UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03785
Fidelity Advisor Series I
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
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: | August 31 |
Date of reporting period: | February 28, 2022 |
Item 1.
Reports to Stockholders
Fidelity Advisor® Balanced Fund
Semi-Annual Report
February 28, 2022
Contents
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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.
Investment Summary (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Fixed-Income Central Funds.Top Five Stocks as of February 28, 2022
| % of fund's net assets | |
| Microsoft Corp. | 4.7 |
| Apple, Inc. | 4.0 |
| Amazon.com, Inc. | 2.7 |
| Alphabet, Inc. Class A | 1.7 |
| Alphabet, Inc. Class C | 1.5 |
| 14.6 |
Top Five Bond Issuers as of February 28, 2022
| (with maturities greater than one year) | % of fund's net assets |
| U.S. Treasury Obligations | 9.6 |
| Fannie Mae | 2.2 |
| Freddie Mac | 2.2 |
| Ginnie Mae | 1.2 |
| Uniform Mortgage Backed Securities | 1.2 |
| 16.4 |
Top Five Market Sectors as of February 28, 2022
| % of fund's net assets | |
| Information Technology | 18.4 |
| Financials | 12.5 |
| Health Care | 9.5 |
| Consumer Discretionary | 8.5 |
| Communication Services | 7.7 |
Asset Allocation (% of fund's net assets)
| As of February 28, 2022* | ||
| Stocks and Equity Futures | 70.2% | |
| Bonds | 29.5% | |
| Convertible Securities | 0.2% | |
| Other Investments | 0.1% | |
* Foreign investments - 9.1%
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.
Percentages are adjusted for the effect of futures contracts and swaps, if applicable.
Schedule of Investments February 28, 2022 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 68.4% | |||
| Shares | Value (000s) | ||
| COMMUNICATION SERVICES - 7.0% | |||
| Diversified Telecommunication Services - 0.4% | |||
| AT&T, Inc. | 434,541 | $10,294 | |
| Deutsche Telekom AG | 430,626 | 7,719 | |
| Liberty Global PLC Class C (a) | 521,069 | 13,480 | |
| 31,493 | |||
| Entertainment - 1.1% | |||
| Activision Blizzard, Inc. | 199,826 | 16,286 | |
| Cinemark Holdings, Inc. (a)(b) | 159,307 | 2,794 | |
| Netflix, Inc. (a) | 40,387 | 15,933 | |
| Sea Ltd. ADR (a) | 92,691 | 13,496 | |
| Take-Two Interactive Software, Inc. (a) | 21,380 | 3,464 | |
| The Walt Disney Co. (a) | 176,625 | 26,222 | |
| 78,195 | |||
| Interactive Media & Services - 4.9% | |||
| Alphabet, Inc.: | |||
| Class A (a) | 45,342 | 122,475 | |
| Class C (a) | 41,076 | 110,816 | |
| Meta Platforms, Inc. Class A (a) | 462,675 | 97,638 | |
| Snap, Inc. Class A (a) | 518,530 | 20,710 | |
| Tongdao Liepin Group (a) | 1,494,821 | 3,596 | |
| 355,235 | |||
| Media - 0.3% | |||
| Altice U.S.A., Inc. Class A (a) | 213,602 | 2,469 | |
| Comcast Corp. Class A | 239,526 | 11,200 | |
| Liberty Broadband Corp. Class C (a) | 43,700 | 6,411 | |
| 20,080 | |||
| Wireless Telecommunication Services - 0.3% | |||
| T-Mobile U.S., Inc. (a) | 203,995 | 25,134 | |
| TOTAL COMMUNICATION SERVICES | 510,137 | ||
| CONSUMER DISCRETIONARY - 8.2% | |||
| Auto Components - 0.1% | |||
| Adient PLC (a) | 115,300 | 5,160 | |
| Automobiles - 1.1% | |||
| Ferrari NV | 21,500 | 4,629 | |
| Tesla, Inc. (a) | 85,000 | 73,987 | |
| 78,616 | |||
| Distributors - 0.1% | |||
| LKQ Corp. | 151,900 | 7,132 | |
| Hotels, Restaurants & Leisure - 1.3% | |||
| ARAMARK Holdings Corp. | 24,900 | 920 | |
| Booking Holdings, Inc. (a) | 10,000 | 21,723 | |
| Caesars Entertainment, Inc. (a) | 84,300 | 7,097 | |
| Churchill Downs, Inc. | 45,000 | 10,839 | |
| Compass Group PLC | 418,900 | 9,468 | |
| Las Vegas Sands Corp. (a) | 204,400 | 8,761 | |
| Marriott International, Inc. Class A (a) | 125,700 | 21,387 | |
| McDonald's Corp. | 57,800 | 14,148 | |
| Sweetgreen, Inc. Class A (b) | 7,500 | 190 | |
| 94,533 | |||
| Household Durables - 0.4% | |||
| Leggett & Platt, Inc. | 147,300 | 5,462 | |
| Lennar Corp. Class A | 170,800 | 15,352 | |
| Mohawk Industries, Inc. (a) | 32,600 | 4,589 | |
| Tempur Sealy International, Inc. | 96,300 | 3,179 | |
| 28,582 | |||
| Internet & Direct Marketing Retail - 2.9% | |||
| Amazon.com, Inc. (a) | 64,905 | 199,340 | |
| Cazoo Group Ltd. (c) | 53,300 | 188 | |
| Deliveroo PLC Class A (a)(d) | 69,400 | 118 | |
| eBay, Inc. | 234,400 | 12,796 | |
| Farfetch Ltd. Class A (a) | 122,800 | 2,339 | |
| Grab Holdings Ltd. (c) | 72,742 | 419 | |
| 215,200 | |||
| Multiline Retail - 0.3% | |||
| Dollar General Corp. | 9,400 | 1,864 | |
| Dollar Tree, Inc. (a) | 103,800 | 14,748 | |
| Nordstrom, Inc. (a) | 200,273 | 4,154 | |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 34,500 | 1,490 | |
| 22,256 | |||
| Specialty Retail - 1.5% | |||
| Burlington Stores, Inc. (a) | 18,600 | 4,202 | |
| Industria de Diseno Textil SA | 352,200 | 9,187 | |
| Lowe's Companies, Inc. | 214,000 | 47,307 | |
| The Home Depot, Inc. | 85,109 | 26,880 | |
| TJX Companies, Inc. | 321,530 | 21,253 | |
| 108,829 | |||
| Textiles, Apparel & Luxury Goods - 0.5% | |||
| Capri Holdings Ltd. (a) | 52,800 | 3,577 | |
| LVMH Moet Hennessy Louis Vuitton SE | 4,600 | 3,381 | |
| NIKE, Inc. Class B | 88,564 | 12,093 | |
| PVH Corp. | 53,800 | 5,266 | |
| Tapestry, Inc. | 306,300 | 12,528 | |
| 36,845 | |||
| TOTAL CONSUMER DISCRETIONARY | 597,153 | ||
| CONSUMER STAPLES - 4.2% | |||
| Beverages - 1.5% | |||
| Boston Beer Co., Inc. Class A (a) | 5,300 | 2,032 | |
| Constellation Brands, Inc. Class A (sub. vtg.) | 61,700 | 13,304 | |
| Duckhorn Portfolio, Inc. (a) | 54,900 | 1,077 | |
| Keurig Dr. Pepper, Inc. | 123,600 | 4,780 | |
| Monster Beverage Corp. (a) | 131,775 | 11,122 | |
| PepsiCo, Inc. | 196,800 | 32,224 | |
| Pernod Ricard SA | 20,200 | 4,410 | |
| The Coca-Cola Co. | 610,400 | 37,991 | |
| 106,940 | |||
| Food & Staples Retailing - 1.2% | |||
| Albertsons Companies, Inc. (b) | 140,300 | 4,090 | |
| BJ's Wholesale Club Holdings, Inc. (a) | 113,600 | 7,142 | |
| Cake Box Holdings PLC | 54,900 | 106 | |
| Costco Wholesale Corp. | 58,500 | 30,376 | |
| Grocery Outlet Holding Corp. (a) | 32,400 | 901 | |
| U.S. Foods Holding Corp. (a) | 290,200 | 11,344 | |
| Walgreens Boots Alliance, Inc. | 36,600 | 1,687 | |
| Walmart, Inc. | 217,900 | 29,451 | |
| 85,097 | |||
| Food Products - 0.4% | |||
| Bunge Ltd. | 17,400 | 1,819 | |
| Darling Ingredients, Inc. (a) | 31,400 | 2,276 | |
| Freshpet, Inc. (a) | 13,200 | 1,257 | |
| Hotel Chocolat Group Ltd. (a) | 33,000 | 204 | |
| Local Bounti Corp. (a) | 164,787 | 985 | |
| McCormick & Co., Inc. (non-vtg.) | 66,900 | 6,367 | |
| Mondelez International, Inc. | 268,700 | 17,594 | |
| Sovos Brands, Inc. (b) | 62,800 | 762 | |
| TreeHouse Foods, Inc. (a) | 36,100 | 1,417 | |
| 32,681 | |||
| Household Products - 0.9% | |||
| Procter & Gamble Co. | 378,600 | 59,020 | |
| The Clorox Co. | 26,300 | 3,834 | |
| 62,854 | |||
| Personal Products - 0.1% | |||
| Estee Lauder Companies, Inc. Class A | 28,100 | 8,327 | |
| The Honest Co., Inc. (b) | 28,300 | 164 | |
| 8,491 | |||
| Tobacco - 0.1% | |||
| Altria Group, Inc. | 158,700 | 8,140 | |
| TOTAL CONSUMER STAPLES | 304,203 | ||
| ENERGY - 2.5% | |||
| Energy Equipment & Services - 0.3% | |||
| Baker Hughes Co. Class A | 52,700 | 1,548 | |
| Halliburton Co. | 349,600 | 11,722 | |
| Liberty Oilfield Services, Inc. Class A (a) | 126,900 | 1,584 | |
| Oceaneering International, Inc. (a) | 117,835 | 1,725 | |
| Schlumberger Ltd. | 76,500 | 3,002 | |
| U.S. Silica Holdings, Inc. (a) | 100,600 | 1,455 | |
| Weatherford International PLC (a) | 45,000 | 1,278 | |
| 22,314 | |||
| Oil, Gas & Consumable Fuels - 2.2% | |||
| Africa Oil Corp. | 983,400 | 2,250 | |
| Canadian Natural Resources Ltd. | 316,700 | 17,693 | |
| CVR Energy, Inc. | 39,467 | 686 | |
| Exxon Mobil Corp. | 781,691 | 61,300 | |
| Genesis Energy LP | 497,119 | 5,941 | |
| Harbour Energy PLC (a) | 411,675 | 2,180 | |
| Hess Corp. | 186,400 | 18,838 | |
| Imperial Oil Ltd. | 131,800 | 5,916 | |
| Kosmos Energy Ltd. (a) | 518,100 | 2,518 | |
| MEG Energy Corp. (a) | 990,600 | 12,934 | |
| Murphy Oil Corp. | 117,400 | 4,070 | |
| Phillips 66 Co. | 129,274 | 10,890 | |
| Tourmaline Oil Corp. | 129,600 | 5,112 | |
| Valero Energy Corp. | 91,200 | 7,616 | |
| 157,944 | |||
| TOTAL ENERGY | 180,258 | ||
| FINANCIALS - 7.9% | |||
| Banks - 3.7% | |||
| Bank of America Corp. | 1,423,793 | 62,932 | |
| BNP Paribas SA | 26,000 | 1,509 | |
| Citizens Financial Group, Inc. | 205,950 | 10,796 | |
| Comerica, Inc. | 46,633 | 4,453 | |
| Eurobank Ergasias Services and Holdings SA (a) | 3,907,361 | 4,280 | |
| JPMorgan Chase & Co. | 264,617 | 37,523 | |
| M&T Bank Corp. | 59,598 | 10,861 | |
| Piraeus Financial Holdings SA (a) | 918,277 | 1,454 | |
| PNC Financial Services Group, Inc. | 92,772 | 18,485 | |
| Signature Bank | 23,663 | 8,161 | |
| Silvergate Capital Corp. (a) | 12,400 | 1,588 | |
| Societe Generale Series A | 198,517 | 5,614 | |
| Standard Chartered PLC (United Kingdom) | 409,267 | 2,917 | |
| Starling Bank Ltd. Series D (a)(c)(e) | 659,301 | 2,017 | |
| SVB Financial Group (a) | 14,449 | 8,756 | |
| U.S. Bancorp | 65,800 | 3,720 | |
| UniCredit SpA | 401,973 | 5,079 | |
| Wells Fargo & Co. | 1,453,873 | 77,593 | |
| 267,738 | |||
| Capital Markets - 1.8% | |||
| Bank of New York Mellon Corp. | 677,593 | 36,014 | |
| BlackRock, Inc. Class A | 27,432 | 20,406 | |
| Cboe Global Markets, Inc. | 30,784 | 3,611 | |
| CME Group, Inc. | 40,530 | 9,587 | |
| Goldman Sachs Group, Inc. | 25,152 | 8,584 | |
| Intercontinental Exchange, Inc. | 194,343 | 24,899 | |
| Morgan Stanley | 122,316 | 11,099 | |
| State Street Corp. | 108,311 | 9,242 | |
| StepStone Group, Inc. Class A | 117,503 | 4,057 | |
| Virtu Financial, Inc. Class A | 89,100 | 3,126 | |
| 130,625 | |||
| Consumer Finance - 0.6% | |||
| American Express Co. | 68,799 | 13,384 | |
| Capital One Financial Corp. | 130,467 | 19,997 | |
| OneMain Holdings, Inc. | 235,887 | 12,026 | |
| Shriram Transport Finance Co. Ltd. | 103,449 | 1,540 | |
| 46,947 | |||
| Diversified Financial Services - 0.4% | |||
| Ant International Co. Ltd. Class C (a)(c)(e) | 682,677 | 1,311 | |
| Berkshire Hathaway, Inc.: | |||
| Class A (a) | 11 | 5,238 | |
| Class B (a) | 71,512 | 22,988 | |
| Jumo World Ltd. (e) | 162 | 941 | |
| WeWork, Inc. (a) | 292,100 | 1,869 | |
| 32,347 | |||
| Insurance - 1.4% | |||
| AIA Group Ltd. | 132,600 | 1,377 | |
| Arthur J. Gallagher & Co. | 77,054 | 12,189 | |
| Chubb Ltd. | 21,282 | 4,334 | |
| Hartford Financial Services Group, Inc. | 242,915 | 16,878 | |
| Marsh & McLennan Companies, Inc. | 107,518 | 16,709 | |
| Prudential PLC (a) | 72,987 | 1,103 | |
| The Travelers Companies, Inc. | 280,506 | 48,199 | |
| 100,789 | |||
| TOTAL FINANCIALS | 578,446 | ||
| HEALTH CARE - 9.0% | |||
| Biotechnology - 0.7% | |||
| Amgen, Inc. | 62,155 | 14,077 | |
| Argenx SE ADR (a) | 3,478 | 1,001 | |
| Horizon Therapeutics PLC (a) | 198,762 | 18,121 | |
| Legend Biotech Corp. ADR (a) | 12,700 | 503 | |
| Regeneron Pharmaceuticals, Inc. (a) | 29,100 | 17,994 | |
| 51,696 | |||
| Health Care Equipment & Supplies - 2.7% | |||
| Abbott Laboratories | 400,054 | 48,255 | |
| Boston Scientific Corp. (a) | 713,219 | 31,503 | |
| DexCom, Inc. (a) | 20,076 | 8,310 | |
| Envista Holdings Corp. (a) | 237,800 | 11,414 | |
| Intuitive Surgical, Inc. (a) | 91,490 | 26,562 | |
| ResMed, Inc. | 83,022 | 20,486 | |
| Siemens Healthineers AG (d) | 221,816 | 14,234 | |
| Stryker Corp. | 151,990 | 40,027 | |
| 200,791 | |||
| Health Care Providers & Services - 2.6% | |||
| agilon health, Inc. (a) | 337,900 | 6,832 | |
| AmerisourceBergen Corp. | 167,700 | 23,902 | |
| Guardant Health, Inc. (a) | 16,100 | 1,067 | |
| HCA Holdings, Inc. | 89,402 | 22,378 | |
| Humana, Inc. | 34,434 | 14,955 | |
| Option Care Health, Inc. (a) | 387,839 | 9,967 | |
| Surgery Partners, Inc. (a) | 414,505 | 21,666 | |
| UnitedHealth Group, Inc. | 180,018 | 85,665 | |
| 186,432 | |||
| Health Care Technology - 0.0% | |||
| Health Catalyst, Inc. (a) | 96,658 | 2,621 | |
| Life Sciences Tools & Services - 0.8% | |||
| Avantor, Inc. (a) | 148,768 | 5,161 | |
| Thermo Fisher Scientific, Inc. | 98,632 | 53,656 | |
| 58,817 | |||
| Pharmaceuticals - 2.2% | |||
| AstraZeneca PLC sponsored ADR | 63,721 | 3,879 | |
| Bristol-Myers Squibb Co. | 653,720 | 44,891 | |
| Eli Lilly & Co. | 161,634 | 40,400 | |
| Roche Holding AG (participation certificate) | 37,605 | 14,242 | |
| Royalty Pharma PLC | 416,319 | 16,345 | |
| UCB SA | 115,019 | 12,553 | |
| Zoetis, Inc. Class A | 138,800 | 26,879 | |
| 159,189 | |||
| TOTAL HEALTH CARE | 659,546 | ||
| INDUSTRIALS - 6.2% | |||
| Aerospace & Defense - 2.5% | |||
| General Dynamics Corp. | 89,364 | 20,951 | |
| Lockheed Martin Corp. | 74,804 | 32,450 | |
| Northrop Grumman Corp. | 69,896 | 30,904 | |
| Raytheon Technologies Corp. | 414,814 | 42,601 | |
| Space Exploration Technologies Corp. Class A (a)(c)(e) | 16,000 | 896 | |
| The Boeing Co. (a) | 253,548 | 52,064 | |
| 179,866 | |||
| Air Freight & Logistics - 0.4% | |||
| FedEx Corp. | 64,682 | 14,377 | |
| United Parcel Service, Inc. Class B | 60,852 | 12,804 | |
| 27,181 | |||
| Building Products - 0.0% | |||
| Jeld-Wen Holding, Inc. (a) | 78,800 | 1,819 | |
| Commercial Services & Supplies - 0.1% | |||
| CoreCivic, Inc. (a) | 460,599 | 4,196 | |
| The GEO Group, Inc. | 908,900 | 5,417 | |
| 9,613 | |||
| Construction & Engineering - 0.3% | |||
| AECOM | 213,532 | 15,515 | |
| API Group Corp. (a) | 152,087 | 3,281 | |
| Fluor Corp. (a) | 19,600 | 425 | |
| 19,221 | |||
| Electrical Equipment - 0.3% | |||
| Fluence Energy, Inc. (b) | 45,020 | 609 | |
| Sensata Technologies, Inc. PLC (a) | 415,426 | 24,057 | |
| 24,666 | |||
| Industrial Conglomerates - 0.7% | |||
| 3M Co. | 85,598 | 12,724 | |
| General Electric Co. | 303,248 | 28,963 | |
| Honeywell International, Inc. | 28,421 | 5,393 | |
| 47,080 | |||
| Machinery - 0.7% | |||
| Allison Transmission Holdings, Inc. | 475,650 | 18,997 | |
| Caterpillar, Inc. | 120,102 | 22,529 | |
| Flowserve Corp. | 62,872 | 1,909 | |
| Fortive Corp. | 118,580 | 7,678 | |
| 51,113 | |||
| Marine - 0.1% | |||
| Genco Shipping & Trading Ltd. | 213,002 | 4,107 | |
| Star Bulk Carriers Corp. (b) | 158,953 | 4,781 | |
| 8,888 | |||
| Professional Services - 0.6% | |||
| Dun & Bradstreet Holdings, Inc. (a) | 248,506 | 4,612 | |
| Equifax, Inc. | 32,200 | 7,031 | |
| Nielsen Holdings PLC | 1,995,242 | 34,757 | |
| Otonomo Technologies Ltd. (a) | 96,391 | 139 | |
| 46,539 | |||
| Road & Rail - 0.5% | |||
| CSX Corp. | 66,342 | 2,250 | |
| Norfolk Southern Corp. | 66,754 | 17,124 | |
| Uber Technologies, Inc. (a) | 376,204 | 13,555 | |
| Union Pacific Corp. | 22,292 | 5,483 | |
| 38,412 | |||
| TOTAL INDUSTRIALS | 454,398 | ||
| INFORMATION TECHNOLOGY - 17.9% | |||
| Electronic Equipment & Components - 0.3% | |||
| Amphenol Corp. Class A | 169,400 | 12,876 | |
| Jabil, Inc. | 195,077 | 11,277 | |
| 24,153 | |||
| IT Services - 2.5% | |||
| Affirm Holdings, Inc. (a)(b) | 78,800 | 3,297 | |
| Block, Inc. Class A (a) | 134,600 | 17,162 | |
| Capgemini SA | 48,300 | 10,111 | |
| Cognizant Technology Solutions Corp. Class A | 280,800 | 24,185 | |
| Dlocal Ltd. | 107,072 | 3,496 | |
| EPAM Systems, Inc. (a) | 21,300 | 4,425 | |
| MasterCard, Inc. Class A | 32,400 | 11,691 | |
| MongoDB, Inc. Class A (a) | 37,800 | 14,439 | |
| Snowflake Computing, Inc. (a) | 25,300 | 6,721 | |
| Thoughtworks Holding, Inc. | 157,893 | 3,429 | |
| Twilio, Inc. Class A (a) | 51,000 | 8,915 | |
| Visa, Inc. Class A | 320,350 | 69,234 | |
| Wix.com Ltd. (a) | 53,100 | 4,863 | |
| Worldline SA (a)(d) | 36,500 | 1,861 | |
| 183,829 | |||
| Semiconductors & Semiconductor Equipment - 3.8% | |||
| ASML Holding NV (Netherlands) | 15,000 | 10,035 | |
| Lam Research Corp. | 39,300 | 22,061 | |
| Marvell Technology, Inc. | 187,500 | 12,812 | |
| MediaTek, Inc. | 208,000 | 8,222 | |
| Microchip Technology, Inc. | 248,500 | 17,477 | |
| Micron Technology, Inc. | 376,387 | 33,446 | |
| NVIDIA Corp. | 420,600 | 102,563 | |
| NXP Semiconductors NV | 75,397 | 14,334 | |
| Renesas Electronics Corp. (a) | 1,169,900 | 13,782 | |
| Semtech Corp. (a) | 9,468 | 657 | |
| Silergy Corp. | 37,000 | 4,932 | |
| SolarEdge Technologies, Inc. (a) | 34,885 | 11,143 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1,136,000 | 24,431 | |
| 275,895 | |||
| Software - 7.3% | |||
| Adobe, Inc. (a) | 99,300 | 46,441 | |
| Anaplan, Inc. (a) | 162,300 | 7,688 | |
| Autodesk, Inc. (a) | 71,400 | 15,724 | |
| CCC Intelligent Solutions Holdings, Inc. (c) | 34,443 | 374 | |
| Coupa Software, Inc. (a) | 52,200 | 6,317 | |
| Cvent Holding Corp. (c) | 122,436 | 986 | |
| Elastic NV (a) | 42,596 | 3,691 | |
| Epic Games, Inc. (a)(c)(e) | 1,715 | 1,262 | |
| Five9, Inc. (a) | 43,473 | 4,782 | |
| HubSpot, Inc. (a) | 31,000 | 16,275 | |
| Intuit, Inc. | 58,400 | 27,703 | |
| Microsoft Corp. | 1,139,400 | 340,441 | |
| Rimini Street, Inc. (a) | 19,243 | 87 | |
| Salesforce.com, Inc. (a) | 193,589 | 40,756 | |
| Stripe, Inc. Class B (a)(c)(e) | 15,600 | 502 | |
| Synopsys, Inc. (a) | 28,318 | 8,846 | |
| Workday, Inc. Class A (a) | 44,400 | 10,170 | |
| Yext, Inc. (a) | 100,601 | 746 | |
| 532,791 | |||
| Technology Hardware, Storage & Peripherals - 4.0% | |||
| Apple, Inc. | 1,740,220 | 287,345 | |
| TOTAL INFORMATION TECHNOLOGY | 1,304,013 | ||
| MATERIALS - 1.9% | |||
| Chemicals - 1.0% | |||
| Air Products & Chemicals, Inc. | 29,507 | 6,973 | |
| Albemarle Corp. U.S. | 28,000 | 5,485 | |
| CF Industries Holdings, Inc. | 147,900 | 12,008 | |
| DuPont de Nemours, Inc. | 71,542 | 5,535 | |
| Ecolab, Inc. | 27,183 | 4,791 | |
| International Flavors & Fragrances, Inc. | 33,937 | 4,514 | |
| Linde PLC | 43,983 | 12,898 | |
| Olin Corp. | 233,942 | 12,050 | |
| Sherwin-Williams Co. | 16,654 | 4,382 | |
| Valvoline, Inc. | 191,900 | 6,204 | |
| 74,840 | |||
| Construction Materials - 0.3% | |||
| Martin Marietta Materials, Inc. | 18,007 | 6,832 | |
| Summit Materials, Inc. (a) | 153,374 | 4,788 | |
| Vulcan Materials Co. | 31,300 | 5,679 | |
| 17,299 | |||
| Containers & Packaging - 0.1% | |||
| Crown Holdings, Inc. | 77,000 | 9,446 | |
| Metals & Mining - 0.5% | |||
| First Quantum Minerals Ltd. | 337,800 | 9,906 | |
| Freeport-McMoRan, Inc. | 362,948 | 17,040 | |
| Newmont Corp. | 90,028 | 5,960 | |
| Reliance Steel & Aluminum Co. | 22,025 | 4,204 | |
| 37,110 | |||
| TOTAL MATERIALS | 138,695 | ||
| REAL ESTATE - 1.9% | |||
| Equity Real Estate Investment Trusts (REITs) - 1.8% | |||
| Alexandria Real Estate Equities, Inc. | 3,100 | 587 | |
| American Tower Corp. | 72,600 | 16,471 | |
| Corporate Office Properties Trust (SBI) | 78,600 | 2,060 | |
| Crown Castle International Corp. | 91,900 | 15,310 | |
| CubeSmart | 120,600 | 5,814 | |
| Douglas Emmett, Inc. | 44,100 | 1,398 | |
| Equity Lifestyle Properties, Inc. | 124,600 | 9,298 | |
| Essex Property Trust, Inc. | 14,300 | 4,536 | |
| Invitation Homes, Inc. | 196,500 | 7,428 | |
| Kilroy Realty Corp. | 37,100 | 2,657 | |
| Life Storage, Inc. | 18,000 | 2,279 | |
| LXP Industrial Trust (REIT) | 248,300 | 3,839 | |
| Mid-America Apartment Communities, Inc. | 26,100 | 5,340 | |
| Prologis (REIT), Inc. | 117,500 | 17,137 | |
| Simon Property Group, Inc. | 39,200 | 5,392 | |
| Ventas, Inc. | 94,500 | 5,103 | |
| VICI Properties, Inc. | 37,300 | 1,043 | |
| Welltower, Inc. | 248,451 | 20,693 | |
| Weyerhaeuser Co. | 105,100 | 4,086 | |
| 130,471 | |||
| Real Estate Management & Development - 0.1% | |||
| Cushman & Wakefield PLC (a) | 345,100 | 7,565 | |
| Jones Lang LaSalle, Inc. (a) | 13,900 | 3,422 | |
| 10,987 | |||
| TOTAL REAL ESTATE | 141,458 | ||
| UTILITIES - 1.7% | |||
| Electric Utilities - 1.2% | |||
| Constellation Energy Corp. | 102,325 | 4,705 | |
| Edison International | 133,200 | 8,448 | |
| Entergy Corp. | 21,671 | 2,280 | |
| Evergy, Inc. | 93,365 | 5,827 | |
| Exelon Corp. | 281,476 | 11,980 | |
| FirstEnergy Corp. | 210,700 | 8,818 | |
| NextEra Energy, Inc. | 300,200 | 23,497 | |
| PG&E Corp. (a) | 660,962 | 7,515 | |
| Southern Co. | 184,300 | 11,937 | |
| 85,007 | |||
| Independent Power and Renewable Electricity Producers - 0.1% | |||
| The AES Corp. | 278,849 | 5,920 | |
| Multi-Utilities - 0.4% | |||
| CenterPoint Energy, Inc. | 207,745 | 5,682 | |
| Dominion Energy, Inc. | 113,645 | 9,038 | |
| NiSource, Inc. | 152,500 | 4,412 | |
| Public Service Enterprise Group, Inc. | 63,800 | 4,136 | |
| Sempra Energy | 73,124 | 10,546 | |
| 33,814 | |||
| TOTAL UTILITIES | 124,741 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $3,522,516) | 4,993,048 | ||
| Preferred Stocks - 0.3% | |||
| Convertible Preferred Stocks - 0.2% | |||
| CONSUMER DISCRETIONARY - 0.0% | |||
| Textiles, Apparel & Luxury Goods - 0.0% | |||
| Algolia SAS Series D (c)(e) | 28,657 | 838 | |
| INDUSTRIALS - 0.0% | |||
| Aerospace & Defense - 0.0% | |||
| ABL Space Systems: | |||
| Series B (c)(e) | 16,809 | 1,143 | |
| Series B2 (c)(e) | 8,427 | 573 | |
| 1,716 | |||
| Construction & Engineering - 0.0% | |||
| Beta Technologies, Inc. Series A (c)(e) | 6,703 | 491 | |
| TOTAL INDUSTRIALS | 2,207 | ||
| INFORMATION TECHNOLOGY - 0.2% | |||
| Communications Equipment - 0.0% | |||
| Astranis Space Technologies Corp. Series C (c)(e) | 56,066 | 1,670 | |
| Xsight Labs Ltd. Series D (c)(e) | 60,136 | 600 | |
| 2,270 | |||
| IT Services - 0.1% | |||
| ByteDance Ltd. Series E1 (a)(c)(e) | 18,992 | 2,993 | |
| Semiconductors & Semiconductor Equipment - 0.0% | |||
| Astera Labs, Inc. Series C (c)(e) | 140,700 | 568 | |
| GaN Systems, Inc.: | |||
| Series F1 (c)(e) | 15,161 | 129 | |
| Series F2 (c)(e) | 8,006 | 68 | |
| 765 | |||
| Software - 0.1% | |||
| Bolt Technology OU Series E (c)(e) | 6,388 | 1,647 | |
| Databricks, Inc.: | |||
| Series G (c)(e) | 1,359 | 300 | |
| Series H (c)(e) | 6,495 | 1,432 | |
| Skyryse, Inc. Series B (c)(e) | 50,800 | 1,254 | |
| Stripe, Inc. Series H (c)(e) | 6,300 | 203 | |
| 4,836 | |||
| TOTAL INFORMATION TECHNOLOGY | 10,864 | ||
| TOTAL CONVERTIBLE PREFERRED STOCKS | 13,909 | ||
| Nonconvertible Preferred Stocks - 0.1% | |||
| CONSUMER DISCRETIONARY - 0.1% | |||
| Automobiles - 0.1% | |||
| Porsche Automobil Holding SE (Germany) | 61,700 | 6,158 | |
| INFORMATION TECHNOLOGY - 0.0% | |||
| IT Services - 0.0% | |||
| Checkr, Inc. Series E (e) | 30,412 | 1,642 | |
| Gupshup, Inc. (c)(e) | 58,730 | 1,176 | |
| 2,818 | |||
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | 8,976 | ||
| TOTAL PREFERRED STOCKS | |||
| (Cost $19,201) | 22,885 | ||
| Principal Amount (000s) | Value (000s) | ||
| U.S. Treasury Obligations - 0.1% | |||
| U.S. Treasury Bills, yield at date of purchase 0.04% to 0.17% 3/3/22 to 4/21/22 (f) | |||
| (Cost $7,279) | 7,280 | 7,279 | |
| Preferred Securities - 0.0% | |||
| CONSUMER DISCRETIONARY - 0.0% | |||
| Internet & Direct Marketing Retail - 0.0% | |||
| Circle Internet Financial Ltd. 0% (c)(g) | $1,011 | $1,137 | |
| INFORMATION TECHNOLOGY - 0.0% | |||
| Semiconductors & Semiconductor Equipment - 0.0% | |||
| GaN Systems, Inc. 0% (c)(e)(g) | 355 | 355 | |
| TOTAL PREFERRED SECURITIES | |||
| (Cost $1,366) | 1,492 | ||
| Shares | Value (000s) | ||
| Fixed-Income Funds - 28.6% | |||
| Fidelity Investment Grade Bond Central Fund (h) | |||
| (Cost $2,151,284) | 18,882,800 | 2,084,095 | |
| Money Market Funds - 2.8% | |||
| Fidelity Cash Central Fund 0.07% (i) | 198,733,904 | 198,774 | |
| Fidelity Securities Lending Cash Central Fund 0.07% (i)(j) | 7,069,318 | 7,070 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $205,843) | 205,844 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
| (Cost $5,907,489) | 7,314,643 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.2)% | (15,567) | ||
| NET ASSETS - 100% | $7,299,076 |
| 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 500 Index Contracts (United States) | 551 | March 2022 | $120,338 | $(4,664) | $(4,664) |
The notional amount of futures purchased as a percentage of Net Assets is 1.6%
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 $24,532,000 or 0.3% of net assets.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $16,213,000 or 0.2% of net assets.
(e) Level 3 security
(f) 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 $6,269,000.
(g) Security is perpetual in nature with no stated maturity date.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(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 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) |
| ABL Space Systems Series B | 3/24/21 | $757 |
| ABL Space Systems Series B2 | 10/22/21 | $573 |
| Algolia SAS Series D | 7/23/21 | $838 |
| Ant International Co. Ltd. Class C | 5/16/18 | $2,602 |
| Astera Labs, Inc. Series C | 8/24/21 | $473 |
| Astranis Space Technologies Corp. Series C | 3/19/21 | $1,229 |
| Beta Technologies, Inc. Series A | 4/9/21 | $491 |
| Bolt Technology OU Series E | 1/3/22 | $1,660 |
| ByteDance Ltd. Series E1 | 11/18/20 | $2,081 |
| Cazoo Group Ltd. | 3/28/21 | $533 |
| CCC Intelligent Solutions Holdings, Inc. | 2/2/21 | $344 |
| Circle Internet Financial Ltd. 0% | 5/11/21 | $1,011 |
| Cvent Holding Corp. | 7/23/21 | $1,224 |
| Databricks, Inc. Series G | 2/1/21 | $241 |
| Databricks, Inc. Series H | 8/31/21 | $1,432 |
| Epic Games, Inc. | 3/29/21 | $1,518 |
| GaN Systems, Inc. Series F1 | 11/30/21 | $129 |
| GaN Systems, Inc. Series F2 | 11/30/21 | $68 |
| GaN Systems, Inc. 0% | 11/30/21 | $355 |
| Grab Holdings Ltd. | 4/12/21 | $727 |
| Gupshup, Inc. | 6/8/21 | $1,343 |
| Skyryse, Inc. Series B | 10/21/21 | $1,254 |
| Space Exploration Technologies Corp. Class A | 2/16/21 | $672 |
| Starling Bank Ltd. Series D | 6/18/21 | $1,179 |
| Stripe, Inc. Class B | 5/18/21 | $626 |
| Stripe, Inc. Series H | 3/15/21 | $253 |
| Xsight Labs Ltd. Series D | 2/16/21 | $481 |
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 0.07% | $199,302 | $916,091 | $916,619 | $69 | $-- | $-- | $198,774 | 0.4% |
| Fidelity Investment Grade Bond Central Fund | 1,943,723 | 236,397 | -- | 22,140 | -- | (96,025) | 2,084,095 | 6.2% |
| Fidelity Securities Lending Cash Central Fund 0.07% | 4,863 | 76,220 | 74,013 | 18 | -- | -- | 7,070 | 0.0% |
| Total | $2,147,888 | $1,228,708 | $990,632 | $22,227 | $-- | $(96,025) | $2,289,939 |
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 February 28, 2022, 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 | $510,137 | $502,418 | $7,719 | $-- |
| Consumer Discretionary | 604,149 | 574,999 | 28,312 | 838 |
| Consumer Staples | 304,203 | 299,483 | 4,720 | -- |
| Energy | 180,258 | 178,078 | 2,180 | -- |
| Financials | 578,446 | 550,844 | 23,333 | 4,269 |
| Health Care | 659,546 | 618,517 | 41,029 | -- |
| Industrials | 456,605 | 453,502 | -- | 3,103 |
| Information Technology | 1,317,695 | 1,225,446 | 76,803 | 15,446 |
| Materials | 138,695 | 138,695 | -- | -- |
| Real Estate | 141,458 | 141,458 | -- | -- |
| Utilities | 124,741 | 124,741 | -- | -- |
| U.S. Government and Government Agency Obligations | 7,279 | -- | 7,279 | -- |
| Preferred Securities | 1,492 | -- | 1,137 | 355 |
| Fixed-Income Funds | 2,084,095 | 2,084,095 | -- | -- |
| Money Market Funds | 205,844 | 205,844 | -- | -- |
| Total Investments in Securities: | $7,314,643 | $7,098,120 | $192,512 | $24,011 |
| Derivative Instruments: | ||||
| Liabilities | ||||
| Futures Contracts | $(4,664) | $(4,664) | $-- | $-- |
| Total Liabilities | $(4,664) | $(4,664) | $-- | $-- |
| Total Derivative Instruments: | $(4,664) | $(4,664) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 28, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
| Primary Risk Exposure / Derivative Type | Value | |
| Asset | Liability | |
| (Amounts in thousands) | ||
| Equity Risk | ||
| Futures Contracts(a) | $0 | $(4,664) |
| Total Equity Risk | 0 | (4,664) |
| Total Value of Derivatives | $0 | $(4,664) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Other Information
The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):
| U.S. Government and U.S. Government Agency Obligations | 16.3% |
| AAA,AA,A | 4.0% |
| BBB | 6.4% |
| BB | 1.5% |
| B | 0.0% |
| Not Rated | 1.1% |
| Equities | 68.7% |
| Short-Term Investments and Net Other Assets | 2.0% |
| 100.0% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
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) | February 28, 2022 (Unaudited) | |
| Assets | ||
| Investment in securities, at value (including securities loaned of $6,928) — See accompanying schedule: Unaffiliated issuers (cost $3,550,362) | $5,024,704 | |
| Fidelity Central Funds (cost $2,357,127) | 2,289,939 | |
| Total Investment in Securities (cost $5,907,489) | $7,314,643 | |
| Foreign currency held at value (cost $93) | 93 | |
| Receivable for investments sold | 19,382 | |
| Receivable for fund shares sold | 10,569 | |
| Dividends receivable | 5,163 | |
| Distributions receivable from Fidelity Central Funds | 13 | |
| Prepaid expenses | 4 | |
| Other receivables | 78 | |
| Total assets | 7,349,945 | |
| Liabilities | ||
| Payable to custodian bank | $720 | |
| Payable for investments purchased | 29,910 | |
| Payable for fund shares redeemed | 7,317 | |
| Accrued management fee | 2,287 | |
| Distribution and service plan fees payable | 2,011 | |
| Payable for daily variation margin on futures contracts | 331 | |
| Other affiliated payables | 1,020 | |
| Other payables and accrued expenses | 203 | |
| Collateral on securities loaned | 7,070 | |
| Total liabilities | 50,869 | |
| Net Assets | $7,299,076 | |
| Net Assets consist of: | ||
| Paid in capital | $5,805,525 | |
| Total accumulated earnings (loss) | 1,493,551 | |
| Net Assets | $7,299,076 | |
| Net Asset Value and Maximum Offering Price | ||
| Class A: | ||
| Net Asset Value and redemption price per share ($1,786,349 ÷ 66,789 shares)(a) | $26.75 | |
| Maximum offering price per share (100/94.25 of $26.75) | $28.38 | |
| Class M: | ||
| Net Asset Value and redemption price per share ($1,632,397 ÷ 60,150 shares)(a) | $27.14 | |
| Maximum offering price per share (100/96.50 of $27.14) | $28.12 | |
| Class C: | ||
| Net Asset Value and offering price per share ($1,128,560 ÷ 42,662 shares)(a) | $26.45 | |
| Class I: | ||
| Net Asset Value, offering price and redemption price per share ($1,915,126 ÷ 69,870 shares) | $27.41 | |
| Class Z: | ||
| Net Asset Value, offering price and redemption price per share ($836,644 ÷ 30,513 shares) | $27.42 |
(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 | Six months ended February 28, 2022 (Unaudited) | |
| Investment Income | ||
| Dividends | $26,227 | |
| Income from Fidelity Central Funds (including $18 from security lending) | 22,227 | |
| Total income | 48,454 | |
| Expenses | ||
| Management fee | $13,785 | |
| Transfer agent fees | 5,356 | |
| Distribution and service plan fees | 12,276 | |
| Accounting fees | 732 | |
| Custodian fees and expenses | 85 | |
| Independent trustees' fees and expenses | 13 | |
| Registration fees | 212 | |
| Audit | 59 | |
| Legal | 12 | |
| Miscellaneous | 12 | |
| Total expenses before reductions | 32,542 | |
| Expense reductions | (112) | |
| Total expenses after reductions | 32,430 | |
| Net investment income (loss) | 16,024 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of foreign taxes of $784) | 149,718 | |
| Foreign currency transactions | (103) | |
| Futures contracts | 1,410 | |
| Total net realized gain (loss) | 151,025 | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $610) | (330,399) | |
| Fidelity Central Funds | (96,025) | |
| Unfunded commitments | 458 | |
| Assets and liabilities in foreign currencies | (13) | |
| Futures contracts | (12,529) | |
| Total change in net unrealized appreciation (depreciation) | (438,508) | |
| Net gain (loss) | (287,483) | |
| Net increase (decrease) in net assets resulting from operations | $(271,459) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Six months ended February 28, 2022 (Unaudited) | Year ended August 31, 2021 |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $16,024 | $31,428 |
| Net realized gain (loss) | 151,025 | 499,380 |
| Change in net unrealized appreciation (depreciation) | (438,508) | 741,535 |
| Net increase (decrease) in net assets resulting from operations | (271,459) | 1,272,343 |
| Distributions to shareholders | (467,964) | (201,498) |
| Share transactions - net increase (decrease) | 872,697 | 1,332,853 |
| Total increase (decrease) in net assets | 133,274 | 2,403,698 |
| Net Assets | ||
| Beginning of period | 7,165,802 | 4,762,104 |
| End of period | $7,299,076 | $7,165,802 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Balanced Fund Class A
| Six months ended (Unaudited) February 28, | Years endedAugust 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $29.67 | $24.87 | $21.14 | $22.22 | $21.09 | $19.18 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A,B | .07 | .17 | .27 | .30 | .25 | .26 |
| Net realized and unrealized gain (loss) | (1.07) | 5.67 | 4.10 | .08 | 2.22 | 1.98 |
| Total from investment operations | (1.00) | 5.84 | 4.37 | .38 | 2.47 | 2.24 |
| Distributions from net investment income | (.08) | (.17) | (.29) | (.29) | (.25) | (.25) |
| Distributions from net realized gain | (1.84) | (.88) | (.35) | (1.18) | (1.09) | (.09) |
| Total distributions | (1.92) | (1.04)C | (.64) | (1.46)C | (1.34) | (.33)C |
| Net asset value, end of period | $26.75 | $29.67 | $24.87 | $21.14 | $22.22 | $21.09 |
| Total ReturnD,E,F | (3.50)% | 24.38% | 21.16% | 2.15% | 12.26% | 11.84% |
| Ratios to Average Net AssetsB,G,H | ||||||
| Expenses before reductions | .81%I | .83% | .85% | .86% | .87% | .89% |
| Expenses net of fee waivers, if any | .81%I | .83% | .85% | .86% | .87% | .89% |
| Expenses net of all reductions | .81%I | .82% | .84% | .86% | .86% | .88% |
| Net investment income (loss) | .51%I | .63% | 1.21% | 1.46% | 1.18% | 1.28% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $1,786 | $1,723 | $1,080 | $818 | $681 | $593 |
| Portfolio turnover rateJ | 34%I | 37% | 92% | 57% | 62%K | 86% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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 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.
Fidelity Advisor Balanced Fund Class M
| Six months ended (Unaudited) February 28, | Years endedAugust 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $30.08 | $25.19 | $21.40 | $22.47 | $21.31 | $19.37 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A,B | .04 | .10 | .22 | .25 | .20 | .21 |
| Net realized and unrealized gain (loss) | (1.10) | 5.76 | 4.15 | .09 | 2.24 | 2.01 |
| Total from investment operations | (1.06) | 5.86 | 4.37 | .34 | 2.44 | 2.22 |
| Distributions from net investment income | (.04) | (.10) | (.23) | (.23) | (.19) | (.20) |
| Distributions from net realized gain | (1.84) | (.88) | (.35) | (1.18) | (1.09) | (.09) |
| Total distributions | (1.88) | (.97)C | (.58) | (1.41) | (1.28) | (.28)C |
| Net asset value, end of period | $27.14 | $30.08 | $25.19 | $21.40 | $22.47 | $21.31 |
| Total ReturnD,E,F | (3.66)% | 24.11% | 20.85% | 1.91% | 11.99% | 11.59% |
| Ratios to Average Net AssetsB,G,H | ||||||
| Expenses before reductions | 1.06%I | 1.07% | 1.10% | 1.11% | 1.12% | 1.13% |
| Expenses net of fee waivers, if any | 1.06%I | 1.07% | 1.10% | 1.11% | 1.11% | 1.13% |
| Expenses net of all reductions | 1.06%I | 1.07% | 1.09% | 1.11% | 1.11% | 1.13% |
| Net investment income (loss) | .26%I | .38% | .97% | 1.21% | .94% | 1.04% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $1,632 | $1,744 | $1,455 | $1,273 | $1,257 | $1,163 |
| Portfolio turnover rateJ | 34%I | 37% | 92% | 57% | 62%K | 86% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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 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.
Fidelity Advisor Balanced Fund Class C
| Six months ended (Unaudited) February 28, | Years endedAugust 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $29.37 | $24.67 | $20.97 | $22.05 | $20.93 | $19.04 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A,B | (.03) | (.03) | .10 | .14 | .09 | .10 |
| Net realized and unrealized gain (loss) | (1.07) | 5.62 | 4.07 | .09 | 2.20 | 1.98 |
| Total from investment operations | (1.10) | 5.59 | 4.17 | .23 | 2.29 | 2.08 |
| Distributions from net investment income | – | (.02) | (.13) | (.13) | (.08) | (.10) |
| Distributions from net realized gain | (1.82) | (.87) | (.35) | (1.18) | (1.09) | (.09) |
| Total distributions | (1.82) | (.89) | (.47)C | (1.31) | (1.17) | (.19) |
| Net asset value, end of period | $26.45 | $29.37 | $24.67 | $20.97 | $22.05 | $20.93 |
| Total ReturnD,E,F | (3.89)% | 23.43% | 20.25% | 1.40% | 11.41% | 10.99% |
| Ratios to Average Net AssetsB,G,H | ||||||
| Expenses before reductions | 1.57%I | 1.58% | 1.60% | 1.62% | 1.62% | 1.64% |
| Expenses net of fee waivers, if any | 1.56%I | 1.58% | 1.60% | 1.62% | 1.62% | 1.64% |
| Expenses net of all reductions | 1.56%I | 1.58% | 1.60% | 1.62% | 1.62% | 1.64% |
| Net investment income (loss) | (.25)%I | (.13)% | .46% | .70% | .43% | .53% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $1,129 | $1,118 | $769 | $635 | $620 | $479 |
| Portfolio turnover rateJ | 34%I | 37% | 92% | 57% | 62%K | 86% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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 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.
Fidelity Advisor Balanced Fund Class I
| Six months ended (Unaudited) February 28, | Years endedAugust 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $30.36 | $25.42 | $21.59 | $22.66 | $21.48 | $19.53 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A,B | .11 | .24 | .33 | .36 | .31 | .31 |
| Net realized and unrealized gain (loss) | (1.10) | 5.81 | 4.19 | .08 | 2.26 | 2.02 |
| Total from investment operations | (.99) | 6.05 | 4.52 | .44 | 2.57 | 2.33 |
| Distributions from net investment income | (.12) | (.23) | (.34) | (.34) | (.30) | (.30) |
| Distributions from net realized gain | (1.84) | (.88) | (.35) | (1.18) | (1.09) | (.09) |
| Total distributions | (1.96) | (1.11) | (.69) | (1.51)C | (1.39) | (.38)C |
| Net asset value, end of period | $27.41 | $30.36 | $25.42 | $21.59 | $22.66 | $21.48 |
| Total ReturnD,E | (3.40)% | 24.68% | 21.48% | 2.41% | 12.56% | 12.12% |
| Ratios to Average Net AssetsB,F,G | ||||||
| Expenses before reductions | .56%H | .57% | .59% | .61% | .61% | .63% |
| Expenses net of fee waivers, if any | .56%H | .57% | .59% | .61% | .61% | .63% |
| Expenses net of all reductions | .56%H | .57% | .58% | .60% | .61% | .62% |
| Net investment income (loss) | .75%H | .88% | 1.47% | 1.71% | 1.44% | 1.54% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $1,915 | $1,831 | $1,070 | $785 | $621 | $422 |
| Portfolio turnover rateI | 34%H | 37% | 92% | 57% | 62%J | 86% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Balanced Fund Class Z
| Six months ended (Unaudited) February 28, | Years endedAugust 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $30.37 | $25.43 | $21.60 | $22.66 | $21.48 | $19.53 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A,B | .13 | .28 | .36 | .38 | .34 | .34 |
| Net realized and unrealized gain (loss) | (1.11) | 5.80 | 4.19 | .10 | 2.26 | 2.02 |
| Total from investment operations | (.98) | 6.08 | 4.55 | .48 | 2.60 | 2.36 |
| Distributions from net investment income | (.13) | (.26) | (.37) | (.36) | (.33) | (.33) |
| Distributions from net realized gain | (1.84) | (.88) | (.35) | (1.18) | (1.09) | (.09) |
| Total distributions | (1.97) | (1.14) | (.72) | (1.54) | (1.42) | (.41)C |
| Net asset value, end of period | $27.42 | $30.37 | $25.43 | $21.60 | $22.66 | $21.48 |
| Total ReturnD,E | (3.34)% | 24.82% | 21.62% | 2.57% | 12.70% | 12.26% |
| Ratios to Average Net AssetsB,F,G | ||||||
| Expenses before reductions | .45%H | .45% | .47% | .48% | .49% | .50% |
| Expenses net of fee waivers, if any | .44%H | .45% | .47% | .48% | .49% | .50% |
| Expenses net of all reductions | .44%H | .45% | .46% | .48% | .48% | .49% |
| Net investment income (loss) | .87%H | 1.00% | 1.59% | 1.84% | 1.56% | 1.67% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $837 | $749 | $388 | $280 | $224 | $68 |
| Portfolio turnover rateI | 34%H | 37% | 92% | 57% | 62%J | 86% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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 (Unaudited)
For the period ended February 28, 2022
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Balanced Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Investment Grade Bond Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in investment–grade debt securities. | Delayed Delivery & When Issued Securities Futures Restricted Securities Swaps | Less than .005% |
| 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.
An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. 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 – Unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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. Preferred securities and 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 February 28, 2022 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. 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. 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 Balanced Fund | $6 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. 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.
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 the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, deferred Trustee compensation and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,599,862 |
| Gross unrealized depreciation | (209,492) |
| Net unrealized appreciation (depreciation) | $1,390,370 |
| Tax cost | $5,919,609 |
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 the current and/or prior 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 any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as 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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Advisor Balanced Fund | 1,653,935 | 1,224,905 |
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 .15% 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 annualized management fee rate was .37% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
| Class A | -% | .25% | $2,235 | $178 |
| Class M | .25% | .25% | 4,294 | 37 |
| Class C | .75% | .25% | 5,747 | 1,678 |
| $12,276 | $1,893 |
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 | $534 |
| Class M | 44 |
| Class C(a) | 6 |
| $584 |
(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(a) | |
| Class A | $1,410 | .16 |
| Class M | 1,340 | .16 |
| Class C | 931 | .16 |
| Class I | 1,510 | .16 |
| Class Z | 165 | .04 |
| $5,356 |
(a) Annualized
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 annualized rates:
| % of Average Net Assets | |
| Fidelity Advisor Balanced 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 Balanced Fund | $33 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Advisor Balanced Fund | 182,887 | 157,223 | 4,094 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| Amount ($) | |
| Fidelity Advisor Balanced Fund | 20 |
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 Balanced Fund | $6 |
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 Balanced Fund | $2 | $– | $– |
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 $112.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended February 28, 2022 | Year ended August 31, 2021 | |
| Fidelity Advisor Balanced Fund | ||
| Distributions to shareholders | ||
| Class A | $114,311 | $47,534 |
| Class M | 109,124 | 56,522 |
| Class C | 70,826 | 28,342 |
| Class I | 121,657 | 50,343 |
| Class Z | 52,046 | 18,757 |
| Total | $467,964 | $201,498 |
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 | |
| Six months ended February 28, 2022 | Year ended August 31, 2021 | Six months ended February 28, 2022 | Year ended August 31, 2021 | |
| Fidelity Advisor Balanced Fund | ||||
| Class A | ||||
| Shares sold | 10,247 | 22,051 | $288,680 | $593,897 |
| Reinvestment of distributions | 3,981 | 1,841 | 109,406 | 45,631 |
| Shares redeemed | (5,505) | (9,229) | (154,285) | (246,231) |
| Net increase (decrease) | 8,723 | 14,663 | $243,801 | $393,297 |
| Class M | ||||
| Shares sold | 4,483 | 9,785 | $128,041 | $265,142 |
| Reinvestment of distributions | 3,862 | 2,232 | 107,705 | 55,721 |
| Shares redeemed | (6,180) | (11,805) | (176,076) | (321,240) |
| Net increase (decrease) | 2,165 | 212 | $59,670 | $(377) |
| Class C | ||||
| Shares sold | 5,932 | 13,228 | $165,645 | $353,988 |
| Reinvestment of distributions | 2,471 | 1,107 | 67,206 | 26,946 |
| Shares redeemed | (3,800) | (7,458) | (105,081) | (199,240) |
| Net increase (decrease) | 4,603 | 6,877 | $127,770 | $181,694 |
| Class I | ||||
| Shares sold | 12,740 | 27,164 | $366,856 | $746,743 |
| Reinvestment of distributions | 3,831 | 1,724 | 107,891 | 43,904 |
| Shares redeemed | (7,020) | (10,654) | (200,870) | (293,201) |
| Net increase (decrease) | 9,551 | 18,234 | $273,877 | $497,446 |
| Class Z | ||||
| Shares sold | 7,482 | 12,328 | $215,467 | $341,897 |
| Reinvestment of distributions | 1,653 | 641 | 46,539 | 16,391 |
| Shares redeemed | (3,295) | (3,564) | (94,427) | (97,495) |
| Net increase (decrease) | 5,840 | 9,405 | $167,579 | $260,793 |
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.
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 (September 1, 2021 to February 28, 2022).
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 September 1, 2021 | Ending Account Value February 28, 2022 | Expenses Paid During Period-B September 1, 2021 to February 28, 2022 | |
| Fidelity Advisor Balanced Fund | ||||
| Class A | .81% | |||
| Actual | $1,000.00 | $965.00 | $3.95 | |
| Hypothetical-C | $1,000.00 | $1,020.78 | $4.06 | |
| Class M | 1.06% | |||
| Actual | $1,000.00 | $963.40 | $5.16 | |
| Hypothetical-C | $1,000.00 | $1,019.54 | $5.31 | |
| Class C | 1.56% | |||
| Actual | $1,000.00 | $961.10 | $7.59 | |
| Hypothetical-C | $1,000.00 | $1,017.06 | $7.80 | |
| Class I | .56% | |||
| Actual | $1,000.00 | $966.00 | $2.73 | |
| Hypothetical-C | $1,000.00 | $1,022.02 | $2.81 | |
| Class Z | .44% | |||
| Actual | $1,000.00 | $966.60 | $2.15 | |
| Hypothetical-C | $1,000.00 | $1,022.61 | $2.21 |
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 181/ 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
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
AIG-SANN-0422
1.703549.124
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series I’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I’s (the “Trust”) disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Advisor Series I
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | April 21, 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: | April 21, 2022 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | April 21, 2022 |