,644 | |
Cerevel Therapeutics Holdings (a) | 171,300 | 5,343 | |
Cytokinetics, Inc. (a) | 216,000 | 8,497 | |
Erasca, Inc. | 254,100 | 3,601 | |
Exelixis, Inc. (a) | 201,700 | 3,387 | |
Forma Therapeutics Holdings, Inc. (a) | 181,800 | 2,634 | |
Instil Bio, Inc. | 265,800 | 5,842 | |
Keros Therapeutics, Inc. (a) | 58,000 | 3,236 | |
Mirati Therapeutics, Inc. (a) | 28,000 | 3,830 | |
Prelude Therapeutics, Inc. (a)(b) | 158,037 | 2,258 | |
PTC Therapeutics, Inc. (a) | 111,200 | 4,132 | |
Relay Therapeutics, Inc. (a) | 218,100 | 6,417 | |
TG Therapeutics, Inc. (a) | 218,000 | 3,314 | |
Xenon Pharmaceuticals, Inc. (a) | 208,800 | 5,575 | |
Zentalis Pharmaceuticals, Inc. (a) | 48,346 | 3,967 | |
97,633 | |||
Health Care Equipment & Supplies - 3.4% | |||
Axonics Modulation Technologies, Inc. (a)(b) | 183,400 | 9,979 | |
BioLife Solutions, Inc. (a)(b) | 184,500 | 7,041 | |
CryoPort, Inc. (a)(b) | 177,600 | 11,800 | |
Envista Holdings Corp. (a) | 429,900 | 16,680 | |
Heska Corp. (a)(b) | 49,700 | 8,000 | |
Tandem Diabetes Care, Inc. (a) | 137,500 | 17,672 | |
TransMedics Group, Inc. (a) | 146,600 | 3,231 | |
74,403 | |||
Health Care Providers & Services - 3.4% | |||
Acadia Healthcare Co., Inc. (a) | 312,100 | 17,531 | |
Chemed Corp. | 48,900 | 22,762 | |
LHC Group, Inc. (a) | 81,877 | 9,393 | |
The Ensign Group, Inc. | 190,400 | 14,533 | |
The Joint Corp. (a) | 118,919 | 9,504 | |
73,723 | |||
Health Care Technology - 0.6% | |||
Phreesia, Inc. (a) | 240,300 | 13,861 | |
Life Sciences Tools & Services - 2.9% | |||
Charles River Laboratories International, Inc. (a) | 39,400 | 14,415 | |
Medpace Holdings, Inc. (a) | 99,400 | 20,617 | |
Olink Holding AB ADR (b) | 296,202 | 6,208 | |
Syneos Health, Inc. (a) | 213,700 | 20,763 | |
62,003 | |||
Pharmaceuticals - 0.8% | |||
Arvinas Holding Co. LLC (a) | 94,200 | 7,122 | |
Edgewise Therapeutics, Inc. | 174,400 | 3,038 | |
Nektar Therapeutics (a) | 159,900 | 1,800 | |
NGM Biopharmaceuticals, Inc. (a) | 156,500 | 2,820 | |
Terns Pharmaceuticals, Inc. | 327,784 | 2,475 | |
17,255 | |||
TOTAL HEALTH CARE | 338,878 | ||
INDUSTRIALS - 18.9% | |||
Aerospace & Defense - 0.4% | |||
Vectrus, Inc. (a) | 216,997 | 9,079 | |
Building Products - 1.8% | |||
Gibraltar Industries, Inc. (a) | 212,712 | 14,443 | |
Masonite International Corp. (a)(b) | 227,800 | 24,375 | |
38,818 | |||
Commercial Services & Supplies - 1.2% | |||
Tetra Tech, Inc. | 139,200 | 25,707 | |
Construction & Engineering - 0.9% | |||
EMCOR Group, Inc. | 159,700 | 19,059 | |
Electrical Equipment - 2.7% | |||
Array Technologies, Inc. (a)(b) | 892,032 | 16,070 | |
Atkore, Inc. (a) | 406,100 | 43,250 | |
59,320 | |||
Machinery - 4.5% | |||
ESCO Technologies, Inc. | 150,400 | 12,294 | |
ITT, Inc. | 201,400 | 19,048 | |
Kornit Digital Ltd. (a) | 82,400 | 12,765 | |
Luxfer Holdings PLC sponsored | 804,400 | 15,268 | |
Oshkosh Corp. | 196,000 | 21,090 | |
SPX Flow, Inc. | 205,224 | 17,138 | |
97,603 | |||
Professional Services - 5.6% | |||
ASGN, Inc. (a) | 162,500 | 19,773 | |
Booz Allen Hamilton Holding Corp. Class A | 141,400 | 11,869 | |
FTI Consulting, Inc. (a) | 77,300 | 11,293 | |
Insperity, Inc. | 162,400 | 18,796 | |
KBR, Inc. (b) | 784,100 | 34,500 | |
TriNet Group, Inc. (a) | 254,700 | 25,546 | |
121,777 | |||
Road & Rail - 0.6% | |||
TFI International, Inc. | 128,500 | 13,075 | |
Trading Companies & Distributors - 1.2% | |||
GMS, Inc. (a) | 446,718 | 24,958 | |
TOTAL INDUSTRIALS | 409,396 | ||
INFORMATION TECHNOLOGY - 17.2% | |||
Communications Equipment - 0.9% | |||
Extreme Networks, Inc. (a) | 1,520,200 | 20,523 | |
Electronic Equipment & Components - 4.6% | |||
Advanced Energy Industries, Inc. | 174,700 | 15,319 | |
ePlus, Inc. (a) | 150,689 | 15,896 | |
Insight Enterprises, Inc. (a) | 294,172 | 29,011 | |
Napco Security Technolgies, Inc. (a) | 336,151 | 15,621 | |
TD SYNNEX Corp. | 224,341 | 23,210 | |
99,057 | |||
IT Services - 4.3% | |||
Concentrix Corp. | 203,341 | 33,755 | |
Endava PLC ADR (a) | 126,708 | 19,835 | |
Genpact Ltd. | 268,100 | 12,941 | |
Grid Dynamics Holdings, Inc. (a)(b) | 484,000 | 18,987 | |
Repay Holdings Corp. (a) | 524,460 | 8,580 | |
94,098 | |||
Semiconductors & Semiconductor Equipment - 5.2% | |||
AEHR Test Systems (a)(b) | 332,500 | 5,792 | |
Ichor Holdings Ltd. (a) | 335,700 | 16,077 | |
MACOM Technology Solutions Holdings, Inc. (a) | 266,800 | 19,186 | |
SiTime Corp. (a) | 63,900 | 19,073 | |
Synaptics, Inc. (a) | 184,050 | 51,945 | |
112,073 | |||
Software - 2.2% | |||
Consensus Cloud Solutions, Inc. | 1 | 0 | |
Digital Turbine, Inc. (a) | 162,400 | 8,617 | |
Five9, Inc. (a) | 52,300 | 7,444 | |
Intapp, Inc. | 209,935 | 5,750 | |
Rapid7, Inc. (a) | 200,300 | 24,849 | |
46,660 | |||
TOTAL INFORMATION TECHNOLOGY | 372,411 | ||
MATERIALS - 4.4% | |||
Chemicals - 1.3% | |||
Element Solutions, Inc. | 1,223,800 | 27,988 | |
Construction Materials - 1.4% | |||
Eagle Materials, Inc. | 189,100 | 29,163 | |
Containers & Packaging - 0.4% | |||
Aptargroup, Inc. | 71,000 | 8,491 | |
Metals & Mining - 1.3% | |||
Constellium NV (a)(b) | 1,312,900 | 23,068 | |
ERO Copper Corp. (a) | 361,700 | 5,855 | |
28,923 | |||
TOTAL MATERIALS | 94,565 | ||
REAL ESTATE - 4.0% | |||
Equity Real Estate Investment Trusts (REITs) - 3.0% | |||
CoreSite Realty Corp. | 89,800 | 15,360 | |
Essential Properties Realty Trust, Inc. | 669,201 | 18,089 | |
Lamar Advertising Co. Class A | 161,600 | 17,656 | |
Summit Industrial Income REIT | 756,800 | 13,342 | |
64,447 | |||
Real Estate Management & Development - 1.0% | |||
Cushman & Wakefield PLC (a) | 1,202,300 | 21,257 | |
TOTAL REAL ESTATE | 85,704 | ||
UTILITIES - 1.6% | |||
Gas Utilities - 1.1% | |||
Brookfield Infrastructure Corp. A Shares | 219,778 | 13,009 | |
Star Gas Partners LP | 1,013,900 | 9,987 | |
22,996 | |||
Multi-Utilities - 0.5% | |||
Telecom Plus PLC | 604,183 | 11,507 | |
TOTAL UTILITIES | 34,503 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,382,271) | 2,129,737 | ||
Money Market Funds - 8.1% | |||
Fidelity Cash Central Fund 0.06% (d) | 15,875,480 | 15,879 | |
Fidelity Securities Lending Cash Central Fund 0.07% (d)(e) | 158,779,607 | 158,795 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $174,674) | 174,674 | ||
Equity Funds - 1.0% | |||
Small Blend Funds - 1.0% | |||
iShares Russell 2000 Index ETF (b) | |||
(Cost $18,809) | 103,800 | 22,646 | |
TOTAL INVESTMENT IN SECURITIES - 107.5% | |||
(Cost $1,575,754) | 2,327,057 | ||
NET OTHER ASSETS (LIABILITIES) - (7.5)% | (162,152) | ||
NET ASSETS - 100% | $2,164,905 |
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 $2,159,000 or 0.1% 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.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
BARK, Inc. | 12/17/20 | $4,028 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $14,716 | $476,304 | $475,141 | $7 | $-- | $-- | $15,879 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.07% | 32,593 | 922,763 | 796,561 | 151 | -- | -- | 158,795 | 0.5% |
Total | $47,309 | $1,399,067 | $1,271,702 | $158 | $-- | $-- | $174,674 |
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, 2021, 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 | $66,152 | $66,152 | $-- | $-- |
Consumer Discretionary | 310,592 | 310,592 | -- | -- |
Consumer Staples | 50,247 | 50,247 | -- | -- |
Energy | 47,171 | 47,171 | -- | -- |
Financials | 320,118 | 320,118 | -- | -- |
Health Care | 338,878 | 338,878 | -- | -- |
Industrials | 409,396 | 409,396 | -- | -- |
Information Technology | 372,411 | 372,411 | -- | -- |
Materials | 94,565 | 94,565 | -- | -- |
Real Estate | 85,704 | 85,704 | -- | -- |
Utilities | 34,503 | 34,503 | -- | -- |
Money Market Funds | 174,674 | 174,674 | -- | -- |
Equity Funds | 22,646 | 22,646 | -- | -- |
Total Investments in Securities: | $2,327,057 | $2,327,057 | $-- | $-- |
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 | 85.9% |
Canada | 3.7% |
United Kingdom | 3.1% |
Bermuda | 2.2% |
France | 1.0% |
Others (Individually Less Than 1%) | 4.1% |
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, 2021 | |
Assets | ||
Investment in securities, at value (including securities loaned of $152,593) — See accompanying schedule: Unaffiliated issuers (cost $1,401,080) | $2,152,383 | |
Fidelity Central Funds (cost $174,674) | 174,674 | |
Total Investment in Securities (cost $1,575,754) | $2,327,057 | |
Receivable for investments sold | 739 | |
Receivable for fund shares sold | 1,203 | |
Dividends receivable | 852 | |
Distributions receivable from Fidelity Central Funds | 20 | |
Prepaid expenses | 2 | |
Other receivables | 15 | |
Total assets | 2,329,888 | |
Liabilities | ||
Payable for investments purchased | $1,579 | |
Payable for fund shares redeemed | 2,068 | |
Accrued management fee | 1,596 | |
Distribution and service plan fees payable | 525 | |
Other affiliated payables | 365 | |
Other payables and accrued expenses | 57 | |
Collateral on securities loaned | 158,793 | |
Total liabilities | 164,983 | |
Net Assets | $2,164,905 | |
Net Assets consist of: | ||
Paid in capital | $1,192,797 | |
Total accumulated earnings (loss) | 972,108 | |
Net Assets | $2,164,905 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($836,898 ÷ 24,373.5 shares)(a) | $34.34 | |
Maximum offering price per share (100/94.25 of $34.34) | $36.44 | |
Class M: | ||
Net Asset Value and redemption price per share ($618,821 ÷ 20,041.7 shares)(a) | $30.88 | |
Maximum offering price per share (100/96.50 of $30.88) | $32.00 | |
Class C: | ||
Net Asset Value and offering price per share ($73,011 ÷ 3,152.1 shares)(a) | $23.16 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($518,832 ÷ 13,359.6 shares) | $38.84 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($117,343 ÷ 3,005.7 shares) | $39.04 |
(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, 2021 | |
Investment Income | ||
Dividends | $14,005 | |
Income from Fidelity Central Funds (including $151 from security lending) | 158 | |
Total income | 14,163 | |
Expenses | ||
Management fee | ||
Basic fee | $13,863 | |
Performance adjustment | 1,403 | |
Transfer agent fees | 3,599 | |
Distribution and service plan fees | 5,810 | |
Accounting fees | 621 | |
Custodian fees and expenses | 37 | |
Independent trustees' fees and expenses | 7 | |
Registration fees | 127 | |
Audit | 63 | |
Legal | 4 | |
Miscellaneous | 10 | |
Total expenses before reductions | 25,544 | |
Expense reductions | (32) | |
Total expenses after reductions | 25,512 | |
Net investment income (loss) | (11,349) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 269,762 | |
Foreign currency transactions | (5) | |
Total net realized gain (loss) | 269,757 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 322,585 | |
Assets and liabilities in foreign currencies | (4) | |
Total change in net unrealized appreciation (depreciation) | 322,581 | |
Net gain (loss) | 592,338 | |
Net increase (decrease) in net assets resulting from operations | $580,989 |
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, 2021 | Year ended November 30, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(11,349) | $(6,042) |
Net realized gain (loss) | 269,757 | 50,655 |
Change in net unrealized appreciation (depreciation) | 322,581 | 91,261 |
Net increase (decrease) in net assets resulting from operations | 580,989 | 135,874 |
Distributions to shareholders | (47,913) | (70,606) |
Share transactions - net increase (decrease) | (48,584) | (226,782) |
Total increase (decrease) in net assets | 484,492 | (161,514) |
Net Assets | ||
Beginning of period | 1,680,413 | 1,841,927 |
End of period | $2,164,905 | $1,680,413 |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $26.09 | $24.25 | $24.46 | $29.35 | $25.52 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.17) | (.08) | (.03) | (.04) | .03 |
Net realized and unrealized gain (loss) | 9.15 | 2.85 | 2.56 | (1.28) | 4.18 |
Total from investment operations | 8.98 | 2.77 | 2.53 | (1.32) | 4.21 |
Distributions from net investment income | – | – | – | – | (.08) |
Distributions from net realized gain | (.73) | (.93) | (2.74) | (3.57) | (.30) |
Total distributions | (.73) | (.93) | (2.74) | (3.57) | (.38) |
Net asset value, end of period | $34.34 | $26.09 | $24.25 | $24.46 | $29.35 |
Total ReturnB,C | 35.20% | 11.78% | 13.97% | (5.18)% | 16.68% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.22% | 1.22% | .98% | .97% | 1.05% |
Expenses net of fee waivers, if any | 1.22% | 1.22% | .98% | .97% | 1.05% |
Expenses net of all reductions | 1.22% | 1.22% | .98% | .96% | 1.04% |
Net investment income (loss) | (.53)% | (.36)% | (.13)% | (.13)% | .10% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $837 | $638 | $654 | $640 | $805 |
Portfolio turnover rateF | 41% | 47% | 56% | 74% | 84% |
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 Total returns do not include the effect of the sales charges.
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.
Fidelity Advisor Small Cap Fund Class M
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $23.58 | $22.06 | $22.58 | $27.43 | $23.88 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.22) | (.12) | (.07) | (.09) | (.03) |
Net realized and unrealized gain (loss) | 8.25 | 2.57 | 2.29 | (1.19) | 3.91 |
Total from investment operations | 8.03 | 2.45 | 2.22 | (1.28) | 3.88 |
Distributions from net investment income | – | – | – | – | (.03) |
Distributions from net realized gain | (.73) | (.93) | (2.74) | (3.57) | (.30) |
Total distributions | (.73) | (.93) | (2.74) | (3.57) | (.33) |
Net asset value, end of period | $30.88 | $23.58 | $22.06 | $22.58 | $27.43 |
Total ReturnB,C | 34.91% | 11.49% | 13.73% | (5.42)% | 16.41% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.46% | 1.45% | 1.22% | 1.20% | 1.28% |
Expenses net of fee waivers, if any | 1.46% | 1.45% | 1.22% | 1.20% | 1.28% |
Expenses net of all reductions | 1.46% | 1.45% | 1.21% | 1.19% | 1.27% |
Net investment income (loss) | (.77)% | (.59)% | (.36)% | (.37)% | (.13)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $619 | $503 | $542 | $580 | $734 |
Portfolio turnover rateF | 41% | 47% | 56% | 74% | 84% |
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 Total returns do not include the effect of the sales charges.
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.
Fidelity Advisor Small Cap Fund Class C
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $17.96 | $17.11 | $18.32 | $23.02 | $20.17 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.29) | (.18) | (.15) | (.18) | (.14) |
Net realized and unrealized gain (loss) | 6.22 | 1.96 | 1.68 | (.95) | 3.29 |
Total from investment operations | 5.93 | 1.78 | 1.53 | (1.13) | 3.15 |
Distributions from net investment income | – | – | – | – | – |
Distributions from net realized gain | (.73) | (.93) | (2.74) | (3.57) | (.30) |
Total distributions | (.73) | (.93) | (2.74) | (3.57) | (.30) |
Net asset value, end of period | $23.16 | $17.96 | $17.11 | $18.32 | $23.02 |
Total ReturnB,C | 34.12% | 10.87% | 13.05% | (5.88)% | 15.80% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 2.03% | 2.04% | 1.79% | 1.74% | 1.81% |
Expenses net of fee waivers, if any | 2.03% | 2.04% | 1.79% | 1.74% | 1.81% |
Expenses net of all reductions | 2.03% | 2.03% | 1.78% | 1.73% | 1.80% |
Net investment income (loss) | (1.34)% | (1.18)% | (.93)% | (.90)% | (.66)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $73 | $81 | $96 | $196 | $273 |
Portfolio turnover rateF | 41% | 47% | 56% | 74% | 84% |
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 Total returns do not include the effect of the contingent deferred sales charge.
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.
Fidelity Advisor Small Cap Fund Class I
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $29.34 | $27.09 | $26.89 | $31.84 | $27.65 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.10) | (.02) | .03 | .04 | .11 |
Net realized and unrealized gain (loss) | 10.33 | 3.20 | 2.91 | (1.42) | 4.54 |
Total from investment operations | 10.23 | 3.18 | 2.94 | (1.38) | 4.65 |
Distributions from net investment income | – | – | – | – | (.15) |
Distributions from net realized gain | (.73) | (.93) | (2.74) | (3.57) | (.30) |
Total distributions | (.73) | (.93) | (2.74) | (3.57) | (.46)B |
Net asset value, end of period | $38.84 | $29.34 | $27.09 | $26.89 | $31.84 |
Total ReturnC | 35.57% | 12.07% | 14.26% | (4.93)% | 17.01% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .97% | .96% | .72% | .71% | .78% |
Expenses net of fee waivers, if any | .96% | .95% | .72% | .71% | .78% |
Expenses net of all reductions | .96% | .95% | .72% | .70% | .77% |
Net investment income (loss) | (.27)% | (.09)% | .14% | .12% | .37% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $519 | $378 | $434 | $604 | $758 |
Portfolio turnover rateF | 41% | 47% | 56% | 74% | 84% |
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).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Small Cap Fund Class Z
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $29.45 | $27.15 | $26.90 | $31.81 | $27.63 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.05) | .01 | .07 | .08 | .15 |
Net realized and unrealized gain (loss) | 10.37 | 3.22 | 2.92 | (1.42) | 4.53 |
Total from investment operations | 10.32 | 3.23 | 2.99 | (1.34) | 4.68 |
Distributions from net investment income | – | – | – | – | (.20) |
Distributions from net realized gain | (.73) | (.93) | (2.74) | (3.57) | (.30) |
Total distributions | (.73) | (.93) | (2.74) | (3.57) | (.50) |
Net asset value, end of period | $39.04 | $29.45 | $27.15 | $26.90 | $31.81 |
Total ReturnB | 35.75% | 12.23% | 14.46% | (4.80)% | 17.17% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .83% | .81% | .57% | .56% | .63% |
Expenses net of fee waivers, if any | .83% | .81% | .57% | .56% | .63% |
Expenses net of all reductions | .83% | .80% | .57% | .55% | .62% |
Net investment income (loss) | (.14)% | .05% | .29% | .28% | .51% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $117 | $79 | $117 | $71 | $57 |
Portfolio turnover rateE | 41% | 47% | 56% | 74% | 84% |
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 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.
E 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, 2021
(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.
Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, 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 | $823,926 |
Gross unrealized depreciation | (72,421) |
Net unrealized appreciation (depreciation) | $751,505 |
Tax Cost | $1,575,552 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $9,246 |
Undistributed long-term capital gain | $215,342 |
Net unrealized appreciation (depreciation) on securities and other investments | $747,520 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Long-term Capital Gains | $47,913 | $70,606 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Small Cap Fund | 817,470 | 915,657 |
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 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 .74% 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% | $1,970 | $23 |
Class M | .25% | .25% | 3,011 | 17 |
Class C | .75% | .25% | 829 | 58 |
$5,810 | $98 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $95 |
Class M | 11 |
Class C(a) | 2 |
$108 |
(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.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $1,444 | .18 |
Class M | 1,044 | .17 |
Class C | 204 | .25 |
Class I | 864 | .18 |
Class Z | 43 | .04 |
$3,599 |
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 | $28 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At 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 | $7,580 | .33% | $-* |
*Amount represents less than five hundred dollars.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Small Cap Fund | 50,954 | 64,770 | 23,770 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($) | |
Fidelity Advisor Small Cap Fund | 34 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Small Cap Fund | $4 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Small Cap Fund | $15 | $-* | $– |
*Amount represents less than five hundred dollars.
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $32.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Small Cap Fund | ||
Distributions to shareholders | ||
Class A | $17,774 | $24,709 |
Class M | 15,471 | 22,581 |
Class C | 3,281 | 5,121 |
Class I | 9,390 | 14,130 |
Class Z | 1,997 | 4,065 |
Total | $47,913 | $70,606 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended November 30, 2021 | Year ended November 30, 2020 | Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Small Cap Fund | ||||
Class A | ||||
Shares sold | 3,148 | 2,249 | $99,730 | $48,811 |
Reinvestment of distributions | 638 | 1,006 | 17,138 | 23,936 |
Shares redeemed | (3,876) | (5,744) | (122,469) | (125,770) |
Net increase (decrease) | (90) | (2,489) | $(5,601) | $(53,023) |
Class M | ||||
Shares sold | 2,602 | 2,550 | $73,949 | $49,900 |
Reinvestment of distributions | 630 | 1,035 | 15,247 | 22,299 |
Shares redeemed | (4,539) | (6,793) | (129,194) | (133,734) |
Net increase (decrease) | (1,307) | (3,208) | $(39,998) | $(61,535) |
Class C | ||||
Shares sold | 418 | 354 | $8,936 | $5,349 |
Reinvestment of distributions | 178 | 302 | 3,255 | 4,988 |
Shares redeemed | (1,979) | (1,737) | (42,426) | (26,156) |
Net increase (decrease) | (1,383) | (1,081) | $(30,235) | $(15,819) |
Class I | ||||
Shares sold | 3,396 | 2,867 | $120,358 | $70,175 |
Reinvestment of distributions | 292 | 491 | 8,856 | 13,113 |
Shares redeemed | (3,212) | (6,484) | (113,589) | (157,609) |
Net increase (decrease) | 476 | (3,126) | $15,625 | $(74,321) |
Class Z | ||||
Shares sold | 1,309 | 2,960 | $47,880 | $72,922 |
Reinvestment of distributions | 50 | 129 | 1,528 | 3,452 |
Shares redeemed | (1,044) | (4,708) | (37,783) | (98,458) |
Net increase (decrease) | 315 | (1,619) | $11,625 | $(22,084) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. 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, 2021, the related statement of operations for the year ended November 30, 2021, the statement of changes in net assets for each of the two years in the period ended November 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended November 30, 2021 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, 2021 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 13, 2022
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 314 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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Small Cap Fund | ||||
Class A | 1.30% | |||
Actual | $1,000.00 | $1,064.10 | $6.73 | |
Hypothetical-C | $1,000.00 | $1,018.55 | $6.58 | |
Class M | 1.55% | |||
Actual | $1,000.00 | $1,063.00 | $8.02 | |
Hypothetical-C | $1,000.00 | $1,017.30 | $7.84 | |
Class C | 2.14% | |||
Actual | $1,000.00 | $1,060.00 | $11.05 | |
Hypothetical-C | $1,000.00 | $1,014.34 | $10.81 | |
Class I | 1.05% | |||
Actual | $1,000.00 | $1,065.60 | $5.44 | |
Hypothetical-C | $1,000.00 | $1,019.80 | $5.32 | |
Class Z | .92% | |||
Actual | $1,000.00 | $1,066.40 | $4.77 | |
Hypothetical-C | $1,000.00 | $1,020.46 | $4.66 |
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/ 365 (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 | 12/29/21 | 12/28/21 | $3.519 |
Class M | 12/29/21 | 12/28/21 | $3.456 |
Class C | 12/29/21 | 12/28/21 | $3.369 |
Class I | 12/29/21 | 12/28/21 | $3.595 |
Class Z | 12/29/21 | 12/28/21 | $3.646 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $215,448,948, or, if subsequently determined to be different, the net capital gain of such year.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
ASCF-ANN-0122
1.713164.124
Fidelity Advisor® Stock Selector Mid Cap Fund
November 30, 2021
Includes Fidelity and Fidelity Advisor share classes
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 16.11% | 12.09% | 12.20% |
Class M (incl. 3.50% sales charge) | 18.60% | 12.35% | 12.21% |
Class C (incl. contingent deferred sales charge) | 21.25% | 12.55% | 12.19% |
Fidelity® Stock Selector Mid Cap Fund | 23.52% | 13.67% | 13.13% |
Class I | 23.50% | 13.70% | 13.14% |
Class Z | 23.69% | 13.86% | 13.22% |
The initial offering of Fidelity Advisor® Stock Selector Mid Cap Fund took place on June 6, 2012. Returns prior to June 6, 2012, are those of Class I.
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® Stock Selector Mid Cap Fund - Class A on November 30, 2011, 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/0001379491-22-000216/img762225421_740.jpg)
Period Ending Values | ||
$31,625 | Fidelity Advisor® Stock Selector Mid Cap Fund - Class A | |
$35,780 | S&P MidCap 400® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Co-Manager Robert Stansky: For the fiscal year ending November 30, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 22% to 24%, trailing the 26.47% result of the benchmark S&P MidCap 400® Index. Versus the benchmark, security selection was the primary detractor, especially in the pharmaceuticals, biotechnology & life sciences area of the health care sector. Weak picks in the industrials sector, primarily within the transportation industry, also hurt. Also hurting performance was stock selection in real estate. Our non-benchmark stake in TG Therapeutics, a position we established this period, was the fund's biggest individual relative detractor due to its -71% result. Our second-largest relative detractor this period was avoiding Avis Budget Group, a benchmark component that gained 681%. Another notable relative detractor was an out-of-benchmark stake in Allison Transmission Holdings (-14%). In contrast, the biggest contributor to performance versus the benchmark was security selection in the financials sector, primarily driven by the banks industry. Strong picks in the consumer staples sector, especially within the household & personal products industry, also bolstered the fund's relative result. The fund's biggest individual relative contributor was an outsized stake in PacWest Bancorp, which gained about 96% the past 12 months. The company was among our largest holdings. The fund's non-benchmark stake in ON Semiconductor, which changed its name to onsemi in August, gained roughly 114%. The fund's non-benchmark stake in The Beauty Health Company, a position we established this period, gained about 137% and contributed to relative 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)
Top Ten Stocks as of November 30, 2021
% of fund's net assets | |
Curtiss-Wright Corp. | 1.8 |
Nielsen Holdings PLC | 1.6 |
AECOM | 1.5 |
Sensata Technologies, Inc. PLC | 1.3 |
Molina Healthcare, Inc. | 1.3 |
Fluor Corp. | 1.3 |
Signature Bank | 1.3 |
PacWest Bancorp | 1.2 |
Caesars Entertainment, Inc. | 1.2 |
OneMain Holdings, Inc. | 1.2 |
13.7 |
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Industrials | 18.7 |
Information Technology | 14.6 |
Consumer Discretionary | 13.9 |
Financials | 13.0 |
Real Estate | 10.1 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021* | ||
Stocks and Equity Futures | 98.5% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.5% |
* Foreign investments - 11.2%
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 1.5% | |||
Diversified Telecommunication Services - 0.1% | |||
Iridium Communications, Inc. (a) | 48,400 | $1,861 | |
Entertainment - 0.2% | |||
Cinemark Holdings, Inc. (a)(b) | 25,900 | 402 | |
Endeavor Group Holdings, Inc. (a) | 51,400 | 1,445 | |
Warner Music Group Corp. Class A | 38,900 | 1,686 | |
3,533 | |||
Interactive Media & Services - 0.1% | |||
NerdWallet, Inc. | 6,400 | 116 | |
TripAdvisor, Inc. (a) | 43,200 | 1,117 | |
Ziff Davis, Inc. (a) | 18,900 | 2,152 | |
3,385 | |||
Media - 1.1% | |||
Cable One, Inc. | 4,600 | 8,151 | |
Discovery Communications, Inc. Class A (a) | 33,180 | 772 | |
Gray Television, Inc. | 57,400 | 1,184 | |
Interpublic Group of Companies, Inc. | 93,351 | 3,098 | |
Liberty Media Corp.: | |||
Liberty Formula One Group Series C (a) | 28,900 | 1,761 | |
Liberty SiriusXM Series A (a) | 22,200 | 1,083 | |
Nexstar Broadcasting Group, Inc. Class A | 18,700 | 2,796 | |
S4 Capital PLC (a) | 109,000 | 839 | |
The New York Times Co. Class A | 98,000 | 4,655 | |
24,339 | |||
TOTAL COMMUNICATION SERVICES | 33,118 | ||
CONSUMER DISCRETIONARY - 13.9% | |||
Auto Components - 1.4% | |||
Adient PLC (a) | 261,000 | 11,079 | |
Lear Corp. | 105,353 | 17,677 | |
Novem Group SA | 186,600 | 2,751 | |
31,507 | |||
Automobiles - 0.7% | |||
Aston Martin Lagonda Global Holdings PLC (a)(c) | 127,600 | 2,514 | |
Harley-Davidson, Inc. | 345,272 | 12,647 | |
15,161 | |||
Distributors - 0.7% | |||
LKQ Corp. | 264,998 | 14,813 | |
Diversified Consumer Services - 0.0% | |||
Cairo Mezz PLC (a) | 5,498,232 | 1,004 | |
Hotels, Restaurants & Leisure - 3.7% | |||
ARAMARK Holdings Corp. | 141,400 | 4,723 | |
Brinker International, Inc. (a) | 92,200 | 3,190 | |
Caesars Entertainment, Inc. (a) | 300,802 | 27,093 | |
Churchill Downs, Inc. | 102,547 | 22,993 | |
Domino's Pizza, Inc. | 13,200 | 6,919 | |
Elior SA (a)(c) | 159,304 | 1,024 | |
Wyndham Hotels & Resorts, Inc. | 194,833 | 15,485 | |
81,427 | |||
Household Durables - 2.2% | |||
Leggett & Platt, Inc. | 130,540 | 5,273 | |
Mohawk Industries, Inc. (a) | 81,340 | 13,655 | |
NVR, Inc. (a) | 2,778 | 14,516 | |
Taylor Morrison Home Corp. (a) | 436,464 | 13,557 | |
47,001 | |||
Internet & Direct Marketing Retail - 0.3% | |||
BARK, Inc. (b) | 189,000 | 1,013 | |
Deliveroo PLC Class A (a)(c) | 554,900 | 2,207 | |
Farfetch Ltd. Class A (a) | 120,000 | 4,129 | |
7,349 | |||
Multiline Retail - 0.7% | |||
Nordstrom, Inc. (a) | 294,134 | 6,227 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 151,300 | 9,364 | |
15,591 | |||
Specialty Retail - 0.7% | |||
Burlington Stores, Inc. (a) | 37,100 | 10,875 | |
Camping World Holdings, Inc. | 88,200 | 3,868 | |
14,743 | |||
Textiles, Apparel & Luxury Goods - 3.5% | |||
Capri Holdings Ltd. (a) | 303,264 | 17,959 | |
Columbia Sportswear Co. | 83,904 | 8,183 | |
Prada SpA | 973,600 | 6,180 | |
PVH Corp. | 150,354 | 16,055 | |
Ralph Lauren Corp. | 59,269 | 6,878 | |
Tapestry, Inc. | 510,349 | 20,475 | |
75,730 | |||
TOTAL CONSUMER DISCRETIONARY | 304,326 | ||
CONSUMER STAPLES - 4.0% | |||
Beverages - 0.2% | |||
Boston Beer Co., Inc. Class A (a)(b) | 10,000 | 4,512 | |
Molson Coors Beverage Co. Class B | 16,000 | 711 | |
5,223 | |||
Food & Staples Retailing - 1.3% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 177,000 | 11,709 | |
Casey's General Stores, Inc. | 12,900 | 2,506 | |
Grocery Outlet Holding Corp. (a)(b) | 135,784 | 3,932 | |
Performance Food Group Co. (a) | 98,400 | 3,967 | |
Sprouts Farmers Market LLC (a) | 43,200 | 1,143 | |
U.S. Foods Holding Corp. (a) | 147,100 | 4,622 | |
27,879 | |||
Food Products - 1.3% | |||
Bunge Ltd. | 26,800 | 2,320 | |
Darling Ingredients, Inc. (a) | 172,900 | 11,674 | |
Greencore Group PLC (a) | 217,600 | 362 | |
Ingredion, Inc. | 49,500 | 4,610 | |
Lamb Weston Holdings, Inc. | 39,500 | 2,051 | |
Nomad Foods Ltd. (a) | 115,600 | 2,762 | |
Post Holdings, Inc. (a)(b) | 30,826 | 2,978 | |
Sovos Brands, Inc. | 40,100 | 619 | |
TreeHouse Foods, Inc. (a) | 54,000 | 1,982 | |
29,358 | |||
Household Products - 0.5% | |||
Energizer Holdings, Inc. (b) | 124,600 | 4,634 | |
Reynolds Consumer Products, Inc. | 71,000 | 2,072 | |
Spectrum Brands Holdings, Inc. | 31,507 | 3,154 | |
9,860 | |||
Personal Products - 0.7% | |||
Herbalife Nutrition Ltd. (a) | 23,900 | 893 | |
The Beauty Health Co. (b) | 568,136 | 14,749 | |
15,642 | |||
TOTAL CONSUMER STAPLES | 87,962 | ||
ENERGY - 3.3% | |||
Energy Equipment & Services - 0.2% | |||
Liberty Oilfield Services, Inc. Class A (a) | 377,460 | 3,473 | |
Oil, Gas & Consumable Fuels - 3.1% | |||
APA Corp. | 225,502 | 5,811 | |
Coterra Energy, Inc. | 281,648 | 5,655 | |
Denbury, Inc. (a) | 45,200 | 3,599 | |
DHT Holdings, Inc. | 1,428,500 | 7,928 | |
EQT Corp. (a) | 536,392 | 10,422 | |
Euronav NV | 954,900 | 8,973 | |
HollyFrontier Corp. | 256,906 | 8,303 | |
Targa Resources Corp. | 332,800 | 17,182 | |
67,873 | |||
TOTAL ENERGY | 71,346 | ||
FINANCIALS - 13.0% | |||
Banks - 5.6% | |||
Associated Banc-Corp. | 751,500 | 16,458 | |
First Horizon National Corp. | 1,157,700 | 18,674 | |
Live Oak Bancshares, Inc. | 86,300 | 7,689 | |
Meta Financial Group, Inc. | 188,570 | 11,271 | |
PacWest Bancorp | 605,800 | 27,103 | |
Piraeus Financial Holdings SA (a) | 887,200 | 1,284 | |
Signature Bank | 90,700 | 27,419 | |
Silvergate Capital Corp. (a) | 24,400 | 4,989 | |
Wintrust Financial Corp. | 99,800 | 8,735 | |
123,622 | |||
Capital Markets - 0.5% | |||
Lazard Ltd. Class A | 174,100 | 7,420 | |
Patria Investments Ltd. | 199,600 | 3,409 | |
10,829 | |||
Consumer Finance - 2.0% | |||
Ally Financial, Inc. | 58,100 | 2,663 | |
First Cash Financial Services, Inc. | 218,066 | 13,921 | |
OneMain Holdings, Inc. | 537,731 | 26,774 | |
43,358 | |||
Diversified Financial Services - 0.4% | |||
Cannae Holdings, Inc. (a) | 160,000 | 4,731 | |
WeWork, Inc. (a) | 341,300 | 2,966 | |
7,697 | |||
Insurance - 2.8% | |||
American Financial Group, Inc. | 99,123 | 13,244 | |
Assurant, Inc. | 60,000 | 9,126 | |
BRP Group, Inc. (a) | 340,166 | 12,600 | |
Globe Life, Inc. | 56,600 | 4,898 | |
Primerica, Inc. | 65,100 | 9,579 | |
Reinsurance Group of America, Inc. | 100,400 | 9,529 | |
Talanx AG | 54,600 | 2,445 | |
61,421 | |||
Mortgage Real Estate Investment Trusts - 0.5% | |||
New Residential Investment Corp. | 1,004,300 | 10,676 | |
Thrifts & Mortgage Finance - 1.2% | |||
Essent Group Ltd. | 322,700 | 13,418 | |
MGIC Investment Corp. | 897,100 | 12,649 | |
26,067 | |||
TOTAL FINANCIALS | 283,670 | ||
HEALTH CARE - 9.2% | |||
Biotechnology - 0.7% | |||
Exelixis, Inc. (a) | 670,000 | 11,249 | |
TG Therapeutics, Inc. (a) | 330,000 | 5,016 | |
16,265 | |||
Health Care Equipment & Supplies - 5.1% | |||
Hologic, Inc. (a) | 136,000 | 10,163 | |
Insulet Corp. (a) | 64,000 | 18,460 | |
Masimo Corp. (a) | 90,000 | 25,031 | |
Nanosonics Ltd. (a) | 2,180,000 | 8,485 | |
Nevro Corp. (a) | 76,000 | 6,618 | |
Penumbra, Inc. (a) | 100,000 | 24,565 | |
Tandem Diabetes Care, Inc. (a) | 135,000 | 17,350 | |
110,672 | |||
Health Care Providers & Services - 2.6% | |||
Alignment Healthcare, Inc. | 600,000 | 9,726 | |
Cano Health, Inc. (a) | 850,000 | 7,939 | |
LHC Group, Inc. (a) | 88,000 | 10,095 | |
Molina Healthcare, Inc. (a) | 100,000 | 28,518 | |
56,278 | |||
Life Sciences Tools & Services - 0.6% | |||
Bruker Corp. | 152,000 | 12,310 | |
Pharmaceuticals - 0.2% | |||
Nektar Therapeutics (a)(b) | 460,000 | 5,180 | |
TOTAL HEALTH CARE | 200,705 | ||
INDUSTRIALS - 18.7% | |||
Aerospace & Defense - 1.8% | |||
Curtiss-Wright Corp. | 320,200 | 40,288 | |
Airlines - 0.3% | |||
Spirit Airlines, Inc. (a) | 372,800 | 7,795 | |
Building Products - 1.4% | |||
Builders FirstSource, Inc. (a) | 101,600 | 7,055 | |
Jeld-Wen Holding, Inc. (a) | 968,350 | 23,463 | |
30,518 | |||
Commercial Services & Supplies - 0.8% | |||
CoreCivic, Inc. (a) | 1,588,334 | 17,106 | |
The Brink's Co. | 5,800 | 355 | |
17,461 | |||
Construction & Engineering - 4.5% | |||
AECOM (a) | 493,237 | 34,004 | |
API Group Corp. (a) | 1,029,600 | 24,000 | |
Fluor Corp. (a)(b) | 1,285,300 | 28,418 | |
Granite Construction, Inc. (b) | 323,280 | 12,569 | |
98,991 | |||
Electrical Equipment - 1.3% | |||
Sensata Technologies, Inc. PLC (a) | 513,319 | 28,592 | |
Machinery - 1.1% | |||
Allison Transmission Holdings, Inc. | 507,163 | 17,543 | |
Crane Co. | 58,500 | 5,648 | |
23,191 | |||
Marine - 2.5% | |||
Genco Shipping & Trading Ltd. | 956,800 | 14,744 | |
Golden Ocean Group Ltd. (b) | 478,725 | 4,505 | |
Kirby Corp. (a) | 398,200 | 20,794 | |
Safe Bulkers, Inc. (a) | 462,205 | 1,673 | |
Star Bulk Carriers Corp. | 596,008 | 12,522 | |
54,238 | |||
Professional Services - 2.1% | |||
CACI International, Inc. Class A (a) | 42,100 | 10,922 | |
Nielsen Holdings PLC | 1,835,499 | 35,168 | |
46,090 | |||
Road & Rail - 1.2% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 446,100 | 25,539 | |
Trading Companies & Distributors - 1.7% | |||
Beacon Roofing Supply, Inc. (a) | 149,631 | 7,468 | |
MRC Global, Inc. (a) | 2,905,430 | 19,989 | |
NOW, Inc. (a) | 1,192,807 | 9,972 | |
37,429 | |||
TOTAL INDUSTRIALS | 410,132 | ||
INFORMATION TECHNOLOGY - 14.6% | |||
Electronic Equipment & Components - 2.7% | |||
Avnet, Inc. | 412,900 | 14,976 | |
Cognex Corp. | 212,471 | 16,413 | |
Jabil, Inc. | 109,000 | 6,372 | |
Trimble, Inc. (a) | 102,200 | 8,776 | |
TTM Technologies, Inc. (a) | 479,000 | 6,601 | |
Vishay Intertechnology, Inc. | 108,400 | 2,208 | |
Vontier Corp. | 133,600 | 4,210 | |
59,556 | |||
IT Services - 2.8% | |||
Akamai Technologies, Inc. (a) | 106,000 | 11,946 | |
Cyxtera Technologies, Inc. Class A (a) | 186,800 | 1,851 | |
ExlService Holdings, Inc. (a) | 52,673 | 6,841 | |
Gartner, Inc. (a) | 9,200 | 2,873 | |
GoDaddy, Inc. (a) | 135,600 | 9,515 | |
Liveramp Holdings, Inc. (a) | 70,300 | 3,299 | |
Nuvei Corp. (a)(c) | 32,900 | 3,240 | |
Repay Holdings Corp. (a) | 427,300 | 6,991 | |
Thoughtworks Holding, Inc. | 7,600 | 222 | |
WEX, Inc. (a) | 71,900 | 9,090 | |
Wix.com Ltd. (a) | 41,300 | 6,311 | |
62,179 | |||
Semiconductors & Semiconductor Equipment - 2.6% | |||
Cirrus Logic, Inc. (a) | 182,000 | 14,593 | |
ON Semiconductor Corp. (a) | 373,600 | 22,950 | |
SolarEdge Technologies, Inc. (a) | 59,900 | 19,633 | |
57,176 | |||
Software - 6.1% | |||
Anaplan, Inc. (a) | 215,200 | 9,213 | |
Aspen Technology, Inc. (a) | 64,400 | 9,340 | |
AvidXchange Holdings, Inc. | 6,200 | 132 | |
Black Knight, Inc. (a) | 161,700 | 11,557 | |
Blackbaud, Inc. (a) | 163,300 | 12,323 | |
Braze, Inc. | 2,600 | 198 | |
Ceridian HCM Holding, Inc. (a) | 164,000 | 17,942 | |
Citrix Systems, Inc. | 59,200 | 4,761 | |
Coupa Software, Inc. (a) | 36,800 | 7,237 | |
Elastic NV (a) | 71,400 | 11,100 | |
GitLab, Inc. | 1,900 | 183 | |
Guidewire Software, Inc. (a)(b) | 56,600 | 6,585 | |
NortonLifeLock, Inc. | 388,400 | 9,652 | |
PTC, Inc. (a) | 116,800 | 12,799 | |
Tenable Holdings, Inc. (a) | 251,200 | 12,409 | |
Zendesk, Inc. (a) | 77,600 | 7,924 | |
133,355 | |||
Technology Hardware, Storage & Peripherals - 0.4% | |||
Western Digital Corp. (a) | 130,500 | 7,548 | |
TOTAL INFORMATION TECHNOLOGY | 319,814 | ||
MATERIALS - 6.5% | |||
Chemicals - 2.4% | |||
RPM International, Inc. | 183,400 | 16,697 | |
The Chemours Co. LLC | 476,400 | 14,149 | |
Trinseo PLC | 206,500 | 9,753 | |
Valvoline, Inc. | 378,804 | 12,906 | |
53,505 | |||
Construction Materials - 0.9% | |||
Eagle Materials, Inc. | 135,500 | 20,897 | |
Containers & Packaging - 0.6% | |||
Aptargroup, Inc. | 102,100 | 12,210 | |
Metals & Mining - 1.9% | |||
Cleveland-Cliffs, Inc. (a) | 619,200 | 12,601 | |
Steel Dynamics, Inc. | 364,500 | 21,797 | |
Yamana Gold, Inc. (b) | 1,856,600 | 7,426 | |
41,824 | |||
Paper & Forest Products - 0.7% | |||
Louisiana-Pacific Corp. | 229,000 | 14,965 | |
TOTAL MATERIALS | 143,401 | ||
REAL ESTATE - 10.1% | |||
Equity Real Estate Investment Trusts (REITs) - 9.3% | |||
American Homes 4 Rent Class A | 322,900 | 12,945 | |
Americold Realty Trust | 157,500 | 5,141 | |
CubeSmart | 310,872 | 16,762 | |
CyrusOne, Inc. | 172,200 | 15,329 | |
Digitalbridge Group, Inc. (a) | 260,000 | 2,070 | |
Douglas Emmett, Inc. | 465,600 | 15,258 | |
Duke Realty Corp. | 336,174 | 19,609 | |
Equity Lifestyle Properties, Inc. | 151,400 | 12,309 | |
Four Corners Property Trust, Inc. | 26,649 | 720 | |
Gaming & Leisure Properties | 169,600 | 7,652 | |
Healthcare Realty Trust, Inc. | 342,554 | 10,729 | |
Healthcare Trust of America, Inc. | 58,200 | 1,976 | |
Lamar Advertising Co. Class A | 106,200 | 11,603 | |
Postal Realty Trust, Inc. | 634,500 | 11,009 | |
SITE Centers Corp. | 482,700 | 7,269 | |
Spirit Realty Capital, Inc. | 233,500 | 10,405 | |
Sunstone Hotel Investors, Inc. (a) | 897,800 | 9,759 | |
Terreno Realty Corp. | 121,500 | 9,252 | |
The GEO Group, Inc. | 411,900 | 3,460 | |
Ventas, Inc. | 299,200 | 14,038 | |
Washington REIT (SBI) | 229,200 | 5,776 | |
203,071 | |||
Real Estate Management & Development - 0.8% | |||
Cushman & Wakefield PLC (a) | 822,411 | 14,540 | |
Doma Holdings, Inc. Class A (b) | 642,100 | 4,052 | |
18,592 | |||
TOTAL REAL ESTATE | 221,663 | ||
UTILITIES - 3.1% | |||
Electric Utilities - 1.3% | |||
Evergy, Inc. | 43,565 | 2,758 | |
Hawaiian Electric Industries, Inc. | 117,900 | 4,479 | |
IDACORP, Inc. | 39,300 | 4,112 | |
OGE Energy Corp. | 360,600 | 12,376 | |
Otter Tail Corp. | 2,603 | 170 | |
Portland General Electric Co. | 77,100 | 3,752 | |
27,647 | |||
Gas Utilities - 0.3% | |||
Southwest Gas Corp. | 54,355 | 3,577 | |
UGI Corp. | 73,300 | 3,024 | |
6,601 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
NextEra Energy Partners LP | 33,200 | 2,824 | |
Multi-Utilities - 0.9% | |||
Avista Corp. | 17,900 | 689 | |
Black Hills Corp. | 90,000 | 5,771 | |
MDU Resources Group, Inc. | 263,139 | 7,165 | |
NiSource, Inc. | 251,300 | 6,159 | |
19,784 | |||
Water Utilities - 0.5% | |||
Essential Utilities, Inc. | 245,415 | 11,601 | |
TOTAL UTILITIES | 68,457 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,674,281) | 2,144,594 | ||
Principal Amount (000s) | Value (000s) | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 0.04% to 0.05% 2/3/22 to 2/17/22 (d) | |||
(Cost $820) | 820 | 820 | |
Shares | Value (000s) | ||
Money Market Funds - 5.1% | |||
Fidelity Cash Central Fund 0.06% (e) | 51,468,426 | $51,479 | |
Fidelity Securities Lending Cash Central Fund 0.07% (e)(f) | 60,530,919 | 60,537 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $112,012) | 112,016 | ||
TOTAL INVESTMENT IN SECURITIES - 103.1% | |||
(Cost $1,787,113) | 2,257,430 | ||
NET OTHER ASSETS (LIABILITIES) - (3.1)% | (67,482) | ||
NET ASSETS - 100% | $2,189,948 |
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) | 48 | Dec. 2021 | $12,990 | $(233) | $(233) |
The notional amount of futures purchased as a percentage of Net Assets is 0.6%
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 $8,985,000 or 0.4% of net assets.
(d) 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 $820,000.
(e) 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.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $49,352 | $881,258 | $879,140 | $39 | $9 | $-- | $51,479 | 0.1% |
Fidelity Securities Lending Cash Central Fund 0.07% | 28,363 | 494,346 | 462,172 | 123 | -- | -- | 60,537 | 0.2% |
Total | $77,715 | $1,375,604 | $1,341,312 | $162 | $9 | $-- | $112,016 |
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, 2021, 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 | $33,118 | $33,118 | $-- | $-- |
Consumer Discretionary | 304,326 | 304,326 | -- | -- |
Consumer Staples | 87,962 | 87,962 | -- | -- |
Energy | 71,346 | 71,346 | -- | -- |
Financials | 283,670 | 283,670 | -- | -- |
Health Care | 200,705 | 200,705 | -- | -- |
Industrials | 410,132 | 410,132 | -- | -- |
Information Technology | 319,814 | 319,814 | -- | -- |
Materials | 143,401 | 143,401 | -- | -- |
Real Estate | 221,663 | 221,663 | -- | -- |
Utilities | 68,457 | 68,457 | -- | -- |
U.S. Government and Government Agency Obligations | 820 | -- | 820 | -- |
Money Market Funds | 112,016 | 112,016 | -- | -- |
Total Investments in Securities: | $2,257,430 | $2,256,610 | $820 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(233) | $(233) | $-- | $-- |
Total Liabilities | $(233) | $(233) | $-- | $-- |
Total Derivative Instruments: | $(233) | $(233) | $-- | $-- |
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, 2021. 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 | $0 | $(233) |
Total Equity Risk | 0 | (233) |
Total Value of Derivatives | $0 | $(233) |
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, 2021 | |
Assets | ||
Investment in securities, at value (including securities loaned of $57,335) — See accompanying schedule: Unaffiliated issuers (cost $1,675,101) | $2,145,414 | |
Fidelity Central Funds (cost $112,012) | 112,016 | |
Total Investment in Securities (cost $1,787,113) | $2,257,430 | |
Cash | 102 | |
Receivable for investments sold | 1,083 | |
Receivable for fund shares sold | 721 | |
Dividends receivable | 1,502 | |
Distributions receivable from Fidelity Central Funds | 11 | |
Prepaid expenses | 3 | |
Other receivables | 34 | |
Total assets | 2,260,886 | |
Liabilities | ||
Payable for investments purchased | $6,304 | |
Payable for fund shares redeemed | 1,883 | |
Accrued management fee | 1,047 | |
Distribution and service plan fees payable | 433 | |
Payable for daily variation margin on futures contracts | 346 | |
Other affiliated payables | 366 | |
Other payables and accrued expenses | 26 | |
Collateral on securities loaned | 60,533 | |
Total liabilities | 70,938 | |
Net Assets | $2,189,948 | |
Net Assets consist of: | ||
Paid in capital | $1,457,701 | |
Total accumulated earnings (loss) | 732,247 | |
Net Assets | $2,189,948 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($735,720 ÷ 16,183.8 shares)(a) | $45.46 | |
Maximum offering price per share (100/94.25 of $45.46) | $48.23 | |
Class M: | ||
Net Asset Value and redemption price per share ($552,237 ÷ 12,066.2 shares)(a) | $45.77 | |
Maximum offering price per share (100/96.50 of $45.77) | $47.43 | |
Class C: | ||
Net Asset Value and offering price per share ($27,346 ÷ 678.4 shares)(a) | $40.31 | |
Fidelity Stock Selector Mid Cap Fund: | ||
Net Asset Value, offering price and redemption price per share ($394,514 ÷ 8,191.4 shares) | $48.16 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($412,941 ÷ 8,551.9 shares) | $48.29 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($67,190 ÷ 1,392.3 shares) | $48.26 |
(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
Amounts in thousands | Year ended November 30, 2021 | |
Investment Income | ||
Dividends | $32,865 | |
Interest | 1 | |
Income from Fidelity Central Funds (including $123 from security lending) | 162 | |
Total income | 33,028 | |
Expenses | ||
Management fee | ||
Basic fee | $11,602 | |
Performance adjustment | 1,401 | |
Transfer agent fees | 3,656 | |
Distribution and service plan fees | 5,002 | |
Accounting fees | 664 | |
Custodian fees and expenses | 35 | |
Independent trustees' fees and expenses | 8 | |
Registration fees | 122 | |
Audit | 55 | |
Legal | 8 | |
Miscellaneous | 11 | |
Total expenses before reductions | 22,564 | |
Expense reductions | (35) | |
Total expenses after reductions | 22,529 | |
Net investment income (loss) | 10,499 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 276,526 | |
Fidelity Central Funds | 9 | |
Foreign currency transactions | 10 | |
Futures contracts | 7,258 | |
Total net realized gain (loss) | 283,803 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 138,995 | |
Fidelity Central Funds | 1 | |
Assets and liabilities in foreign currencies | (8) | |
Futures contracts | (660) | |
Total change in net unrealized appreciation (depreciation) | 138,328 | |
Net gain (loss) | 422,131 | |
Net increase (decrease) in net assets resulting from operations | $432,630 |
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, 2021 | Year ended November 30, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $10,499 | $18,211 |
Net realized gain (loss) | 283,803 | 30,672 |
Change in net unrealized appreciation (depreciation) | 138,328 | 83,257 |
Net increase (decrease) in net assets resulting from operations | 432,630 | 132,140 |
Distributions to shareholders | (44,080) | (85,310) |
Share transactions - net increase (decrease) | (136,229) | (230,032) |
Total increase (decrease) in net assets | 252,321 | (183,202) |
Net Assets | ||
Beginning of period | 1,937,627 | 2,120,829 |
End of period | $2,189,948 | $1,937,627 |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $37.74 | $36.07 | $39.28 | $39.74 | $33.13 |
Income from Investment Operations | |||||
Net investment income (loss)A | .20 | .30B | .25 | .26 | .13 |
Net realized and unrealized gain (loss) | 8.40 | 2.85 | 2.80C | 1.04 | 6.68 |
Total from investment operations | 8.60 | 3.15 | 3.05 | 1.30 | 6.81 |
Distributions from net investment income | (.35) | (.21) | (.25) | (.11) | (.19) |
Distributions from net realized gain | (.54) | (1.27) | (6.01) | (1.65) | (.01) |
Total distributions | (.88)D | (1.48) | (6.26) | (1.76) | (.20) |
Net asset value, end of period | $45.46 | $37.74 | $36.07 | $39.28 | $39.74 |
Total ReturnE,F | 23.19% | 8.99% | 12.13%C | 3.36% | 20.64% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | 1.05% | 1.14% | 1.14% | .93% | .87% |
Expenses net of fee waivers, if any | 1.05% | 1.14% | 1.14% | .92% | .87% |
Expenses net of all reductions | 1.05% | 1.13% | 1.14% | .91% | .86% |
Net investment income (loss) | .45% | .94%B | .75% | .64% | .36% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $736 | $626 | $623 | $532 | $564 |
Portfolio turnover rateI | 43% | 86% | 57% | 81% | 84% |
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 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 M
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $37.99 | $36.30 | $39.43 | $39.89 | $33.25 |
Income from Investment Operations | |||||
Net investment income (loss)A | .09 | .22B | .17 | .16 | .04 |
Net realized and unrealized gain (loss) | 8.48 | 2.86 | 2.85C | 1.04 | 6.71 |
Total from investment operations | 8.57 | 3.08 | 3.02 | 1.20 | 6.75 |
Distributions from net investment income | (.25) | (.12) | (.14) | (.01) | (.11) |
Distributions from net realized gain | (.54) | (1.27) | (6.01) | (1.65) | (.01) |
Total distributions | (.79) | (1.39) | (6.15) | (1.66) | (.11)D |
Net asset value, end of period | $45.77 | $37.99 | $36.30 | $39.43 | $39.89 |
Total ReturnE,F | 22.91% | 8.71% | 11.88%C | 3.10% | 20.37% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | 1.29% | 1.38% | 1.38% | 1.17% | 1.11% |
Expenses net of fee waivers, if any | 1.29% | 1.38% | 1.38% | 1.17% | 1.11% |
Expenses net of all reductions | 1.29% | 1.37% | 1.38% | 1.15% | 1.10% |
Net investment income (loss) | .20% | .70%B | .51% | .39% | .11% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $552 | $496 | $544 | $536 | $606 |
Portfolio turnover rateI | 43% | 86% | 57% | 81% | 84% |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $33.58 | $32.15 | $35.67 | $36.25 | $30.28 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.14) | .04B | (.01) | (.05) | (.13) |
Net realized and unrealized gain (loss) | 7.51 | 2.50 | 2.46C | .96 | 6.10 |
Total from investment operations | 7.37 | 2.54 | 2.45 | .91 | 5.97 |
Distributions from net investment income | (.10) | – | – | – | – |
Distributions from net realized gain | (.54) | (1.11) | (5.97) | (1.49) | – |
Total distributions | (.64) | (1.11) | (5.97) | (1.49) | – |
Net asset value, end of period | $40.31 | $33.58 | $32.15 | $35.67 | $36.25 |
Total ReturnD,E | 22.25% | 8.10% | 11.27%C | 2.59% | 19.72% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.84% | 1.93% | 1.93% | 1.69% | 1.63% |
Expenses net of fee waivers, if any | 1.84% | 1.93% | 1.93% | 1.69% | 1.63% |
Expenses net of all reductions | 1.84% | 1.92% | 1.93% | 1.67% | 1.62% |
Net investment income (loss) | (.35)% | .15%B | (.04)% | (.12)% | (.40)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $27 | $30 | $35 | $114 | $142 |
Portfolio turnover rateH | 43% | 86% | 57% | 81% | 84% |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $39.90 | $38.00 | $41.00 | $41.43 | $34.53 |
Income from Investment Operations | |||||
Net investment income (loss)A | .34 | .40B | .34 | .33 | .20 |
Net realized and unrealized gain (loss) | 8.88 | 3.01 | 2.99C | 1.09 | 6.96 |
Total from investment operations | 9.22 | 3.41 | 3.33 | 1.42 | 7.16 |
Distributions from net investment income | (.42) | (.24) | (.32) | (.20) | (.26) |
Distributions from net realized gain | (.54) | (1.27) | (6.01) | (1.65) | (.01) |
Total distributions | (.96) | (1.51) | (6.33) | (1.85) | (.26)D |
Net asset value, end of period | $48.16 | $39.90 | $38.00 | $41.00 | $41.43 |
Total ReturnE | 23.52% | 9.24% | 12.38%C | 3.53% | 20.87% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .79% | .89% | .94% | .77% | .70% |
Expenses net of fee waivers, if any | .79% | .89% | .94% | .76% | .70% |
Expenses net of all reductions | .79% | .88% | .94% | .75% | .69% |
Net investment income (loss) | .71% | 1.19%B | .95% | .80% | .53% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $395 | $342 | $362 | $502 | $545 |
Portfolio turnover rateH | 43% | 86% | 57% | 81% | 84% |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $40.01 | $38.15 | $41.11 | $41.51 | $34.60 |
Income from Investment Operations | |||||
Net investment income (loss)A | .33 | .40B | .35 | .36 | .23 |
Net realized and unrealized gain (loss) | 8.91 | 3.02 | 3.01C | 1.10 | 6.96 |
Total from investment operations | 9.24 | 3.42 | 3.36 | 1.46 | 7.19 |
Distributions from net investment income | (.42) | (.29) | (.31) | (.21) | (.27) |
Distributions from net realized gain | (.54) | (1.27) | (6.01) | (1.65) | (.01) |
Total distributions | (.96) | (1.56) | (6.32) | (1.86) | (.28) |
Net asset value, end of period | $48.29 | $40.01 | $38.15 | $41.11 | $41.51 |
Total ReturnD | 23.50% | 9.23% | 12.41%C | 3.62% | 20.92% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .82% | .90% | .91% | .69% | .63% |
Expenses net of fee waivers, if any | .81% | .90% | .91% | .69% | .63% |
Expenses net of all reductions | .81% | .89% | .91% | .67% | .62% |
Net investment income (loss) | .68% | 1.18%B | .98% | .87% | .60% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $413 | $293 | $312 | $279 | $683 |
Portfolio turnover rateG | 43% | 86% | 57% | 81% | 84% |
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 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 Stock Selector Mid Cap Fund Class Z
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $39.97 | $38.12 | $41.15 | $41.57 | $35.79 |
Income from Investment Operations | |||||
Net investment income (loss)B | .38 | .44C | .41 | .43 | .23 |
Net realized and unrealized gain (loss) | 8.92 | 3.03 | 2.99D | 1.08 | 5.55 |
Total from investment operations | 9.30 | 3.47 | 3.40 | 1.51 | 5.78 |
Distributions from net investment income | (.47) | (.35) | (.42) | (.28) | – |
Distributions from net realized gain | (.54) | (1.27) | (6.01) | (1.65) | – |
Total distributions | (1.01) | (1.62) | (6.43) | (1.93) | – |
Net asset value, end of period | $48.26 | $39.97 | $38.12 | $41.15 | $41.57 |
Total ReturnE,F | 23.69% | 9.39% | 12.59%D | 3.75% | 16.15% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | .67% | .75% | .75% | .53% | .48%I |
Expenses net of fee waivers, if any | .67% | .75% | .75% | .53% | .47%I |
Expenses net of all reductions | .67% | .73% | .75% | .52% | .46%I |
Net investment income (loss) | .82% | 1.33%C | 1.14% | 1.03% | .69%I |
Supplemental Data | |||||
Net assets, end of period (in millions) | $67 | $150 | $245 | $18 | $9 |
Portfolio turnover rateJ | 43% | 86% | 57% | 81% | 84% |
A For the period February 1, 2017 (commencement of sale of shares) through 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, 2021
(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. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, 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 | $573,800 |
Gross unrealized depreciation | (105,994) |
Net unrealized appreciation (depreciation) | $467,806 |
Tax Cost | $1,789,624 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $98,994 |
Undistributed long-term capital gain | $165,447 |
Net unrealized appreciation (depreciation) on securities and other investments | $467,806 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $18,934 | $ 21,178 |
Long-term Capital Gains | 25,146 | 64,132 |
Total | $44,080 | $ 85,310 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
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 and is representative of volume of activity during the period. 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 and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Stock Selector Mid Cap Fund | 912,513 | 1,027,520 |
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 .59% 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% | $1,832 | $34 |
Class M | .25% | .25% | 2,864 | 34 |
Class C | .75% | .25% | 306 | 42 |
$5,002 | $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 | $72 |
Class M | 11 |
Class C(a) | 1 |
$84 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $1,255 | .17 |
Class M | 943 | .16 |
Class C | 65 | .21 |
Fidelity Stock Selector Mid Cap Fund | 637 | .16 |
Class I | 718 | .19 |
Class Z | 38 | .04 |
$3,656 |
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 | $25 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Stock Selector Mid Cap Fund | 36,744 | 72,439 | 14,698 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Stock Selector Mid Cap Fund | $4 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Stock Selector Mid Cap Fund | $12 | $–(a) | $271 |
(a) Amount represents less than five hundred dollars.
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $35.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Stock Selector Mid Cap Fund | ||
Distributions to shareholders | ||
Class A | $14,523 | $25,261 |
Class M | 10,221 | 20,788 |
Class C | 574 | 1,203 |
Fidelity Stock Selector Mid Cap Fund | 7,971 | 14,538 |
Class I | 6,942 | 12,973 |
Class Z | 3,849 | 10,547 |
Total | $44,080 | $85,310 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended November 30, 2021 | Year ended November 30, 2020 | Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Stock Selector Mid Cap Fund | ||||
Class A | ||||
Shares sold | 1,510 | 1,946 | $68,096 | $60,114 |
Reinvestment of distributions | 347 | 663 | 13,497 | 23,541 |
Shares redeemed | (2,269) | (3,286) | (100,086) | (103,394) |
Net increase (decrease) | (412) | (677) | $(18,493) | $(19,739) |
Class M | ||||
Shares sold | 1,065 | 1,204 | $47,155 | $38,954 |
Reinvestment of distributions | 253 | 565 | 9,912 | 20,270 |
Shares redeemed | (2,314) | (3,685) | (103,273) | (116,444) |
Net increase (decrease) | (996) | (1,916) | $(46,206) | $(57,220) |
Class C | ||||
Shares sold | 205 | 146 | $8,344 | $4,091 |
Reinvestment of distributions | 17 | 37 | 574 | 1,171 |
Shares redeemed | (446) | (377) | (17,717) | (10,339) |
Net increase (decrease) | (224) | (194) | $(8,799) | $(5,077) |
Fidelity Stock Selector Mid Cap Fund | ||||
Shares sold | 1,545 | 1,599 | $73,171 | $54,538 |
Reinvestment of distributions | 188 | 376 | 7,734 | 14,097 |
Shares redeemed | (2,112) | (2,921) | (96,277) | (94,539) |
Net increase (decrease) | (379) | (946) | $(15,372) | $(25,904) |
Class I | ||||
Shares sold | 2,690 | 1,451 | $128,891 | $47,436 |
Reinvestment of distributions | 159 | 334 | 6,540 | 12,548 |
Shares redeemed | (1,625) | (2,636) | (76,943) | (88,147) |
Net increase (decrease) | 1,224 | (851) | $58,488 | $(28,163) |
Class Z | ||||
Shares sold | 715 | 2,717 | $33,175 | $86,380 |
Reinvestment of distributions | 91 | 277 | 3,740 | 10,383 |
Shares redeemed | (3,160) | (5,681) | (142,762) | (190,692) |
Net increase (decrease) | (2,354) | (2,687) | $(105,847) | $(93,929) |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. 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, 2021, 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, 2021, 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, 2021, 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 13, 2022
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 314 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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Stock Selector Mid Cap Fund | ||||
Class A | 1.02% | |||
Actual | $1,000.00 | $972.20 | $5.04 | |
Hypothetical-C | $1,000.00 | $1,019.95 | $5.17 | |
Class M | 1.27% | |||
Actual | $1,000.00 | $971.10 | $6.28 | |
Hypothetical-C | $1,000.00 | $1,018.70 | $6.43 | |
Class C | 1.81% | |||
Actual | $1,000.00 | $968.50 | $8.93 | |
Hypothetical-C | $1,000.00 | $1,015.99 | $9.15 | |
Fidelity Stock Selector Mid Cap Fund | .76% | |||
Actual | $1,000.00 | $973.50 | $3.76 | |
Hypothetical-C | $1,000.00 | $1,021.26 | $3.85 | |
Class I | .79% | |||
Actual | $1,000.00 | $973.60 | $3.91 | |
Hypothetical-C | $1,000.00 | $1,021.11 | $4.00 | |
Class Z | .62% | |||
Actual | $1,000.00 | $974.20 | $3.07 | |
Hypothetical-C | $1,000.00 | $1,021.96 | $3.14 |
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/ 365 (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 | 12/29/21 | 12/28/21 | $0.212 | $5.496 |
Class M | 12/29/21 | 12/28/21 | $0.085 | $5.496 |
Class C | 12/29/21 | 12/28/21 | $0.000 | $5.355 |
Fidelity Stock Selector Mid Cap Fund | 12/29/21 | 12/28/21 | $0.328 | $5.496 |
Class I | 12/29/21 | 12/28/21 | $0.321 | $5.496 |
Class Z | 12/29/21 | 12/28/21 | $0.382 | $5.496 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $ 165,451,672, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 98.56% of the short-term capital gain dividends distributed in December 2020 during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
Class A designates 100%; Class M designates 100%; Class C designates 100%; Fidelity Stock Selector Mid Cap Fund designates 99%; Class I designates 100% and Class Z designates 90%; of the dividends distributed in December 2020 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 Stock Selector Mid Cap Fund designates 100%; Class I designates 100% and Class Z designates 94%; of the dividends distributed in December 2020 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 2022 of amounts for use in preparing 2021 income tax returns.
MC-ANN-0122
1.539186.124
Fidelity Advisor® Large Cap Fund
November 30, 2021
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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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 18.64% | 11.90% | 13.73% |
Class M (incl. 3.50% sales charge) | 21.16% | 12.14% | 13.71% |
Class C (incl. contingent deferred sales charge) | 23.90% | 12.38% | 13.72% |
Class I | 26.22% | 13.54% | 14.72% |
Class Z | 26.36% | 13.68% | 14.79% |
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® Large Cap Fund - Class A on November 30, 2011, 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/0001379491-22-000216/img762225334_740.jpg)
Period Ending Values | ||
$36,211 | Fidelity Advisor® Large Cap Fund - Class A | |
$44,726 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Portfolio Manager Matt Fruhan: For the fiscal year ending November 30, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 25% to 26%, trailing the 27.92% result of the benchmark S&P 500® index. The largest detractors from performance versus the benchmark were security selection and an underweight in information technology. Weak picks in the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hindered the fund's relative result. Also hurting our result were stock picks in the communication services sector, especially within the media & entertainment industry. The fund's largest individual relative detractor was an underweighting in Nvidia, which gained about 144%. Nvidia was not held at period end. Also holding back performance was an average underweight in Alphabet, which gained 62%. The company was among the biggest holdings at period end. Avoiding Tesla, a benchmark component that gained roughly 65%, also hurt relative performance. In contrast, the largest contributors to performance versus the benchmark were stock selection and an overweight in the financials sector, primarily driven by the banks industry. Also bolstering the fund's relative result was an overweight in energy and an underweight in utilities. The fund's top individual relative contributor was an outsized stake in Wells Fargo, which gained 77% the past year. The company was among our largest holdings. Also bolstering performance was our overweight in Exxon Mobil, which gained about 67%. Exxon Mobil was among our biggest holdings. Another notable relative contributor was an outsized stake in Bank of America (+61%), which was one of our largest holdings. Notable changes in positioning include increased exposure to the energy sector and a lower allocation to health care.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, 2021
% of fund's net assets | |
Microsoft Corp. | 7.6 |
General Electric Co. | 6.4 |
Wells Fargo & Co. | 5.0 |
Exxon Mobil Corp. | 4.5 |
Bank of America Corp. | 3.8 |
Apple, Inc. | 3.7 |
Comcast Corp. Class A | 2.9 |
Altria Group, Inc. | 2.3 |
Qualcomm, Inc. | 2.2 |
United Parcel Service, Inc. Class B | 1.8 |
40.2 |
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Information Technology | 21.0 |
Financials | 18.8 |
Industrials | 15.5 |
Health Care | 13.1 |
Energy | 8.7 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021 * | ||
Stocks | 99.6% | |
Other Investments | 0.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.3% |
* Foreign investments - 10.0%
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 99.5% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 8.2% | |||
Diversified Telecommunication Services - 0.4% | |||
Cellnex Telecom SA (a) | 12,100 | $714,125 | |
Verizon Communications, Inc. | 64,776 | 3,256,290 | |
3,970,415 | |||
Entertainment - 1.9% | |||
Activision Blizzard, Inc. | 22,811 | 1,336,725 | |
Nintendo Co. Ltd. ADR | 48,200 | 2,654,856 | |
The Walt Disney Co. (b) | 69,375 | 10,052,438 | |
Universal Music Group NV | 208,434 | 5,982,904 | |
20,026,923 | |||
Interactive Media & Services - 2.5% | |||
Alphabet, Inc.: | |||
Class A (b) | 3,954 | 11,221,254 | |
Class C (b) | 3,567 | 10,162,526 | |
Meta Platforms, Inc. Class A (b) | 12,000 | 3,893,520 | |
Snap, Inc. Class A (b) | 8,400 | 399,924 | |
25,677,224 | |||
Media - 3.4% | |||
Comcast Corp. Class A | 599,623 | 29,969,158 | |
Interpublic Group of Companies, Inc. | 155,220 | 5,151,752 | |
35,120,910 | |||
TOTAL COMMUNICATION SERVICES | 84,795,472 | ||
CONSUMER DISCRETIONARY - 5.1% | |||
Auto Components - 0.5% | |||
BorgWarner, Inc. | 126,416 | 5,471,284 | |
Automobiles - 0.3% | |||
General Motors Co. (b) | 45,400 | 2,627,298 | |
Distributors - 0.0% | |||
LKQ Corp. | 2,102 | 117,502 | |
Hotels, Restaurants & Leisure - 1.5% | |||
Booking Holdings, Inc. (b) | 3,664 | 7,701,178 | |
Elior SA (a)(b) | 87,800 | 564,584 | |
Expedia, Inc. (b) | 17,900 | 2,883,511 | |
Marriott International, Inc. Class A (b) | 19,400 | 2,862,664 | |
Starbucks Corp. | 10,500 | 1,151,220 | |
15,163,157 | |||
Household Durables - 1.3% | |||
Mohawk Industries, Inc. (b) | 35,906 | 6,027,540 | |
Sony Group Corp. sponsored ADR | 14,500 | 1,766,825 | |
Whirlpool Corp. | 28,134 | 6,125,897 | |
13,920,262 | |||
Internet & Direct Marketing Retail - 0.0% | |||
Chewy, Inc. (b) | 5,700 | 389,082 | |
Specialty Retail - 1.5% | |||
Lowe's Companies, Inc. | 62,130 | 15,196,377 | |
TOTAL CONSUMER DISCRETIONARY | 52,884,962 | ||
CONSUMER STAPLES - 5.5% | |||
Beverages - 1.6% | |||
Anheuser-Busch InBev SA NV ADR (c) | 4,500 | 250,740 | |
Diageo PLC sponsored ADR | 25,100 | 5,099,567 | |
Keurig Dr. Pepper, Inc. | 89,000 | 3,025,110 | |
The Coca-Cola Co. | 155,781 | 8,170,713 | |
16,546,130 | |||
Food & Staples Retailing - 1.1% | |||
Costco Wholesale Corp. | 3,300 | 1,779,954 | |
Ocado Group PLC (b) | 4,100 | 97,905 | |
Performance Food Group Co. (b) | 37,100 | 1,495,501 | |
Sysco Corp. | 91,500 | 6,408,660 | |
U.S. Foods Holding Corp. (b) | 39,700 | 1,247,374 | |
11,029,394 | |||
Food Products - 0.1% | |||
Lamb Weston Holdings, Inc. | 21,800 | 1,131,856 | |
Household Products - 0.3% | |||
Colgate-Palmolive Co. | 2,300 | 172,546 | |
Procter & Gamble Co. | 800 | 115,664 | |
Spectrum Brands Holdings, Inc. | 26,367 | 2,639,337 | |
2,927,547 | |||
Tobacco - 2.4% | |||
Altria Group, Inc. | 554,680 | 23,651,555 | |
Swedish Match Co. AB | 163,800 | 1,196,591 | |
24,848,146 | |||
TOTAL CONSUMER STAPLES | 56,483,073 | ||
ENERGY - 8.6% | |||
Energy Equipment & Services - 0.1% | |||
Subsea 7 SA | 186,200 | 1,307,273 | |
Oil, Gas & Consumable Fuels - 8.5% | |||
Canadian Natural Resources Ltd. | 37,200 | 1,521,256 | |
Cenovus Energy, Inc. (Canada) | 956,062 | 11,345,963 | |
Exxon Mobil Corp. | 776,068 | 46,439,909 | |
Harbour Energy PLC (b) | 304,600 | 1,592,864 | |
Hess Corp. | 217,035 | 16,173,448 | |
Imperial Oil Ltd. | 38,500 | 1,272,735 | |
Kosmos Energy Ltd. (b) | 954,095 | 3,491,988 | |
Phillips 66 Co. | 32,400 | 2,241,108 | |
Tourmaline Oil Corp. | 117,100 | 3,896,764 | |
87,976,035 | |||
TOTAL ENERGY | 89,283,308 | ||
FINANCIALS - 18.8% | |||
Banks - 13.3% | |||
Bank of America Corp. | 883,614 | 39,294,315 | |
JPMorgan Chase & Co. | 83,418 | 13,249,281 | |
M&T Bank Corp. | 12,828 | 1,880,713 | |
PNC Financial Services Group, Inc. | 70,241 | 13,837,477 | |
Truist Financial Corp. | 156,127 | 9,259,892 | |
U.S. Bancorp | 135,490 | 7,498,017 | |
Wells Fargo & Co. | 1,088,603 | 52,013,451 | |
137,033,146 | |||
Capital Markets - 3.7% | |||
KKR & Co. LP | 95,691 | 7,124,195 | |
Morgan Stanley | 67,425 | 6,393,239 | |
Northern Trust Corp. | 105,991 | 12,263,159 | |
Raymond James Financial, Inc. | 28,893 | 2,839,893 | |
State Street Corp. | 107,019 | 9,521,480 | |
38,141,966 | |||
Consumer Finance - 0.6% | |||
Discover Financial Services | 54,700 | 5,899,395 | |
Insurance - 0.2% | |||
Chubb Ltd. | 13,795 | 2,475,789 | |
Thrifts & Mortgage Finance - 1.0% | |||
MGIC Investment Corp. | 152,476 | 2,149,912 | |
Radian Group, Inc. | 400,131 | 8,150,668 | |
10,300,580 | |||
TOTAL FINANCIALS | 193,850,876 | ||
HEALTH CARE - 13.1% | |||
Biotechnology - 0.7% | |||
ADC Therapeutics SA (b) | 14,300 | 318,318 | |
Alnylam Pharmaceuticals, Inc. (b) | 11,419 | 2,098,812 | |
Crinetics Pharmaceuticals, Inc. (b) | 32,300 | 882,436 | |
Gritstone Bio, Inc. (b) | 20,040 | 264,528 | |
Heron Therapeutics, Inc. (b) | 9,716 | 91,816 | |
Insmed, Inc. (b) | 47,497 | 1,307,117 | |
Intercept Pharmaceuticals, Inc. (b)(c) | 71,150 | 1,224,492 | |
Vaxcyte, Inc. (b) | 11,800 | 240,484 | |
Verve Therapeutics, Inc. | 9,400 | 320,352 | |
6,748,355 | |||
Health Care Equipment & Supplies - 1.5% | |||
Abbott Laboratories | 5,800 | 729,466 | |
Becton, Dickinson & Co. | 10,797 | 2,560,401 | |
Boston Scientific Corp. (b) | 272,626 | 10,378,872 | |
iRhythm Technologies, Inc. (b) | 100 | 10,560 | |
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.) | 38,700 | 1,361,466 | |
15,040,765 | |||
Health Care Providers & Services - 5.6% | |||
Cardinal Health, Inc. | 97,182 | 4,492,724 | |
Centene Corp. (b) | 13,300 | 949,753 | |
Cigna Corp. | 53,403 | 10,248,036 | |
Covetrus, Inc. (b) | 26,621 | 478,646 | |
CVS Health Corp. | 148,698 | 13,243,044 | |
Guardant Health, Inc. (b) | 9,800 | 1,030,176 | |
Humana, Inc. | 2,900 | 1,217,159 | |
McKesson Corp. | 54,806 | 11,879,749 | |
UnitedHealth Group, Inc. | 32,999 | 14,658,816 | |
58,198,103 | |||
Health Care Technology - 0.0% | |||
Castlight Health, Inc. Class B (b) | 114,062 | 174,515 | |
Life Sciences Tools & Services - 0.1% | |||
Danaher Corp. | 3,600 | 1,157,904 | |
Pharmaceuticals - 5.2% | |||
Bayer AG | 167,356 | 8,449,827 | |
Bristol-Myers Squibb Co. | 304,617 | 16,336,610 | |
Eli Lilly & Co. | 11,300 | 2,802,852 | |
GlaxoSmithKline PLC sponsored ADR | 282,738 | 11,626,187 | |
Johnson & Johnson | 76,784 | 11,972,929 | |
Pliant Therapeutics, Inc. (b) | 16,400 | 232,552 | |
Sanofi SA sponsored ADR | 38,000 | 1,807,660 | |
TherapeuticsMD, Inc. (b)(c) | 513,152 | 254,010 | |
Viatris, Inc. | 11,800 | 145,258 | |
53,627,885 | |||
TOTAL HEALTH CARE | 134,947,527 | ||
INDUSTRIALS - 15.4% | |||
Aerospace & Defense - 2.5% | |||
Airbus Group NV (b) | 36,900 | 4,118,779 | |
General Dynamics Corp. | 13,129 | 2,480,987 | |
Huntington Ingalls Industries, Inc. | 9,319 | 1,654,216 | |
Maxar Technologies, Inc. | 5,200 | 143,156 | |
MTU Aero Engines AG | 3,100 | 579,916 | |
Raytheon Technologies Corp. | 15,092 | 1,221,245 | |
Rolls-Royce Holdings PLC (b) | 1,017,700 | 1,660,221 | |
Safran SA | 5,800 | 647,824 | |
The Boeing Co. (b) | 67,867 | 13,427,486 | |
25,933,830 | |||
Air Freight & Logistics - 2.3% | |||
FedEx Corp. | 21,292 | 4,905,038 | |
United Parcel Service, Inc. Class B | 97,063 | 19,254,387 | |
24,159,425 | |||
Airlines - 0.1% | |||
Copa Holdings SA Class A (b) | 3,200 | 223,744 | |
Ryanair Holdings PLC sponsored ADR (b) | 9,400 | 898,170 | |
1,121,914 | |||
Building Products - 0.2% | |||
Johnson Controls International PLC | 26,000 | 1,943,760 | |
Commercial Services & Supplies - 0.2% | |||
ACV Auctions, Inc. Class A (b) | 88,300 | 1,870,194 | |
Electrical Equipment - 1.4% | |||
Acuity Brands, Inc. | 19,056 | 3,836,926 | |
Hubbell, Inc. Class B | 12,385 | 2,423,745 | |
Regal Rexnord Corp. | 1,400 | 221,340 | |
Vertiv Holdings Co. | 293,200 | 7,517,648 | |
13,999,659 | |||
Industrial Conglomerates - 6.7% | |||
3M Co. | 14,959 | 2,543,628 | |
General Electric Co. | 694,913 | 66,009,786 | |
68,553,414 | |||
Machinery - 1.1% | |||
Cummins, Inc. | 6,000 | 1,258,500 | |
Epiroc AB (A Shares) | 4,400 | 107,078 | |
Flowserve Corp. | 60,619 | 1,817,358 | |
Fortive Corp. | 27,900 | 2,060,973 | |
Otis Worldwide Corp. | 19,696 | 1,583,558 | |
PACCAR, Inc. | 6,300 | 525,546 | |
Stanley Black & Decker, Inc. | 9,300 | 1,625,268 | |
Westinghouse Air Brake Tech Co. | 28,145 | 2,498,432 | |
11,476,713 | |||
Professional Services - 0.1% | |||
Acacia Research Corp. (b) | 36,900 | 180,810 | |
Equifax, Inc. | 3,700 | 1,031,005 | |
1,211,815 | |||
Road & Rail - 0.8% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 113,658 | 6,506,921 | |
Lyft, Inc. (b) | 25,716 | 1,044,327 | |
Ryder System, Inc. | 4,500 | 373,860 | |
7,925,108 | |||
Trading Companies & Distributors - 0.0% | |||
Beijer Ref AB (B Shares) | 15,900 | 315,690 | |
TOTAL INDUSTRIALS | 158,511,522 | ||
INFORMATION TECHNOLOGY - 21.0% | |||
Electronic Equipment & Components - 0.5% | |||
CDW Corp. | 4,000 | 757,440 | |
Mirion Technologies, Inc. (d) | 232,270 | 2,475,998 | |
Vontier Corp. | 63,080 | 1,987,651 | |
5,221,089 | |||
IT Services - 3.4% | |||
Amadeus IT Holding SA Class A (b) | 25,900 | 1,658,263 | |
Edenred SA | 63,300 | 2,837,083 | |
Fidelity National Information Services, Inc. | 42,600 | 4,451,700 | |
Genpact Ltd. | 43,400 | 2,094,918 | |
Global Payments, Inc. | 4,000 | 476,160 | |
IBM Corp. | 11,500 | 1,346,650 | |
MasterCard, Inc. Class A | 8,615 | 2,713,036 | |
Sabre Corp. (b)(c) | 249,000 | 1,874,970 | |
Snowflake Computing, Inc. (b) | 800 | 272,120 | |
Twilio, Inc. Class A (b) | 1,500 | 429,225 | |
Unisys Corp. (b) | 141,362 | 2,567,134 | |
Visa, Inc. Class A | 75,827 | 14,692,998 | |
35,414,257 | |||
Semiconductors & Semiconductor Equipment - 3.6% | |||
Analog Devices, Inc. | 11,118 | 2,004,020 | |
Applied Materials, Inc. | 21,916 | 3,225,816 | |
Intel Corp. | 94,500 | 4,649,400 | |
Lam Research Corp. | 3,300 | 2,243,505 | |
Marvell Technology, Inc. | 38,801 | 2,761,467 | |
Qualcomm, Inc. | 123,501 | 22,299,341 | |
37,183,549 | |||
Software - 9.6% | |||
Autodesk, Inc. (b) | 9,541 | 2,425,227 | |
DoubleVerify Holdings, Inc. | 16,500 | 509,520 | |
Dynatrace, Inc. (b) | 25,865 | 1,625,615 | |
Elastic NV (b) | 23,000 | 3,575,580 | |
Microsoft Corp. | 238,053 | 78,697,935 | |
PTC, Inc. (b) | 10,200 | 1,117,716 | |
Salesforce.com, Inc. (b) | 3,300 | 940,368 | |
SAP SE sponsored ADR | 70,817 | 9,095,735 | |
Workday, Inc. Class A (b) | 3,300 | 904,959 | |
98,892,655 | |||
Technology Hardware, Storage & Peripherals - 3.9% | |||
Apple, Inc. | 232,668 | 38,460,020 | |
Samsung Electronics Co. Ltd. | 22,520 | 1,357,085 | |
39,817,105 | |||
TOTAL INFORMATION TECHNOLOGY | 216,528,655 | ||
MATERIALS - 2.5% | |||
Chemicals - 0.9% | |||
DuPont de Nemours, Inc. | 99,200 | 7,336,832 | |
Livent Corp. (b) | 4,400 | 133,276 | |
PPG Industries, Inc. | 10,700 | 1,649,619 | |
9,119,727 | |||
Metals & Mining - 1.6% | |||
Anglo American PLC (United Kingdom) | 54,170 | 1,993,989 | |
First Quantum Minerals Ltd. | 135,100 | 2,879,778 | |
Freeport-McMoRan, Inc. | 285,104 | 10,571,656 | |
Glencore Xstrata PLC | 343,200 | 1,629,444 | |
17,074,867 | |||
TOTAL MATERIALS | 26,194,594 | ||
REAL ESTATE - 0.9% | |||
Equity Real Estate Investment Trusts (REITs) - 0.9% | |||
American Tower Corp. | 10,709 | 2,810,898 | |
Equinix, Inc. | 442 | 358,992 | |
Simon Property Group, Inc. | 43,200 | 6,602,688 | |
9,772,578 | |||
UTILITIES - 0.4% | |||
Electric Utilities - 0.3% | |||
Entergy Corp. | 8,900 | 893,026 | |
Southern Co. | 33,700 | 2,059,070 | |
2,952,096 | |||
Multi-Utilities - 0.1% | |||
CenterPoint Energy, Inc. | 31,100 | 805,801 | |
Sempra Energy | 2,034 | 243,816 | |
1,049,617 | |||
TOTAL UTILITIES | 4,001,713 | ||
TOTAL COMMON STOCKS | |||
(Cost $677,120,121) | 1,027,254,280 | ||
Preferred Stocks - 0.1% | |||
Convertible Preferred Stocks - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Internet & Direct Marketing Retail - 0.0% | |||
Reddit, Inc. Series E (d)(e) | 1,200 | 74,153 | |
Nonconvertible Preferred Stocks - 0.1% | |||
INDUSTRIALS - 0.1% | |||
Aerospace & Defense - 0.1% | |||
Embraer SA sponsored ADR (b) | 84,900 | 1,165,677 | |
TOTAL PREFERRED STOCKS | |||
(Cost $984,073) | 1,239,830 | ||
Other - 0.1% | |||
ENERGY -0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f) | |||
(Cost $3,301,608) | 3,301,608 | 1,068,400 | |
Money Market Funds - 0.5% | |||
Fidelity Cash Central Fund 0.06% (g) | 1,030,113 | 1,030,319 | |
Fidelity Securities Lending Cash Central Fund 0.07% (g)(h) | 3,967,259 | 3,967,656 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $4,997,975) | 4,997,975 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $686,403,777) | 1,034,560,485 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (2,412,331) | ||
NET ASSETS - 100% | $1,032,148,154 |
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 $1,278,709 or 0.1% 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 $3,618,551 or 0.4% of net assets.
(e) Level 3 security
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(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 |
Mirion Technologies, Inc. | 6/16/21 | $2,322,700 |
Reddit, Inc. Series E | 5/18/21 | $50,969 |
Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $3,301,608 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $6,188,656 | $93,700,999 | $98,859,336 | $4,119 | $-- | $-- | $1,030,319 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.07% | 6,939,931 | 110,569,115 | 113,541,390 | 706,004 | -- | -- | 3,967,656 | 0.0% |
Total | $13,128,587 | $204,270,114 | $212,400,726 | $710,123 | $-- | $-- | $4,997,975 |
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, 2021, 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 | $84,795,472 | $84,795,472 | $-- | $-- |
Consumer Discretionary | 52,959,115 | 52,884,962 | -- | 74,153 |
Consumer Staples | 56,483,073 | 56,483,073 | -- | -- |
Energy | 89,283,308 | 89,283,308 | -- | -- |
Financials | 193,850,876 | 193,850,876 | -- | -- |
Health Care | 134,947,527 | 134,947,527 | -- | -- |
Industrials | 159,677,199 | 153,250,375 | 6,426,824 | -- |
Information Technology | 216,528,655 | 214,870,392 | 1,658,263 | -- |
Materials | 26,194,594 | 22,571,161 | 3,623,433 | -- |
Real Estate | 9,772,578 | 9,772,578 | -- | -- |
Utilities | 4,001,713 | 4,001,713 | -- | -- |
Other | 1,068,400 | -- | -- | 1,068,400 |
Money Market Funds | 4,997,975 | 4,997,975 | -- | -- |
Total Investments in Securities: | $1,034,560,485 | $1,021,709,412 | $11,708,520 | $1,142,553 |
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 | 90.0% |
United Kingdom | 2.2% |
Canada | 2.0% |
Germany | 1.7% |
Netherlands | 1.4% |
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, 2021 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $3,595,280) — See accompanying schedule: Unaffiliated issuers (cost $681,405,802) | $1,029,562,510 | |
Fidelity Central Funds (cost $4,997,975) | 4,997,975 | |
Total Investment in Securities (cost $686,403,777) | $1,034,560,485 | |
Restricted cash | 15,582 | |
Foreign currency held at value (cost $112,768) | 112,768 | |
Receivable for investments sold | 1,906,958 | |
Receivable for fund shares sold | 789,699 | |
Dividends receivable | 2,353,232 | |
Distributions receivable from Fidelity Central Funds | 815 | |
Prepaid expenses | 1,183 | |
Other receivables | 7,568 | |
Total assets | 1,039,748,290 | |
Liabilities | ||
Payable to custodian bank | $401,272 | |
Payable for investments purchased | 1,727,535 | |
Payable for fund shares redeemed | 741,377 | |
Accrued management fee | 309,984 | |
Distribution and service plan fees payable | 260,398 | |
Other affiliated payables | 174,257 | |
Other payables and accrued expenses | 15,513 | |
Collateral on securities loaned | 3,969,800 | |
Total liabilities | 7,600,136 | |
Net Assets | $1,032,148,154 | |
Net Assets consist of: | ||
Paid in capital | $621,610,495 | |
Total accumulated earnings (loss) | 410,537,659 | |
Net Assets | $1,032,148,154 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($468,894,401 ÷ 12,293,219 shares)(a) | $38.14 | |
Maximum offering price per share (100/94.25 of $38.14) | $40.47 | |
Class M: | ||
Net Asset Value and redemption price per share ($176,982,613 ÷ 4,658,224 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 ($89,885,654 ÷ 2,703,073 shares)(a) | $33.25 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($257,330,833 ÷ 6,332,964 shares) | $40.63 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($39,054,653 ÷ 961,614 shares) | $40.61 |
(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, 2021 | ||
Investment Income | ||
Dividends | $18,046,455 | |
Non-Cash dividends | 6,079,716 | |
Income from Fidelity Central Funds (including $706,004 from security lending) | 710,123 | |
Total income | 24,836,294 | |
Expenses | ||
Management fee | ||
Basic fee | $5,279,323 | |
Performance adjustment | (2,015,482) | |
Transfer agent fees | 1,688,524 | |
Distribution and service plan fees | 2,980,102 | |
Accounting fees | 333,325 | |
Custodian fees and expenses | 23,163 | |
Independent trustees' fees and expenses | 3,682 | |
Registration fees | 88,518 | |
Audit | 60,413 | |
Legal | 7,488 | |
Interest | 207 | |
Miscellaneous | 4,666 | |
Total expenses before reductions | 8,453,929 | |
Expense reductions | (15,953) | |
Total expenses after reductions | 8,437,976 | |
Net investment income (loss) | 16,398,318 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 56,660,304 | |
Foreign currency transactions | 497 | |
Total net realized gain (loss) | 56,660,801 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 142,325,931 | |
Assets and liabilities in foreign currencies | (11,443) | |
Total change in net unrealized appreciation (depreciation) | 142,314,488 | |
Net gain (loss) | 198,975,289 | |
Net increase (decrease) in net assets resulting from operations | $215,373,607 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $16,398,318 | $14,807,231 |
Net realized gain (loss) | 56,660,801 | 43,902,005 |
Change in net unrealized appreciation (depreciation) | 142,314,488 | (30,690,082) |
Net increase (decrease) in net assets resulting from operations | 215,373,607 | 28,019,154 |
Distributions to shareholders | (46,442,509) | (84,162,150) |
Share transactions - net increase (decrease) | (5,167,538) | (122,671,067) |
Total increase (decrease) in net assets | 163,763,560 | (178,814,063) |
Net Assets | ||
Beginning of period | 868,384,594 | 1,047,198,657 |
End of period | $1,032,148,154 | $868,384,594 |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $31.98 | $32.80 | $33.76 | $34.98 | $30.27 |
Income from Investment Operations | |||||
Net investment income (loss)A | .62B | .50 | .51 | .40 | .39 |
Net realized and unrealized gain (loss) | 7.29 | 1.36 | 2.97 | .89 | 4.93 |
Total from investment operations | 7.91 | 1.86 | 3.48 | 1.29 | 5.32 |
Distributions from net investment income | (.57) | (.60) | (.45) | (.38) | (.33) |
Distributions from net realized gain | (1.18) | (2.08) | (3.99) | (2.13) | (.27) |
Total distributions | (1.75) | (2.68) | (4.44) | (2.51) | (.61)C |
Net asset value, end of period | $38.14 | $31.98 | $32.80 | $33.76 | $34.98 |
Total ReturnD,E | 25.87% | 5.91% | 14.19% | 3.77% | 17.84% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .80% | .75% | .91% | .92% | .91% |
Expenses net of fee waivers, if any | .80% | .75% | .91% | .92% | .91% |
Expenses net of all reductions | .80% | .75% | .90% | .92% | .90% |
Net investment income (loss) | 1.67%B | 1.76% | 1.71% | 1.17% | 1.22% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $468,894 | $389,143 | $423,325 | $401,495 | $461,949 |
Portfolio turnover rateH | 17% | 22% | 28%I | 37% | 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 $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.07%.
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).
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 Large Cap Fund Class M
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $31.86 | $32.69 | $33.63 | $34.86 | $30.17 |
Income from Investment Operations | |||||
Net investment income (loss)A | .52B | .42 | .43 | .31 | .31 |
Net realized and unrealized gain (loss) | 7.28 | 1.35 | 2.98 | .89 | 4.91 |
Total from investment operations | 7.80 | 1.77 | 3.41 | 1.20 | 5.22 |
Distributions from net investment income | (.49) | (.52) | (.36) | (.29) | (.26) |
Distributions from net realized gain | (1.18) | (2.08) | (3.99) | (2.13) | (.27) |
Total distributions | (1.67) | (2.60) | (4.35) | (2.43)C | (.53) |
Net asset value, end of period | $37.99 | $31.86 | $32.69 | $33.63 | $34.86 |
Total ReturnD,E | 25.55% | 5.62% | 13.93% | 3.50% | 17.54% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.05% | 1.01% | 1.17% | 1.18% | 1.17% |
Expenses net of fee waivers, if any | 1.05% | 1.01% | 1.16% | 1.18% | 1.17% |
Expenses net of all reductions | 1.05% | 1.00% | 1.16% | 1.18% | 1.17% |
Net investment income (loss) | 1.42%B | 1.50% | 1.46% | .92% | .96% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $176,983 | $153,918 | $175,139 | $173,195 | $193,882 |
Portfolio turnover rateH | 17% | 22% | 28%I | 37% | 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 $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .82%.
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).
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 Large Cap Fund Class C
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $28.08 | $29.09 | $30.44 | $31.78 | $27.58 |
Income from Investment Operations | |||||
Net investment income (loss)A | .29B | .25 | .25 | .13 | .14 |
Net realized and unrealized gain (loss) | 6.40 | 1.18 | 2.60 | .81 | 4.49 |
Total from investment operations | 6.69 | 1.43 | 2.85 | .94 | 4.63 |
Distributions from net investment income | (.34) | (.36) | (.21) | (.15) | (.15) |
Distributions from net realized gain | (1.18) | (2.08) | (3.99) | (2.13) | (.27) |
Total distributions | (1.52) | (2.44) | (4.20) | (2.28) | (.43)C |
Net asset value, end of period | $33.25 | $28.08 | $29.09 | $30.44 | $31.78 |
Total ReturnD,E | 24.90% | 5.10% | 13.33% | 3.01% | 16.97% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.57% | 1.53% | 1.67% | 1.69% | 1.67% |
Expenses net of fee waivers, if any | 1.57% | 1.52% | 1.67% | 1.69% | 1.67% |
Expenses net of all reductions | 1.57% | 1.52% | 1.67% | 1.68% | 1.66% |
Net investment income (loss) | .90%B | .98% | .95% | .41% | .46% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $89,886 | $88,926 | $119,072 | $158,775 | $194,553 |
Portfolio turnover rateH | 17% | 22% | 28%I | 37% | 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 $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .30%.
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).
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 Large Cap Fund Class I
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $33.94 | $34.63 | $35.37 | $36.53 | $31.57 |
Income from Investment Operations | |||||
Net investment income (loss)A | .76B | .61 | .62 | .51 | .50 |
Net realized and unrealized gain (loss) | 7.76 | 1.44 | 3.17 | .93 | 5.14 |
Total from investment operations | 8.52 | 2.05 | 3.79 | 1.44 | 5.64 |
Distributions from net investment income | (.64) | (.66) | (.54) | (.47) | (.40) |
Distributions from net realized gain | (1.18) | (2.08) | (3.99) | (2.13) | (.27) |
Total distributions | (1.83)C | (2.74) | (4.53) | (2.60) | (.68)C |
Net asset value, end of period | $40.63 | $33.94 | $34.63 | $35.37 | $36.53 |
Total ReturnD | 26.22% | 6.17% | 14.54% | 4.05% | 18.16% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .54% | .48% | .64% | .66% | .64% |
Expenses net of fee waivers, if any | .54% | .48% | .64% | .66% | .64% |
Expenses net of all reductions | .54% | .48% | .64% | .66% | .64% |
Net investment income (loss) | 1.93%B | 2.03% | 1.98% | 1.44% | 1.48% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $257,331 | $206,090 | $301,067 | $459,962 | $520,465 |
Portfolio turnover rateG | 17% | 22% | 28%H | 37% | 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 $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.33%.
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).
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 Z
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $33.93 | $34.64 | $35.41 | $36.57 | $32.04 |
Income from Investment Operations | |||||
Net investment income (loss)B | .81C | .64 | .66 | .56 | .51 |
Net realized and unrealized gain (loss) | 7.74 | 1.45 | 3.16 | .93 | 4.02 |
Total from investment operations | 8.55 | 2.09 | 3.82 | 1.49 | 4.53 |
Distributions from net investment income | (.69) | (.72) | (.60) | (.52) | – |
Distributions from net realized gain | (1.18) | (2.08) | (3.99) | (2.13) | – |
Total distributions | (1.87) | (2.80) | (4.59) | (2.65) | – |
Net asset value, end of period | $40.61 | $33.93 | $34.64 | $35.41 | $36.57 |
Total ReturnD,E | 26.36% | 6.30% | 14.67% | 4.19% | 14.14% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .42% | .36% | .51% | .53% | .51%H |
Expenses net of fee waivers, if any | .42% | .36% | .51% | .53% | .51%H |
Expenses net of all reductions | .42% | .36% | .51% | .53% | .51%H |
Net investment income (loss) | 2.05%C | 2.15% | 2.11% | 1.57% | 1.80%H |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $39,055 | $30,308 | $28,596 | $17,711 | $13,966 |
Portfolio turnover rateI | 17% | 22% | 28%J | 37% | 31%H |
A For the period February 1, 2017 (commencement of sale of shares) through 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 $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.45%.
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).
J 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, 2021
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. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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.
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, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, 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 | $404,099,716 |
Gross unrealized depreciation | (59,775,507) |
Net unrealized appreciation (depreciation) | $344,324,209 |
Tax Cost | $690,236,276 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $16,471,835 |
Undistributed long-term capital gain | $49,740,767 |
Net unrealized appreciation (depreciation) on securities and other investments | $344,325,058 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $14,724,707 | $ 18,171,713 |
Long-term Capital Gains | 31,717,802 | 65,990,437 |
Total | $46,442,509 | $ 84,162,150 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
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 | 1,083,982 | .11 |
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 and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Large Cap Fund | 163,364,183 | 194,226,469 |
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 .32% 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% | $1,146,374 | $20,424 |
Class M | .25% | .25% | 877,604 | 4,607 |
Class C | .75% | .25% | 956,124 | 77,036 |
$2,980,102 | $102,067 |
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 | $128,483 |
Class M | 8,346 |
Class C(a) | 3,584 |
$140,413 |
(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. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $795,202 | .17 |
Class M | 307,429 | .18 |
Class C | 186,267 | .19 |
Class I | 384,106 | .16 |
Class Z | 15,520 | .04 |
$1,688,524 |
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 | $2,875 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At 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 Large Cap Fund | Borrower | $2,180,571 | .32% | $134 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Large Cap Fund | 10,836,774 | 30,613,032 | 12,837,058 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($) | |
Fidelity Advisor Large Cap Fund | 184,298 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Large Cap Fund | $1,736 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Large Cap Fund | $34,273 | $2,688 | $253,985 |
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 Large Cap Fund | $323,929 | .58% | $73 |
9. Expense Reductions.
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 $15,953.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Large Cap Fund | ||
Distributions to shareholders | ||
Class A | $21,133,066 | $34,539,981 |
Class M | 7,961,413 | 13,794,564 |
Class C | 4,686,944 | 9,862,974 |
Class I | 11,009,981 | 23,630,124 |
Class Z | 1,651,105 | 2,334,507 |
Total | $46,442,509 | $84,162,150 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended November 30, 2021 | Year ended November 30, 2020 | Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Large Cap Fund | ||||
Class A | ||||
Shares sold | 2,060,479 | 2,030,020 | $75,956,104 | $56,410,173 |
Reinvestment of distributions | 634,564 | 1,075,735 | 20,064,924 | 33,444,611 |
Shares redeemed | (2,570,290) | (3,842,229) | (93,883,684) | (106,888,446) |
Net increase (decrease) | 124,753 | (736,474) | $2,137,344 | $(17,033,662) |
Class M | ||||
Shares sold | 506,912 | 603,292 | $18,689,115 | $16,514,633 |
Reinvestment of distributions | 249,228 | 437,667 | 7,868,112 | 13,589,553 |
Shares redeemed | (929,141) | (1,567,961) | (33,377,285) | (43,675,826) |
Net increase (decrease) | (173,001) | (527,002) | $(6,820,058) | $(13,571,640) |
Class C | ||||
Shares sold | 417,057 | 340,889 | $13,434,532 | $8,352,577 |
Reinvestment of distributions | 165,245 | 326,534 | 4,587,186 | 8,979,690 |
Shares redeemed | (1,046,168) | (1,593,364) | (33,381,868) | (38,927,057) |
Net increase (decrease) | (463,866) | (925,941) | $(15,360,150) | $(21,594,790) |
Class I | ||||
Shares sold | 2,266,950 | 1,435,759 | $89,737,732 | $43,567,070 |
Reinvestment of distributions | 280,570 | 649,329 | 9,427,141 | 21,375,913 |
Shares redeemed | (2,286,098) | (4,708,120) | (86,887,431) | (137,486,804) |
Net increase (decrease) | 261,422 | (2,623,032) | $12,277,442 | $(72,543,821) |
Class Z | ||||
Shares sold | 210,356 | 286,711 | $8,284,923 | $8,452,674 |
Reinvestment of distributions | 45,813 | 65,037 | 1,537,037 | 2,137,756 |
Shares redeemed | (187,738) | (284,136) | (7,224,076) | (8,517,584) |
Net increase (decrease) | 68,431 | 67,612 | $2,597,884 | $2,072,846 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. 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 Advisor Series I, including the schedule of investments, as of November 30, 2021, 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, 2021, 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, 2021, 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 13, 2022
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 314 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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Large Cap Fund | ||||
Class A | .80% | |||
Actual | $1,000.00 | $994.00 | $4.00 | |
Hypothetical-C | $1,000.00 | $1,021.06 | $4.05 | |
Class M | 1.05% | |||
Actual | $1,000.00 | $992.90 | $5.25 | |
Hypothetical-C | $1,000.00 | $1,019.80 | $5.32 | |
Class C | 1.57% | |||
Actual | $1,000.00 | $990.20 | $7.83 | |
Hypothetical-C | $1,000.00 | $1,017.20 | $7.94 | |
Class I | .54% | |||
Actual | $1,000.00 | $995.30 | $2.70 | |
Hypothetical-C | $1,000.00 | $1,022.36 | $2.74 | |
Class Z | .42% | |||
Actual | $1,000.00 | $996.10 | $2.10 | |
Hypothetical-C | $1,000.00 | $1,022.96 | $2.13 |
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/ 365 (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 | 12/29/2021 | 12/28/2021 | $0.614 | $1.897 |
Class M | 12/29/2021 | 12/28/2021 | $0.515 | $1.897 |
Class C | 12/29/2021 | 12/28/2021 | $0.344 | $1.897 |
Class I | 12/29/2021 | 12/28/2021 | $0.711 | $1.897 |
Class Z | 12/29/2021 | 12/28/2021 | $0.757 | $1.897 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $49,776,802, 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 2022 of amounts for use in preparing 2021 income tax returns.
LC-ANN-0122
1.539156.124
Fidelity® Real Estate High Income Fund
November 30, 2021
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Contents
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Real Estate High Income Fund | 10.07% | 4.08% | 5.95% |
$1,000,000 Over 10 Years
Let's say hypothetically that $1,000,000 was invested in Fidelity® Real Estate High Income Fund on November 30, 2011.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. CMBS ex AAA Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-22-000216/img762227161_740.jpg)
Period Ending Values | ||
$1,782,378 | Fidelity® Real Estate High Income Fund | |
$1,661,015 | Bloomberg U.S. CMBS ex AAA Index |
Effective August 24, 2021, all Bloomberg Barclays Indices were re-branded as Bloomberg Indices.
Management's Discussion of Fund Performance
Market Recap: Commercial mortgage-backed securities (CMBS), as measured by the Bloomberg Barclays U.S. CMBS ex AAA Index, gained 5.60% for the 12 months ending November 30, 2021. In the first half of the period, the CMBS market – and risk assets generally – benefited from increasing optimism about the U.S. economy, as three COVID-19 vaccines were rolled out and the federal government implemented massive fiscal and monetary stimulus programs. Lower-rated fixed-income securities did better than higher-quality paper during this stretch, as interest rates surged higher in February and March. Rates eased in June and July, but backed up again in the late summer and early fall. At the same time, crosscurrents from the delta variant of the coronavirus, supply-chain disruptions and labor-market challenges spurred inflationary pressure and weighed somewhat on economic growth. Moreover, the resurgence of inflation prompted fears of the U.S. Federal Reserve removing its policy accommodation sooner than expected. These factors resulted in roughly break-even performance for the Bloomberg Barclays CMBS index in the second half of the period. CMBS issuance through the first three quarters of 2021 was $68.9 billion, putting lenders on pace for their highest annual production since before the 2007–2009 global financial crisis. Meanwhile, CMBS loan delinquency fell steadily during the period, although delinquency on loans backed by hotels and retail properties remained elevated relative to other property types.Comments from Co-Portfolio Managers Stephen Rosen and William Maclay: For the fiscal year ending November 30, 2021, the fund gained 10.07%, considerably ahead of the Bloomberg Barclays CMBS index. Buoyed by a positive period for risk assets, the fund outperformed the benchmark in all but two months of the past year. Average credit quality for the fund, including all rating agencies, was BB+, just below investment grade. The fund’s excess performance over the benchmark was driven by the higher coupon yields of our holdings and the overall improving performance of the underlying properties, as well as broadly narrower credit spreads during the period. The fund benefited from solid returns for its core CMBS holdings, along with small exposures to REIT preferred stocks and common stocks. Among CMBS, just over half of the fund’s holdings consisted of SASB (single-asset, single-borrower) positions – most with floating-rate coupons – with the rest mainly fixed-rate conduit (multi-asset, multi-borrower) positions. One key contributor to the fund’s performance was ISTAR, a common stock position. For several years, we have made investments throughout this company’s capital structure via its term loan, bonds, preferred and common stock. Our sum-of-the-parts analysis of the balance sheet gave us conviction that the market was undervaluing the company’s assets, leading us to buy the stock. Over the past year, the market increasingly came around to our point of view. Also lifting performance was COMM 2012-CR2 F, a CMBS holding. The loan collateral backing this bond includes material exposure to two malls that struggled during 2020 due to the impact of COVID-19 on retail tenants. While the future remains uncertain, over the past year one of the properties stabilized and the other experienced a rebound in revenue and occupancy, boosting the price of the bond. Conversely, GSMS 2011-GC5 F and GSMS 2013-GC13 D were two detractors in the CMBS bucket. Both had exposure to malls and other retail assets that have struggled through the pandemic and face uncertain prospects for recovery.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, 2021 | ||
AAA,AA,A | 1.7% | |
BBB | 26.0% | |
BB | 15.8% | |
B | 14.2% | |
CCC,CC,C | 4.6% | |
Not Rated | 29.9% | |
Equities | 3.3% | |
Short-Term Investments and Net Other Assets | 4.5% |
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, 2021 | ||
CMOs and Other Mortgage Related Securities | 79.4% | |
Asset-Backed Securities | 5.3% | |
Nonconvertible Bonds | 3.6% | |
Convertible Bonds, Preferred Stocks | 3.4% | |
Common Stocks | 0.7% | |
Bank Loan Obligations | 3.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 4.5% |
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Corporate Bonds - 4.4% | |||
Principal Amount | Value | ||
Convertible Bonds - 0.8% | |||
Diversified Financial Services - 0.6% | |||
Colony Capital Operating Co. LLC 5.75% 7/15/25 (a) | $1,540,000 | $5,501,342 | |
Homebuilders/Real Estate - 0.2% | |||
Digitalbridge Group, Inc. 5% 4/15/23 | 503,000 | 517,790 | |
PennyMac Corp. 5.5% 11/1/24 | 1,699,000 | 1,691,567 | |
2,209,357 | |||
TOTAL CONVERTIBLE BONDS | 7,710,699 | ||
Nonconvertible Bonds - 3.6% | |||
Gaming - 0.2% | |||
Caesars Entertainment, Inc. 6.25% 7/1/25 (a) | 1,690,000 | 1,757,228 | |
Healthcare - 0.1% | |||
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (a) | 1,085,000 | 1,063,300 | |
Homebuilders/Real Estate - 1.9% | |||
Adams Homes, Inc. 7.5% 2/15/25 (a) | 1,215,000 | 1,269,675 | |
American Finance Trust, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (a) | 3,195,000 | 3,154,104 | |
DTZ U.S. Borrower LLC 6.75% 5/15/28 (a) | 685,000 | 732,950 | |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (a) | 2,290,000 | 2,228,931 | |
iStar Financial, Inc.: | |||
4.25% 8/1/25 | 3,630,000 | 3,675,375 | |
4.75% 10/1/24 | 2,805,000 | 2,898,378 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 2,545,000 | 2,557,725 | |
Realogy Group LLC/Realogy Co-Issuer Corp.: | |||
5.75% 1/15/29 (a) | 385,000 | 389,331 | |
7.625% 6/15/25 (a) | 310,000 | 327,050 | |
Service Properties Trust 7.5% 9/15/25 | 1,095,000 | 1,162,229 | |
18,395,748 | |||
Hotels - 1.0% | |||
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (a) | 3,200,000 | 3,168,000 | |
Marriott Ownership Resorts, Inc.: | |||
4.5% 6/15/29 (a) | 900,000 | 883,553 | |
4.75% 1/15/28 | 3,250,000 | 3,250,000 | |
Times Square Hotel Trust 8.528% 8/1/26 (a) | 1,884,458 | 2,012,606 | |
9,314,159 | |||
Telecommunications - 0.4% | |||
Uniti Group, Inc.: | |||
6% 1/15/30 (a) | 2,395,000 | 2,239,325 | |
7.875% 2/15/25 (a) | 1,195,000�� | 1,249,516 | |
3,488,841 | |||
TOTAL NONCONVERTIBLE BONDS | 34,019,276 | ||
TOTAL CORPORATE BONDS | |||
(Cost $37,581,057) | 41,729,975 | ||
Asset-Backed Securities - 5.3% | |||
American Homes 4 Rent: | |||
Series 2014-SFR3 Class E, 6.418% 12/17/36 (a) | 1,553,000 | 1,691,106 | |
Series 2015-SFR1 Class E, 5.639% 4/17/52 (a) | 3,096,223 | 3,340,578 | |
Series 2015-SFR2: | |||
Class E, 6.07% 10/17/52 (a) | 3,728,000 | 4,105,461 | |
Class XS, 0% 10/17/52 (a)(b)(c)(d) | 2,574,880 | 26 | |
Argent Securities, Inc. pass-thru certificates Series 2004-W9 Class M7, 1 month U.S. LIBOR + 4.200% 3.7893% 6/26/34 (a)(b)(e) | 35,064 | 159,514 | |
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 | |
COMM Mortgage Trust Series 2021-LBA Class G, 1 month U.S. LIBOR + 2.650% 2.74% 3/15/38 (a)(b)(e) | 5,494,000 | 5,505,073 | |
Crest Ltd. Series 2004-1A Class H1, 3 month U.S. LIBOR + 3.690% 3.9123% 1/28/40 (a)(b)(d)(e) | 2,989,321 | 299 | |
DataBank Issuer, LLC Series 2021-1A Class C, 4.43% 2/27/51 (a) | 1,500,000 | 1,502,032 | |
Diamond Infrastructure Funding LLC Series 2021-1A Class C, 3.475% 4/15/49 (a) | 859,000 | 851,010 | |
DigitalBridge Issuer, LLC / DigitalBridge Co.-Issuer, LLC Series 2021-1A Class A2, 3.933% 9/25/51 (a) | 2,240,000 | 2,226,318 | |
FirstKey Homes Trust Series 2021-SFR1 Class F1, 3.238% 8/17/38 (a) | 1,068,000 | 1,045,705 | |
Home Partners of America Trust: | |||
Series 2019-2 Class F, 3.866% 10/19/39 (a) | 2,069,577 | 2,045,894 | |
Series 2021-1 Class F, 3.325% 9/17/41 (a) | 1,016,496 | 998,055 | |
Series 2021-2 Class G, 4.505% 12/17/26 (a) | 5,536,000 | 5,504,134 | |
Merit Securities Corp. Series 13 Class M1, 7.88% 12/28/33 (b) | 754,760 | 796,532 | |
Progress Residential Trust: | |||
Series 2019-SFR3 Class G, 4.116% 9/17/36 (a) | 998,000 | 1,006,853 | |
Series 2019-SFR4 Class F, 3.684% 10/17/36 (a) | 4,527,000 | 4,559,777 | |
Series 2020-SFR1: | |||
Class G, 4.028% 4/17/37 (a) | 1,638,000 | 1,650,044 | |
Class H, 5.268% 4/17/37 (a) | 462,000 | 471,644 | |
Series 2020-SFR3 Class H, 6.234% 10/17/27 (a) | 966,000 | 960,312 | |
Series 2021-SFR2 Class H, 4.998% 4/19/38 (a) | 1,575,000 | 1,601,056 | |
Series 2021-SFR3 Class G, 4.254% 5/17/26 (a) | 1,050,000 | 1,043,709 | |
Series 2021-SFR6: | |||
Class F, 3.422% 7/17/38 (a) | 1,239,000 | 1,222,966 | |
Class G, 4.003% 7/17/38 (a) | 630,000 | 627,765 | |
Series 2021-SFR8: | |||
Class F, 3.181% 10/17/38 (a) | 815,000 | 799,174 | |
Class G, 4.005% 10/17/38 (a) | 2,053,000 | 2,044,708 | |
Taberna Preferred Funding VI Ltd. Series 2006-6A Class F1, 3 month U.S. LIBOR + 4.500% 4.6398% 12/5/36 (a)(b)(d)(e) | 5,529,600 | 415 | |
Tricon American Homes: | |||
Series 2017-SFR2 Class F, 5.104% 1/17/36 (a) | 664,000 | 678,128 | |
Series 2020-SFR1 Class F, 4.882% 7/17/38 (a) | 574,000 | 591,079 | |
Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/38 (a) | 672,000 | 666,871 | |
VB-S1 Issuer LLC Series 2018-1A Class F, 5.25% 2/15/48 (a) | 2,142,000 | 2,163,027 | |
TOTAL ASSET-BACKED SECURITIES | |||
(Cost $56,194,821) | 49,859,607 | ||
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) | 29,017 | 4,478 | |
U.S. Government Agency - 0.0% | |||
Fannie Mae REMIC Trust: | |||
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.2672% 2/25/42 (a)(b) | 26,661 | 7,726 | |
Series 2002-W6 subordinate REMIC pass thru certificates, Class 3B4, 3.5371% 1/25/42 (a)(b)(d) | 22,382 | 1,985 | |
Series 2003-W10 subordinate REMIC pass thru certificates: | |||
Class 2B4, 3.2385% 6/25/43 (b)(f) | 107,116 | 35,257 | |
Class 2B5, 3.2385% 6/25/43 (b)(d)(f) | 10,571 | 529 | |
TOTAL U.S. GOVERNMENT AGENCY | 45,497 | ||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||
(Cost $52,970) | 49,975 | ||
Commercial Mortgage Securities - 79.4% | |||
ALEN Mortgage Trust floater Series 2021-ACEN Class F, 1 month U.S. LIBOR + 5.000% 5.09% 4/15/34 (a)(b)(e) | 2,188,000 | 2,185,331 | |
Ashford Hospitality Trust floater Series 2018-ASHF Class E, 1 month U.S. LIBOR + 3.100% 3.19% 4/15/35 (a)(b)(e) | 1,456,000 | 1,404,511 | |
Atrium Hotel Portfolio Trust floater Series 2018-ATRM Class D, 1 month U.S. LIBOR + 2.300% 2.39% 6/15/35 (a)(b)(e) | 663,000 | 646,382 | |
BAMLL Commercial Mortgage Securities Trust: | |||
floater: | |||
Series 2019-AHT Class C, 1 month U.S. LIBOR + 2.000% 2.09% 3/15/34 (a)(b)(e) | 910,000 | 906,725 | |
Series 2019-RLJ Class D, 1 month U.S. LIBOR + 1.950% 2.04% 4/15/36 (a)(b)(e) | 4,028,000 | 3,921,342 | |
Series 2021-JACX Class E, 1 month U.S. LIBOR + 3.750% 3.84% 9/15/38 (a)(b)(e) | 2,524,000 | 2,523,993 | |
Series 2015-200P Class F, 3.7157% 4/14/33 (a)(b) | 2,588,000 | 2,592,937 | |
BANK: | |||
Series 2017-BNK4 Class D, 3.357% 5/15/50 (a) | 4,416,000 | 4,158,258 | |
Series 2017-BNK6 Class D, 3.1% 7/15/60 (a) | 2,593,000 | 2,344,615 | |
Series 2017-BNK8: | |||
Class D, 2.6% 11/15/50 (a) | 4,653,000 | 4,236,914 | |
Class E, 2.8% 11/15/50 (a) | 2,625,000 | 1,878,341 | |
Series 2018-BN12 Class D, 3% 5/15/61 (a) | 2,082,000 | 1,789,110 | |
Series 2019-BN18 Class D, 3% 5/15/62 (a) | 4,284,000 | 3,954,031 | |
Series 2019-BN19 Class D, 3% 8/15/61 (a) | 3,753,000 | 3,491,743 | |
Series 2019-BN22 Class D, 2.5% 11/15/62 (a) | 2,465,000 | 2,253,765 | |
Series 2020-BN26 Class D, 2.5% 3/15/63 (a) | 1,269,000 | 1,134,455 | |
Series 2020-BN27 Class D, 2.5% 4/15/63 (a) | 921,000 | 819,937 | |
Series 2020-BN28 Class E, 2.5% 3/15/63 (a) | 903,000 | 767,133 | |
Series 2020-BN29 Class E, 2.5% 11/15/53 (a) | 1,064,000 | 894,070 | |
Series 2020-BN30: | |||
Class E, 2.5% 12/15/53 (a) | 735,000 | 632,295 | |
Class MCDG, 3.0155% 12/15/53 (b) | 2,949,000 | 2,580,890 | |
Bank of America Commercial Mortgage Securities Trust Series 2017-BNK3 Class D, 3.25% 2/15/50 (a) | 2,201,000 | 2,062,238 | |
Barclays Commercial Mortgage Securities LLC Series 2019-C5: | |||
Class D, 2.5% 11/15/52 (a) | 726,000 | 641,258 | |
Class E, 2.5% 11/15/52 (a) | 2,545,000 | 1,969,598 | |
BBCMS Mortgage Trust: | |||
sequential payer Series 2020-C8 Class E, 2.25% 10/15/53 (a) | 3,013,000 | 2,419,060 | |
Series 2016-ETC Class D, 3.7292% 8/14/36 (a)(b) | 1,749,000 | 1,638,025 | |
Series 2020-C6 Class E, 2.4% 2/15/53 (a) | 1,512,000 | 1,253,715 | |
Series 2020-C7 Class D, 3.7178% 4/15/53 (a)(b) | 840,000 | 815,119 | |
BCP Trust floater Series 2021-330N Class F, 1 month U.S. LIBOR + 4.630% 4.724% 6/15/38 (a)(b)(e) | 2,395,000 | 2,371,204 | |
Benchmark Mortgage Trust: | |||
sequential payer: | |||
Series 2019-B14: | |||
Class 225D, 3.4041% 12/15/62 (a)(b) | 1,680,000 | 1,572,166 | |
Class 225E, 3.4041% 12/15/62 (a)(b) | 1,132,000 | 1,001,453 | |
Series 2020-B20 Class E, 2% 10/15/53 (a) | 2,100,000 | 1,616,760 | |
Series 2018-B7: | |||
Class D, 3% 5/15/53 (a)(b) | 833,000 | 770,126 | |
Class E, 3% 5/15/53 (a)(b) | 833,000 | 716,656 | |
Series 2020-B18: | |||
Class AGNG, 4.5348% 7/15/53 (a)(b) | 4,074,000 | 3,968,339 | |
Class D, 2.25% 7/15/53 (a) | 1,500,000 | 1,275,724 | |
Series 2020-B21: | |||
Class D, 2% 12/17/53 (a) | 1,638,000 | 1,392,309 | |
Class E, 2% 12/17/53 (a) | 1,533,000 | 1,169,889 | |
Series 2020-B22 Class E, 2% 1/15/54 (a) | 1,826,000 | 1,390,098 | |
Series 2020-IG3 Class 825E, 3.0763% 9/15/48 (a)(b) | 3,049,000 | 2,497,071 | |
Series 2021-B25: | |||
Class 300D, 3.094% 4/15/54 (a)(b) | 6,055,000 | 5,569,168 | |
Class 300E, 3.094% 4/15/54 (a)(b) | 1,113,000 | 969,948 | |
BFLD Trust floater Series 2020-EYP Class G, 1 month U.S. LIBOR + 4.850% 4.939% 10/15/35 (a)(b)(e) | 2,019,000 | 2,018,999 | |
BHP Trust floater Series 2019-BXHP Class F, 1 month U.S. LIBOR + 2.930% 3.028% 8/15/36 (a)(b)(e) | 1,165,500 | 1,164,440 | |
BPR Trust floater Series 2021-TY Class E, 1 month U.S. LIBOR + 3.600% 3.69% 9/15/38 (a)(b)(e) | 2,417,000 | 2,416,278 | |
BSREP Commercial Mortgage Trust floater Series 2021-DC: | |||
Class F, 1 month U.S. LIBOR + 2.850% 2.94% 8/15/38 (a)(b)(e) | 1,099,000 | 1,089,371 | |
Class G, 1 month U.S. LIBOR + 3.850% 3.94% 8/15/38 (a)(b)(e) | 853,000 | 843,391 | |
BX Commercial Mortgage Trust: | |||
floater: | |||
Series 2020-BXLP Class G, 1 month U.S. LIBOR + 2.500% 2.59% 12/15/36 (a)(b)(e) | 5,542,167 | 5,479,933 | |
Series 2020-FOX Class G, 1 month U.S. LIBOR + 4.750% 4.84% 11/15/32 (a)(b)(e) | 842,804 | 847,355 | |
Series 2021-FOX Class F, 1 month U.S. LIBOR + 4.250% 4.34% 11/15/32 (a)(b)(e) | 1,132,728 | 1,131,308 | |
Series 2021-MC Class G, 1 month U.S. LIBOR + 3.080% 3.1768% 4/15/34 (a)(b)(e) | 1,572,000 | 1,522,359 | |
Series 2021-PAC Class G, 1 month U.S. LIBOR + 2.940% 3.0361% 10/15/36 (a)(b)(e) | 3,192,000 | 3,184,272 | |
Series 2021-VINO: | |||
Class F, 1 month U.S. LIBOR + 2.800% 2.8923% 5/15/38 (a)(b)(e) | 2,627,000 | 2,616,350 | |
Class G, 1 month U.S. LIBOR + 3.950% 4.0423% 5/15/38 (a)(b)(e) | 4,994,000 | 4,998,509 | |
Series 2020-VIVA: | |||
Class D, 3.667% 3/11/44 (a)(b) | 9,422,000 | 9,570,628 | |
Class E, 3.667% 3/11/44 (a)(b) | 5,938,000 | 5,749,807 | |
BX Trust: | |||
floater: | |||
Series 2017-APPL Class F, 1 month U.S. LIBOR + 4.250% 4.34% 7/15/34 (a)(b)(e) | 2,444,600 | 2,444,573 | |
Series 2018-IND Class H, 1 month U.S. LIBOR + 3.000% 3.09% 11/15/35 (a)(b)(e) | 1,271,900 | 1,265,522 | |
Series 2019-ATL Class E, 1 month U.S. LIBOR + 2.230% 2.3266% 10/15/36 (a)(b)(e) | 1,974,000 | 1,924,527 | |
Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 3.689% 4/15/34 (a)(b)(e) | 3,255,000 | 3,207,234 | |
Series 2019-XL Class J, 1 month U.S. LIBOR + 2.650% 2.74% 10/15/36 (a)(b)(e) | 16,482,350 | 16,317,078 | |
Series 2021-21M Class H, 1 month U.S. LIBOR + 4.010% 4.1% 10/15/36 (a)(b)(e) | 2,226,000 | 2,204,382 | |
Series 2021-ACNT Class G, 1 month U.S. LIBOR + 3.290% 3.395% 11/15/26 (a)(b)(e) | 2,541,000 | 2,535,472 | |
Series 2021-ARIA Class G, 1 month U.S. LIBOR + 3.140% 3.2321% 10/15/36 (a)(b)(e) | 2,150,000 | 2,137,943 | |
Series 2021-BXMF Class G, 1 month U.S. LIBOR + 3.340% 3.4395% 10/15/26 (a)(b)(e) | 4,374,000 | 4,287,233 | |
Series 2021-LBA Class FV, 1 month U.S. LIBOR + 2.400% 2.49% 2/15/36 (a)(b)(e) | 711,000 | 701,671 | |
Series 2021-MFM1: | |||
Class F, 1 month U.S. LIBOR + 3.000% 3.0895% 1/15/34 (a)(b)(e) | 834,000 | 832,390 | |
Class G, 1 month U.S. LIBOR + 3.900% 3.9895% 1/15/34 (a)(b)(e) | 417,000 | 416,209 | |
Series 2021-SOAR: | |||
Class G, 2.89% 6/15/38 (a)(b) | 1,281,000 | 1,268,170 | |
Class J, 3.84% 6/15/38 (a)(b) | 2,562,000 | 2,537,972 | |
Series 2021-VOLT: | |||
Class F, 1 month U.S. LIBOR + 2.400% 2.4895% 9/15/36 (a)(b)(e) | 924,000 | 918,814 | |
Class G, 1 month U.S. LIBOR + 2.850% 2.9395% 9/15/36 (a)(b)(e) | 2,448,000 | 2,437,258 | |
Series 2021-XL2 Class J, 1 month U.S. LIBOR + 3.890% 3.98% 10/15/38 (a)(b)(e) | 14,403,000 | 14,332,466 | |
floater sequential payer Series 2021-LGCY Class J, 1 month U.S. LIBOR + 3.190% 3.283% 10/15/23 (a)(b)(e) | 1,390,000 | 1,377,206 | |
Series 2019-OC11 Class E, 4.0755% 12/9/41 (a)(b) | 7,503,000 | 7,491,570 | |
CALI Mortgage Trust Series 2019-101C Class F, 4.4686% 3/10/39 (a)(b) | 3,093,000 | 2,914,437 | |
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 3.339% 12/15/37 (a)(b)(e) | 10,526,000 | 10,503,040 | |
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (a) | 4,073,000 | 3,290,405 | |
Citigroup Commercial Mortgage Trust: | |||
Series 2013-375P Class E, 3.6348% 5/10/35 (a)(b) | 4,069,000 | 4,038,313 | |
Series 2013-GC15 Class D, 5.3512% 9/10/46 (a)(b) | 7,323,000 | 7,249,617 | |
Series 2016-C3 Class D, 3% 11/15/49 (a) | 4,412,000 | 3,538,433 | |
Series 2019-GC41: | |||
Class D, 3% 8/10/56 (a) | 2,273,000 | 2,125,516 | |
Class E, 3% 8/10/56 (a) | 1,848,000 | 1,611,029 | |
Series 2019-GC43 Class E, 3% 11/10/52 (a) | 2,772,000 | 2,467,298 | |
Series 2020-420K Class E, 3.4222% 11/10/42 (a)(b) | 2,081,000 | 1,918,634 | |
Series 2020-GC46: | |||
Class D, 2.6% 2/15/53 (a) | 2,756,000 | 2,364,026 | |
Class E, 2.6% 2/15/53 (a) | 329,000 | 266,000 | |
COMM Mortgage Trust: | |||
floater Series 2018-HCLV Class G, 1 month U.S. LIBOR + 5.050% 5.1453% 9/15/33 (a)(b)(e) | 1,487,000 | 1,286,964 | |
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (a) | 2,840,000 | 2,258,861 | |
Series 2012-CR1: | |||
Class D, 5.5629% 5/15/45 (a)(b) | 7,226,000 | 6,482,401 | |
Class G, 2.462% 5/15/45 (a) | 2,322,000 | 898,170 | |
Series 2013-CR10 Class D, 5.0634% 8/10/46 (a)(b) | 3,673,000 | 3,745,020 | |
Series 2013-LC6 Class D, 4.4359% 1/10/46 (a)(b) | 5,644,000 | 5,603,457 | |
Series 2014-CR15 Class D, 4.8616% 2/10/47 (a)(b) | 1,060,000 | 1,088,576 | |
Series 2014-CR17 Class E, 5.0093% 5/10/47 (a)(b) | 589,000 | 432,915 | |
Series 2014-LC17 Class C, 4.7101% 10/10/47 (b) | 752,000 | 790,954 | |
Series 2014-UBS2 Class D, 5.1708% 3/10/47 (a)(b) | 3,454,000 | 3,430,480 | |
Series 2015-3BP Class F, 3.3463% 2/10/35 (a)(b) | 4,405,000 | 4,384,154 | |
Series 2017-CD4 Class D, 3.3% 5/10/50 (a) | 3,234,000 | 2,992,469 | |
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (a) | 1,146,000 | 1,065,977 | |
Commercial Mortgage Trust Series 2016-CD2 Class D, 2.8757% 11/10/49 (b) | 1,680,000 | 1,366,682 | |
Commercial Mortgage Trust pass-thru certificates: | |||
Series 2012-CR2: | |||
Class D, 4.9915% 8/15/45 (a)(b) | 789,000 | 775,847 | |
Class E, 4.9915% 8/15/45 (a)(b) | 5,385,400 | 4,774,837 | |
Class F, 4.25% 8/15/45 (a) | 7,162,000 | 5,584,676 | |
Series 2014-CR2 Class G, 4.25% 8/15/45 (a)(d) | 1,556,000 | 834,364 | |
Core Industrial Trust floater Series 2019-CORE Class E, 1 month U.S. LIBOR + 1.900% 1.99% 12/15/31 (a)(b)(e) | 2,385,600 | 2,337,700 | |
CPT Mortgage Trust sequential payer Series 2019-CPT Class F, 3.0967% 11/13/39 (a)(b) | 2,772,000 | 2,601,208 | |
Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, 1 month U.S. LIBOR + 4.210% 4.3064% 6/15/34 (a)(e) | 3,202,000 | 3,190,103 | |
Credit Suisse First Boston Mortgage Securities Corp. Series 1998-C1 Class H, 6% 5/17/40 (a)(d) | 397,767 | 214,794 | |
Credit Suisse Mortgage Trust: | |||
floater: | |||
Series 2019-ICE4 Class F, 1 month U.S. LIBOR + 2.650% 2.74% 5/15/36 (a)(b)(e) | 1,512,000 | 1,500,635 | |
Series 2020-FACT Class F, 1 month U.S. LIBOR + 6.150% 6.247% 10/15/37 (a)(b)(e) | 2,100,000 | 2,146,196 | |
Series 2021-BPNY Class A, 1 month U.S. LIBOR + 3.710% 3.8044% 8/15/23 (a)(b)(e) | 2,289,000 | 2,288,994 | |
Series 2019-UVIL Class E, 3.3928% 12/15/41 (a)(b) | 2,289,000 | 2,024,850 | |
Series 2020-NET Class F, 3.8277% 8/15/37 (a)(b) | 918,000 | 920,949 | |
Series 2021-BRIT Class A, 1 month U.S. LIBOR + 3.450% 3.7092% 5/15/23 (a)(b)(e) | 3,724,760 | 3,722,724 | |
CRSNT Trust floater Series 2021-MOON: | |||
Class F, 1 month U.S. LIBOR + 3.500% 3.59% 4/15/36 (a)(b)(e) | 840,000 | 840,336 | |
Class G, 1 month U.S. LIBOR + 4.500% 4.59% 4/15/36 (a)(b)(e) | 493,000 | 493,193 | |
CSAIL Commercial Mortgage Trust: | |||
Series 2017-C8 Class D, 4.6312% 6/15/50(a)(b) | 3,902,000 | 3,490,180 | |
Series 2017-CX10 Class UESD, 4.3778% 10/15/32 (a)(b) | 1,890,000 | 1,853,069 | |
Series 2017-CX9 Class D, 4.2817% 9/15/50 (a)(b) | 1,615,000 | 1,458,528 | |
CSMC Trust: | |||
floater Series 2017-CHOP Class F, 1 month U.S. LIBOR + 4.600% 4.69% 7/15/32 (a)(b)(e) | 2,686,000 | 2,527,713 | |
Series 2017-MOON Class E, 3.303% 7/10/34 (a)(b) | 1,132,000 | 1,128,629 | |
DBCCRE Mortgage Trust Series 2014-ARCP: | |||
Class D, 5.099% 1/10/34 (a)(b) | 833,000 | 853,198 | |
Class E, 5.099% 1/10/34 (a)(b) | 4,264,000 | 4,324,538 | |
DBGS Mortgage Trust: | |||
Series 2018-C1: | |||
Class C, 4.7827% 10/15/51 (b) | 777,000 | 822,945 | |
Class D, 3.0327% 10/15/51 (a)(b) | 3,459,000 | 3,180,423 | |
Series 2019-1735 Class F, 4.3344% 4/10/37 (a)(b) | 1,000,000 | 918,324 | |
DC Office Trust Series 2019-MTC Class E, 3.1744% 9/15/45 (a)(b) | 1,029,000 | 979,394 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class J, 1 month U.S. LIBOR + 3.610% 3.7149% 11/15/38 (a)(b)(e) | 2,289,000 | 2,281,956 | |
Extended Stay America Trust floater Series 2021-ESH Class F, 1 month U.S. LIBOR + 3.700% 3.79% 7/15/38 (a)(b)(e) | 2,811,374 | 2,818,410 | |
GPMT, Ltd. / GPMT LLC floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 3.0388% 11/21/35 (a)(b)(e) | 1,227,000 | 1,225,744 | |
GS Mortgage Securities Corp. II Series 2010-C1 Class B, 5.148% 8/10/43 (a) | 1,311,000 | 1,314,214 | |
GS Mortgage Securities Corp. Trust floater Series 2019-70P Class F, 1 month U.S. LIBOR + 2.650% 2.74% 10/15/36 (a)(b)(e) | 2,550,000 | 2,378,303 | |
GS Mortgage Securities Trust: | |||
Series 2011-GC5: | |||
Class D, 5.3021% 8/10/44 (a)(b) | 1,929,752 | 926,281 | |
Class E, 5.3021% 8/10/44 (a)(b)(d) | 2,432,000 | 249,280 | |
Class F, 4.5% 8/10/44 (a)(d) | 4,308,000 | 79,753 | |
Series 2012-GC6: | |||
Class D, 6.0283% 1/10/45 (a)(b) | 3,531,431 | 3,528,354 | |
Class E, 5% 1/10/45 (a)(b) | 2,984,000 | 2,712,840 | |
Series 2012-GC6I Class F, 5% 1/10/45 (b)(d) | 1,508,000 | 1,136,969 | |
Series 2012-GCJ7 Class F, 5% 5/10/45 (a) | 3,433,000 | 411,954 | |
Series 2012-GCJ9 Class D, 4.8956% 11/10/45 (a)(b) | 4,238,000 | 4,241,249 | |
Series 2013-GC12 Class D, 4.5887% 6/10/46 (a)(b) | 869,000 | 859,487 | |
Series 2013-GC13 Class D, 4.1994% 7/10/46 (a)(b)(d) | 5,470,000 | 2,625,600 | |
Series 2013-GC16: | |||
Class D, 5.4878% 11/10/46 (a)(b) | 3,923,000 | 3,955,795 | |
Class F, 3.5% 11/10/46 (a) | 2,530,000 | 1,851,199 | |
Series 2016-GS2 Class D, 2.753% 5/10/49 (a) | 2,058,050 | 1,908,077 | |
Series 2017-GS6 Class D, 3.243% 5/10/50 (a) | 4,676,000 | 4,481,621 | |
Series 2019-GC38 Class D, 3% 2/10/52 (a) | 1,162,000 | 1,085,225 | |
Series 2019-GC39 Class D, 3% 5/10/52 (a) | 2,830,000 | 2,610,234 | |
Series 2019-GC40: | |||
Class D, 3% 7/10/52 (a) | 2,079,000 | 1,909,346 | |
Class DBF, 3.668% 7/10/52 (a)(b) | 2,523,000 | 2,443,990 | |
Series 2019-GC42: | |||
Class D, 2.8% 9/1/52 (a) | 4,807,000 | 4,337,681 | |
Class E, 2.8% 9/1/52 (a) | 2,519,000 | 2,242,370 | |
Series 2019-GS5 Class C, 4.299% 3/10/50 (b) | 2,499,000 | 2,573,259 | |
Series 2019-GSA1 Class E, 2.8% 11/10/52 (a) | 1,655,000 | 1,460,268 | |
Series 2020-GC45: | |||
Class D, 2.85% 2/13/53 (a) | 2,289,000 | 2,062,778 | |
Class SWD, 3.3258% 12/13/39 (a)(b) | 1,764,000 | 1,650,053 | |
Series 2020-GC47 Class D, 3.5702% 5/12/53 (a)(b) | 756,000 | 743,881 | |
Series 2021-RENT Class G, 1 month U.S. LIBOR + 5.700% 5.7911% 11/21/35 (a)(b)(e) | 6,468,000 | 6,527,361 | |
Hilton U.S.A. Trust: | |||
Series 2016-HHV: | |||
Class E, 4.3333% 11/5/38 (a)(b) | 3,079,000 | 3,121,964 | |
Class F, 4.3333% 11/5/38 (a)(b) | 5,977,000 | 5,814,502 | |
Series 2016-SFP: | |||
Class D, 4.9269% 11/5/35 (a) | 1,556,000 | 1,555,050 | |
Class F, 6.1552% 11/5/35 (a) | 3,595,000 | 3,593,393 | |
Home Partners of America Trust Series 2019-1: | |||
Class E, 3.604% 9/17/39 (a) | 1,448,475 | 1,444,732 | |
Class F, 4.101% 9/17/39 (a) | 235,032 | 238,643 | |
Hudson Yards Mortgage Trust: | |||
Series 2019-30HY Class E, 3.5579% 7/10/39 (a)(b) | 1,947,000 | 1,954,211 | |
Series 2019-55HY Class F, 3.0409% 12/10/41 (a)(b) | 1,617,000 | 1,510,590 | |
IMT Trust Series 2017-APTS: | |||
Class EFL, 1 month U.S. LIBOR + 2.150% 2.2395% 6/15/34 (a)(b)(e) | 1,327,956 | 1,319,239 | |
Class FFL, 1 month U.S. LIBOR + 2.850% 2.9395% 6/15/34 (a)(b)(e) | 544,983 | 543,333 | |
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (a) | 2,083,000 | 2,037,029 | |
JPMBB Commercial Mortgage Securities Trust: | |||
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (a) | 604,000 | 528,703 | |
Series 2014-C26 Class D, 4.0186% 1/15/48 (a)(b) | 2,329,000 | 2,233,954 | |
Series 2015-C32 Class C, 4.7985% 11/15/48 (b) | 1,500,000 | 1,206,723 | |
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.5458% 12/15/49 (a)(b) | 2,418,000 | 2,108,467 | |
JPMDB Commercial Mortgage Securities Trust: | |||
Series 2016-C4 Class D, 3.1986% 12/15/49 (a)(b) | 3,867,000 | 3,422,418 | |
Series 2017-C7 Class D, 3% 10/15/50 (a) | 1,813,000 | 1,681,852 | |
Series 2018-C8 Class D, 3.4001% 6/15/51 (a)(b) | 1,171,000 | 1,006,359 | |
Series 2019-COR6: | |||
Class D, 2.5% 11/13/52 (a) | 1,354,000 | 1,218,309 | |
Class E, 2.5% 11/13/52 (a) | 2,582,000 | 2,260,483 | |
Series 2020-COR7 Class D, 1.75% 5/13/53 (a) | 1,535,000 | 1,291,846 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
floater: | |||
Series 2019-MFP: | |||
Class E, 1 month U.S. LIBOR + 2.160% 2.25% 7/15/36 (a)(b)(e) | 2,292,000 | 2,250,685 | |
Class F, 1 month U.S. LIBOR + 3.000% 3.09% 7/15/36 (a)(b)(e) | 777,000 | 758,337 | |
Series 2021-MHC Class E, 1 month U.S. LIBOR + 2.450% 2.54% 4/15/38 (a)(b)(e) | 3,060,000 | 3,053,270 | |
Series 2011-C3: | |||
Class E, 5.7074% 2/15/46 (a)(b) | 3,008,000 | 1,156,088 | |
Class G, 4.409% 2/15/46 (a)(b)(d) | 1,082,000 | 112,575 | |
Class H, 4.409% 2/15/46 (a)(b)(d) | 2,622,000 | 66,765 | |
Series 2011-C4: | |||
Class C, 5.5737% 7/15/46 (a)(b) | 933,764 | 967,218 | |
Class D, 5.7114% 7/15/46 (a)(b) | 2,500,000 | 2,558,491 | |
Class F, 3.873% 7/15/46 (a) | 494,000 | 486,457 | |
Class H, 3.873% 7/15/46 (a)(d) | 2,683,000 | 2,517,455 | |
Class NR, 3.873% 7/15/46 (a)(d) | 1,322,500 | 1,274,780 | |
Series 2012-CBX: | |||
Class D, 4.9772% 6/15/45 (a)(b) | 3,373,000 | 3,019,569 | |
Class E, 4.9772% 6/15/45 (a)(b)(d) | 3,206,000 | 1,410,640 | |
Class F, 4% 6/15/45 (a) | 3,743,000 | 735,500 | |
Class G 4% 6/15/45 (a)(d) | 4,129,000 | 355,085 | |
Series 2013-LC11: | |||
Class D, 4.3032% 4/15/46 (b) | 3,677,000 | 2,960,001 | |
Class E, 3.25% 4/15/46 (a)(b) | 104,000 | 73,202 | |
Class F, 3.25% 4/15/46 (a)(b)(d) | 5,894,000 | 2,844,861 | |
Series 2014-DSTY: | |||
Class D, 3.9314% 6/10/27 (a)(b)(d) | 3,213,000 | 32,130 | |
Class E, 3.9314% 6/10/27 (a)(b) | 4,232,000 | 84,640 | |
Series 2018-AON Class F, 4.767% 7/5/31 (a)(b) | 2,150,000 | 2,147,732 | |
Series 2019-OSB Class E, 3.9089% 6/5/39 (a)(b) | 2,350,000 | 2,421,665 | |
Series 2020-NNN: | |||
Class EFX, 3.972% 1/16/37 (a) | 2,771,000 | 2,733,935 | |
Class FFX, 4.6254% 1/16/37 (a) | 2,388,000 | 2,326,793 | |
Class GFX, 4.8445% 1/16/37 (a)(b) | 942,000 | 902,064 | |
KNDR Trust floater Series 2021-KIND Class F, 1 month U.S. LIBOR + 3.950% 4.04% 8/15/38 (a)(b)(e) | 4,472,000 | 4,472,006 | |
Liberty Street Trust Series 2016-225L Class E, 4.8035% 2/10/36 (a)(b) | 2,063,000 | 2,113,136 | |
LIFE Mortgage Trust floater Series 2021-BMR Class G, 1 month U.S. LIBOR + 2.950% 3.04% 3/15/38 (a)(b)(e) | 14,406,000 | 14,397,502 | |
Market Mortgage Trust Series 2020-525M Class F, 3.0386% 2/12/40 (a)(b) | 1,976,000 | 1,829,292 | |
MED Trust floater Series 2021-MDLN Class G, 1 month U.S. LIBOR + 5.250% 5.35% 11/15/38 (a)(b)(e) | 12,817,000 | 12,736,791 | |
Merit floater Series 2021-STOR Class G, 1 month U.S. LIBOR + 2.750% 2.84% 7/15/38 (a)(b)(e) | 735,000 | 728,559 | |
MHC Commercial Mortgage Trust floater Series 2021-MHC Class G, 1 month U.S. LIBOR + 3.200% 3.2905% 4/15/38 (a)(b)(e) | 14,000,000 | 14,017,273 | |
MHC Trust floater Series 2021-MHC2 Class F, 1 month U.S. LIBOR + 2.400% 2.49% 5/15/23 (a)(b)(e) | 3,850,000 | 3,845,314 | |
MOFT Trust Series 2020-ABC: | |||
Class D, 3.5926% 2/10/42 (a)(b) | 1,144,000 | 1,076,759 | |
Class E, 3.5926% 2/10/42 (a)(b) | 841,000 | 758,865 | |
Morgan Stanley BAML Trust: | |||
sequential payer Series 2014-C18 Class 300E, 4.6896% 8/15/31 | 1,666,000 | 1,595,257 | |
Series 2012-C5 Class E, 4.8082% 8/15/45 (a)(b) | 889,000 | 892,424 | |
Series 2012-C6 Class D, 4.751% 11/15/45 (a)(b) | 3,633,000 | 3,621,899 | |
Series 2012-C6, Class F, 4.751% 11/15/45 (a)(b)(d) | 1,575,000 | 1,299,955 | |
Series 2013-C12 Class D, 4.9214% 10/15/46 (a)(b) | 3,996,000 | 3,791,457 | |
Series 2013-C13: | |||
Class D, 5.0603% 11/15/46 (a)(b) | 5,150,000 | 4,933,798 | |
Class E, 5.0603% 11/15/46 (a)(b) | 1,666,000 | 1,376,051 | |
Series 2013-C8 Class D, 4.1561% 12/15/48 (a)(b) | 1,883,000 | 1,902,898 | |
Series 2013-C9: | |||
Class D, 4.2459% 5/15/46 (a)(b) | 4,440,000 | 4,109,005 | |
Class E, 4.2459% 5/15/46 (a)(b) | 1,594,370 | 1,398,979 | |
Series 2016-C30 Class D, 3% 9/15/49 (a) | 798,000 | 607,343 | |
Series 2017-C33 Class D, 3.356% 5/15/50 (a) | 2,932,000 | 2,755,003 | |
Morgan Stanley Capital I Trust: | |||
Series 1998-CF1 Class G, 7.35% 7/15/32 (a)(b) | 33,231 | 33,486 | |
Series 2011-C2: | |||
Class D, 5.385% 6/15/44 (a)(b) | 4,611,999 | 4,508,367 | |
Class F, 5.385% 6/15/44 (a)(b)(d) | 3,015,000 | 2,181,684 | |
Series 2011-C3: | |||
Class C, 5.2349% 7/15/49 (a)(b) | 493,768 | 505,853 | |
Class D, 5.2349% 7/15/49 (a)(b) | 8,074,000 | 8,180,360 | |
Class E, 5.2349% 7/15/49 (a)(b) | 2,610,000 | 2,292,195 | |
Class F, 5.2349% 7/15/49 (a)(b)(d) | 984,000 | 693,285 | |
Class G, 5.2349% 7/15/49 (a)(b) | 3,536,800 | 1,665,933 | |
Series 2012-C4 Class D, 5.5452% 3/15/45 (a)(b) | 1,624,000 | 1,538,606 | |
Series 2015-MS1 Class D, 4.1656% 5/15/48 (a)(b) | 4,300,000 | 4,003,286 | |
Series 2015-UBS8 Class D, 3.18% 12/15/48 (a) | 1,747,000 | 1,432,682 | |
Series 2016-BNK2 Class C, 3% 11/15/49 (a) | 4,506,000 | 3,939,438 | |
Series 2017-CLS Class F, 1 month U.S. LIBOR + 2.600% 2.69% 11/15/34 (a)(b)(e) | 916,000 | 911,881 | |
Series 2018-MP Class E, 4.4185% 7/11/40 (a)(b) | 2,499,000 | 2,263,747 | |
Series 2020-CNP Class D, 2.5085% 4/5/42 (a)(b) | 1,043,000 | 902,741 | |
Motel 6 Trust floater Series 2021-MTL6: | |||
Class F, 1 month U.S. LIBOR + 3.550% 3.6395% 9/15/38 (a)(b)(e) | 1,164,000 | 1,162,947 | |
Class G, 1 month U.S. LIBOR + 4.700% 4.7895% 9/15/38 (a)(b)(e) | 1,143,000 | 1,141,623 | |
Class H, 1 month U.S. LIBOR + 6.000% 6.0895% 9/15/38 (a)(b)(e) | 622,000 | 624,845 | |
MRCD Mortgage Trust Series 2019-PARK: | |||
Class G, 2.7175% 12/15/36 (a) | 10,373,000 | 9,792,714 | |
Class J, 4.25% 12/15/36 (a) | 5,222,000 | 5,022,778 | |
MSCCG Trust floater sequential payer Series 2018-SELF Class F, 1 month U.S. LIBOR + 3.050% 3.139% 10/15/37 (a)(b)(e) | 1,024,000 | 1,018,248 | |
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (a)(b) | 1,014,000 | 952,324 | |
Natixis Commercial Mortgage Securities Trust: | |||
floater Series 2018-FL1: | |||
Class WAN1, 1 month U.S. LIBOR + 2.750% 2.8395% 6/15/35 (a)(b)(e) | 262,000 | 249,911 | |
Class WAN2, 1 month U.S. LIBOR + 3.750% 3.8395% 6/15/35 (a)(b)(e) | 222,000 | 207,686 | |
Series 2018-285M Class F, 3.9167% 11/15/32 (a)(b) | 909,000 | 902,682 | |
Series 2018-TECH: | |||
Class E, 1 month U.S. LIBOR + 2.250% 2.3395% 11/15/34 (a)(b)(e) | 638,000 | 635,152 | |
Class F, 1 month U.S. LIBOR + 3.000% 3.0895% 11/15/34 (a)(b)(e) | 96,000 | 95,082 | |
Class G, 1 month U.S. LIBOR + 4.000% 4.0895% 11/15/34 (a)(b)(e) | 572,000 | 559,782 | |
Series 2019-10K: | |||
Class E, 4.2724% 5/15/39 (a)(b) | 984,000 | 920,359 | |
Class F, 4.2724% 5/15/39 (a)(b) | 3,014,000 | 2,663,049 | |
Series 2019-1776: | |||
Class E, 3.9017% 10/15/36 (a) | 2,268,000 | 2,244,142 | |
Class F, 4.2988% 10/15/36 (a) | 3,589,000 | 3,516,668 | |
Series 2020-2PAC: | |||
Class AMZ2, 3.6167% 1/15/37 (a)(b) | 1,754,950 | 1,766,195 | |
Class AMZ3, 3.6167% 1/15/37 (a)(b) | 822,675 | 815,967 | |
Class MSK3, 3.3583% 12/15/36 (a)(b) | 855,550 | 822,619 | |
OPG Trust floater Series 2021-PORT Class J, 1 month U.S. LIBOR + 3.340% 3.436% 10/15/36 (a)(b)(e) | 2,213,000 | 2,202,051 | |
PKHL Commercial Mortgage Trust floater Series 2021-MF: | |||
Class F, 1 month U.S. LIBOR + 3.350% 3.44% 7/15/38 (a)(b)(e) | 2,225,000 | 2,229,724 | |
Class NR, 1 month U.S. LIBOR + 6.000% 6.09% 7/15/38 (a)(b)(e) | 631,000 | 631,907 | |
Progress Residential Trust Series 2019-SFR3 Class F, 3.867% 9/17/36 (a) | 1,228,000 | 1,238,339 | |
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (a) | 1,702,840 | 1,904,038 | |
SFO Commercial Mortgage Trust floater Series 2021-555 Class F, 1 month U.S. LIBOR + 3.650% 3.74% 5/15/38 (a)(b)(e) | 1,383,000 | 1,396,454 | |
SG Commercial Mortgage Securities Trust: | |||
Series 2019-PREZ Class F, 3.593% 9/15/39 (a)(b) | 3,206,000 | 2,974,703 | |
Series 2020-COVE: | |||
Class F, 3.8518% 3/15/37 (a)(b) | 3,105,000 | 2,933,359 | |
Class G, 3.8518% 3/15/37 (a)(b) | 858,000 | 769,148 | |
SLG Office Trust Series 2021-OVA Class G, 2.8506% 7/15/41 (a) | 6,620,000 | 5,905,798 | |
SOHO Trust Series 2021-SOHO Class D, 2.7865% 8/10/38 (a)(b) | 2,499,000 | 2,223,676 | |
SREIT Trust floater: | |||
Series 2021-FLWR Class E, 1 month U.S. LIBOR + 1.920% 2.014% 7/15/36 (a)(b)(e) | 1,528,000 | 1,490,670 | |
Series 2021-IND Class G, 1 month U.S. LIBOR + 3.260% 3.3558% 10/15/38 (a)(b)(e) | 3,339,000 | 3,304,340 | |
Series 2021-MFP Class G, 1 month U.S. LIBOR + 2.970% 3.0738% 11/15/38 (a)(b)(e) | 5,310,000 | 5,279,528 | |
Series 2021-MFP2 Class J, 1 month U.S. LIBOR + 3.910% 4.0155% 11/15/36 (a)(b)(e) | 1,803,000 | 1,795,798 | |
STWD Trust floater sequential payer Series 2021-LIH: | |||
Class F, 1 month U.S. LIBOR + 3.550% 3.651% 11/15/36 (a)(b)(e) | 2,500,000 | 2,490,606 | |
Class G, 1 month U.S. LIBOR + 4.200% 4.3% 11/15/36 (a)(b)(e) | 1,134,000 | 1,129,735 | |
TPGI Trust floater Series 2021-DGWD: | |||
Class E, 1 month U.S. LIBOR + 2.350% 2.44% 6/15/26 (a)(b)(e) | 3,652,000 | 3,638,164 | |
Class G, 1 month U.S. LIBOR + 3.850% 3.94% 6/15/26 (a)(b)(e) | 1,008,000 | 1,007,997 | |
TTAN floater Series 2021-MHC Class E, 1 month U.S. LIBOR + 2.400% 2.49% 3/15/38 (a)(b)(e) | 4,121,097 | 4,109,517 | |
UBS Commercial Mortgage Trust: | |||
Series 2012-C1: | |||
Class D, 5.7137% 5/10/45 (a)(b) | 3,272,000 | 3,086,259 | |
Class E, 5% 5/10/45 (a)(b) | 1,911,000 | 749,632 | |
Class F, 5% 5/10/45 (a)(b) | 2,484,000 | 124,200 | |
Series 2018-C8 Class C, 4.8574% 2/15/51 (b) | 756,000 | 823,027 | |
UBS-BAMLL Trust: | |||
Series 12-WRM Class D, 4.3793% 6/10/30 (a)(b) | 2,090,000 | 1,573,976 | |
Series 2012-WRM Class C, 4.3793% 6/10/30 (a)(b) | 890,000 | 784,293 | |
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class C, 6.6258% 1/10/45 (a)(b) | 672,000 | 665,280 | |
VASA Trust: | |||
floater Series 2021-VASA Class G, 1 month U.S. LIBOR + 5.000% 5.09% 7/15/39 (a)(b)(e) | 693,000 | 694,734 | |
floater sequential payer Series 2021-VASA Class F, 1 month U.S. LIBOR + 3.900% 3.99% 7/15/39 (a)(b)(e) | 3,009,000 | 3,015,931 | |
VMC Finance LLC floater Series 2021-HT1 Class B, 1 month U.S. LIBOR + 4.500% 4.59% 1/18/37 (b)(e) | 9,895,000 | 9,870,258 | |
Wells Fargo Commercial Mortgage Trust: | |||
floater Series 2021-SAVE: | |||
Class D, 1 month U.S. LIBOR + 2.500% 2.59% 2/15/40 (a)(b)(e) | 719,036 | 719,223 | |
Class E, 1 month U.S. LIBOR + 3.650% 3.74% 2/15/40 (a)(b)(e) | 511,779 | 513,193 | |
sequential payer Series 2020-C57 Class D, 2.5% 8/15/53 (a) | 2,108,000 | 1,923,841 | |
Series 2012-LC5: | |||
Class D, 4.9153% 10/15/45 (a)(b) | 6,116,000 | 6,191,463 | |
Class E, 4.9153% 10/15/45 (a)(b) | 1,051,000 | 1,035,895 | |
Class F, 4.9153% 10/15/45 (a)(b) | 588,000 | 515,005 | |
Series 2015-NXS4 Class D, 3.8481% 12/15/48 (b) | 1,834,000 | 1,811,054 | |
Series 2016-BNK1 Class D, 3% 8/15/49 (a) | 1,526,000 | 1,072,279 | |
Series 2016-NXS6 Class D, 3.059% 11/15/49 (a) | 4,250,000 | 3,584,014 | |
Series 2017-RB1 Class D, 3.401% 3/15/50 (a) | 1,824,000 | 1,711,077 | |
WF-RBS Commercial Mortgage Trust: | |||
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (b)(d) | 1,252,600 | 85,232 | |
Series 2011-C3: | |||
Class D, 5.5133% 3/15/44 (a)(b) | 4,782,543 | 2,282,229 | |
Class E, 5% 3/15/44 (a) | 1,258,000 | 81,770 | |
Class F, 5% 3/15/44 (a)(d) | 2,421,350 | 48,060 | |
Series 2011-C4: | |||
Class D, 5.0241% 6/15/44 (a)(b) | 1,616,000 | 1,534,425 | |
Class E, 5.0241% 6/15/44 (a)(b) | 1,274,000 | 966,201 | |
Series 2011-C5: | |||
Class E, 5.8253% 11/15/44 (a)(b) | 1,924,471 | 1,922,066 | |
Class F, 5.25% 11/15/44 (a)(b) | 3,930,000 | 3,608,332 | |
Class G, 5.25% 11/15/44 (a)(b) | 1,255,150 | 1,114,260 | |
Series 2012-C6 Class D, 5.9817% 4/15/45 (a)(b) | 2,707,000 | 2,716,132 | |
Series 2012-C7: | |||
Class E, 4.9456% 6/15/45 (a)(b)(d) | 1,514,000 | 230,803 | |
Class F, 4.5% 6/15/45 (a)(d) | 1,470,000 | 87,869 | |
Class G, 4.5% 6/15/45 (a)(d) | 4,218,750 | 421 | |
Series 2012-C8: | |||
Class D, 5.0455% 8/15/45 (a)(b) | 833,000 | 831,619 | |
Class E, 5.0455% 8/15/45 (a)(b) | 1,167,000 | 1,150,303 | |
Series 2013-C11: | |||
Class D, 4.3805% 3/15/45 (a)(b) | 1,865,000 | 1,843,759 | |
Class E, 4.3805% 3/15/45 (a)(b) | 4,999,000 | 4,576,789 | |
Series 2013-C13 Class D, 4.2794% 5/15/45 (a)(b) | 1,499,000 | 1,474,597 | |
Series 2013-C16 Class D, 5.1682% 9/15/46 (a)(b) | 668,000 | 641,808 | |
Worldwide Plaza Trust Series 2017-WWP Class F, 3.7154% 11/10/36 (a)(b) | 4,695,000 | 4,240,062 | |
WP Glimcher Mall Trust Series 2015-WPG: | |||
Class PR1, 3.6332% 6/5/35 (a)(b) | 1,638,000 | 1,436,588 | |
Class PR2, 3.6332% 6/5/35 (a)(b) | 4,354,000 | 3,493,724 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES | |||
(Cost $780,387,893) | 751,259,955 | ||
Shares | Value | ||
Common Stocks - 0.7% | |||
Diversified Financial Services - 0.0% | |||
Cyxtera Technologies, Inc. Class A (g) | 61,000 | 604,510 | |
Homebuilders/Real Estate - 0.7% | |||
Digital Realty Trust, Inc. | 6,600 | 1,107,084 | |
iStar Financial, Inc. | 216,200 | 5,262,308 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 6,369,392 | ||
TOTAL COMMON STOCKS | |||
(Cost $4,410,140) | 6,973,902 | ||
Preferred Stocks - 2.6% | |||
Convertible Preferred Stocks - 0.2% | |||
Homebuilders/Real Estate - 0.2% | |||
RLJ Lodging Trust Series A, 1.95% | 70,550 | 1,976,106 | |
Nonconvertible Preferred Stocks - 2.4% | |||
Diversified Financial Services - 0.6% | |||
AGNC Investment Corp. Series E, 6.50% (b) | 147,792 | 3,746,527 | |
MFA Financial, Inc. Series B, 7.50% | 80,525 | 2,016,346 | |
5,762,873 | |||
Homebuilders/Real Estate - 1.8% | |||
Arbor Realty Trust, Inc. Series F, 6.25% (b) | 92,000 | 2,326,680 | |
DiamondRock Hospitality Co. 8.25% | 25,800 | 696,600 | |
Digitalbridge Group, Inc.: | |||
Series H, 7.125% | 59,229 | 1,471,841 | |
Series I, 7.15% | 71,600 | 1,804,320 | |
Dynex Capital, Inc. Series C 6.90% (b) | 57,707 | 1,495,188 | |
Franklin BSP Realty Trust, Inc. 7.50% | 87,175 | 2,172,401 | |
iStar Financial, Inc. Series G, 7.65% | 74,400 | 1,883,808 | |
Rexford Industrial Realty, Inc. Series B, 5.875% | 91,475 | 2,361,885 | |
UMH Properties, Inc. Series C, 6.75% | 98,998 | 2,555,138 | |
16,767,861 | |||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 22,530,734 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $21,951,459) | 24,506,840 | ||
Principal Amount | Value | ||
Bank Loan Obligations - 3.1% | |||
Air Transportation - 0.6% | |||
Hanjin International Corp. 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.5% 12/23/22 (b)(d)(e)(h) | 5,480,000 | 5,500,550 | |
Diversified Financial Services - 1.3% | |||
Agellan Portfolio 9% 8/7/25 (b)(d)(h) | 908,000 | 926,160 | |
Veritas Multifamily Portfolio 1 month U.S. LIBOR + 8.500% 8.75% 11/15/22 (b)(d)(e)(h) | 11,246,000 | 11,246,000 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 12,172,160 | ||
Homebuilders/Real Estate - 0.5% | |||
Aragon Junior Mezzanine 1 month U.S. LIBOR + 6.000% 7.25% 1/15/25 (b)(d)(e)(h) | 1,649,806 | 1,649,806 | |
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8404% 8/21/25 (b)(e)(h) | 2,910,674 | 2,885,729 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 4,535,535 | ||
Hotels - 0.4% | |||
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 9/9/26 (b)(e)(h) | 955,000 | 957,388 | |
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 8/2/28 (b)(e)(h) | 345,000 | 341,657 | |
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 3.75% 4/27/24 (b)(e)(h) | 890,549 | 860,164 | |
Ryman Hospitality Properties, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 2.1% 5/11/24 (b)(e)(h) | 1,679,243 | 1,651,956 | |
TOTAL HOTELS | 3,811,165 | ||
Services - 0.1% | |||
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (b)(e)(h) | 1,136,888 | 1,125,519 | |
Telecommunications - 0.2% | |||
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.85% 4/11/25 (b)(e)(h) | 1,611,045 | 1,590,230 | |
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $28,751,896) | 28,735,159 | ||
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 - 5.6% | |||
Fidelity Cash Central Fund 0.06% (i) | |||
(Cost $52,745,879) | 52,735,332 | 52,745,879 | |
TOTAL INVESTMENT IN SECURITIES - 101.1% | |||
(Cost $988,080,819) | 955,921,602 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (9,978,782) | ||
NET ASSETS - 100% | $945,942,820 |
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 $798,751,189 or 84.4% 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 $35,786 or 0.0% of net assets.
(g) Non-income producing
(h) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
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, 3.2385% 6/25/43 | 9/29/03 | $43,499 |
Fannie Mae REMIC Trust Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B5, 3.2385% 6/25/43 | 9/29/03 | $1,443 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $31,880,306 | $310,330,352 | $289,464,767 | $25,272 | $(12) | $-- | $52,745,879 | 0.1% |
Total | $31,880,306 | $310,330,352 | $289,464,767 | $25,272 | $(12) | $-- | $52,745,879 |
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, 2021, 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 | $11,757,142 | $11,757,142 | $-- | $-- |
Information Technology | 604,510 | 604,510 | -- | -- |
Real Estate | 19,119,090 | 17,142,984 | 1,976,106 | -- |
Corporate Bonds | 41,729,975 | -- | 41,729,975 | -- |
Asset-Backed Securities | 49,859,607 | -- | 49,858,525 | 1,082 |
Collateralized Mortgage Obligations | 49,975 | -- | 42,983 | 6,992 |
Commercial Mortgage Securities | 751,259,955 | -- | 732,877,595 | 18,382,360 |
Bank Loan Obligations | 28,735,159 | -- | 9,412,643 | 19,322,516 |
Preferred Securities | 60,310 | -- | -- | 60,310 |
Money Market Funds | 52,745,879 | 52,745,879 | -- | -- |
Total Investments in Securities: | $955,921,602 | $82,250,515 | $835,897,827 | $37,773,260 |
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 | $9,405,174 |
Net Realized Gain (Loss) on Investment Securities | (461,418) |
Net Unrealized Gain (Loss) on Investment Securities | (4,417,447) |
Cost of Purchases | -- |
Proceeds of Sales | (669,076) |
Amortization/Accretion | (155,292) |
Transfers into Level 3 | 20,713,933 |
Transfers out of Level 3 | (6,033,514) |
Ending Balance | $18,382,360 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2021 | $(4,725,097) |
Bank Loan Obligations | |
Beginning Balance | $15,518,064 |
Net Realized Gain (Loss) on Investment Securities | 10,389 |
Net Unrealized Gain (Loss) on Investment Securities | 54,188 |
Cost of Purchases | 5,443,220 |
Proceeds of Sales | (1,714,269) |
Amortization/Accretion | 10,924 |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $19,322,516 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2021 | $53,700 |
Other Investments in Securities: | |
Beginning Balance | $98,762 |
Net Realized Gain (Loss) on Investment Securities | (1,812,740) |
Net Unrealized Gain (Loss) on Investment Securities | 1,885,408 |
Cost of Purchases | 378,459 |
Proceeds of Sales | (13,242) |
Amortization/Accretion | (436,826) |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (31,437) |
Ending Balance | $68,384 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2021 | $(505) |
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, 2021 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $935,334,940) | $903,175,723 | |
Fidelity Central Funds (cost $52,745,879) | 52,745,879 | |
Total Investment in Securities (cost $988,080,819) | $955,921,602 | |
Cash | 8,723 | |
Receivable for investments sold | 2,072 | |
Dividends receivable | 142,109 | |
Interest receivable | 3,314,794 | |
Distributions receivable from Fidelity Central Funds | 2,033 | |
Prepaid expenses | 1,027 | |
Other receivables | 308 | |
Total assets | 959,392,668 | |
Liabilities | ||
Payable for investments purchased | $12,423,435 | |
Distributions payable | 284,958 | |
Accrued management fee | 538,094 | |
Other affiliated payables | 44,646 | |
Other payables and accrued expenses | 158,715 | |
Total liabilities | 13,449,848 | |
Net Assets | $945,942,820 | |
Net Assets consist of: | ||
Paid in capital | $995,995,831 | |
Total accumulated earnings (loss) | (50,053,011) | |
Net Assets | $945,942,820 | |
Net Asset Value, offering price and redemption price per share ($945,942,820 ÷ 114,778,826 shares) | $8.24 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended November 30, 2021 | ||
Investment Income | ||
Dividends | $95,927 | |
Interest | 39,026,344 | |
Income from Fidelity Central Funds | 25,272 | |
Total income | 39,147,543 | |
Expenses | ||
Management fee | $6,039,362 | |
Transfer agent fees | 129,913 | |
Accounting fees and expenses | 375,229 | |
Custodian fees and expenses | 13,137 | |
Independent trustees' fees and expenses | 3,183 | |
Audit | 184,652 | |
Legal | 2,358 | |
Miscellaneous | 4,121 | |
Total expenses before reductions | 6,751,955 | |
Expense reductions | (8,140) | |
Total expenses after reductions | 6,743,815 | |
Net investment income (loss) | 32,403,728 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,569,886 | |
Fidelity Central Funds | (12) | |
Total net realized gain (loss) | 1,569,874 | |
Change in net unrealized appreciation (depreciation) on investment securities | 45,558,308 | |
Net gain (loss) | 47,128,182 | |
Net increase (decrease) in net assets resulting from operations | $79,531,910 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $32,403,728 | $32,547,876 |
Net realized gain (loss) | 1,569,874 | (11,960,714) |
Change in net unrealized appreciation (depreciation) | 45,558,308 | (82,855,797) |
Net increase (decrease) in net assets resulting from operations | 79,531,910 | (62,268,635) |
Distributions to shareholders | (35,060,206) | (32,213,221) |
Share transactions | ||
Proceeds from sales of shares | 118,054,500 | 97,052,500 |
Reinvestment of distributions | 31,502,367 | 28,859,411 |
Cost of shares redeemed | (5,109,731) | (95,929,352) |
Net increase (decrease) in net assets resulting from share transactions | 144,447,136 | 29,982,559 |
Total increase (decrease) in net assets | 188,918,840 | (64,499,297) |
Net Assets | ||
Beginning of period | 757,023,980 | 821,523,277 |
End of period | $945,942,820 | $757,023,980 |
Other Information | ||
Shares | ||
Sold | 14,527,015 | 13,099,991 |
Issued in reinvestment of distributions | 3,876,956 | 3,758,479 |
Redeemed | (626,815) | (13,487,039) |
Net increase (decrease) | 17,777,156 | 3,371,431 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Real Estate High Income Fund
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $7.80 | $8.77 | $8.44 | $8.60 | $8.51 |
Income from Investment Operations | |||||
Net investment income (loss)A | .305 | .341 | .418 | .417 | .433 |
Net realized and unrealized gain (loss) | .469 | (.972) | .338 | (.148) | .064 |
Total from investment operations | .774 | (.631) | .756 | .269 | .497 |
Distributions from net investment income | (.334) | (.339) | (.426) | (.429) | (.407) |
Total distributions | (.334) | (.339) | (.426) | (.429) | (.407) |
Net asset value, end of period | $8.24 | $7.80 | $8.77 | $8.44 | $8.60 |
Total ReturnB | 10.07% | (7.06)% | 9.15% | 3.23% | 5.94% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .78% | .79% | .80% | .80% | .80% |
Expenses net of fee waivers, if any | .78% | .79% | .80% | .80% | .80% |
Expenses net of all reductions | .78% | .79% | .79% | .80% | .80% |
Net investment income (loss) | 3.74% | 4.41% | 4.83% | 4.91% | 5.03% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $945,943 | $757,024 | $821,523 | $732,992 | $1,103,106 |
Portfolio turnover rateE | 22% | 27% | 26% | 13%F | 18% |
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 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.
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, 2021
1. Organization.
Fidelity Real Estate High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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. 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 | $19,322,516 | Discounted cash flow | Yield | 7.6% - 9.2% / 9.0% | Decrease |
Indicative market price | Evaluated bid | $100.38 | Increase | ||
Preferred Securities | $60,310 | Indicative market price | Evaluated bid | $0.0 - $2.00 / $1.99 | Increase |
Asset-Backed Securities | $1,082 | Indicative market price | Evaluated bid | $0.00 - $0.01 / $0.01 | Increase |
Commercial Mortgage Securities | $18,382,360 | Indicative market price | Evaluated bid | $0.01 - $96.39 / $62.69 | Increase |
Collateralized Mortgage Obligations | $6,992 | Indicative market price | Evaluated bid | $5.00 - $15.43 / $12.78 | 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, 2021, 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to passive foreign investment companies (PFIC), market discount, controlled foreign corporations and capital loss carryforwards.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $37,765,882 |
Gross unrealized depreciation | (69,396,063) |
Net unrealized appreciation (depreciation) | $(31,630,181) |
Tax Cost | $987,551,783 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $2,253,528 |
Capital loss carryforward | $(20,676,358) |
Net unrealized appreciation (depreciation) on securities and other investments | $(31,630,181) |
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 | $(7,036,479) |
Long-term | (13,639,879) |
Total capital loss carryforward | $(20,676,358) |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $35,060,206 | $ 32,213,221 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not expect the adoption of ASU 2020-04 to have a material impact on the Fund’s financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Real Estate High Income Fund | 310,336,146 | 180,348,953 |
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 .01% 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 | $181 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Real Estate High Income Fund | $1,509 |
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $255.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $7,885.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, certain otherwise unaffiliated shareholders each were owners of record of more than 10% of the outstanding shares as follows:
Fund | Number of Unaffiliated Shareholders | Unaffiliated Shareholders % |
Fidelity Real Estate High Income Fund | 2 | 46% |
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, 2021, the related statement of operations for the year ended November 30, 2021, the statement of changes in net assets for each of the two years in the period ended November 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended November 30, 2021 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, 2021 by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks and 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, 2022
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 314 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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Real Estate High Income Fund | .77% | |||
Actual | $1,000.00 | $1,023.60 | $3.91 | |
Hypothetical-C | $1,000.00 | $1,021.21 | $3.90 |
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/ 365 (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 0.02% 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 $31,603,892 of distributions paid in the calendar year 2020 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund designates $31,500,826 of distributions paid in the calendar year 2020 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 1% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 7% of the dividends 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 26% of the dividends distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
REHI-ANN-0122
1.734092.122
Fidelity Advisor® Dividend Growth Fund
November 30, 2021
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 19.75% | 11.00% | 11.78% |
Class M (incl. 3.50% sales charge) | 22.34% | 11.24% | 11.78% |
Class C (incl. contingent deferred sales charge) | 25.03% | 11.43% | 11.77% |
Class I | 27.37% | 12.58% | 12.72% |
Class Z | 27.61% | 12.75% | 12.86% |
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® Dividend Growth Fund - Class A on November 30, 2011, 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/0001379491-22-000216/img762227422_740.jpg)
Period Ending Values | ||
$30,455 | Fidelity Advisor® Dividend Growth Fund - Class A | |
$44,726 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Portfolio Manager Zach Turner: For the fiscal year ending November 30, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 26% to 28%, underperforming the benchmark S&P 500® index. The fund's foreign holdings detracted overall, hampered in part by a broadly stronger U.S. dollar. Versus the benchmark, the primary detractor from performance was our stock picks in the communication services sector, especially within the media & entertainment industry. Also hampering the fund's relative result was an overweighting and stock selection in the industrials sector, primarily within the capital goods industry. Stock picking and an overweighting in information technology also hurt relative performance. The biggest individual relative detractor was an underweight position in Alphabet (+62%). Our second-largest relative detractor this period was avoiding Tesla, a benchmark component that gained roughly 65%. Another notable relative detractor was an outsized stake in Visa (-7%), which was among the fund's largest holdings. In contrast, security selection was the primary contributor, especially in the banks area of the financials sector. Stock picking and an underweighting in consumer staples also helped. Also boosting performance was stock selection in the consumer discretionary sector, especially within the consumer services industry. Not owning Amazon.com, a benchmark component that gained roughly 11%, was the biggest individual relative contributor. Also bolstering performance was our outsized stake in Microsoft, which gained about 56%. The company was the fund's largest holding. Another notable relative contributor was an overweighting in Intuit (+86%), which was one of our biggest holdings as of November 30. Notable changes in positioning include decreased exposure to the consumer discretionary sector and a higher 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.
Note to shareholders: On January 1, 2021, Zach Turner assumed sole management responsibilities for the fund, succeeding Gordon Scott, with whom he had served as co-manager since July 1, 2020. On October 1, 2021, Fidelity increased dividend distribution frequency for the fund because it includes income as a component of its investment strategy. Dividend distributions will be paid four times a year: April, July, October and December. Quarterly dividend distributions will commence in April 2022. Please note that there are no changes to the frequency of capital gain distributions. In addition, the Morningstar U.S. Dividend Growth Index was added as a supplemental benchmark to reflect the fund's commitment to dividend-paying companies.Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2021
% of fund's net assets | |
Microsoft Corp. | 9.3 |
Apple, Inc. | 3.3 |
NVIDIA Corp. | 2.3 |
Wells Fargo & Co. | 2.3 |
Visa, Inc. Class A | 1.9 |
General Electric Co. | 1.8 |
UnitedHealth Group, Inc. | 1.7 |
Intuit, Inc. | 1.5 |
Broadcom, Inc. | 1.5 |
Bank of America Corp. | 1.4 |
27.0 |
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Information Technology | 29.5 |
Consumer Discretionary | 11.5 |
Health Care | 11.4 |
Industrials | 11.1 |
Financials | 10.6 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021 * | ||
Stocks | 99.7% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.3% |
* Foreign investments - 18.7%
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 99.7% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 6.8% | |||
Diversified Telecommunication Services - 1.1% | |||
Cellnex Telecom SA (a) | 70,500 | $4,161 | |
Deutsche Telekom AG | 252,700 | 4,451 | |
Verizon Communications, Inc. | 105,600 | 5,309 | |
13,921 | |||
Entertainment - 2.0% | |||
Activision Blizzard, Inc. | 110,800 | 6,493 | |
Electronic Arts, Inc. | 39,600 | 4,919 | |
The Walt Disney Co. (b) | 83,900 | 12,157 | |
23,569 | |||
Interactive Media & Services - 2.4% | |||
Alphabet, Inc. Class A (b) | 5,400 | 15,325 | |
Meta Platforms, Inc. Class A (b) | 40,500 | 13,141 | |
28,466 | |||
Media - 1.3% | |||
Comcast Corp. Class A | 282,050 | 14,097 | |
Interpublic Group of Companies, Inc. | 62,600 | 2,078 | |
16,175 | |||
TOTAL COMMUNICATION SERVICES | 82,131 | ||
CONSUMER DISCRETIONARY - 11.5% | |||
Automobiles - 0.4% | |||
General Motors Co. (b) | 73,700 | 4,265 | |
Hotels, Restaurants & Leisure - 3.0% | |||
Aristocrat Leisure Ltd. | 136,833 | 4,303 | |
Churchill Downs, Inc. | 44,400 | 9,955 | |
Domino's Pizza, Inc. | 9,500 | 4,979 | |
Hilton Worldwide Holdings, Inc. (b) | 35,600 | 4,808 | |
Marriott International, Inc. Class A (b) | 33,000 | 4,869 | |
Restaurant Brands International, Inc. (c) | 120,600 | 6,757 | |
Starbucks Corp. | 100 | 11 | |
35,682 | |||
Household Durables - 2.1% | |||
Lennar Corp. Class A | 89,000 | 9,349 | |
Sony Group Corp. | 65,900 | 8,040 | |
Whirlpool Corp. | 35,600 | 7,752 | |
25,141 | |||
Internet & Direct Marketing Retail - 0.4% | |||
eBay, Inc. | 79,400 | 5,356 | |
Multiline Retail - 1.6% | |||
Dollar General Corp. | 76,400 | 16,907 | |
Target Corp. | 12,000 | 2,926 | |
19,833 | |||
Specialty Retail - 2.4% | |||
American Eagle Outfitters, Inc. | 900 | 23 | |
Camping World Holdings, Inc. (c) | 259,600 | 11,386 | |
Dufry AG (b) | 34,890 | 1,567 | |
Lowe's Companies, Inc. | 52,700 | 12,890 | |
Williams-Sonoma, Inc. | 12,600 | 2,455 | |
28,321 | |||
Textiles, Apparel & Luxury Goods - 1.6% | |||
adidas AG | 20,500 | 5,941 | |
PVH Corp. | 55,200 | 5,894 | |
Tapestry, Inc. | 182,000 | 7,302 | |
19,137 | |||
TOTAL CONSUMER DISCRETIONARY | 137,735 | ||
CONSUMER STAPLES - 5.2% | |||
Beverages - 2.3% | |||
Diageo PLC | 146,354 | 7,386 | |
Keurig Dr. Pepper, Inc. | 291,900 | 9,922 | |
The Coca-Cola Co. | 197,000 | 10,333 | |
27,641 | |||
Food & Staples Retailing - 0.3% | |||
BJ's Wholesale Club Holdings, Inc. (b) | 59,700 | 3,949 | |
Household Products - 1.2% | |||
Energizer Holdings, Inc. | 62,400 | 2,321 | |
Spectrum Brands Holdings, Inc. | 120,485 | 12,061 | |
14,382 | |||
Tobacco - 1.4% | |||
Altria Group, Inc. | 175,873 | 7,499 | |
Swedish Match Co. AB | 1,182,900 | 8,641 | |
16,140 | |||
TOTAL CONSUMER STAPLES | 62,112 | ||
ENERGY - 4.7% | |||
Oil, Gas & Consumable Fuels - 4.7% | |||
Cameco Corp. (c) | 158,500 | 3,674 | |
Canadian Natural Resources Ltd. | 117,800 | 4,817 | |
Enterprise Products Partners LP | 360,300 | 7,707 | |
Exxon Mobil Corp. | 264,022 | 15,799 | |
Reliance Industries Ltd. sponsored GDR (a) | 234,100 | 14,959 | |
Tourmaline Oil Corp. | 284,600 | 9,471 | |
56,427 | |||
FINANCIALS - 10.6% | |||
Banks - 4.0% | |||
Bank of America Corp. | 393,703 | 17,508 | |
PNC Financial Services Group, Inc. | 16,000 | 3,152 | |
Wells Fargo & Co. | 571,290 | 27,296 | |
47,956 | |||
Capital Markets - 3.8% | |||
Apollo Global Management LLC Class A (c) | 144,600 | 10,235 | |
BlackRock, Inc. Class A | 13,300 | 12,031 | |
Brookfield Asset Management, Inc. Class A | 82,600 | 4,640 | |
Coinbase Global, Inc. | 9,400 | 2,961 | |
Intercontinental Exchange, Inc. | 117,800 | 15,399 | |
45,266 | |||
Consumer Finance - 0.4% | |||
Discover Financial Services | 50,500 | 5,446 | |
Insurance - 2.4% | |||
Arthur J. Gallagher & Co. | 79,400 | 12,934 | |
Brookfield Asset Management Reinsurance Partners Ltd. | 491 | 28 | |
Marsh & McLennan Companies, Inc. | 18,500 | 3,034 | |
The Travelers Companies, Inc. | 84,600 | 12,432 | |
28,428 | |||
TOTAL FINANCIALS | 127,096 | ||
HEALTH CARE - 11.4% | |||
Biotechnology - 0.2% | |||
AbbVie, Inc. | 20,300 | 2,340 | |
Health Care Equipment & Supplies - 0.2% | |||
Boston Scientific Corp. (b) | 44,800 | 1,706 | |
Health Care Providers & Services - 3.8% | |||
Cigna Corp. | 55,200 | 10,593 | |
CVS Health Corp. | 45,500 | 4,052 | |
Humana, Inc. | 27,300 | 11,458 | |
UnitedHealth Group, Inc. | 45,197 | 20,077 | |
46,180 | |||
Life Sciences Tools & Services - 1.8% | |||
Danaher Corp. | 13,200 | 4,246 | |
Thermo Fisher Scientific, Inc. | 26,800 | 16,960 | |
21,206 | |||
Pharmaceuticals - 5.4% | |||
AstraZeneca PLC (United Kingdom) | 61,900 | 6,786 | |
Bristol-Myers Squibb Co. | 245,300 | 13,155 | |
Eli Lilly & Co. | 56,100 | 13,915 | |
Merck KGaA | 43,500 | 10,799 | |
Pfizer, Inc. | 43,200 | 2,321 | |
Roche Holding AG (participation certificate) | 27,570 | 10,764 | |
UCB SA | 67,900 | 7,403 | |
65,143 | |||
TOTAL HEALTH CARE | 136,575 | ||
INDUSTRIALS - 11.1% | |||
Aerospace & Defense - 1.4% | |||
Airbus Group NV (b) | 60,300 | 6,731 | |
HEICO Corp. Class A | 9,358 | 1,162 | |
The Boeing Co. (b) | 46,800 | 9,259 | |
17,152 | |||
Air Freight & Logistics - 0.3% | |||
United Parcel Service, Inc. Class B | 18,500 | 3,670 | |
Airlines - 0.1% | |||
Copa Holdings SA Class A (b) | 21,800 | 1,524 | |
Commercial Services & Supplies - 1.2% | |||
GFL Environmental, Inc. | 358,200 | 13,804 | |
Electrical Equipment - 0.2% | |||
AMETEK, Inc. | 21,300 | 2,907 | |
Industrial Conglomerates - 2.4% | |||
General Electric Co. | 229,187 | 21,770 | |
Hitachi Ltd. | 92,800 | 5,436 | |
Roper Technologies, Inc. | 4,500 | 2,089 | |
29,295 | |||
Machinery - 2.8% | |||
Allison Transmission Holdings, Inc. | 265,843 | 9,196 | |
Cummins, Inc. | 10,100 | 2,118 | |
Deere & Co. | 21,000 | 7,256 | |
Fortive Corp. | 49,000 | 3,620 | |
PACCAR, Inc. | 51,100 | 4,263 | |
Toro Co. | 65,200 | 6,557 | |
33,010 | |||
Marine - 0.2% | |||
2020 Bulkers Ltd. | 202,600 | 2,464 | |
Professional Services - 1.0% | |||
Equifax, Inc. | 21,900 | 6,102 | |
IHS Markit Ltd. | 49,500 | 6,327 | |
12,429 | |||
Road & Rail - 1.4% | |||
Canadian Pacific Railway Ltd. (c) | 114,100 | 7,990 | |
TFI International, Inc. (Canada) | 87,200 | 8,658 | |
16,648 | |||
Trading Companies & Distributors - 0.1% | |||
Watsco, Inc. | 2,200 | 644 | |
TOTAL INDUSTRIALS | 133,547 | ||
INFORMATION TECHNOLOGY - 29.5% | |||
IT Services - 5.4% | |||
Amadeus IT Holding SA Class A (b) | 50,200 | 3,214 | |
Cognizant Technology Solutions Corp. Class A | 55,600 | 4,336 | |
DXC Technology Co. (b) | 176,900 | 5,305 | |
Fidelity National Information Services, Inc. | 77,000 | 8,047 | |
Genpact Ltd. | 254,400 | 12,280 | |
Global Payments, Inc. | 20,800 | 2,476 | |
MasterCard, Inc. Class A | 22,000 | 6,928 | |
Visa, Inc. Class A | 117,000 | 22,671 | |
65,257 | |||
Semiconductors & Semiconductor Equipment - 7.8% | |||
Broadcom, Inc. | 31,600 | 17,496 | |
KLA Corp. | 20,600 | 8,407 | |
Lam Research Corp. | 13,200 | 8,974 | |
Marvell Technology, Inc. | 208,200 | 14,818 | |
Microchip Technology, Inc. | 46,400 | 3,871 | |
NVIDIA Corp. | 85,200 | 27,840 | |
NXP Semiconductors NV | 23,600 | 5,271 | |
Qualcomm, Inc. | 1,200 | 217 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 8,800 | 1,031 | |
Teradyne, Inc. | 19,000 | 2,905 | |
Universal Display Corp. | 23,500 | 3,362 | |
94,192 | |||
Software - 12.2% | |||
Intuit, Inc. | 28,500 | 18,591 | |
Microsoft Corp. | 338,300 | 111,840 | |
SAP SE | 33,100 | 4,242 | |
SS&C Technologies Holdings, Inc. | 137,100 | 10,465 | |
Temenos Group AG | 7,700 | 988 | |
146,126 | |||
Technology Hardware, Storage & Peripherals - 4.1% | |||
Apple, Inc. | 241,896 | 39,985 | |
Samsung Electronics Co. Ltd. | 161,820 | 9,751 | |
49,736 | |||
TOTAL INFORMATION TECHNOLOGY | 355,311 | ||
MATERIALS - 2.1% | |||
Chemicals - 0.7% | |||
Air Products & Chemicals, Inc. | 5,100 | 1,466 | |
Valvoline, Inc. | 205,200 | 6,991 | |
8,457 | |||
Metals & Mining - 1.4% | |||
First Quantum Minerals Ltd. | 101,800 | 2,170 | |
Freeport-McMoRan, Inc. | 205,300 | 7,613 | |
Glencore Xstrata PLC | 1,549,600 | 7,357 | |
17,140 | |||
TOTAL MATERIALS | 25,597 | ||
REAL ESTATE - 3.4% | |||
Equity Real Estate Investment Trusts (REITs) - 3.4% | |||
American Tower Corp. | 34,500 | 9,056 | |
Digital Realty Trust, Inc. | 35,700 | 5,988 | |
Four Corners Property Trust, Inc. | 65,045 | 1,758 | |
Park Hotels & Resorts, Inc. (b) | 129,600 | 2,157 | |
Public Storage | 5,800 | 1,899 | |
Simon Property Group, Inc. | 82,900 | 12,670 | |
The Macerich Co. | 383,700 | 7,237 | |
40,765 | |||
UTILITIES - 3.4% | |||
Electric Utilities - 1.7% | |||
Edison International | 126,000 | 8,225 | |
Exelon Corp. | 128,400 | 6,771 | |
Southern Co. | 94,100 | 5,750 | |
20,746 | |||
Independent Power and Renewable Electricity Producers - 1.3% | |||
NextEra Energy Partners LP | 52,200 | 4,440 | |
The AES Corp. | 346,800 | 8,108 | |
Vistra Corp. | 140,200 | 2,787 | |
15,335 | |||
Multi-Utilities - 0.4% | |||
CenterPoint Energy, Inc. | 197,400 | 5,115 | |
TOTAL UTILITIES | 41,196 | ||
TOTAL COMMON STOCKS | |||
(Cost $897,642) | 1,198,492 | ||
Money Market Funds - 2.3% | |||
Fidelity Cash Central Fund 0.06% (d) | 2,541,088 | 2,542 | |
Fidelity Securities Lending Cash Central Fund 0.07% (d)(e) | 25,356,017 | 25,359 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $27,901) | 27,901 | ||
TOTAL INVESTMENT IN SECURITIES - 102.0% | |||
(Cost $925,543) | 1,226,393 | ||
NET OTHER ASSETS (LIABILITIES) - (2.0)% | (23,860) | ||
NET ASSETS - 100% | $1,202,533 |
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 $19,120,000 or 1.6% of net assets.
(b) Non-income producing
(c) Security or a portion of the security is on loan at period end.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $2,130 | $167,991 | $167,579 | $2 | $-- | $-- | $2,542 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.07% | 4,806 | 271,331 | 250,778 | 16 | -- | -- | 25,359 | 0.1% |
Total | $6,936 | $439,322 | $418,357 | $18 | $-- | $-- | $27,901 |
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, 2021, 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 | $82,131 | $77,680 | $4,451 | $-- |
Consumer Discretionary | 137,735 | 128,128 | 9,607 | -- |
Consumer Staples | 62,112 | 54,726 | 7,386 | -- |
Energy | 56,427 | 56,427 | -- | -- |
Financials | 127,096 | 127,096 | -- | -- |
Health Care | 136,575 | 119,025 | 17,550 | -- |
Industrials | 133,547 | 121,380 | 12,167 | -- |
Information Technology | 355,311 | 347,855 | 7,456 | -- |
Materials | 25,597 | 18,240 | 7,357 | -- |
Real Estate | 40,765 | 40,765 | -- | -- |
Utilities | 41,196 | 41,196 | -- | -- |
Money Market Funds | 27,901 | 27,901 | -- | -- |
Total Investments in Securities: | $1,226,393 | $1,160,419 | $65,974 | $-- |
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 | 81.3% |
Canada | 5.3% |
Germany | 2.2% |
Bermuda | 1.5% |
India | 1.3% |
United Kingdom | 1.2% |
Japan | 1.1% |
Switzerland | 1.1% |
Others (Individually Less Than 1%) | 5.0% |
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, 2021 | |
Assets | ||
Investment in securities, at value (including securities loaned of $24,225) — See accompanying schedule: Unaffiliated issuers (cost $897,642) | $1,198,492 | |
Fidelity Central Funds (cost $27,901) | 27,901 | |
Total Investment in Securities (cost $925,543) | $1,226,393 | |
Cash | 56 | |
Foreign currency held at value (cost $34) | 34 | |
Receivable for investments sold | 13,576 | |
Receivable for fund shares sold | 762 | |
Dividends receivable | 1,456 | |
Distributions receivable from Fidelity Central Funds | 2 | |
Prepaid expenses | 1 | |
Other receivables | 20 | |
Total assets | 1,242,300 | |
Liabilities | ||
Payable for investments purchased | $13,086 | |
Payable for fund shares redeemed | 367 | |
Accrued management fee | 376 | |
Distribution and service plan fees payable | 308 | |
Other affiliated payables | 202 | |
Other payables and accrued expenses | 69 | |
Collateral on securities loaned | 25,359 | |
Total liabilities | 39,767 | |
Net Assets | $1,202,533 | |
Net Assets consist of: | ||
Paid in capital | $838,564 | |
Total accumulated earnings (loss) | 363,969 | |
Net Assets | $1,202,533 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($477,239 ÷ 23,526 shares)(a) | $20.29 | |
Maximum offering price per share (100/94.25 of $20.29) | $21.53 | |
Class M: | ||
Net Asset Value and redemption price per share ($367,608 ÷ 18,256 shares)(a) | $20.14 | |
Maximum offering price per share (100/96.50 of $20.14) | $20.87 | |
Class C: | ||
Net Asset Value and offering price per share ($52,714 ÷ 2,790 shares)(a) | $18.89 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($244,686 ÷ 11,268 shares) | $21.72 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($60,286 ÷ 2,722 shares) | $22.15 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Year ended November 30, 2021 | |
Investment Income | ||
Dividends | $17,970 | |
Income from Fidelity Central Funds (including $16 from security lending) | 18 | |
Total income | 17,988 | |
Expenses | ||
Management fee | ||
Basic fee | $6,055 | |
Performance adjustment | (1,979) | |
Transfer agent fees | 1,991 | |
Distribution and service plan fees | 3,456 | |
Accounting fees | 374 | |
Custodian fees and expenses | 39 | |
Independent trustees' fees and expenses | 4 | |
Registration fees | 93 | |
Audit | 61 | |
Legal | 6 | |
Interest | 2 | |
Miscellaneous | 6 | |
Total expenses before reductions | 10,108 | |
Expense reductions | (18) | |
Total expenses after reductions | 10,090 | |
Net investment income (loss) | 7,898 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 127,317 | |
Foreign currency transactions | (7) | |
Total net realized gain (loss) | 127,310 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 126,365 | |
Assets and liabilities in foreign currencies | (2) | |
Total change in net unrealized appreciation (depreciation) | 126,363 | |
Net gain (loss) | 253,673 | |
Net increase (decrease) in net assets resulting from operations | $261,571 |
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, 2021 | Year ended November 30, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $7,898 | $15,871 |
Net realized gain (loss) | 127,310 | (60,825) |
Change in net unrealized appreciation (depreciation) | 126,363 | 31,303 |
Net increase (decrease) in net assets resulting from operations | 261,571 | (13,651) |
Distributions to shareholders | (13,817) | (46,867) |
Share transactions - net increase (decrease) | (26,125) | (12,562) |
Total increase (decrease) in net assets | 221,629 | (73,080) |
Net Assets | ||
Beginning of period | 980,904 | 1,053,984 |
End of period | $1,202,533 | $980,904 |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $16.20 | $17.06 | $17.97 | $20.01 | $16.90 |
Income from Investment Operations | |||||
Net investment income (loss)A | .14 | .27 | .24B | .28 | .25 |
Net realized and unrealized gain (loss) | 4.19 | (.35) | 1.39 | .58 | 3.07 |
Total from investment operations | 4.33 | (.08) | 1.63 | .86 | 3.32 |
Distributions from net investment income | (.24) | (.25) | (.27) | (.26) | (.21) |
Distributions from net realized gain | – | (.54) | (2.27) | (2.65) | – |
Total distributions | (.24) | (.78)C | (2.54) | (2.90)C | (.21) |
Net asset value, end of period | $20.29 | $16.20 | $17.06 | $17.97 | $20.01 |
Total ReturnD,E | 27.06% | (.60)% | 12.84% | 4.69% | 19.81% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .83% | .81% | .82% | .84% | .85% |
Expenses net of fee waivers, if any | .83% | .81% | .82% | .84% | .85% |
Expenses net of all reductions | .83% | .80% | .81% | .83% | .84% |
Net investment income (loss) | .73% | 1.84% | 1.53%B | 1.58% | 1.36% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $477 | $374 | $421 | $353 | $376 |
Portfolio turnover rateH | 54% | 113% | 75% | 110% | 73% |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $16.08 | $16.94 | $17.85 | $19.90 | $16.81 |
Income from Investment Operations | |||||
Net investment income (loss)A | .09 | .23 | .20B | .24 | .20 |
Net realized and unrealized gain (loss) | 4.17 | (.35) | 1.39 | .57 | 3.05 |
Total from investment operations | 4.26 | (.12) | 1.59 | .81 | 3.25 |
Distributions from net investment income | (.20) | (.21) | (.23) | (.21) | (.16) |
Distributions from net realized gain | – | (.54) | (2.27) | (2.65) | – |
Total distributions | (.20) | (.74)C | (2.50) | (2.86) | (.16) |
Net asset value, end of period | $20.14 | $16.08 | $16.94 | $17.85 | $19.90 |
Total ReturnD,E | 26.77% | (.85)% | 12.59% | 4.38% | 19.50% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.07% | 1.05% | 1.07% | 1.09% | 1.09% |
Expenses net of fee waivers, if any | 1.07% | 1.05% | 1.07% | 1.09% | 1.09% |
Expenses net of all reductions | 1.07% | 1.04% | 1.06% | 1.08% | 1.09% |
Net investment income (loss) | .49% | 1.59% | 1.28%B | 1.33% | 1.11% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $368 | $316 | $376 | $363 | $374 |
Portfolio turnover rateH | 54% | 113% | 75% | 110% | 73% |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $15.10 | $15.92 | $16.92 | $19.00 | $16.06 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.01) | .14 | .11B | .14 | .10 |
Net realized and unrealized gain (loss) | 3.92 | (.34) | 1.29 | .54 | 2.92 |
Total from investment operations | 3.91 | (.20) | 1.40 | .68 | 3.02 |
Distributions from net investment income | (.12) | (.08) | (.14) | (.12) | (.08) |
Distributions from net realized gain | – | (.54) | (2.27) | (2.65) | – |
Total distributions | (.12) | (.62) | (2.40)C | (2.76)C | (.08) |
Net asset value, end of period | $18.89 | $15.10 | $15.92 | $16.92 | $19.00 |
Total ReturnD,E | 26.03% | (1.41)% | 11.98% | 3.86% | 18.88% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.62% | 1.61% | 1.62% | 1.61% | 1.61% |
Expenses net of fee waivers, if any | 1.62% | 1.61% | 1.61% | 1.61% | 1.61% |
Expenses net of all reductions | 1.62% | 1.60% | 1.61% | 1.60% | 1.61% |
Net investment income (loss) | (.06)% | 1.04% | .73%B | .81% | .59% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $53 | $56 | $71 | $137 | $160 |
Portfolio turnover rateH | 54% | 113% | 75% | 110% | 73% |
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, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $17.32 | $18.18 | $18.97 | $20.97 | $17.70 |
Income from Investment Operations | |||||
Net investment income (loss)A | .20 | .32 | .29B | .34 | .30 |
Net realized and unrealized gain (loss) | 4.48 | (.36) | 1.50 | .61 | 3.21 |
Total from investment operations | 4.68 | (.04) | 1.79 | .95 | 3.51 |
Distributions from net investment income | (.28) | (.28) | (.31) | (.30) | (.24) |
Distributions from net realized gain | – | (.54) | (2.27) | (2.65) | – |
Total distributions | (.28) | (.82) | (2.58) | (2.95) | (.24) |
Net asset value, end of period | $21.72 | $17.32 | $18.18 | $18.97 | $20.97 |
Total ReturnC | 27.37% | (.36)% | 13.13% | 4.93% | 20.07% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .60% | .57% | .58% | .60% | .61% |
Expenses net of fee waivers, if any | .60% | .57% | .58% | .60% | .61% |
Expenses net of all reductions | .60% | .56% | .57% | .59% | .60% |
Net investment income (loss) | .96% | 2.08% | 1.77%B | 1.82% | 1.59% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $245 | $180 | $173 | $166 | $170 |
Portfolio turnover rateF | 54% | 113% | 75% | 110% | 73% |
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 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.
Fidelity Advisor Dividend Growth Fund Class Z
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $17.65 | $18.51 | $19.28 | $21.27 | $17.95 |
Income from Investment Operations | |||||
Net investment income (loss)A | .23 | .35 | .32B | .38 | .34 |
Net realized and unrealized gain (loss) | 4.57 | (.37) | 1.52 | .62 | 3.24 |
Total from investment operations | 4.80 | (.02) | 1.84 | 1.00 | 3.58 |
Distributions from net investment income | (.30) | (.31) | (.34) | (.34) | (.26) |
Distributions from net realized gain | – | (.54) | (2.27) | (2.65) | – |
Total distributions | (.30) | (.84)C | (2.61) | (2.99) | (.26) |
Net asset value, end of period | $22.15 | $17.65 | $18.51 | $19.28 | $21.27 |
Total ReturnD | 27.61% | (.22)% | 13.25% | 5.10% | 20.21% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .45% | .41% | .43% | .45% | .45% |
Expenses net of fee waivers, if any | .44% | .41% | .43% | .45% | .45% |
Expenses net of all reductions | .44% | .40% | .42% | .44% | .44% |
Net investment income (loss) | 1.12% | 2.23% | 1.92%B | 1.98% | 1.76% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $60 | $55 | $13 | $10 | $7 |
Portfolio turnover rateG | 54% | 113% | 75% | 110% | 73% |
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, 2021
(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. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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, 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, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, 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, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $325,965 |
Gross unrealized depreciation | (26,034) |
Net unrealized appreciation (depreciation) | $299,931 |
Tax Cost | $926,462 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $24,053 |
Undistributed long-term capital gain | $39,981 |
Net unrealized appreciation (depreciation) on securities and other investments | $299,934 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $13,817 | $ 13,930 |
Long-term Capital Gains | – | 32,937 |
Total | $13,817 | $ 46,867 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Dividend Growth Fund | 618,740 | 648,120 |
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 .35% 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% | $1,112 | $32 |
Class M | .25% | .25% | 1,781 | 12 |
Class C | .75% | .25% | 563 | 59 |
$3,456 | $103 |
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 | $90 |
Class M | 11 |
Class C(a) | 2 |
$103 |
(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.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $785 | .18 |
Class M | 609 | .17 |
Class C | 123 | .22 |
Class I | 446 | .19 |
Class Z | 28 | .04 |
$1,991 |
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 | $12 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At 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 | $9,044 | .31% | $2 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Dividend Growth Fund | 33,197 | 39,939 | 7,855 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Dividend Growth Fund | $2 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Dividend Growth Fund | $2 | $–(a) | $– |
(a) Amount represents less than $500.
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 Dividend Growth Fund | $1,189 | .59% | $–(a) |
(a) Amount represents less than $500.
9. Expense Reductions.
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 $18.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Dividend Growth Fund | ||
Distributions to shareholders | ||
Class A | $5,509 | $19,240 |
Class M | 3,924 | 16,418 |
Class C | 420 | 2,743 |
Class I | 2,927 | 7,861 |
Class Z | 1,037 | 605 |
Total | $13,817 | $46,867 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended November 30, 2021 | Year ended November 30, 2020 | Year ended November 30, 2021 | Year ended November 30, 2020 | |
Fidelity Advisor Dividend Growth Fund | ||||
Class A | ||||
Shares sold | 3,355 | 2,996 | $63,645 | $42,921 |
Reinvestment of distributions | 310 | 1,076 | 5,141 | 18,007 |
Shares redeemed | (3,233) | (5,647) | (61,088) | (81,015) |
Net increase (decrease) | 432 | (1,575) | $7,698 | $(20,087) |
Class M | ||||
Shares sold | 2,366 | 3,657 | $44,125 | $51,971 |
Reinvestment of distributions | 233 | 972 | 3,856 | 16,182 |
Shares redeemed | (3,994) | (7,159) | (74,106) | (103,806) |
Net increase (decrease) | (1,395) | (2,530) | $(26,125) | $(35,653) |
Class C | ||||
Shares sold | 504 | 619 | $8,942 | $8,466 |
Reinvestment of distributions | 27 | 168 | 415 | 2,648 |
Shares redeemed | (1,422) | (1,560) | (25,006) | (21,064) |
Net increase (decrease) | (891) | (773) | $(15,649) | $(9,950) |
Class I | ||||
Shares sold | 5,289 | 4,472 | $104,795 | $69,423 |
Reinvestment of distributions | 160 | 411 | 2,841 | 7,332 |
Shares redeemed | (4,578) | (4,026) | (91,107) | (61,803) |
Net increase (decrease) | 871 | 857 | $16,529 | $14,952 |
Class Z | ||||
Shares sold | 2,974 | 2,916 | $60,196 | $46,126 |
Reinvestment of distributions | 51 | 30 | 917 | 545 |
Shares redeemed | (3,433) | (532) | (69,691) | (8,495) |
Net increase (decrease) | (408) | 2,414 | $(8,578) | $38,176 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. 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, 2021, the related statement of operations for the year ended November 30, 2021, the statement of changes in net assets for each of the two years in the period ended November 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended November 30, 2021 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, 2021 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 13, 2022
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 314 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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Dividend Growth Fund | ||||
Class A | .83% | |||
Actual | $1,000.00 | $1,040.50 | $4.25 | |
Hypothetical-C | $1,000.00 | $1,020.91 | $4.20 | |
Class M | 1.07% | |||
Actual | $1,000.00 | $1,039.20 | $5.47 | |
Hypothetical-C | $1,000.00 | $1,019.70 | $5.42 | |
Class C | 1.62% | |||
Actual | $1,000.00 | $1,036.20 | $8.27 | |
Hypothetical-C | $1,000.00 | $1,016.95 | $8.19 | |
Class I | .60% | |||
Actual | $1,000.00 | $1,041.70 | $3.07 | |
Hypothetical-C | $1,000.00 | $1,022.06 | $3.04 | |
Class Z | .45% | |||
Actual | $1,000.00 | $1,042.80 | $2.30 | |
Hypothetical-C | $1,000.00 | $1,022.81 | $2.28 |
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/ 365 (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 Dividend 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, and dividends derived from net investment income:
Pay Date | Record Date | Dividends | Capital Gains | |
Fidelity Advisor Dividend Growth Fund | ||||
Class A | 12/29/21 | 12/28/21 | $0.134 | $0.991 |
Class M | 12/29/21 | 12/28/21 | $0.083 | $0.991 |
Class C | 12/29/21 | 12/28/21 | $0.000 | $0.959 |
Class I | 12/29/21 | 12/28/21 | $0.175 | $0.991 |
Class Z | 12/29/21 | 12/28/21 | $0.206 | $0.991 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $39,980,739, 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 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 2022 of amounts for use in preparing 2021 income tax returns.
ADGF-ANN-0122
1.733548.122
Fidelity Advisor® Series Small Cap Fund
November 30, 2021
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Life of fundA |
Fidelity Advisor® Series Small Cap Fund | 36.69% | 14.98% | 11.40% |
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/0001379491-22-000216/img762229684_740.jpg)
Period Ending Values | ||
$23,892 | Fidelity Advisor® Series Small Cap Fund | |
$22,683 | Russell 2000® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Portfolio Manager Jennifer Fo Cardillo: For the fiscal year ending November 30, 2021, the fund gained 36.69%, handily outperforming the 22.03% result of the benchmark Russell 2000® Index. Versus the benchmark, security selection was the primary contributor, especially in the information technology sector. Strong picks in industrials also lifted the fund's relative result. Further aiding the portfolio's return versus the benchmark were investment choices and an underweighting in the lagging health care sector, primarily driven by the pharmaceuticals, biotechnology & life sciences industry. The fund's top individual relative contributor was an overweighting in Synaptics, which gained 261% the past 12 months and was among the largest holdings as of November 30. Also boosting value was our outsized stake in Atkore, which gained 172% and was among the fund's biggest holdings at the end of the period as well. Overweighting Crocs (+176%), another of the portfolio’s largest positions, also helped on a relative basis. Conversely, the largest detractors from performance versus the benchmark were stock picks and an underweighting in energy, followed by an underweighting in real estate and security selection in utilities. The fund's biggest individual relative detractor was larger-than-benchmark exposure to Haemonetics, which returned -50% and was ultimately sold during the 12-month period. Avoiding Avis Budget, a benchmark component that gained 681%, further weighed on the portfolio’s relative result. Also hurting performance was our outsized position in Array Technologies, which returned roughly -60%, though we added to our stake in the stock this past year. Notable changes in positioning include increased exposure to the information technology 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, 2021
% of fund's net assets | |
Synaptics, Inc. | 2.4 |
Atkore, Inc. | 2.0 |
Crocs, Inc. | 1.9 |
Skyline Champion Corp. | 1.8 |
TechTarget, Inc. | 1.6 |
KBR, Inc. | 1.6 |
BJ's Wholesale Club Holdings, Inc. | 1.6 |
Concentrix Corp. | 1.5 |
ConnectOne Bancorp, Inc. | 1.5 |
LPL Financial | 1.5 |
17.4 |
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Industrials | 18.9 |
Information Technology | 17.2 |
Health Care | 15.8 |
Financials | 14.8 |
Consumer Discretionary | 14.5 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021* | ||
Stocks | 99.5% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.5% |
* Foreign investments - 14.4%
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 3.1% | |||
Interactive Media & Services - 0.8% | |||
Ziff Davis, Inc. (a) | 37,284 | $4,245,529 | |
Media - 2.3% | |||
Gray Television, Inc. | 159,400 | 3,286,828 | |
TechTarget, Inc. (a) | 85,800 | 8,290,854 | |
11,577,682 | |||
TOTAL COMMUNICATION SERVICES | 15,823,211 | ||
CONSUMER DISCRETIONARY - 14.5% | |||
Auto Components - 2.0% | |||
Adient PLC (a) | 116,300 | 4,936,935 | |
Patrick Industries, Inc. | 66,981 | 5,343,074 | |
10,280,009 | |||
Hotels, Restaurants & Leisure - 1.9% | |||
Brinker International, Inc. (a) | 68,000 | 2,352,800 | |
Churchill Downs, Inc. | 19,900 | 4,461,978 | |
Lindblad Expeditions Holdings (a) | 187,300 | 2,624,073 | |
9,438,851 | |||
Household Durables - 3.4% | |||
Skyline Champion Corp. (a) | 114,591 | 8,966,746 | |
Tempur Sealy International, Inc. | 77,600 | 3,324,384 | |
TopBuild Corp. (a) | 17,400 | 4,694,346 | |
Traeger, Inc. | 5,709 | 73,703 | |
17,059,179 | |||
Internet & Direct Marketing Retail - 0.1% | |||
BARK, Inc. (b) | 111,800 | 599,248 | |
Leisure Products - 1.0% | |||
Clarus Corp. | 107,490 | 2,836,661 | |
YETI Holdings, Inc. (a) | 23,600 | 2,174,976 | |
5,011,637 | |||
Specialty Retail - 4.2% | |||
Academy Sports & Outdoors, Inc. (a) | 43,250 | 1,929,815 | |
American Eagle Outfitters, Inc. (c) | 128,600 | 3,329,454 | |
Boot Barn Holdings, Inc. (a) | 36,500 | 4,465,410 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 7,600 | 2,214,108 | |
Murphy U.S.A., Inc. | 30,900 | 5,355,897 | |
Musti Group OYJ | 123,279 | 4,155,174 | |
21,449,858 | |||
Textiles, Apparel & Luxury Goods - 1.9% | |||
Crocs, Inc. (a) | 59,182 | 9,707,032 | |
TOTAL CONSUMER DISCRETIONARY | 73,545,814 | ||
CONSUMER STAPLES - 2.3% | |||
Food & Staples Retailing - 1.6% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 120,220 | 7,952,553 | |
Food Products - 0.7% | |||
Nomad Foods Ltd. (a) | 159,300 | 3,805,677 | |
TOTAL CONSUMER STAPLES | 11,758,230 | ||
ENERGY - 2.2% | |||
Oil, Gas & Consumable Fuels - 2.2% | |||
Antero Resources Corp. (a) | 210,800 | 3,701,648 | |
Enviva Partners LP | 47,400 | 3,319,422 | |
Hess Midstream LP (c) | 71,899 | 1,780,219 | |
Renewable Energy Group, Inc. (a) | 48,100 | 2,298,218 | |
11,099,507 | |||
FINANCIALS - 14.8% | |||
Banks - 6.0% | |||
ConnectOne Bancorp, Inc. | 243,176 | 7,903,220 | |
First Citizens Bancshares, Inc. (c) | 8,000 | 6,431,840 | |
First Interstate Bancsystem, Inc. (c) | 104,200 | 4,251,360 | |
Independent Bank Corp., Massachusetts | 39,800 | 3,146,588 | |
ServisFirst Bancshares, Inc. | 67,900 | 5,458,481 | |
Trico Bancshares | 83,100 | 3,503,496 | |
30,694,985 | |||
Capital Markets - 3.5% | |||
LPL Financial | 47,300 | 7,454,953 | |
Morningstar, Inc. | 23,964 | 7,436,748 | |
Patria Investments Ltd. | 177,900 | 3,038,532 | |
17,930,233 | |||
Consumer Finance - 1.0% | |||
PROG Holdings, Inc. | 113,108 | 5,103,433 | |
Insurance - 2.4% | |||
Enstar Group Ltd. (a) | 15,441 | 3,444,887 | |
Old Republic International Corp. | 143,400 | 3,435,864 | |
Primerica, Inc. | 35,700 | 5,253,255 | |
12,134,006 | |||
Thrifts & Mortgage Finance - 1.9% | |||
Essent Group Ltd. | 125,200 | 5,205,816 | |
WSFS Financial Corp. | 88,619 | 4,406,137 | |
9,611,953 | |||
TOTAL FINANCIALS | 75,474,610 | ||
HEALTH CARE - 15.8% | |||
Biotechnology - 4.7% | |||
ADC Therapeutics SA (a) | 19,518 | 434,471 | |
Agios Pharmaceuticals, Inc. (a) | 33,600 | 1,196,832 | |
Allakos, Inc. (a) | 16,900 | 1,324,115 | |
Aurinia Pharmaceuticals, Inc. (a) | 56,100 | 1,056,924 | |
Avid Bioservices, Inc. (a)(c) | 109,615 | 3,349,834 | |
Bolt Biotherapeutics, Inc. (c) | 52,200 | 483,894 | |
Celldex Therapeutics, Inc. (a) | 16,700 | 636,270 | |
Cerevel Therapeutics Holdings (a) | 38,200 | 1,191,458 | |
Cytokinetics, Inc. (a) | 54,300 | 2,136,162 | |
Erasca, Inc. | 58,700 | 831,779 | |
Exelixis, Inc. (a) | 49,200 | 826,068 | |
Forma Therapeutics Holdings, Inc. (a) | 44,400 | 643,356 | |
Instil Bio, Inc. | 59,000 | 1,296,820 | |
Keros Therapeutics, Inc. (a) | 13,800 | 769,902 | |
Mirati Therapeutics, Inc. (a) | 6,900 | 943,713 | |
Prelude Therapeutics, Inc. (a) | 39,165 | 559,668 | |
PTC Therapeutics, Inc. (a) | 32,400 | 1,203,984 | |
Relay Therapeutics, Inc. (a) | 51,000 | 1,500,420 | |
TG Therapeutics, Inc. (a) | 54,200 | 823,840 | |
Xenon Pharmaceuticals, Inc. (a) | 53,100 | 1,417,770 | |
Zentalis Pharmaceuticals, Inc. (a) | 13,530 | 1,110,137 | |
23,737,417 | |||
Health Care Equipment & Supplies - 3.5% | |||
Axonics Modulation Technologies, Inc. (a) | 42,700 | 2,323,307 | |
BioLife Solutions, Inc. (a) | 43,100 | 1,644,696 | |
CryoPort, Inc. (a)(c) | 41,400 | 2,750,616 | |
Envista Holdings Corp. (a) | 108,100 | 4,194,280 | |
Heska Corp. (a) | 11,900 | 1,915,424 | |
Tandem Diabetes Care, Inc. (a) | 32,200 | 4,138,344 | |
TransMedics Group, Inc. (a) | 37,300 | 822,092 | |
17,788,759 | |||
Health Care Providers & Services - 3.4% | |||
Acadia Healthcare Co., Inc. (a) | 72,700 | 4,083,559 | |
Chemed Corp. | 11,400 | 5,306,586 | |
LHC Group, Inc. (a) | 18,924 | 2,170,961 | |
The Ensign Group, Inc. | 44,600 | 3,404,318 | |
The Joint Corp. (a) | 27,342 | 2,185,173 | |
17,150,597 | |||
Health Care Technology - 0.6% | |||
Phreesia, Inc. (a) | 56,200 | 3,241,616 | |
Life Sciences Tools & Services - 2.8% | |||
Charles River Laboratories International, Inc. (a) | 9,200 | 3,366,004 | |
Medpace Holdings, Inc. (a) | 23,200 | 4,811,912 | |
Olink Holding AB ADR (c) | 71,728 | 1,503,419 | |
Syneos Health, Inc. (a) | 50,000 | 4,858,000 | |
14,539,335 | |||
Pharmaceuticals - 0.8% | |||
Arvinas Holding Co. LLC (a) | 21,500 | 1,625,615 | |
Edgewise Therapeutics, Inc. | 42,600 | 742,092 | |
Nektar Therapeutics (a) | 38,800 | 436,888 | |
NGM Biopharmaceuticals, Inc. (a) | 39,700 | 715,394 | |
Terns Pharmaceuticals, Inc. | 81,997 | 619,077 | |
4,139,066 | |||
TOTAL HEALTH CARE | 80,596,790 | ||
INDUSTRIALS - 18.9% | |||
Aerospace & Defense - 0.4% | |||
Vectrus, Inc. (a) | 50,400 | 2,108,736 | |
Building Products - 1.8% | |||
Gibraltar Industries, Inc. (a) | 50,473 | 3,427,117 | |
Masonite International Corp. (a) | 53,300 | 5,703,100 | |
9,130,217 | |||
Commercial Services & Supplies - 1.2% | |||
Tetra Tech, Inc. | 32,600 | 6,020,568 | |
Construction & Engineering - 0.9% | |||
EMCOR Group, Inc. | 37,200 | 4,439,448 | |
Electrical Equipment - 2.7% | |||
Array Technologies, Inc. (a) | 208,788 | 3,761,316 | |
Atkore, Inc. (a) | 95,000 | 10,117,500 | |
13,878,816 | |||
Machinery - 4.5% | |||
ESCO Technologies, Inc. | 35,200 | 2,877,248 | |
ITT, Inc. | 46,900 | 4,435,802 | |
Kornit Digital Ltd. (a) | 19,200 | 2,974,272 | |
Luxfer Holdings PLC sponsored | 193,200 | 3,666,936 | |
Oshkosh Corp. | 45,900 | 4,938,840 | |
SPX Flow, Inc. | 48,710 | 4,067,772 | |
22,960,870 | |||
Professional Services - 5.6% | |||
ASGN, Inc. (a) | 37,900 | 4,611,672 | |
Booz Allen Hamilton Holding Corp. Class A | 33,500 | 2,811,990 | |
FTI Consulting, Inc. (a) | 17,800 | 2,600,402 | |
Insperity, Inc. | 38,000 | 4,398,120 | |
KBR, Inc. | 183,500 | 8,074,000 | |
TriNet Group, Inc. (a) | 59,600 | 5,977,880 | |
28,474,064 | |||
Road & Rail - 0.6% | |||
TFI International, Inc. | 30,100 | 3,062,675 | |
Trading Companies & Distributors - 1.2% | |||
GMS, Inc. (a) | 104,500 | 5,838,415 | |
TOTAL INDUSTRIALS | 95,913,809 | ||
INFORMATION TECHNOLOGY - 17.2% | |||
Communications Equipment - 0.9% | |||
Extreme Networks, Inc. (a) | 353,000 | 4,765,500 | |
Electronic Equipment & Components - 4.6% | |||
Advanced Energy Industries, Inc. | 40,900 | 3,586,521 | |
ePlus, Inc. (a) | 35,226 | 3,715,991 | |
Insight Enterprises, Inc. (a) | 68,798 | 6,784,859 | |
Napco Security Technolgies, Inc. (a) | 78,641 | 3,654,447 | |
TD SYNNEX Corp. | 52,513 | 5,432,995 | |
23,174,813 | |||
IT Services - 4.3% | |||
Concentrix Corp. | 47,613 | 7,903,758 | |
Endava PLC ADR (a) | 29,601 | 4,633,741 | |
Genpact Ltd. | 62,700 | 3,026,529 | |
Grid Dynamics Holdings, Inc. (a) | 112,700 | 4,421,221 | |
Repay Holdings Corp. (a) | 124,200 | 2,031,912 | |
22,017,161 | |||
Semiconductors & Semiconductor Equipment - 5.2% | |||
AEHR Test Systems (a) | 80,000 | 1,393,600 | |
Ichor Holdings Ltd. (a) | 79,500 | 3,807,255 | |
MACOM Technology Solutions Holdings, Inc. (a) | 62,100 | 4,465,611 | |
SiTime Corp. (a) | 15,000 | 4,477,200 | |
Synaptics, Inc. (a) | 44,052 | 12,433,235 | |
26,576,901 | |||
Software - 2.2% | |||
Digital Turbine, Inc. (a) | 38,900 | 2,064,034 | |
Five9, Inc. (a) | 12,000 | 1,707,960 | |
Intapp, Inc. | 50,712 | 1,389,002 | |
Rapid7, Inc. (a) | 46,900 | 5,818,414 | |
10,979,410 | |||
TOTAL INFORMATION TECHNOLOGY | 87,513,785 | ||
MATERIALS - 4.4% | |||
Chemicals - 1.3% | |||
Element Solutions, Inc. | 286,400 | 6,549,968 | |
Construction Materials - 1.3% | |||
Eagle Materials, Inc. | 44,300 | 6,831,946 | |
Containers & Packaging - 0.4% | |||
Aptargroup, Inc. | 16,600 | 1,985,194 | |
Metals & Mining - 1.4% | |||
Constellium NV (a)(c) | 307,300 | 5,399,261 | |
ERO Copper Corp. (a) | 90,300 | 1,461,822 | |
6,861,083 | |||
TOTAL MATERIALS | 22,228,191 | ||
REAL ESTATE - 4.0% | |||
Equity Real Estate Investment Trusts (REITs) - 3.0% | |||
CoreSite Realty Corp. | 21,000 | 3,592,050 | |
Essential Properties Realty Trust, Inc. | 155,892 | 4,213,761 | |
Lamar Advertising Co. Class A | 37,800 | 4,130,028 | |
Summit Industrial Income REIT | 177,100 | 3,122,073 | |
15,057,912 | |||
Real Estate Management & Development - 1.0% | |||
Cushman & Wakefield PLC (a) | 301,933 | 5,338,175 | |
TOTAL REAL ESTATE | 20,396,087 | ||
UTILITIES - 1.6% | |||
Gas Utilities - 1.1% | |||
Brookfield Infrastructure Corp. A Shares | 51,438 | 3,044,615 | |
Star Gas Partners LP | 234,178 | 2,306,653 | |
5,351,268 | |||
Multi-Utilities - 0.5% | |||
Telecom Plus PLC | 141,451 | 2,693,918 | |
TOTAL UTILITIES | 8,045,186 | ||
TOTAL COMMON STOCKS | |||
(Cost $319,425,807) | 502,395,220 | ||
Money Market Funds - 4.7% | |||
Fidelity Cash Central Fund 0.06% (d) | 1,448,609 | 1,448,899 | |
Fidelity Securities Lending Cash Central Fund 0.07% (d)(e) | 22,493,485 | 22,495,735 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $23,944,634) | 23,944,634 | ||
Equity Funds - 0.7% | |||
Small Blend Funds - 0.7% | |||
iShares Russell 2000 Index ETF | |||
(Cost $2,733,424) | 15,000 | 3,272,550 | |
TOTAL INVESTMENT IN SECURITIES - 104.2% | |||
(Cost $346,103,865) | 529,612,404 | ||
NET OTHER ASSETS (LIABILITIES) - (4.2)% | (21,167,274) | ||
NET ASSETS - 100% | $508,445,130 |
Security Type Abbreviations
ETF – Exchange-Traded Fund
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 $599,248 or 0.1% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
BARK, Inc. | 12/17/20 | $1,118,000 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $10,753,692 | $149,694,415 | $158,999,230 | $2,541 | $22 | $-- | $1,448,899 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.07% | 7,225,210 | 163,822,889 | 148,552,364 | 35,636 | -- | -- | 22,495,735 | 0.1% |
Total | $17,978,902 | $313,517,304 | $307,551,594 | $38,177 | $22 | $-- | $23,944,634 |
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, 2021, 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 | $15,823,211 | $15,823,211 | $-- | $-- |
Consumer Discretionary | 73,545,814 | 73,545,814 | -- | -- |
Consumer Staples | 11,758,230 | 11,758,230 | -- | -- |
Energy | 11,099,507 | 11,099,507 | -- | -- |
Financials | 75,474,610 | 75,474,610 | -- | -- |
Health Care | 80,596,790 | 80,596,790 | -- | -- |
Industrials | 95,913,809 | 95,913,809 | -- | -- |
Information Technology | 87,513,785 | 87,513,785 | -- | -- |
Materials | 22,228,191 | 22,228,191 | -- | -- |
Real Estate | 20,396,087 | 20,396,087 | -- | -- |
Utilities | 8,045,186 | 8,045,186 | -- | -- |
Money Market Funds | 23,944,634 | 23,944,634 | -- | -- |
Equity Funds | 3,272,550 | 3,272,550 | -- | -- |
Total Investments in Securities: | $529,612,404 | $529,612,404 | $-- | $-- |
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% |
Canada | 3.7% |
United Kingdom | 3.1% |
Bermuda | 2.3% |
France | 1.1% |
Ireland | 1.0% |
Others (Individually Less Than 1%) | 3.2% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
November 30, 2021 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $21,780,016) — See accompanying schedule: Unaffiliated issuers (cost $322,159,231) | $505,667,770 | |
Fidelity Central Funds (cost $23,944,634) | 23,944,634 | |
Total Investment in Securities (cost $346,103,865) | $529,612,404 | |
Cash | 48,889 | |
Foreign currency held at value (cost $26) | 26 | |
Receivable for investments sold | 12,778,102 | |
Receivable for fund shares sold | 19,717 | |
Dividends receivable | 198,714 | |
Distributions receivable from Fidelity Central Funds | 2,757 | |
Total assets | 542,660,609 | |
Liabilities | ||
Payable for investments purchased | $375,817 | |
Payable for fund shares redeemed | 11,329,999 | |
Accrued management fee | 337 | |
Other payables and accrued expenses | 14,101 | |
Collateral on securities loaned | 22,495,225 | |
Total liabilities | 34,215,479 | |
Net Assets | $508,445,130 | |
Net Assets consist of: | ||
Paid in capital | $234,381,518 | |
Total accumulated earnings (loss) | 274,063,612 | |
Net Assets | $508,445,130 | |
Net Asset Value, offering price and redemption price per share ($508,445,130 ÷ 29,845,087 shares) | $17.04 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended November 30, 2021 | ||
Investment Income | ||
Dividends | $3,490,652 | |
Income from Fidelity Central Funds (including $35,636 from security lending) | 38,177 | |
Total income | 3,528,829 | |
Expenses | ||
Custodian fees and expenses | $27,497 | |
Independent trustees' fees and expenses | 1,925 | |
Interest | 783 | |
Total expenses before reductions | 30,205 | |
Expense reductions | (11,969) | |
Total expenses after reductions | 18,236 | |
Net investment income (loss) | 3,510,593 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 89,409,351 | |
Fidelity Central Funds | 22 | |
Foreign currency transactions | (2,554) | |
Total net realized gain (loss) | 89,406,819 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 63,750,950 | |
Assets and liabilities in foreign currencies | (2,251) | |
Total change in net unrealized appreciation (depreciation) | 63,748,699 | |
Net gain (loss) | 153,155,518 | |
Net increase (decrease) in net assets resulting from operations | $156,666,111 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $3,510,593 | $3,630,117 |
Net realized gain (loss) | 89,406,819 | 12,321,978 |
Change in net unrealized appreciation (depreciation) | 63,748,699 | 39,271,562 |
Net increase (decrease) in net assets resulting from operations | 156,666,111 | 55,223,657 |
Distributions to shareholders | (15,797,916) | (13,815,486) |
Share transactions | ||
Proceeds from sales of shares | 48,457,272 | 59,908,236 |
Reinvestment of distributions | 15,797,916 | 13,815,486 |
Cost of shares redeemed | (163,890,152) | (117,391,491) |
Net increase (decrease) in net assets resulting from share transactions | (99,634,964) | (43,667,769) |
Total increase (decrease) in net assets | 41,233,231 | (2,259,598) |
Net Assets | ||
Beginning of period | 467,211,899 | 469,471,497 |
End of period | $508,445,130 | $467,211,899 |
Other Information | ||
Shares | ||
Sold | 3,108,160 | 5,657,093 |
Issued in reinvestment of distributions | 1,196,812 | 1,196,146 |
Redeemed | (10,736,498) | (10,636,521) |
Net increase (decrease) | (6,431,526) | (3,783,282) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Series Small Cap Fund
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $12.88 | $11.72 | $11.41 | $12.72 | $10.93 |
Income from Investment Operations | |||||
Net investment income (loss)A | .11 | .09 | .09 | .10 | .08 |
Net realized and unrealized gain (loss) | 4.49 | 1.42 | 1.32 | (.58) | 1.81 |
Total from investment operations | 4.60 | 1.51 | 1.41 | (.48) | 1.89 |
Distributions from net investment income | (.12) | (.07) | (.11)B | (.07) | (.10) |
Distributions from net realized gain | (.32) | (.28) | (.99)B | (.76) | – |
Total distributions | (.44) | (.35) | (1.10) | (.83) | (.10) |
Net asset value, end of period | $17.04 | $12.88 | $11.72 | $11.41 | $12.72 |
Total ReturnC | 36.69% | 13.21% | 15.27% | (4.02)% | 17.37% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .01% | .01% | .01% | .01% | .41% |
Expenses net of fee waivers, if any | - %F | .01% | .01% | .01% | .41% |
Expenses net of all reductions | - %F | .01% | .01% | - %F | .40% |
Net investment income (loss) | .68% | .85% | .89% | .83% | .72% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $508,445 | $467,212 | $469,471 | $441,154 | $463,095 |
Portfolio turnover rateG | 51% | 58% | 76% | 82% | 88% |
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 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 represents less than .005%.
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, 2021
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.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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, 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, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, 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 | $199,521,399 |
Gross unrealized depreciation | (16,545,148) |
Net unrealized appreciation (depreciation) | $182,976,251 |
Tax Cost | $346,636,153 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $22,486,405 |
Undistributed long-term capital gain | $69,427,658 |
Net unrealized appreciation (depreciation) on securities and other investments | $182,149,548 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $4,292,128 | $ 2,659,878 |
Long-term Capital Gains | 11,505,788 | 11,155,608 |
Total | $15,797,916 | $ 13,815,486 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Series Small Cap Fund | 255,827,393 | 367,065,767 |
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 | $8,159 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Series Small Cap Fund | Borrower | $8,388,364 | .31% | $783 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Series Small Cap Fund | 14,073,560 | 24,173,392 | 7,063,052 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($) | |
Fidelity Advisor Series Small Cap Fund | 8,297 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Series Small Cap Fund | $3,118 | $– | $– |
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, 2025. 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 $11,969.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. 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, 2021, the related statement of operations for the year ended November 30, 2021, the statement of changes in net assets for each of the two years in the period ended November 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended November 30, 2021 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, 2021 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 13, 2022
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 314 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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Series Small Cap Fund | - %-C | |||
Actual | $1,000.00 | $1,070.40 | $--D | |
Hypothetical-E | $1,000.00 | $1,025.07 | $--D |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Series Small Cap Fund voted to pay on December 16, 2021, to shareholders of record at the opening of business on December 15, 2021, a distribution of $2.965 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.116 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30,2021, $70,293,711, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 59% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 74% 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 6% of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
AXS5-ANN-0122
1.967941.108
Fidelity Advisor® Series Growth Opportunities Fund
November 30, 2021
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-22-000216/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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Life of fundA |
Fidelity Advisor® Series Growth Opportunities Fund | 21.11% | 34.14% | 23.01% |
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/0001379491-22-000216/img766666080_740.jpg)
Period Ending Values | ||
$53,175 | Fidelity Advisor® Series Growth Opportunities Fund | |
$39,859 | Russell 3000® Growth Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Portfolio Manager Kyle Weaver: For the fiscal year ending November 30, 2021, the fund gained 21.11%, trailing the 29.39% result of the benchmark Russell 3000® Growth Index. The largest detractors from performance versus the benchmark were security selection and an overweighting in the health care sector, primarily within the health care equipment & services industry. Weak picks in the industrials sector, especially within the transportation industry, also hurt. Also hurting performance was security selection in communication services. The fund's biggest individual relative detractor was an overweighting in Wix.com, which returned -40% the past year. We added to our stake in this company. Another notable relative detractor was an out-of-benchmark stake in T-Mobile (-18%). Also hurting performance was our outsized stake in Uber Technologies, which returned -24%. Uber Technologies was one of our largest holdings. In contrast, the largest contributor to performance versus the benchmark was an overweighting in energy. Also lifting the fund's relative performance were underweighted allocations to consumer staples and industrials. Lastly, the fund's position in cash was a notable contributor. Our non-benchmark stake in Rivian Automotive was the fund's largest individual relative contributor, driven by an increase of about 749%. The fund's non-benchmark stake in Sea Limited, one of the fund's biggest holdings, gained roughly 60% and lifted relative performance. Another notable relative contributor was an underweighting in Visa (-7%). This period we decreased our stake. Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.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, 2021
% of fund's net assets | |
Microsoft Corp. | 7.4 |
Alphabet, Inc. Class C | 5.2 |
Amazon.com, Inc. | 4.9 |
Apple, Inc. | 3.7 |
NVIDIA Corp. | 3.5 |
Sea Ltd. ADR | 2.7 |
Meta Platforms, Inc. Class A | 2.5 |
Alphabet, Inc. Class A | 2.3 |
Uber Technologies, Inc. | 1.9 |
Salesforce.com, Inc. | 1.9 |
36.0 |
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Information Technology | 40.0 |
Communication Services | 20.0 |
Consumer Discretionary | 16.6 |
Health Care | 11.9 |
Industrials | 4.4 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021*,** | ||
Stocks | 97.1% | |
Convertible Securities | 2.5% | |
Other Investments | 0.5% | |
Short-Term Investments and Net Other Assets (Liabilities) | (0.1)% |
* Foreign investments - 11.9%
** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 96.9% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 20.0% | |||
Entertainment - 5.7% | |||
Netflix, Inc. (a) | 8,957 | $5,749,498 | |
Roblox Corp. (a) | 32,300 | 4,073,030 | |
Roku, Inc. Class A (a) | 57,296 | 13,041,143 | |
Sea Ltd. ADR (a) | 72,740 | 20,954,212 | |
43,817,883 | |||
Interactive Media & Services - 11.7% | |||
Alphabet, Inc.: | |||
Class A (a) | 6,235 | 17,694,618 | |
Class C (a) | 14,153 | 40,322,463 | |
Match Group, Inc. (a) | 4,416 | 574,036 | |
Meta Platforms, Inc. Class A (a) | 60,689 | 19,691,153 | |
NerdWallet, Inc. | 11,700 | 211,536 | |
Snap, Inc. Class A (a) | 117,238 | 5,581,701 | |
Taboola.com Ltd. | 16,900 | 132,834 | |
Zoominfo Technologies, Inc. (a) | 106,684 | 6,582,403 | |
90,790,744 | |||
Media - 1.2% | |||
Comcast Corp. Class A | 53,068 | 2,652,339 | |
Integral Ad Science Holding Corp. | 300 | 6,732 | |
Magnite, Inc. (a)(b) | 200,402 | 3,533,087 | |
TechTarget, Inc. (a) | 33,300 | 3,217,779 | |
9,409,937 | |||
Wireless Telecommunication Services - 1.4% | |||
T-Mobile U.S., Inc. (a) | 100,024 | 10,883,611 | |
TOTAL COMMUNICATION SERVICES | 154,902,175 | ||
CONSUMER DISCRETIONARY - 16.1% | |||
Automobiles - 2.4% | |||
Neutron Holdings, Inc. (a)(c)(d) | 77,208 | 5,405 | |
Rad Power Bikes, Inc. (c)(d) | 13,874 | 132,966 | |
Rivian Automotive, Inc. | 82,882 | 8,933,353 | |
Tesla, Inc. (a) | 8,420 | 9,638,879 | |
18,710,603 | |||
Diversified Consumer Services - 0.1% | |||
Arco Platform Ltd. Class A (a)(b) | 28,007 | 524,291 | |
Rover Group, Inc. Class A | 42,336 | 436,908 | |
The Beachbody Co., Inc. (c) | 28,159 | 73,213 | |
1,034,412 | |||
Hotels, Restaurants & Leisure - 0.9% | |||
Airbnb, Inc. Class A | 34,827 | 6,009,051 | |
Sweetgreen, Inc. | 34,554 | 1,187,345 | |
7,196,396 | |||
Household Durables - 0.1% | |||
Lovesac (a) | 4,778 | 302,352 | |
Purple Innovation, Inc. (a) | 24,669 | 254,584 | |
556,936 | |||
Internet & Direct Marketing Retail - 8.4% | |||
Amazon.com, Inc. (a) | 10,774 | 37,785,172 | |
BARK, Inc. | 10,900 | 58,424 | |
Cazoo Group Ltd. (c) | 9,100 | 73,710 | |
Cazoo Group Ltd. | 68,058 | 523,706 | |
Cazoo Group Ltd. Class A | 25,600 | 207,360 | |
Chewy, Inc. (a)(b) | 74,985 | 5,118,476 | |
Doordash, Inc. | 3,672 | 656,443 | |
FSN E-Commerce Ventures Private Ltd. (a)(c) | 101,220 | 2,795,859 | |
Global-e Online Ltd. (b) | 118,831 | 7,895,132 | |
Porch Group, Inc. Class A (a) | 73,900 | 1,554,856 | |
thredUP, Inc. (a) | 11,200 | 209,664 | |
Vivid Seats, Inc. (c) | 86,751 | 955,996 | |
Wayfair LLC Class A (a) | 27,986 | 6,936,050 | |
Zomato Ltd. (a)(c) | 388,600 | 670,956 | |
65,441,804 | |||
Multiline Retail - 0.1% | |||
Ollie's Bargain Outlet Holdings, Inc. (a) | 6,000 | 371,340 | |
Specialty Retail - 3.0% | |||
Academy Sports & Outdoors, Inc. (a) | 23,312 | 1,040,181 | |
American Eagle Outfitters, Inc. | 12,900 | 333,981 | |
Auto1 Group SE (e) | 129,968 | 3,655,438 | |
Carvana Co. Class A (a)(b) | 51,116 | 14,333,949 | |
Dick's Sporting Goods, Inc. (b) | 31,894 | 3,749,459 | |
23,113,008 | |||
Textiles, Apparel & Luxury Goods - 1.1% | |||
Allbirds, Inc.: | |||
Class A (b) | 1,600 | 30,784 | |
Class B | 10,500 | 181,818 | |
Bombas LLC (c)(d) | 174,908 | 1,393,863 | |
Capri Holdings Ltd. (a) | 9,500 | 562,590 | |
lululemon athletica, Inc. (a) | 12,301 | 5,589,697 | |
Tapestry, Inc. | 23,796 | 954,696 | |
8,713,448 | |||
TOTAL CONSUMER DISCRETIONARY | 125,137,947 | ||
CONSUMER STAPLES - 0.4% | |||
Food & Staples Retailing - 0.4% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 45,100 | 2,983,365 | |
Blink Health, Inc. Series A1 (c)(d) | 1,597 | 60,973 | |
3,044,338 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc. Class B (a)(c)(d) | 709 | 34,812 | |
TOTAL CONSUMER STAPLES | 3,079,150 | ||
ENERGY - 1.2% | |||
Oil, Gas & Consumable Fuels - 1.2% | |||
Reliance Industries Ltd. (a) | 27,892 | 893,361 | |
Reliance Industries Ltd. | 268,106 | 8,587,246 | |
9,480,607 | |||
FINANCIALS - 1.7% | |||
Banks - 0.9% | |||
Starling Bank Ltd. Series D (a)(c)(d) | 220,300 | 379,229 | |
Wells Fargo & Co. | 148,200 | 7,080,996 | |
7,460,225 | |||
Capital Markets - 0.1% | |||
Coinbase Global, Inc. | 400 | 126,000 | |
XP, Inc. Class A (a) | 27,147 | 778,576 | |
904,576 | |||
Consumer Finance - 0.4% | |||
Capital One Financial Corp. | 11,762 | 1,652,914 | |
LendingTree, Inc. (a) | 10,576 | 1,199,107 | |
2,852,021 | |||
Diversified Financial Services - 0.2% | |||
Ion Acquisition Corp. 2 Ltd. (c) | 35,509 | 254,067 | |
Local Bounti Corp. (c) | 68,878 | 407,276 | |
The Oncology Institute, Inc. (c) | 28,268 | 165,113 | |
WeWork, Inc. (c) | 69,684 | 575,276 | |
1,401,732 | |||
Insurance - 0.1% | |||
Palomar Holdings, Inc. (a)(b) | 8,183 | 598,014 | |
TOTAL FINANCIALS | 13,216,568 | ||
HEALTH CARE - 11.9% | |||
Biotechnology - 3.6% | |||
ADC Therapeutics SA (a) | 9,700 | 215,922 | |
Agios Pharmaceuticals, Inc. (a) | 27,541 | 981,010 | |
Allakos, Inc. (a) | 4,866 | 381,251 | |
Alnylam Pharmaceuticals, Inc. (a) | 20,463 | 3,761,099 | |
Applied Therapeutics, Inc. (a) | 12,528 | 143,821 | |
Arcutis Biotherapeutics, Inc. (a) | 7,700 | 127,589 | |
Argenx SE ADR (a) | 4,190 | 1,169,890 | |
Ascendis Pharma A/S sponsored ADR (a) | 8,116 | 1,112,054 | |
Aurinia Pharmaceuticals, Inc.(a)(b) | 44,053 | 829,959 | |
Celldex Therapeutics, Inc. (a) | 22,700 | 864,870 | |
Cullinan Oncology, Inc. | 6,200 | 111,600 | |
Cytokinetics, Inc. (a) | 31,141 | 1,225,087 | |
Erasca, Inc. | 25,229 | 357,495 | |
Exelixis, Inc. (a) | 38,009 | 638,171 | |
Forma Therapeutics Holdings, Inc. (a) | 14,988 | 217,176 | |
Fusion Pharmaceuticals, Inc. (a) | 8,800 | 51,040 | |
Generation Bio Co. (a) | 5,400 | 92,718 | |
Gritstone Bio, Inc. (a) | 27,836 | 367,435 | |
Icosavax, Inc. | 7,400 | 156,584 | |
Imago BioSciences, Inc. | 3,100 | 69,347 | |
Instil Bio, Inc. | 33,800 | 742,924 | |
Keros Therapeutics, Inc. (a) | 9,900 | 552,321 | |
Mirati Therapeutics, Inc. (a) | 4,997 | 683,440 | |
Moderna, Inc. (a) | 220 | 77,535 | |
Monte Rosa Therapeutics, Inc. | 9,177 | 177,942 | |
Morphic Holding, Inc. (a) | 17,000 | 810,900 | |
Neurocrine Biosciences, Inc. (a) | 5,935 | 494,089 | |
Nuvalent, Inc. Class A | 16,700 | 356,211 | |
ORIC Pharmaceuticals, Inc. (a) | 4,000 | 55,360 | |
Poseida Therapeutics, Inc. (a) | 3,100 | 21,545 | |
Prelude Therapeutics, Inc. (a) | 10,798 | 154,303 | |
Protagonist Therapeutics, Inc. (a) | 18,349 | 616,893 | |
PTC Therapeutics, Inc. (a) | 1,500 | 55,740 | |
Regeneron Pharmaceuticals, Inc. (a) | 10,242 | 6,519,340 | |
Relay Therapeutics, Inc. (a) | 27,923 | 821,495 | |
Repare Therapeutics, Inc. (a) | 2,900 | 68,063 | |
Tenaya Therapeutics, Inc. | 10,000 | 196,500 | |
TG Therapeutics, Inc. (a) | 21,300 | 323,760 | |
Vaxcyte, Inc. (a) | 17,702 | 360,767 | |
Zentalis Pharmaceuticals, Inc. (a) | 20,200 | 1,657,410 | |
27,620,656 | |||
Health Care Equipment & Supplies - 2.9% | |||
Boston Scientific Corp. (a) | 150,901 | 5,744,801 | |
DexCom, Inc. (a) | 4,783 | 2,690,868 | |
Hologic, Inc. (a) | 21,699 | 1,621,566 | |
Insulet Corp. (a) | 12,945 | 3,733,856 | |
Novocure Ltd. (a) | 16,190 | 1,516,032 | |
Penumbra, Inc. (a) | 15,695 | 3,855,477 | |
TransMedics Group, Inc. (a)(b) | 155,799 | 3,433,810 | |
22,596,410 | |||
Health Care Providers & Services - 4.4% | |||
agilon health, Inc. | 192,783 | 4,241,226 | |
Alignment Healthcare, Inc. | 34,100 | 552,761 | |
Cano Health, Inc. (a)(b) | 239,692 | 2,238,723 | |
CareMax, Inc. Class A (a) | 37,916 | 254,037 | |
Centene Corp. (a) | 46,787 | 3,341,060 | |
Humana, Inc. | 15,619 | 6,555,450 | |
LifeStance Health Group, Inc.(b) | 413,726 | 3,284,984 | |
Oak Street Health, Inc. (a)(b) | 167,702 | 5,190,377 | |
Surgery Partners, Inc. (a) | 8,800 | 390,368 | |
UnitedHealth Group, Inc. | 18,991 | 8,436,182 | |
34,485,168 | |||
Health Care Technology - 0.2% | |||
GoodRx Holdings, Inc. (a)(b) | 21,265 | 848,899 | |
Inspire Medical Systems, Inc. (a) | 3,745 | 836,146 | |
Sema4 Holdings Corp. (c) | 7,600 | 50,692 | |
1,735,737 | |||
Life Sciences Tools & Services - 0.6% | |||
10X Genomics, Inc. (a) | 760 | 116,136 | |
Danaher Corp. | 8,697 | 2,797,303 | |
Olink Holding AB ADR | 9,934 | 208,217 | |
Sartorius Stedim Biotech | 2,269 | 1,341,704 | |
4,463,360 | |||
Pharmaceuticals - 0.2% | |||
Arvinas Holding Co. LLC (a) | 9,439 | 713,683 | |
Cyteir Therapeutics, Inc. | 4,000 | 66,440 | |
IMARA, Inc. (a) | 32,483 | 109,793 | |
Nabriva Therapeutics PLC (a)(b) | 23,635 | 18,409 | |
Nabriva Therapeutics PLC warrants 6/1/22 (a) | 380,833 | 4 | |
Nuvation Bio, Inc. (a) | 10,498 | 94,167 | |
Terns Pharmaceuticals, Inc. | 23,100 | 174,405 | |
1,176,901 | |||
TOTAL HEALTH CARE | 92,078,232 | ||
INDUSTRIALS - 3.5% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Class A (a)(c)(d) | 300 | 168,000 | |
Building Products - 0.2% | |||
The AZEK Co., Inc. (a) | 26,056 | 1,021,916 | |
View, Inc. (c) | 47,232 | 189,353 | |
1,211,269 | |||
Electrical Equipment - 0.4% | |||
ESS Tech, Inc. (c) | 72,010 | 1,091,132 | |
FREYR Battery SA | 29,029 | 305,675 | |
Sunrun, Inc. (a) | 44,087 | 2,029,765 | |
3,426,572 | |||
Machinery - 0.1% | |||
AutoStore Holdings Ltd. | 81,700 | 408,295 | |
Marine - 0.1% | |||
Golden Ocean Group Ltd. (b) | 71,900 | 676,579 | |
Professional Services - 0.1% | |||
HireRight Holdings Corp. | 35,700 | 662,592 | |
Road & Rail - 2.6% | |||
Bird Global, Inc. (c) | 21,823 | 140,758 | |
Bird Global, Inc. | 98,426 | 571,363 | |
Bird Global, Inc.: | |||
rights 11/4/26 (a)(d) | 3,816 | 17,363 | |
rights 11/4/26 (a)(d) | 3,816 | 11,601 | |
rights 11/4/26 (a)(d) | 3,815 | 7,249 | |
Lyft, Inc. (a) | 108,072 | 4,388,804 | |
TuSimple Holdings, Inc. (b) | 13,200 | 527,868 | |
Uber Technologies, Inc. (a) | 390,576 | 14,841,888 | |
20,506,894 | |||
TOTAL INDUSTRIALS | 27,060,201 | ||
INFORMATION TECHNOLOGY - 39.3% | |||
Electronic Equipment & Components - 0.5% | |||
Flex Ltd. (a) | 83,590 | 1,429,389 | |
Jabil, Inc. | 35,000 | 2,046,100 | |
3,475,489 | |||
IT Services - 7.4% | |||
Cyxtera Technologies, Inc. (c) | 33,716 | 334,126 | |
Dlocal Ltd. | 93,643 | 3,108,948 | |
EPAM Systems, Inc. (a) | 1,895 | 1,153,202 | |
Flywire Corp. | 15,239 | 619,313 | |
Global Payments, Inc. | 33,871 | 4,032,004 | |
GoDaddy, Inc. (a) | 91,984 | 6,454,517 | |
Marqeta, Inc. Class A | 24,622 | 484,069 | |
MasterCard, Inc. Class A | 7,201 | 2,267,739 | |
MongoDB, Inc. Class A (a) | 6,367 | 3,171,403 | |
Nuvei Corp. (a)(e) | 43,685 | 4,301,645 | |
Payoneer Global, Inc. (c) | 15,500 | 120,125 | |
PayPal Holdings, Inc. (a) | 30,261 | 5,594,956 | |
Remitly Global, Inc. | 30,000 | 721,800 | |
Repay Holdings Corp. (a) | 97,830 | 1,600,499 | |
Snowflake Computing, Inc. (a) | 1,439 | 489,476 | |
Square, Inc. (a) | 29,379 | 6,120,527 | |
TaskUs, Inc. (b) | 37,915 | 1,689,113 | |
TDCX, Inc. ADR | 19,500 | 370,500 | |
Thoughtworks Holding, Inc. | 2,100 | 61,320 | |
Thoughtworks Holding, Inc. | 34,864 | 916,226 | |
Toast, Inc. | 1,900 | 75,981 | |
Twilio, Inc. Class A (a) | 12,247 | 3,504,479 | |
Visa, Inc. Class A | 11,826 | 2,291,524 | |
Wix.com Ltd. (a) | 54,449 | 8,319,807 | |
57,803,299 | |||
Semiconductors & Semiconductor Equipment - 9.0% | |||
Applied Materials, Inc. | 42,766 | 6,294,728 | |
Cirrus Logic, Inc. (a) | 2,300 | 184,414 | |
GlobalFoundries, Inc. | 17,200 | 1,190,928 | |
Lam Research Corp. | 7,019 | 4,771,867 | |
Marvell Technology, Inc. | 57,551 | 4,095,905 | |
Micron Technology, Inc. | 116,260 | 9,765,840 | |
NVIDIA Corp. | 83,976 | 27,439,998 | |
NXP Semiconductors NV | 41,528 | 9,275,694 | |
ON Semiconductor Corp. (a) | 80,742 | 4,959,981 | |
SolarEdge Technologies, Inc. (a) | 4,276 | 1,401,502 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 5,213 | 610,703 | |
69,991,560 | |||
Software - 18.5% | |||
Adobe, Inc. (a) | 11,340 | 7,596,099 | |
Alkami Technology, Inc. (a) | 24,990 | 716,963 | |
Anaplan, Inc. (a) | 62,615 | 2,680,548 | |
Autodesk, Inc. (a) | 8,916 | 2,266,358 | |
AvidXchange Holdings, Inc. | 2,200 | 46,992 | |
Braze, Inc. | 900 | 68,580 | |
BTRS Holdings, Inc. (a) | 6,326 | 47,192 | |
BTRS Holdings, Inc. (a)(c) | 65,083 | 485,519 | |
CCC Intelligent Solutions Holdings, Inc. (c) | 6,302 | 80,981 | |
Ceridian HCM Holding, Inc. (a) | 25,713 | 2,813,002 | |
Confluent, Inc. | 4,100 | 319,882 | |
Coupa Software, Inc. (a) | 4,366 | 858,618 | |
Digital Turbine, Inc. (a) | 5,277 | 279,998 | |
DocuSign, Inc. (a) | 1,085 | 267,301 | |
DoubleVerify Holdings, Inc. | 69,407 | 2,143,288 | |
DoubleVerify Holdings, Inc. (e) | 44,033 | 1,359,739 | |
Dynatrace, Inc. (a) | 111,447 | 7,004,444 | |
Elastic NV (a) | 14,213 | 2,209,553 | |
EngageSmart, Inc. | 5,500 | 120,285 | |
Epic Games, Inc. (a)(c)(d) | 2,200 | 1,583,802 | |
ForgeRock, Inc. (b) | 2,300 | 61,617 | |
Freshworks, Inc. | 3,700 | 130,314 | |
GitLab, Inc. | 2,300 | 222,042 | |
HubSpot, Inc. (a) | 7,574 | 6,111,536 | |
Intapp, Inc. | 94,117 | 2,577,865 | |
Intuit, Inc. | 9,113 | 5,944,410 | |
Latch, Inc. (b) | 47,192 | 390,750 | |
Lightspeed Commerce, Inc. (Canada) (a) | 62,811 | 3,177,304 | |
Matterport, Inc. (b) | 76,900 | 2,490,022 | |
Microsoft Corp. | 173,183 | 57,252,560 | |
RingCentral, Inc. (a) | 4,913 | 1,061,110 | |
Riskified Ltd. | 1,539 | 14,605 | |
Salesforce.com, Inc. (a) | 50,979 | 14,526,976 | |
SentinelOne, Inc. | 2,527 | 136,382 | |
ServiceNow, Inc. (a) | 6,368 | 4,124,554 | |
Stripe, Inc. Class B (a)(c)(d) | 2,500 | 100,313 | |
Synopsys, Inc. (a) | 1,200 | 409,200 | |
The Trade Desk, Inc. (a) | 38,055 | 3,935,648 | |
UiPath, Inc. Class A (a) | 22,200 | 1,071,150 | |
UserTesting, Inc. | 11,000 | 93,500 | |
Viant Technology, Inc. | 40,942 | 401,232 | |
Volue A/S | 44,500 | 298,157 | |
Workday, Inc. Class A (a) | 9,662 | 2,649,610 | |
Zoom Video Communications, Inc. Class A (a) | 16,130 | 3,410,043 | |
143,540,044 | |||
Technology Hardware, Storage & Peripherals - 3.9% | |||
Apple, Inc. | 175,613 | 29,028,829 | |
IonQ, Inc. (c) | 20,600 | 490,692 | |
Samsung Electronics Co. Ltd. | 12,337 | 743,444 | |
30,262,965 | |||
TOTAL INFORMATION TECHNOLOGY | 305,073,357 | ||
MATERIALS - 1.5% | |||
Metals & Mining - 1.5% | |||
Freeport-McMoRan, Inc. | 316,573 | 11,738,527 | |
UTILITIES - 1.3% | |||
Electric Utilities - 0.7% | |||
Edison International | 10,926 | 713,249 | |
NextEra Energy, Inc. | 15,982 | 1,386,918 | |
ORSTED A/S (e) | 23,726 | 3,056,471 | |
5,156,638 | |||
Independent Power and Renewable Electricity Producers - 0.6% | |||
NextEra Energy Partners LP | 60,290 | 5,127,665 | |
TOTAL UTILITIES | 10,284,303 | ||
TOTAL COMMON STOCKS | |||
(Cost $380,054,823) | 752,051,067 | ||
Preferred Stocks - 2.7% | |||
Convertible Preferred Stocks - 2.5% | |||
COMMUNICATION SERVICES - 0.0% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry, Inc. Series D (a)(c) | 74,400 | 113,454 | |
CONSUMER DISCRETIONARY - 0.3% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A (c)(d) | 1,809 | 17,337 | |
Series C(c)(d) | 7,117 | 68,208 | |
Series D (c)(d) | 12,697 | 121,686 | |
207,231 | |||
Internet & Direct Marketing Retail - 0.3% | |||
GoBrands, Inc. Series G (c)(d) | 2,400 | 932,376 | |
Instacart, Inc.: | |||
Series H (c)(d) | 10,566 | 1,079,211 | |
Series I (c)(d) | 3,119 | 318,575 | |
2,330,162 | |||
TOTAL CONSUMER DISCRETIONARY | 2,537,393 | ||
CONSUMER STAPLES - 0.6% | |||
Food & Staples Retailing - 0.1% | |||
Blink Health, Inc. Series C (a)(c)(d) | 15,631 | 596,792 | |
Food Products - 0.1% | |||
Bowery Farming, Inc. Series C1 (c)(d) | 13,745 | 828,127 | |
Tobacco - 0.4% | |||
JUUL Labs, Inc.: | |||
Series C (a)(c)(d) | 70,175 | 3,445,593 | |
Series D (a)(c)(d) | 938 | 46,056 | |
�� | 3,491,649 | ||
TOTAL CONSUMER STAPLES | 4,916,568 | ||
FINANCIALS - 0.1% | |||
Diversified Financial Services - 0.1% | |||
Sonder Holdings, Inc.: | |||
Series D1 (a)(c) | 15,672 | 193,935 | |
Series E (a)(c) | 48,893 | 605,032 | |
798,967 | |||
INDUSTRIALS - 0.9% | |||
Aerospace & Defense - 0.5% | |||
Relativity Space, Inc. Series E (c)(d) | 36,263 | 828,069 | |
Space Exploration Technologies Corp.: | |||
Series I (a)(c)(d) | 3,290 | 1,842,400 | |
Series N (a)(c)(d) | 2,559 | 1,433,040 | |
4,103,509 | |||
Construction & Engineering - 0.2% | |||
Beta Technologies, Inc. Series A (c)(d) | 15,188 | 1,112,825 | |
Road & Rail - 0.2% | |||
Convoy, Inc. Series D (a)(c)(d) | 93,888 | 1,548,955 | |
Transportation Infrastructure - 0.0% | |||
Delhivery Private Ltd. Series H (c)(d) | 358 | 169,967 | |
TOTAL INDUSTRIALS | 6,935,256 | ||
INFORMATION TECHNOLOGY - 0.5% | |||
Communications Equipment - 0.0% | |||
Xsight Labs Ltd. Series D (c)(d) | 17,400 | 139,130 | |
Electronic Equipment & Components - 0.0% | |||
Enevate Corp. Series E (c)(d) | 285,844 | 316,911 | |
IT Services - 0.2% | |||
ByteDance Ltd. Series E1 (c)(d) | 4,644 | 606,135 | |
Yanka Industries, Inc.: | |||
Series E (a)(c)(d) | 19,716 | 628,483 | |
Series F (c)(d) | 13,160 | 419,499 | |
1,654,117 | |||
Semiconductors & Semiconductor Equipment - 0.1% | |||
GaN Systems, Inc.: | |||
Series F1 (c)(d) | 10,622 | 90,075 | |
Series F2 (c)(d) | 5,609 | 47,564 | |
SiMa.ai Series B (c)(d) | 40,700 | 265,771 | |
Tenstorrent, Inc. Series C1 (c)(d) | 1,200 | 71,345 | |
474,755 | |||
Software - 0.2% | |||
Databricks, Inc. Series G (c)(d) | 2,200 | 484,995 | |
Mountain Digital, Inc. Series D (c)(d) | 28,106 | 645,463 | |
Stripe, Inc. Series H (c)(d) | 1,100 | 44,138 | |
1,174,596 | |||
TOTAL INFORMATION TECHNOLOGY | 3,759,509 | ||
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
Diamond Foundry, Inc. Series C (c)(d) | 23,194 | 582,865 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 19,644,012 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
COMMUNICATION SERVICES - 0.0% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry, Inc. Series E1 (c) | 219,074 | 334,070 | |
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.1% | |||
Neutron Holdings, Inc. Series 1C (a)(c)(d) | 1,387,600 | 97,132 | |
Waymo LLC Series A2 (a)(c)(d) | 2,896 | 265,627 | |
362,759 | |||
INFORMATION TECHNOLOGY - 0.1% | |||
IT Services - 0.1% | |||
Gupshup, Inc. (c)(d) | 17,900 | 409,287 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 1,106,116 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $13,540,386) | 20,750,128 | ||
Principal Amount | Value | ||
Convertible Bonds - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc.: | |||
0% 10/27/25 (c)(d) | 380,900 | 380,900 | |
4% 5/22/27 (c)(d) | 47,700 | 47,700 | |
4% 6/12/27 (c)(d) | 13,100 | 13,100 | |
TOTAL CONVERTIBLE BONDS | |||
(Cost $441,700) | 441,700 | ||
Preferred Securities - 0.2% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Internet & Direct Marketing Retail - 0.1% | |||
Circle Internet Financial Ltd. 0% (c)(f) | 864,100 | 1,105,167 | |
INFORMATION TECHNOLOGY - 0.1% | |||
Electronic Equipment & Components - 0.0% | |||
Enevate Corp. 0% 1/29/23 (c)(d) | 121,700 | 121,700 | |
Semiconductors & Semiconductor Equipment - 0.1% | |||
GaN Systems, Inc. 0% (c)(d)(f) | 248,956 | 248,956 | |
Tenstorrent, Inc. 0% (c)(d)(f) | 63,300 | 63,300 | |
312,256 | |||
TOTAL INFORMATION TECHNOLOGY | 433,956 | ||
TOTAL PREFERRED SECURITIES | |||
(Cost $1,298,056) | 1,539,123 | ||
Shares | Value | ||
Money Market Funds - 6.4% | |||
Fidelity Cash Central Fund 0.06% (g) | 2,387,365 | 2,387,842 | |
Fidelity Securities Lending Cash Central Fund 0.07% (g)(h) | 47,487,748 | 47,492,497 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $49,880,339) | 49,880,339 | ||
Equity Funds - 0.3% | |||
Domestic Equity Funds - 0.3% | |||
iShares Russell 1000 Growth Index ETF | |||
(Cost $2,105,811) | 6,900 | 2,069,172 | |
TOTAL INVESTMENT IN SECURITIES - 106.5% | |||
(Cost $447,321,115) | 826,731,529 | ||
NET OTHER ASSETS (LIABILITIES) - (6.5)% | (50,658,483) | ||
NET ASSETS - 100% | $776,073,046 |
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 $35,545,158 or 4.6% 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 $12,373,293 or 1.6% of net assets.
(f) Security is perpetual in nature with no stated maturity date.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Beta Technologies, Inc. Series A | 4/9/21 | $1,112,825 |
Bird Global, Inc. | 5/11/21 | $218,230 |
Blink Health, Inc. Series A1 | 12/30/20 | $43,263 |
Blink Health, Inc. Series C | 11/7/19 - 7/14/21 | $596,729 |
Bombas LLC | 2/16/21 - 11/12/21 | $830,401 |
Bowery Farming, Inc. Series C1 | 5/18/21 | $828,127 |
BTRS Holdings, Inc. | 1/12/21 | $650,830 |
ByteDance Ltd. Series E1 | 11/18/20 | $508,862 |
Cazoo Group Ltd. | 3/28/21 | $91,000 |
CCC Intelligent Solutions Holdings, Inc. | 2/2/21 | $63,020 |
Circle Internet Financial Ltd. 0% | 5/11/21 | $864,100 |
Convoy, Inc. Series D | 10/30/19 | $1,271,244 |
Cyxtera Technologies, Inc. | 2/21/21 | $337,160 |
Databricks, Inc. Series G | 2/1/21 | $390,209 |
Delhivery Private Ltd. Series H | 5/20/21 | $174,748 |
Diamond Foundry, Inc. Series C | 3/15/21 | $556,656 |
Enevate Corp. Series E | 1/29/21 | $316,911 |
Enevate Corp. 0% 1/29/23 | 1/29/21 | $121,700 |
Epic Games, Inc. | 7/13/20 - 3/29/21 | $1,730,000 |
ESS Tech, Inc. | 5/6/21 | $720,100 |
FSN E-Commerce Ventures Private Ltd. | 10/7/20 - 10/26/20 | $277,814 |
GaN Systems, Inc. Series F1 | 11/30/21 | $90,075 |
GaN Systems, Inc. Series F2 | 11/30/21 | $47,564 |
GaN Systems, Inc. 0% | 11/30/21 | $248,956 |
GoBrands, Inc. Series G | 3/2/21 | $599,322 |
Gupshup, Inc. | 6/8/21 | $409,287 |
Instacart, Inc. Series H | 11/13/20 | $633,960 |
Instacart, Inc. Series I | 2/26/21 | $389,875 |
Ion Acquisition Corp. 2 Ltd. | 6/24/21 | $355,090 |
IonQ, Inc. | 3/7/21 | $206,000 |
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 |
Local Bounti Corp. | 6/17/21 | $688,780 |
Mountain Digital, Inc. Series D | 11/5/21 | $645,463 |
Neutron Holdings, Inc. | 2/4/21 | $772 |
Neutron Holdings, Inc. Series 1C | 7/3/18 | $253,709 |
Neutron Holdings, Inc. 0% 10/27/25 | 10/29/21 | $380,900 |
Neutron Holdings, Inc. 4% 5/22/27 | 6/4/20 | $47,700 |
Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | $13,100 |
Payoneer Global, Inc. | 2/3/21 | $155,000 |
Rad Power Bikes, Inc. | 1/21/21 | $66,926 |
Rad Power Bikes, Inc. Series A | 1/21/21 | $8,726 |
Rad Power Bikes, Inc. Series C | 1/21/21 | $34,331 |
Rad Power Bikes, Inc. Series D | 9/17/21 | $121,686 |
Relativity Space, Inc. Series E | 5/27/21 | $828,069 |
Sema4 Holdings Corp. | 2/9/21 | $76,000 |
SiMa.ai Series B | 5/10/21 | $208,685 |
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. Class A | 2/16/21 | $125,997 |
Space Exploration Technologies Corp. Series I | 4/5/18 | $556,010 |
Space Exploration Technologies Corp. Series N | 8/4/20 | $690,930 |
Starling Bank Ltd. Series D | 6/18/21 | $393,871 |
Starry, Inc. Series D | 7/30/20 | $106,392 |
Starry, Inc. Series E1 | 9/4/20 | $308,135 |
Stripe, Inc. Class B | 5/18/21 | $100,321 |
Stripe, Inc. Series H | 3/15/21 | $44,138 |
Tenstorrent, Inc. Series C1 | 4/23/21 | $71,345 |
Tenstorrent, Inc. 0% | 4/23/21 | $63,300 |
The Beachbody Co., Inc. | 2/9/21 | $281,590 |
The Oncology Institute, Inc. | 6/28/21 | $282,680 |
View, Inc. | 3/5/21 | $472,320 |
Vivid Seats, Inc. | 4/21/21 | $867,510 |
Waymo LLC Series A2 | 5/8/20 | $248,671 |
WeWork, Inc. | 3/25/21 | $696,840 |
Xsight Labs Ltd. Series D | 2/16/21 | $139,130 |
Yanka Industries, Inc. Series E | 5/15/20 | $238,154 |
Yanka Industries, Inc. Series F | 4/8/21 | $419,499 |
Zomato Ltd. | 12/9/20 - 2/10/21 | $271,528 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $1,162,969 | $175,174,122 | $173,949,249 | $767 | $-- | $-- | $2,387,842 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.07% | 12,421,648 | 257,789,907 | 222,719,058 | 131,344 | -- | -- | 47,492,497 | 0.1% |
Total | $13,584,617 | $432,964,029 | $396,668,307 | $132,111 | $-- | $-- | $49,880,339 |
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, 2021, 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 | $155,349,699 | $154,902,175 | $447,524 | $-- |
Consumer Discretionary | 128,038,099 | 108,356,680 | 15,249,033 | 4,432,386 |
Consumer Staples | 7,995,718 | 2,983,365 | -- | 5,012,353 |
Energy | 9,480,607 | 9,480,607 | -- | -- |
Financials | 14,015,535 | 11,435,607 | 2,200,699 | 379,229 |
Health Care | 92,078,232 | 92,078,228 | 4 | -- |
Industrials | 33,995,457 | 25,004,140 | 1,851,848 | 7,139,469 |
Information Technology | 309,242,153 | 302,473,016 | 916,226 | 5,852,911 |
Materials | 12,321,392 | 11,738,527 | -- | 582,865 |
Utilities | 10,284,303 | 10,284,303 | -- | -- |
Corporate Bonds | 441,700 | -- | -- | 441,700 |
Preferred Securities | 1,539,123 | -- | 1,105,167 | 433,956 |
Money Market Funds | 49,880,339 | 49,880,339 | -- | -- |
Equity Funds | 2,069,172 | 2,069,172 | -- | -- |
Total Investments in Securities: | $826,731,529 | $780,686,159 | $21,770,501 | $24,274,869 |
Net unrealized appreciation on unfunded commitments | $58,888 | $-- | $58,888 | $-- |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Beginning Balance | $16,348,655 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 2,743,187 |
Cost of Purchases | 11,280,779 |
Proceeds of Sales | (270,073) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (5,827,679) |
Ending Balance | $24,274,869 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2021 | $2,752,142 |
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 | 88.0% |
Cayman Islands | 3.1% |
Israel | 2.1% |
India | 1.7% |
Netherlands | 1.7% |
Canada | 1.2% |
Others (Individually Less Than 1%) | 2.2% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
November 30, 2021 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $45,895,735) — See accompanying schedule: Unaffiliated issuers (cost $397,440,776) | $776,851,190 | |
Fidelity Central Funds (cost $49,880,339) | 49,880,339 | |
Total Investment in Securities (cost $447,321,115) | $826,731,529 | |
Foreign currency held at value (cost $232,840) | 233,569 | |
Receivable for investments sold | 3,255,835 | |
Unrealized appreciation on unfunded commitments | 153,054 | |
Receivable for fund shares sold | 962,715 | |
Dividends receivable | 204,893 | |
Interest receivable | 3,624 | |
Distributions receivable from Fidelity Central Funds | 12,017 | |
Receivable from investment adviser for expense reductions | 1,720 | |
Total assets | 831,558,956 | |
Liabilities | ||
Payable to custodian bank | $48,578 | |
Payable for investments purchased | 6,040,922 | |
Unrealized depreciation on unfunded commitments | 94,166 | |
Payable for fund shares redeemed | 890,401 | |
Other payables and accrued expenses | 918,294 | |
Collateral on securities loaned | 47,493,549 | |
Total liabilities | 55,485,910 | |
Net Assets | $776,073,046 | |
Net Assets consist of: | ||
Paid in capital | $220,182,312 | |
Total accumulated earnings (loss) | 555,890,734 | |
Net Assets | $776,073,046 | |
Net Asset Value, offering price and redemption price per share ($776,073,046 ÷ 41,565,446 shares) | $18.67 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended November 30, 2021 | ||
Investment Income | ||
Dividends | $2,650,626 | |
Interest | 2,429 | |
Income from Fidelity Central Funds (including $131,344 from security lending) | 132,111 | |
Total income | 2,785,166 | |
Expenses | ||
Custodian fees and expenses | $61,133 | |
Independent trustees' fees and expenses | 2,906 | |
Interest | 2,451 | |
Total expenses before reductions | 66,490 | |
Expense reductions | (37,685) | |
Total expenses after reductions | 28,805 | |
Net investment income (loss) | 2,756,361 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $190,645) | 178,541,428 | |
Foreign currency transactions | (25,865) | |
Total net realized gain (loss) | 178,515,563 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $339,811) | (30,237,221) | |
Unfunded commitments | 58,888 | |
Assets and liabilities in foreign currencies | (720) | |
Total change in net unrealized appreciation (depreciation) | (30,179,053) | |
Net gain (loss) | 148,336,510 | |
Net increase (decrease) in net assets resulting from operations | $151,092,871 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,756,361 | $3,436,622 |
Net realized gain (loss) | 178,515,563 | 179,819,911 |
Change in net unrealized appreciation (depreciation) | (30,179,053) | 141,704,183 |
Net increase (decrease) in net assets resulting from operations | 151,092,871 | 324,960,716 |
Distributions to shareholders | (183,832,859) | (146,099,036) |
Share transactions | ||
Proceeds from sales of shares | 152,602,013 | 77,135,037 |
Reinvestment of distributions | 183,832,858 | 146,099,036 |
Cost of shares redeemed | (240,907,112) | (336,354,676) |
Net increase (decrease) in net assets resulting from share transactions | 95,527,759 | (113,120,603) |
Total increase (decrease) in net assets | 62,787,771 | 65,741,077 |
Net Assets | ||
Beginning of period | 713,285,275 | 647,544,198 |
End of period | $776,073,046 | $713,285,275 |
Other Information | ||
Shares | ||
Sold | 8,681,006 | 5,068,884 |
Issued in reinvestment of distributions | 11,496,739 | 11,449,768 |
Redeemed | (13,323,687) | (21,601,360) |
Net increase (decrease) | 6,854,058 | (5,082,708) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Series Growth Opportunities Fund
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $20.55 | $16.27 | $15.46 | $13.86 | $10.62 |
Income from Investment Operations | |||||
Net investment income (loss)A | .06 | .08 | .11B | .10 | .09 |
Net realized and unrealized gain (loss) | 3.39 | 7.91 | 3.56 | 2.83 | 3.54 |
Total from investment operations | 3.45 | 7.99 | 3.67 | 2.93 | 3.63 |
Distributions from net investment income | (.11) | (.13) | (.11) | (.11) | (.04) |
Distributions from net realized gain | (5.22) | (3.59) | (2.75) | (1.22) | (.36) |
Total distributions | (5.33) | (3.71)C | (2.86) | (1.33) | (.39)C |
Net asset value, end of period | $18.67 | $20.55 | $16.27 | $15.46 | $13.86 |
Total ReturnD | 21.11% | 63.04% | 32.07% | 23.13% | 35.40% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .01% | .01% | .01% | .01% | .31% |
Expenses net of fee waivers, if any | - %G | .01% | .01% | .01% | .31% |
Expenses net of all reductions | - %G | .01% | .01% | .01% | .30% |
Net investment income (loss) | .35% | .54% | .77%B | .69% | .71% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $776,073 | $713,285 | $647,544 | $636,343 | $618,487 |
Portfolio turnover rateH | 84% | 78% | 78%I | 47% | 50% |
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 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 represents less than .005%.
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, 2021
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.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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, 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. 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 | $23,399,213 | Market comparable | Discount rate | 40.0% - 45.0% / 44.3% | Decrease |
Premium rate | 25.0% - 84.8% / 44.8% | Increase | |||
Discount for lack of marketability | 10.0% | Decrease | |||
Enterprise value/EBITDA multiple (EV/EBITDA) | 17.5 | Increase | |||
Enterprise value/Sales multiple (EV/S) | 2.7 – 9.8 / 5.5 | Increase | |||
Enterprise value/Gross profit multiple (EV/GP) | 15.2 | Increase | |||
Market approach | Transaction price | $1.11 - $560.00 / $179.28 | Increase | ||
Recovery value | Recovery value | 1.9% - 4.6% / 3.5% | Increase | ||
Corporate Bonds | $441,700 | Market approach | Transaction price | $100.00 | Increase |
Preferred Securities | $433,956 | 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, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) 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 | $414,635,770 |
Gross unrealized depreciation | (40,069,083) |
Net unrealized appreciation (depreciation) | $374,566,687 |
Tax Cost | $452,223,730 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $31,617,400 |
Undistributed long-term capital gain | $150,595,047 |
Net unrealized appreciation (depreciation) on securities and other investments | $374,567,800 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $42,178,700 | $ 18,700,362 |
Long-term Capital Gains | 141,654,159 | 127,398,674 |
Total | $183,832,859 | $ 146,099,036 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.
Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.
At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Series Growth Opportunities Fund | 647,684,308 | 737,999,885 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor Series Growth Opportunities Fund | $10,517 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At 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 | $8,142,312 | .31% | $2,243 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Series Growth Opportunities Fund | 58,895,374 | 36,301,119 | 9,598,104 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Series Growth Opportunities Fund | $13,875 | $4,569 | $– |
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Series Growth Opportunities Fund | $965,385 | .60% | $208 |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through March 31, 2025. 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 $37,685.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. 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, 2021, 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, 2021, 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, 2021, by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from issuers of privately offered securities and 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 13, 2022
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 314 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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Series Growth Opportunities Fund | - %-C | |||
Actual | $1,000.00 | $1,073.00 | $--D | |
Hypothetical-E | $1,000.00 | $1,025.07 | $--D |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Series Growth Opportunities Fund voted to pay on December 16, 2021, to shareholders of record at the opening of business on December 15, 2021, a distribution of $4.248 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.060 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $150,602,700, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 6% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 7% 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 1% of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
AXS3-ANN-0122
1.967930.108
Fidelity Advisor® Series Equity Growth Fund
November 30, 2021
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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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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, 2021 | Past 1 year | Past 5 years | Life of fundA |
Fidelity Advisor® Series Equity Growth Fund | 27.43% | 26.99% | 19.14% |
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/0001379491-22-000216/img762229858_740.jpg)
Period Ending Values | ||
$37,128 | Fidelity Advisor® Series Equity Growth Fund | |
$35,490 | Russell 3000® Growth Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.Comments from Co-Portfolio Managers Asher Anolic and Jason Weiner: For the fiscal year ending November 30, 2021, the fund gained 27.43%, trailing the 29.39% result of the benchmark Russell 3000® Growth Index. The fund's foreign holdings detracted overall, hampered in part by a broadly stronger U.S. dollar. Versus the benchmark, market selection was the primary detractor, especially in the automobiles & components area of the consumer discretionary sector. Stock picking and an overweighting in the communication services sector, primarily within the media & entertainment industry, also hampered the fund's relative result. Also hurting performance was an overweighting in health care. Not owning Tesla, a benchmark component that gained roughly 102%, was the biggest individual relative detractor. The fund's non-benchmark stake in Tencent Holdings, a position not held at period end, returned -16%. Also hampering performance was our outsized stake in Meta Platforms, which gained about 17%. Meta Platforms was one of the fund's largest holdings. In contrast, the biggest contributor to performance versus the benchmark was stock selection in the information technology sector, primarily driven by the software & services industry. An overweighting in energy and stock selection in materials also lifted the fund's relative performance. The fund's largest individual relative contributor was an overweighting in Nvidia, which gained about 144% the past year. The company was among our biggest holdings. Also helping performance was our outsized stake in Alphabet, which gained 62%. Alphabet was among the fund's largest holdings. Another notable relative contributor was an underweighting in Visa (-7%), a position not held at period end. Notable changes in positioning include reduced exposure to the consumer discretionary sector and a higher allocation to communication services.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, 2021
% of fund's net assets | |
Microsoft Corp. | 11.0 |
Alphabet, Inc. Class A | 9.7 |
Amazon.com, Inc. | 5.4 |
Apple, Inc. | 5.2 |
NVIDIA Corp. | 4.7 |
Meta Platforms, Inc. Class A | 4.2 |
UnitedHealth Group, Inc. | 3.7 |
Adobe, Inc. | 3.7 |
Qualcomm, Inc. | 1.8 |
Palo Alto Networks, Inc. | 1.6 |
51.0 |
Top Five Market Sectors as of November 30, 2021
% of fund's net assets | |
Information Technology | 38.7 |
Communication Services | 19.4 |
Health Care | 13.6 |
Consumer Discretionary | 8.5 |
Industrials | 8.1 |
Asset Allocation (% of fund's net assets)
As of November 30, 2021* | ||
Stocks | 100.1% | |
Convertible Securities | 0.3% | |
Short-Term Investments and Net Other Assets (Liabilities)** | (0.4)% |
* Foreign investments - 12.4%
** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
Common Stocks - 100.1% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 19.4% | |||
Diversified Telecommunication Services - 0.8% | |||
Cellnex Telecom SA (a) | 151,394 | $8,935,056 | |
Entertainment - 3.8% | |||
Roblox Corp. (b) | 10,822 | 1,364,654 | |
Sea Ltd. ADR (b) | 15,630 | 4,502,534 | |
Take-Two Interactive Software, Inc. (b) | 31,628 | 5,246,453 | |
Universal Music Group NV | 566,846 | 16,270,788 | |
Warner Music Group Corp. Class A | 350,857 | 15,202,634 | |
42,587,063 | |||
Interactive Media & Services - 14.2% | |||
Alphabet, Inc. Class A (b) | 38,299 | 108,690,647 | |
Meta Platforms, Inc. Class A (b) | 146,494 | 47,531,443 | |
ZipRecruiter, Inc. | 8,300 | 229,495 | |
Zoominfo Technologies, Inc. (b) | 46,332 | 2,858,684 | |
159,310,269 | |||
Media - 0.6% | |||
Cable One, Inc. | 3,238 | 5,737,930 | |
Liberty Media Corp. Liberty Formula One Group Series C (b) | 15,705 | 956,749 | |
6,694,679 | |||
TOTAL COMMUNICATION SERVICES | 217,527,067 | ||
CONSUMER DISCRETIONARY - 8.5% | |||
Automobiles - 0.6% | |||
Ferrari NV | 24,530 | 6,389,084 | |
XPeng, Inc. ADR (b) | 4,400 | 242,000 | |
6,631,084 | |||
Diversified Consumer Services - 0.5% | |||
Laureate Education, Inc. Class A | 504,556 | 5,045,560 | |
Mister Car Wash, Inc. | 59,109 | 949,291 | |
5,994,851 | |||
Hotels, Restaurants & Leisure - 0.8% | |||
Airbnb, Inc. Class A | 33,565 | 5,791,305 | |
Flutter Entertainment PLC (b) | 19,397 | 2,628,718 | |
8,420,023 | |||
Internet & Direct Marketing Retail - 5.4% | |||
Amazon.com, Inc. (b) | 17,451 | 61,201,879 | |
Specialty Retail - 0.5% | |||
Aritzia, Inc. (b) | 20,944 | 829,923 | |
Victoria's Secret & Co. | 94,696 | 5,140,099 | |
5,970,022 | |||
Textiles, Apparel & Luxury Goods - 0.7% | |||
LVMH Moet Hennessy Louis Vuitton SE | 6,369 | 4,959,369 | |
On Holding AG | 2,600 | 104,416 | |
Samsonite International SA (a)(b) | 1,240,478 | 2,322,516 | |
7,386,301 | |||
TOTAL CONSUMER DISCRETIONARY | 95,604,160 | ||
CONSUMER STAPLES - 1.3% | |||
Beverages - 0.9% | |||
Kweichow Moutai Co. Ltd. (A Shares) | 8,387 | 2,544,407 | |
Monster Beverage Corp. (b) | 87,990 | 7,371,802 | |
9,916,209 | |||
Household Products - 0.4% | |||
Reckitt Benckiser Group PLC | 57,487 | 4,656,623 | |
TOTAL CONSUMER STAPLES | 14,572,832 | ||
ENERGY - 1.6% | |||
Oil, Gas & Consumable Fuels - 1.6% | |||
Reliance Industries Ltd. (b) | 35,487 | 1,136,624 | |
Reliance Industries Ltd. | 517,516 | 16,575,672 | |
17,712,296 | |||
FINANCIALS - 4.3% | |||
Banks - 0.2% | |||
HDFC Bank Ltd. | 29,308 | 581,022 | |
HDFC Bank Ltd. sponsored ADR | 31,637 | 2,071,274 | |
2,652,296 | |||
Capital Markets - 2.7% | |||
BlackRock, Inc. Class A | 7,161 | 6,477,912 | |
CME Group, Inc. | 71,212 | 15,703,670 | |
Morningstar, Inc. | 6,164 | 1,912,874 | |
MSCI, Inc. | 8,214 | 5,170,302 | |
S&P Global, Inc. | 2,589 | 1,179,885 | |
30,444,643 | |||
Diversified Financial Services - 0.1% | |||
Ion Acquisition Corp. 2 Ltd. (c) | 59,313 | 424,385 | |
Insurance - 1.3% | |||
American Financial Group, Inc. | 33,449 | 4,469,121 | |
Arthur J. Gallagher & Co. | 50,220 | 8,180,838 | |
BRP Group, Inc. (b) | 59,411 | 2,200,583 | |
14,850,542 | |||
TOTAL FINANCIALS | 48,371,866 | ||
HEALTH CARE - 13.6% | |||
Biotechnology - 3.5% | |||
Adamas Pharmaceuticals, Inc.: | |||
rights (b)(d) | 220,830 | 13,250 | |
rights (b)(d) | 220,830 | 13,250 | |
Affimed NV (b) | 66,968 | 456,722 | |
Alnylam Pharmaceuticals, Inc. (b) | 11,000 | 2,021,800 | |
Applied Therapeutics, Inc. (b) | 57,400 | 658,952 | |
Atara Biotherapeutics, Inc. (b) | 49,534 | 886,163 | |
BioNTech SE ADR (b)(e) | 4,035 | 1,419,271 | |
Cytokinetics, Inc. (b) | 26,300 | 1,034,642 | |
Erasca, Inc. | 13,100 | 185,627 | |
Evelo Biosciences, Inc. (b) | 8,000 | 68,960 | |
Gamida Cell Ltd. (b)(e) | 178,854 | 457,866 | |
Hookipa Pharma, Inc. (b) | 49,500 | 159,885 | |
Innovent Biologics, Inc. (a)(b) | 131,928 | 1,173,276 | |
Insmed, Inc. (b) | 95,320 | 2,623,206 | |
Prelude Therapeutics, Inc. (b) | 4,000 | 57,160 | |
Regeneron Pharmaceuticals, Inc. (b) | 22,762 | 14,488,696 | |
Rubius Therapeutics, Inc. (b) | 28,487 | 352,099 | |
Seres Therapeutics, Inc. (b) | 22,400 | 241,024 | |
Synlogic, Inc. (b) | 163,200 | 406,368 | |
Vertex Pharmaceuticals, Inc. (b) | 58,145 | 10,869,626 | |
Vor Biopharma, Inc. (b) | 56,431 | 651,214 | |
XOMA Corp. (b)(e) | 30,835 | 632,426 | |
38,871,483 | |||
Health Care Equipment & Supplies - 2.0% | |||
Axonics Modulation Technologies, Inc. (b) | 27,738 | 1,509,225 | |
Edwards Lifesciences Corp. (b) | 61,233 | 6,570,913 | |
Insulet Corp. (b) | 1,600 | 461,504 | |
Intuitive Surgical, Inc. (b) | 29,479 | 9,561,219 | |
iRhythm Technologies, Inc. (b) | 7,600 | 802,560 | |
Medacta Group SA (a)(b) | 1,900 | 266,979 | |
Nevro Corp. (b) | 6,185 | 538,590 | |
Penumbra, Inc. (b) | 11,814 | 2,902,109 | |
22,613,099 | |||
Health Care Providers & Services - 4.1% | |||
Guardant Health, Inc. (b) | 16,425 | 1,726,596 | |
HealthEquity, Inc. (b) | 49,355 | 2,698,731 | |
UnitedHealth Group, Inc. | 93,987 | 41,750,905 | |
46,176,232 | |||
Health Care Technology - 0.5% | |||
Certara, Inc. | 28,252 | 760,826 | |
Schrodinger, Inc. (b) | 12,300 | 481,914 | |
Simulations Plus, Inc. (e) | 10,866 | 510,376 | |
Veeva Systems, Inc. Class A (b) | 13,959 | 3,944,534 | |
5,697,650 | |||
Life Sciences Tools & Services - 2.0% | |||
10X Genomics, Inc. (b) | 6,986 | 1,067,531 | |
Berkeley Lights, Inc. (b)(e) | 81,298 | 1,696,689 | |
Bio-Techne Corp. | 4,017 | 1,896,145 | |
Bruker Corp. | 69,117 | 5,597,786 | |
Codexis, Inc. (b) | 60,843 | 2,111,861 | |
Danaher Corp. | 31,165 | 10,023,911 | |
Nanostring Technologies, Inc. (b) | 14,449 | 593,854 | |
Olink Holding AB ADR | 4,000 | 83,840 | |
23,071,617 | |||
Pharmaceuticals - 1.5% | |||
Aclaris Therapeutics, Inc. (b) | 34,000 | 435,200 | |
Eli Lilly & Co. | 56,838 | 14,098,098 | |
Nuvation Bio, Inc. (b) | 41,625 | 373,376 | |
Revance Therapeutics, Inc. (b) | 50,367 | 689,021 | |
Zoetis, Inc. Class A | 5,318 | 1,180,809 | |
16,776,504 | |||
TOTAL HEALTH CARE | 153,206,585 | ||
INDUSTRIALS - 8.1% | |||
Aerospace & Defense - 0.9% | |||
Airbus Group NV (b) | 55,016 | 6,140,887 | |
Axon Enterprise, Inc. (b) | 12,294 | 2,075,104 | |
Northrop Grumman Corp. | 6,896 | 2,405,325 | |
10,621,316 | |||
Airlines - 0.6% | |||
Ryanair Holdings PLC sponsored ADR (b) | 73,184 | 6,992,731 | |
Electrical Equipment - 1.1% | |||
Ballard Power Systems, Inc. (b)(e) | 4,100 | 62,156 | |
Bloom Energy Corp. Class A (b)(e) | 20,100 | 552,348 | |
Ceres Power Holdings PLC (b) | 128,745 | 1,897,166 | |
Eaton Corp. PLC | 7,162 | 1,160,674 | |
Encore Wire Corp. | 17,437 | 2,449,201 | |
Generac Holdings, Inc. (b) | 15,513 | 6,534,696 | |
12,656,241 | |||
Industrial Conglomerates - 0.9% | |||
General Electric Co. | 103,669 | 9,847,518 | |
Machinery - 1.0% | |||
Ingersoll Rand, Inc. | 123,824 | 7,223,892 | |
Otis Worldwide Corp. | 53,401 | 4,293,440 | |
11,517,332 | |||
Professional Services - 2.2% | |||
ASGN, Inc. (b) | 9,132 | 1,111,182 | |
Clarivate Analytics PLC (b) | 103,431 | 2,414,080 | |
CoStar Group, Inc. (b) | 5,900 | 458,784 | |
Equifax, Inc. | 31,347 | 8,734,842 | |
KBR, Inc. | 168,593 | 7,418,092 | |
Kforce, Inc. | 8,000 | 613,040 | |
Upwork, Inc. (b) | 98,943 | 3,686,616 | |
24,436,636 | |||
Road & Rail - 0.6% | |||
Uber Technologies, Inc. (b) | 169,703 | 6,448,714 | |
Trading Companies & Distributors - 0.8% | |||
Azelis Group NV | 17,900 | 510,250 | |
Ferguson PLC | 45,279 | 6,904,086 | |
United Rentals, Inc. (b) | 3,200 | 1,083,968 | |
8,498,304 | |||
TOTAL INDUSTRIALS | 91,018,792 | ||
INFORMATION TECHNOLOGY - 38.7% | |||
Electronic Equipment & Components - 0.2% | |||
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 375,740 | 1,400,405 | |
IT Services - 4.3% | |||
Adyen BV (a)(b) | 1,293 | 3,581,397 | |
Amadeus IT Holding SA Class A (b) | 46,293 | 2,963,937 | |
Cloudflare, Inc. (b) | 12,904 | 2,429,049 | |
Cognizant Technology Solutions Corp. Class A | 74,200 | 5,786,116 | |
MasterCard, Inc. Class A | 8,711 | 2,743,268 | |
MongoDB, Inc. Class A (b) | 23,964 | 11,936,468 | |
PayPal Holdings, Inc. (b) | 24,196 | 4,473,598 | |
Shopify, Inc. Class A (b) | 3,186 | 4,840,989 | |
Square, Inc. (b) | 22,721 | 4,733,466 | |
VeriSign, Inc. (b) | 19,952 | 4,786,684 | |
48,274,972 | |||
Semiconductors & Semiconductor Equipment - 8.7% | |||
Aixtron AG | 96,603 | 1,939,715 | |
ASML Holding NV | 7,130 | 5,643,466 | |
eMemory Technology, Inc. | 8,000 | 622,605 | |
Enphase Energy, Inc. (b) | 26,650 | 6,662,500 | |
NVIDIA Corp. | 160,348 | 52,395,312 | |
Qualcomm, Inc. | 112,445 | 20,303,069 | |
Silicon Laboratories, Inc. (b) | 1,700 | 333,659 | |
SiTime Corp. (b) | 7,490 | 2,235,615 | |
SolarEdge Technologies, Inc. (b) | 12,093 | 3,963,602 | |
Universal Display Corp. | 25,771 | 3,686,542 | |
97,786,085 | |||
Software - 20.3% | |||
Adobe, Inc. (b) | 61,412 | 41,136,828 | |
Coupa Software, Inc. (b) | 26,865 | 5,283,271 | |
Crowdstrike Holdings, Inc. (b) | 6,862 | 1,490,015 | |
CyberArk Software Ltd. (b) | 35,787 | 6,185,783 | |
Elastic NV (b) | 988 | 153,594 | |
Epic Games, Inc. (b)(c)(d) | 805 | 579,528 | |
Intuit, Inc. | 18,160 | 11,845,768 | |
Mandiant, Inc. (b) | 709,177 | 12,034,734 | |
Manhattan Associates, Inc. (b) | 41,293 | 6,448,315 | |
Microsoft Corp. | 374,671 | 123,862,485 | |
Palo Alto Networks, Inc. (b) | 32,868 | 17,976,824 | |
SentinelOne, Inc. (e) | 5,300 | 286,041 | |
Volue A/S | 113,400 | 759,799 | |
228,042,985 | |||
Technology Hardware, Storage & Peripherals - 5.2% | |||
Apple, Inc. | 354,486 | 58,596,536 | |
TOTAL INFORMATION TECHNOLOGY | 434,100,983 | ||
MATERIALS - 3.6% | |||
Chemicals - 3.2% | |||
Albemarle Corp. U.S. | 44,377 | 11,826,027 | |
Axalta Coating Systems Ltd. (b) | 76,338 | 2,314,568 | |
CF Industries Holdings, Inc. | 107,800 | 6,531,602 | |
Corbion NV | 10,319 | 478,410 | |
Sherwin-Williams Co. | 33,866 | 11,217,774 | |
The Chemours Co. LLC | 122,201 | 3,629,370 | |
35,997,751 | |||
Metals & Mining - 0.4% | |||
First Quantum Minerals Ltd. | 62,400 | 1,330,112 | |
Freeport-McMoRan, Inc. | 37,100 | 1,375,668 | |
Lynas Rare Earths Ltd. (b) | 179,645 | 1,125,368 | |
MP Materials Corp. (b)(e) | 14,917 | 655,453 | |
4,486,601 | |||
TOTAL MATERIALS | 40,484,352 | ||
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.4% | |||
Prologis (REIT), Inc. | 29,886 | 4,505,315 | |
Real Estate Management & Development - 0.1% | |||
Doma Holdings, Inc. (c) | 115,014 | 725,738 | |
TOTAL REAL ESTATE | 5,231,053 | ||
UTILITIES - 0.5% | |||
Electric Utilities - 0.5% | |||
NextEra Energy, Inc. | 65,900 | 5,718,802 | |
Independent Power and Renewable Electricity Producers - 0.0% | |||
Brookfield Renewable Partners LP | 11,744 | 426,307 | |
TOTAL UTILITIES | 6,145,109 | ||
TOTAL COMMON STOCKS | |||
(Cost $570,508,164) | 1,123,975,095 | ||
Convertible Preferred Stocks - 0.3% | |||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (c)(d) | 26,300 | 98,309 | |
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
AppNexus, Inc. Series E (Escrow) (b)(c)(d) | 38,419 | 1,203 | |
Software - 0.0% | |||
ASAPP, Inc. Series C (c)(d) | 90,925 | 414,486 | |
TOTAL INFORMATION TECHNOLOGY | 415,689 | ||
MATERIALS - 0.3% | |||
Metals & Mining - 0.3% | |||
Illuminated Holdings, Inc.: | |||
Series C2 (b)(c)(d) | 21,131 | 912,859 | |
Series C3 (b)(c)(d) | 26,414 | 1,141,085 | |
Series C4 (c)(d) | 6,345 | 274,104 | |
Series C5 (c)(d) | 13,150 | 568,080 | |
2,896,128 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $2,827,365) | 3,410,126 | ||
Money Market Funds - 0.8% | |||
Fidelity Cash Central Fund 0.06% (f) | 5,813,863 | 5,815,026 | |
Fidelity Securities Lending Cash Central Fund 0.07% (f)(g) | 3,732,631 | 3,733,005 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $9,548,031) | 9,548,031 | ||
TOTAL INVESTMENT IN SECURITIES - 101.2% | |||
(Cost $582,883,560) | 1,136,933,252 | ||
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (13,727,731) | ||
NET ASSETS - 100% | $1,123,205,521 |
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 $16,279,224 or 1.4% of net assets.
(b) Non-income producing
(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 $5,139,777 or 0.5% of net assets.
(d) Level 3 security
(e) Security or a portion of the security is on loan at period end.
(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 |
ASAPP, Inc. Series C | 4/30/21 | $599,841 |
Doma Holdings, Inc. | 3/2/21 | $1,150,140 |
ElevateBio LLC Series C | 3/9/21 | $110,329 |
Epic Games, Inc. | 3/29/21 | $712,425 |
Illuminated Holdings, Inc. Series C2 | 7/7/20 | $528,275 |
Illuminated Holdings, Inc. Series C3 | 7/7/20 | $792,420 |
Illuminated Holdings, Inc. Series C4 | 1/8/21 | $228,420 |
Illuminated Holdings, Inc. Series C5 | 6/16/21 | $568,080 |
Ion Acquisition Corp. 2 Ltd. | 6/24/21 | $593,130 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $-- | $276,168,064 | $270,353,038 | $4,985 | $-- | $-- | $5,815,026 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.07% | 8,916,548 | 86,489,068 | 91,672,611 | 49,047 | -- | -- | 3,733,005 | 0.0% |
Total | $8,916,548 | $362,657,132 | $362,025,649 | $54,032 | $-- | $-- | $9,548,031 |
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, 2021, 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 | $217,527,067 | $217,527,067 | $-- | $-- |
Consumer Discretionary | 95,604,160 | 95,604,160 | -- | -- |
Consumer Staples | 14,572,832 | 9,916,209 | 4,656,623 | -- |
Energy | 17,712,296 | 17,712,296 | -- | -- |
Financials | 48,371,866 | 47,366,459 | 1,005,407 | -- |
Health Care | 153,304,894 | 153,180,085 | -- | 124,809 |
Industrials | 91,018,792 | 84,877,905 | 6,140,887 | -- |
Information Technology | 434,516,672 | 424,953,111 | 8,568,344 | 995,217 |
Materials | 43,380,480 | 39,358,984 | 1,125,368 | 2,896,128 |
Real Estate | 5,231,053 | 5,231,053 | -- | -- |
Utilities | 6,145,109 | 6,145,109 | -- | -- |
Money Market Funds | 9,548,031 | 9,548,031 | -- | -- |
Total Investments in Securities: | $1,136,933,252 | $1,111,420,469 | $21,496,629 | $4,016,154 |
Net unrealized depreciation on unfunded commitments | $(59,640) | $-- | $(59,640) | $-- |
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 | 87.6% |
Netherlands | 3.3% |
India | 1.8% |
Spain | 1.1% |
Ireland | 1.0% |
Others (Individually Less Than 1%) | 5.2% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
November 30, 2021 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $3,516,221) — See accompanying schedule: Unaffiliated issuers (cost $573,335,529) | $1,127,385,221 | |
Fidelity Central Funds (cost $9,548,031) | 9,548,031 | |
Total Investment in Securities (cost $582,883,560) | $1,136,933,252 | |
Receivable for investments sold | 59,117,329 | |
Receivable for fund shares sold | 43,445 | |
Dividends receivable | 547,277 | |
Distributions receivable from Fidelity Central Funds | 1,004 | |
Receivable from investment adviser for expense reductions | 1,114 | |
Other receivables | 4 | |
Total assets | 1,196,643,425 | |
Liabilities | ||
Payable for investments purchased | $24,101,741 | |
Unrealized depreciation on unfunded commitments | 59,640 | |
Payable for fund shares redeemed | 44,543,893 | |
Other payables and accrued expenses | 1,000,405 | |
Collateral on securities loaned | 3,732,225 | |
Total liabilities | 73,437,904 | |
Net Assets | $1,123,205,521 | |
Net Assets consist of: | ||
Paid in capital | $374,589,683 | |
Total accumulated earnings (loss) | 748,615,838 | |
Net Assets | $1,123,205,521 | |
Net Asset Value, offering price and redemption price per share ($1,123,205,521 ÷ 56,896,906 shares) | $19.74 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended November 30, 2021 | ||
Investment Income | ||
Dividends | $7,247,293 | |
Special dividends | 3,536,938 | |
Income from Fidelity Central Funds (including $49,047 from security lending) | 54,032 | |
Total income | 10,838,263 | |
Expenses | ||
Custodian fees and expenses | $67,345 | |
Independent trustees' fees and expenses | 4,196 | |
Interest | 1,428 | |
Total expenses before reductions | 72,969 | |
Expense reductions | (33,401) | |
Total expenses after reductions | 39,568 | |
Net investment income (loss) | 10,798,695 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 187,324,501 | |
Foreign currency transactions | (59,641) | |
Total net realized gain (loss) | 187,264,860 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $309,366) | 78,083,529 | |
Unfunded commitments | (59,640) | |
Assets and liabilities in foreign currencies | 2,096 | |
Total change in net unrealized appreciation (depreciation) | 78,025,985 | |
Net gain (loss) | 265,290,845 | |
Net increase (decrease) in net assets resulting from operations | $276,089,540 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended November 30, 2021 | Year ended November 30, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $10,798,695 | $6,130,085 |
Net realized gain (loss) | 187,264,860 | 214,742,357 |
Change in net unrealized appreciation (depreciation) | 78,025,985 | 133,191,803 |
Net increase (decrease) in net assets resulting from operations | 276,089,540 | 354,064,245 |
Distributions to shareholders | (221,400,049) | (119,061,402) |
Share transactions | ||
Proceeds from sales of shares | 185,720,214 | 119,682,293 |
Reinvestment of distributions | 221,400,048 | 119,061,402 |
Cost of shares redeemed | (346,246,254) | (443,826,502) |
Net increase (decrease) in net assets resulting from share transactions | 60,874,008 | (205,082,807) |
Total increase (decrease) in net assets | 115,563,499 | 29,920,036 |
Net Assets | ||
Beginning of period | 1,007,642,022 | 977,721,986 |
End of period | $1,123,205,521 | $1,007,642,022 |
Other Information | ||
Shares | ||
Sold | 10,636,009 | 7,595,541 |
Issued in reinvestment of distributions | 13,907,038 | 8,510,465 |
Redeemed | (18,706,744) | (28,013,356) |
Net increase (decrease) | 5,836,303 | (11,907,350) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Series Equity Growth Fund
Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $19.73 | $15.53 | $14.20 | $15.41 | $11.22 |
Income from Investment Operations | |||||
Net investment income (loss)A | .17B | .10 | .12 | .13 | .08 |
Net realized and unrealized gain (loss) | 4.20 | 6.02 | 2.33 | 1.05 | 4.12 |
Total from investment operations | 4.37 | 6.12 | 2.45 | 1.18 | 4.20 |
Distributions from net investment income | (.13) | (.13) | (.13) | (.09) | (.01) |
Distributions from net realized gain | (4.23) | (1.79) | (.99) | (2.30) | – |
Total distributions | (4.36) | (1.92) | (1.12) | (2.39) | (.01) |
Net asset value, end of period | $19.74 | $19.73 | $15.53 | $14.20 | $15.41 |
Total ReturnC | 27.43% | 44.43% | 19.73% | 8.96% | 37.51% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .01% | .01% | .01% | .01% | .32% |
Expenses net of fee waivers, if any | - %F | .01% | .01% | .01% | .32% |
Expenses net of all reductions | - %F | .01% | .01% | - %F | .32% |
Net investment income (loss) | .95%B | .65% | .84% | .92% | .57% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $1,123,206 | $1,007,642 | $977,722 | $947,353 | $933,562 |
Portfolio turnover rateG | 51% | 56% | 52%H | 38% | 48% |
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 .64%.
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 represents less than .005%.
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, 2021
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.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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, 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, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, 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, partnerships, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $576,564,237 |
Gross unrealized depreciation | (23,671,191) |
Net unrealized appreciation (depreciation) | $552,893,046 |
Tax Cost | $583,980,566 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $45,504,756 |
Undistributed long-term capital gain | $151,203,398 |
Net unrealized appreciation (depreciation) on securities and other investments | $552,894,813 |
The tax character of distributions paid was as follows:
November 30, 2021 | November 30, 2020 | |
Ordinary Income | $36,586,650 | $ 8,082,497 |
Long-term Capital Gains | 184,813,399 | 110,978,905 |
Total | $221,400,049 | $ 119,061,402 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.
Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.
At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Series Equity Growth Fund | 563,975,145 | 713,887,668 |
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 | $8,913 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At 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 | $14,137,167 | .30% | $1,428 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Series Equity Growth Fund | 45,517,093 | 32,313,823 | 5,155,061 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Series Equity Growth Fund | $5,011 | $1,190 | $– |
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, 2025. 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 $33,401.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. 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, 2021, the related statement of operations for the year ended November 30, 2021, the statement of changes in net assets for each of the two years in the period ended November 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended November 30, 2021 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, 2021 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 13, 2022
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 314 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 (2014-2018).
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+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
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 and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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
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 an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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, 2021 to November 30, 2021).
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, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
Fidelity Advisor Series Equity Growth Fund | - %-C | |||
Actual | $1,000.00 | $1,121.00 | $--D | |
Hypothetical-E | $1,000.00 | $1,025.07 | $--D |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Series Equity Growth Fund voted to pay on December 16, 2021, to shareholders of record at the opening of business on December 15, 2021, a distribution of $3.255 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.199 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $151,242,166, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 14% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 16% 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 2022 of amounts for use in preparing 2021 income tax returns.
AXM1-ANN-0122
1.9860268.107
Item 2.
Code of Ethics
As of the end of the period, November 30, 2021, 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, 2021 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Advisor Equity Growth Fund | $44,900 | $- | $8,500 | $1,100 |
Fidelity Advisor Equity Income Fund | $41,800 | $- | $9,200 | $1,000 |
Fidelity Advisor Equity Value Fund | $39,700 | $- | $9,900 | $1,000 |
Fidelity Advisor Growth & Income Fund | $41,400 | $- | $7,400 | $1,000 |
Fidelity Advisor Growth Opportunities Fund | $48,700 | $- | $9,000 | $1,200 |
Fidelity Advisor Large Cap Fund | $42,500 | $- | $7,300 | $1,000 |
Fidelity Advisor Series Growth Opportunities Fund | $45,600 | $- | $9,000 | $1,100 |
Fidelity Advisor Stock Selector Mid Cap Fund | $41,100 | $- | $7,600 | $1,000 |
Fidelity Advisor Value Strategies Fund | $40,600 | $- | $10,900 | $1,100 |
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 |
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, 2021 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Advisor Dividend Growth Fund | $44,300 | $4,300 | $7,800 | $1,400 |
Fidelity Advisor Series Equity Growth Fund | $24,400 | $2,500 | $6,400 | $800 |
Fidelity Advisor Series Small Cap Fund | $33,700 | $3,400 | $8,700 | $1,100 |
Fidelity Advisor Small Cap Fund | $35,600 | $3,600 | $8,600 | $1,200 |
Fidelity Real Estate High Income Fund | $148,300 | $13,300 | $15,200 | $4,400 |
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 |
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, 2021A | November 30, 2020A | |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
Services Billed by PwC
November 30, 2021A | November 30, 2020A | |
Audit-Related Fees | $8,522,600 | $9,377,400 |
Tax Fees | $354,200 | $30,000 |
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, 2021A | November 30, 2020A |
Deloitte Entities | $609,900 | $590,700 |
PwC | $14,202,200 | $14,624,900 |
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 20, 2022 |
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 20, 2022 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | January 20, 2022 |