N-CSRS false 0000722574 N-1A Fidelity Advisor Series I
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)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end: | November 30 |
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Date of reporting period: | May 31, 2024 |
Item 1.
Reports to Stockholders
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| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Small Cap Fund Fidelity Advisor® Small Cap Fund Class M : FSCTX |
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This semi-annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 86 | 1.57% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,955,004,625 | |
| Number of Holdings | 137 | |
| Portfolio Turnover | 36% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 18.6 | |
| Information Technology | 15.6 | |
| Financials | 14.1 | |
| Health Care | 13.6 | |
| Consumer Discretionary | 12.4 | |
| Materials | 7.3 | |
| Energy | 6.1 | |
| Consumer Staples | 4.2 | |
| Real Estate | 4.1 | |
| Communication Services | 2.4 | |
| Utilities | 1.1 | |
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| Common Stocks | 99.5 |
| Domestic Equity Funds | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
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| Short-Term Investments and Net Other Assets (Liabilities) - (0.2)% |
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| United States | 89.2 |
| Canada | 3.9 |
| Thailand | 2.2 |
| Israel | 1.8 |
| United Kingdom | 1.5 |
| Japan | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Netherlands | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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TOP HOLDINGS (% of Fund's net assets) | | |
| Fabrinet | 2.2 | |
| Constellium SE | 1.8 | |
| Patrick Industries Inc | 1.8 | |
| Insight Enterprises Inc | 1.7 | |
| Commercial Metals Co | 1.7 | |
| FTAI Aviation Ltd | 1.6 | |
| Liberty Energy Inc Class A | 1.5 | |
| Lamar Advertising Co Class A | 1.5 | |
| Ensign Group Inc/The | 1.4 | |
| Primerica Inc | 1.4 | |
| | 16.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915874.100 299-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
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| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Dividend Growth Fund Fidelity Advisor® Dividend Growth Fund Class A : FADAX |
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This semi-annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 54 | 0.96% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,516,322,845 | |
| Number of Holdings | 137 | |
| Portfolio Turnover | 60% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 26.9 | |
| Industrials | 16.0 | |
| Financials | 15.0 | |
| Energy | 11.3 | |
| Health Care | 8.2 | |
| Communication Services | 5.7 | |
| Utilities | 5.2 | |
| Consumer Staples | 3.6 | |
| Materials | 3.2 | |
| Consumer Discretionary | 2.0 | |
| Real Estate | 1.5 | |
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| Common Stocks | 98.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |
ASSET ALLOCATION (% of Fund's net assets) |
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|
| United States | 85.5 |
| Canada | 4.1 |
| United Kingdom | 1.9 |
| Norway | 1.0 |
| India | 1.0 |
| Taiwan | 0.8 |
| Netherlands | 0.7 |
| Korea (South) | 0.6 |
| France | 0.6 |
| Others | 3.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 7.3 | |
| Microsoft Corp | 6.3 | |
| Meta Platforms Inc Class A | 3.5 | |
| Exxon Mobil Corp | 2.8 | |
| Broadcom Inc | 2.2 | |
| Apollo Global Management Inc | 2.0 | |
| Allison Transmission Holdings Inc | 1.8 | |
| Unitedhealth Group Inc | 1.7 | |
| Boeing Co | 1.7 | |
| Cigna Group/The | 1.6 | |
| | 30.9 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915905.100 714-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
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| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Value Fund Fidelity Advisor® Equity Value Fund Class C : FAVCX |
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This semi-annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 92 | 1.77% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $211,209,337 | |
| Number of Holdings | 94 | |
| Portfolio Turnover | 30% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 24.7 | |
| Health Care | 16.1 | |
| Consumer Staples | 11.3 | |
| Industrials | 11.2 | |
| Energy | 9.1 | |
| Information Technology | 6.8 | |
| Utilities | 6.2 | |
| Communication Services | 5.2 | |
| Consumer Discretionary | 4.3 | |
| Materials | 2.4 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 97.3 |
| Preferred Stocks | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |
ASSET ALLOCATION (% of Fund's net assets) |
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|
| United States | 88.7 |
| United Kingdom | 3.8 |
| Canada | 2.3 |
| Germany | 2.0 |
| France | 1.3 |
| Korea (South) | 1.1 |
| Norway | 0.7 |
| Denmark | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.5 | |
| JPMorgan Chase & Co | 3.9 | |
| Chubb Ltd | 3.0 | |
| Cigna Group/The | 3.0 | |
| Berkshire Hathaway Inc Class B | 2.9 | |
| Bank of America Corp | 2.9 | |
| Comcast Corp Class A | 2.7 | |
| Travelers Cos Inc/The | 2.6 | |
| Walt Disney Co/The | 2.5 | |
| PG&E Corp | 2.4 | |
| | 30.4 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915857.100 884-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
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| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Dividend Growth Fund Fidelity Advisor® Dividend Growth Fund Class Z : FZADX |
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This semi-annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 35 | 0.62% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,516,322,845 | |
| Number of Holdings | 137 | |
| Portfolio Turnover | 60% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 26.9 | |
| Industrials | 16.0 | |
| Financials | 15.0 | |
| Energy | 11.3 | |
| Health Care | 8.2 | |
| Communication Services | 5.7 | |
| Utilities | 5.2 | |
| Consumer Staples | 3.6 | |
| Materials | 3.2 | |
| Consumer Discretionary | 2.0 | |
| Real Estate | 1.5 | |
| |
| Common Stocks | 98.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |
ASSET ALLOCATION (% of Fund's net assets) |
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| United States | 85.5 |
| Canada | 4.1 |
| United Kingdom | 1.9 |
| Norway | 1.0 |
| India | 1.0 |
| Taiwan | 0.8 |
| Netherlands | 0.7 |
| Korea (South) | 0.6 |
| France | 0.6 |
| Others | 3.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 7.3 | |
| Microsoft Corp | 6.3 | |
| Meta Platforms Inc Class A | 3.5 | |
| Exxon Mobil Corp | 2.8 | |
| Broadcom Inc | 2.2 | |
| Apollo Global Management Inc | 2.0 | |
| Allison Transmission Holdings Inc | 1.8 | |
| Unitedhealth Group Inc | 1.7 | |
| Boeing Co | 1.7 | |
| Cigna Group/The | 1.6 | |
| | 30.9 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915904.100 2529-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
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| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Series Equity Growth Fund Fidelity Advisor® Series Equity Growth Fund : FMFMX |
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This semi-annual shareholder report contains information about Fidelity Advisor® Series Equity Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity Advisor® Series Equity Growth Fund | $ 0 A | 0.01% | |
A Amount represents less than $.50
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,258,146,234 | |
| Number of Holdings | 149 | |
| Portfolio Turnover | 47% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 42.6 | |
| Health Care | 14.5 | |
| Industrials | 12.7 | |
| Communication Services | 11.3 | |
| Consumer Discretionary | 9.1 | |
| Financials | 6.2 | |
| Energy | 2.4 | |
| Consumer Staples | 0.7 | |
| Materials | 0.2 | |
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| Common Stocks | 99.5 |
| Preferred Stocks | 0.2 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |
ASSET ALLOCATION (% of Fund's net assets) |
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| United States | 86.6 |
| Netherlands | 4.0 |
| Taiwan | 2.1 |
| China | 1.8 |
| Israel | 1.1 |
| India | 0.9 |
| Brazil | 0.9 |
| Japan | 0.6 |
| France | 0.6 |
| Others | 1.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 12.6 | |
| NVIDIA Corp | 10.3 | |
| Apple Inc | 5.1 | |
| Alphabet Inc Class A | 5.0 | |
| Amazon.com Inc | 4.7 | |
| Uber Technologies Inc | 3.8 | |
| Eli Lilly & Co | 2.7 | |
| Boston Scientific Corp | 2.6 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.1 | |
| Netflix Inc | 2.1 | |
| | 51.0 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915920.100 2645-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
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| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Value Strategies Fund Fidelity Advisor® Value Strategies Fund Class M : FASPX |
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This semi-annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 72 | 1.34% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $2,345,592,459 | |
| Number of Holdings | 118 | |
| Portfolio Turnover | 49% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 20.5 | |
| Financials | 19.3 | |
| Consumer Discretionary | 9.7 | |
| Utilities | 8.8 | |
| Energy | 8.8 | |
| Materials | 8.3 | |
| Real Estate | 6.0 | |
| Health Care | 5.9 | |
| Consumer Staples | 5.1 | |
| Information Technology | 4.3 | |
| Communication Services | 2.5 | |
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| Common Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
ASSET ALLOCATION (% of Fund's net assets) |
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| United States | 91.0 |
| Canada | 6.2 |
| Spain | 0.7 |
| Sweden | 0.6 |
| Puerto Rico | 0.6 |
| Switzerland | 0.5 |
| India | 0.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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TOP HOLDINGS (% of Fund's net assets) | | |
| Cigna Group/The | 2.2 | |
| Canadian Natural Resources Ltd | 2.1 | |
| Centene Corp | 1.8 | |
| Constellation Energy Corp | 1.8 | |
| Expro Group Holdings NV | 1.7 | |
| Apollo Global Management Inc | 1.6 | |
| Welltower Inc | 1.6 | |
| PG&E Corp | 1.5 | |
| AES Corp/The | 1.5 | |
| First Citizens BancShares Inc/NC Class A | 1.5 | |
| | 17.3 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915837.100 174-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
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| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Income Fund Fidelity Advisor® Equity Income Fund Class A : FEIAX |
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This semi-annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 46 | 0.87% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,796,779,158 | |
| Number of Holdings | 116 | |
| Portfolio Turnover | 38% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 20.0 | |
| Health Care | 17.2 | |
| Consumer Staples | 10.9 | |
| Industrials | 8.7 | |
| Utilities | 8.3 | |
| Energy | 8.2 | |
| Information Technology | 6.4 | |
| Communication Services | 6.1 | |
| Real Estate | 4.8 | |
| Consumer Discretionary | 3.9 | |
| Materials | 3.9 | |
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| Common Stocks | 98.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |
ASSET ALLOCATION (% of Fund's net assets) |
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| United States | 89.6 |
| United Kingdom | 5.2 |
| France | 2.2 |
| Taiwan | 1.0 |
| Canada | 0.9 |
| Denmark | 0.6 |
| Belgium | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 3.2 | |
| Johnson & Johnson | 2.9 | |
| Comcast Corp Class A | 2.6 | |
| Wells Fargo & Co | 2.6 | |
| Merck & Co Inc | 2.5 | |
| Verizon Communications Inc | 2.1 | |
| M&T Bank Corp | 2.0 | |
| Shell PLC ADR | 2.0 | |
| Chubb Ltd | 2.0 | |
| Unilever PLC ADR | 1.9 | |
| | 23.8 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915845.100 246-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
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| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Stock Selector Mid Cap Fund Fidelity Advisor® Stock Selector Mid Cap Fund Class C : FMCEX |
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This semi-annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 91 | 1.69% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $2,232,237,346 | |
| Number of Holdings | 208 | |
| Portfolio Turnover | 53% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 22.1 | |
| Financials | 15.2 | |
| Consumer Discretionary | 14.7 | |
| Information Technology | 9.3 | |
| Health Care | 7.4 | |
| Real Estate | 6.9 | |
| Materials | 6.8 | |
| Energy | 5.2 | |
| Consumer Staples | 4.8 | |
| Utilities | 3.5 | |
| Communication Services | 1.5 | |
| |
| Common Stocks | 97.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
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| United States | 95.9 |
| Puerto Rico | 0.8 |
| Sweden | 0.8 |
| Chile | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Canada | 0.5 |
| Netherlands | 0.4 |
| United Kingdom | 0.3 |
| Greece | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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TOP HOLDINGS (% of Fund's net assets) | | |
| Carlisle Cos Inc | 1.5 | |
| Bancorp Inc/The | 1.5 | |
| Vistra Corp | 1.4 | |
| CACI International Inc | 1.3 | |
| XPO Inc | 1.2 | |
| Baldwin Insurance Group Inc/The Class A | 1.2 | |
| KBR Inc | 1.1 | |
| Wesco International Inc | 1.1 | |
| HEICO Corp Class A | 1.1 | |
| Kirby Corp | 1.1 | |
| | 12.5 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915894.100 484-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Growth Opportunities Fund Fidelity Advisor® Growth Opportunities Fund Class A : FAGAX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 41 | 0.74% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $21,185,633,611 | |
| Number of Holdings | 202 | |
| Portfolio Turnover | 55% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 46.5 | |
| Communication Services | 21.4 | |
| Consumer Discretionary | 9.8 | |
| Health Care | 9.4 | |
| Industrials | 6.8 | |
| Financials | 4.5 | |
| Consumer Staples | 0.5 | |
| Energy | 0.1 | |
| Materials | 0.1 | |
| |
| Common Stocks | 97.0 |
| Preferred Stocks | 2.1 |
| Domestic Equity Funds | 0.3 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.6 |
| China | 1.9 |
| Singapore | 1.9 |
| Taiwan | 1.4 |
| France | 0.7 |
| India | 0.3 |
| Ireland | 0.2 |
| Estonia | 0.2 |
| Canada | 0.2 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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|
TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 13.3 | |
| Microsoft Corp | 9.6 | |
| Meta Platforms Inc Class A | 5.9 | |
| Apple Inc | 5.0 | |
| Amazon.com Inc | 5.0 | |
| Alphabet Inc Class C | 4.7 | |
| Uber Technologies Inc | 2.7 | |
| Roku Inc Class A | 2.3 | |
| Eli Lilly & Co | 2.2 | |
| Sea Ltd Class A ADR | 1.9 | |
| | 52.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915861.100 248-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Income Fund Fidelity Advisor® Equity Income Fund Class Z : FZAGX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 24 | 0.45% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,796,779,158 | |
| Number of Holdings | 116 | |
| Portfolio Turnover | 38% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 20.0 | |
| Health Care | 17.2 | |
| Consumer Staples | 10.9 | |
| Industrials | 8.7 | |
| Utilities | 8.3 | |
| Energy | 8.2 | |
| Information Technology | 6.4 | |
| Communication Services | 6.1 | |
| Real Estate | 4.8 | |
| Consumer Discretionary | 3.9 | |
| Materials | 3.9 | |
| |
| Common Stocks | 98.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.6 |
| United Kingdom | 5.2 |
| France | 2.2 |
| Taiwan | 1.0 |
| Canada | 0.9 |
| Denmark | 0.6 |
| Belgium | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 3.2 | |
| Johnson & Johnson | 2.9 | |
| Comcast Corp Class A | 2.6 | |
| Wells Fargo & Co | 2.6 | |
| Merck & Co Inc | 2.5 | |
| Verizon Communications Inc | 2.1 | |
| M&T Bank Corp | 2.0 | |
| Shell PLC ADR | 2.0 | |
| Chubb Ltd | 2.0 | |
| Unilever PLC ADR | 1.9 | |
| | 23.8 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915846.100 2532-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Large Cap Fund Fidelity Advisor® Large Cap Fund Class M : FALGX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 73 | 1.32% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,387,189,575 | |
| Number of Holdings | 185 | |
| Portfolio Turnover | 22% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 21.3 | |
| Financials | 16.5 | |
| Industrials | 16.2 | |
| Health Care | 11.6 | |
| Communication Services | 10.1 | |
| Energy | 9.5 | |
| Consumer Staples | 4.9 | |
| Consumer Discretionary | 3.1 | |
| Materials | 2.0 | |
| Utilities | 1.0 | |
| Real Estate | 0.8 | |
| |
| Common Stocks | 97.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.0 |
| Canada | 2.1 |
| Germany | 0.9 |
| Zambia | 0.9 |
| Netherlands | 0.7 |
| France | 0.7 |
| United Kingdom | 0.6 |
| Belgium | 0.6 |
| Taiwan | 0.4 |
| Others | 1.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 7.3 | |
| Exxon Mobil Corp | 6.3 | |
| Wells Fargo & Co | 5.6 | |
| General Electric Co | 5.6 | |
| NVIDIA Corp | 4.4 | |
| Bank of America Corp | 2.7 | |
| Meta Platforms Inc Class A | 2.7 | |
| Apple Inc | 2.6 | |
| Boeing Co | 2.4 | |
| Alphabet Inc Class A | 2.0 | |
| | 41.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915900.100 534-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Growth Opportunities Fund Fidelity Advisor® Growth Opportunities Fund Class Z : FZAHX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 20 | 0.36% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $21,185,633,611 | |
| Number of Holdings | 202 | |
| Portfolio Turnover | 55% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 46.5 | |
| Communication Services | 21.4 | |
| Consumer Discretionary | 9.8 | |
| Health Care | 9.4 | |
| Industrials | 6.8 | |
| Financials | 4.5 | |
| Consumer Staples | 0.5 | |
| Energy | 0.1 | |
| Materials | 0.1 | |
| |
| Common Stocks | 97.0 |
| Preferred Stocks | 2.1 |
| Domestic Equity Funds | 0.3 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.6 |
| China | 1.9 |
| Singapore | 1.9 |
| Taiwan | 1.4 |
| France | 0.7 |
| India | 0.3 |
| Ireland | 0.2 |
| Estonia | 0.2 |
| Canada | 0.2 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 13.3 | |
| Microsoft Corp | 9.6 | |
| Meta Platforms Inc Class A | 5.9 | |
| Apple Inc | 5.0 | |
| Amazon.com Inc | 5.0 | |
| Alphabet Inc Class C | 4.7 | |
| Uber Technologies Inc | 2.7 | |
| Roku Inc Class A | 2.3 | |
| Eli Lilly & Co | 2.2 | |
| Sea Ltd Class A ADR | 1.9 | |
| | 52.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915862.100 2533-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Growth & Income Fund Fidelity Advisor® Growth & Income Fund Class A : FGIRX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Growth & Income Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 49 | 0.90% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,154,679,756 | |
| Number of Holdings | 188 | |
| Portfolio Turnover | 19% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 23.9 | |
| Financials | 18.7 | |
| Industrials | 16.8 | |
| Health Care | 11.9 | |
| Energy | 10.0 | |
| Consumer Staples | 6.0 | |
| Communication Services | 4.0 | |
| Utilities | 2.4 | |
| Consumer Discretionary | 2.2 | |
| Materials | 1.5 | |
| Real Estate | 1.3 | |
| |
| Common Stocks | 98.7 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 90.4 |
| Canada | 1.6 |
| Germany | 1.2 |
| United Kingdom | 1.2 |
| Netherlands | 1.1 |
| France | 1.0 |
| Belgium | 0.7 |
| Zambia | 0.6 |
| China | 0.6 |
| Others | 1.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 8.8 | |
| Exxon Mobil Corp | 7.3 | |
| Wells Fargo & Co | 5.8 | |
| General Electric Co | 5.2 | |
| NVIDIA Corp | 4.1 | |
| Bank of America Corp | 2.9 | |
| Apple Inc | 2.8 | |
| Visa Inc Class A | 1.9 | |
| Unitedhealth Group Inc | 1.9 | |
| Boeing Co | 1.8 | |
| | 42.5 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915865.100 272-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Value Strategies Fund Fidelity Advisor® Value Strategies Fund Class A : FSOAX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 60 | 1.10% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $2,345,592,459 | |
| Number of Holdings | 118 | |
| Portfolio Turnover | 49% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 20.5 | |
| Financials | 19.3 | |
| Consumer Discretionary | 9.7 | |
| Utilities | 8.8 | |
| Energy | 8.8 | |
| Materials | 8.3 | |
| Real Estate | 6.0 | |
| Health Care | 5.9 | |
| Consumer Staples | 5.1 | |
| Information Technology | 4.3 | |
| Communication Services | 2.5 | |
| |
| Common Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.0 |
| Canada | 6.2 |
| Spain | 0.7 |
| Sweden | 0.6 |
| Puerto Rico | 0.6 |
| Switzerland | 0.5 |
| India | 0.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Cigna Group/The | 2.2 | |
| Canadian Natural Resources Ltd | 2.1 | |
| Centene Corp | 1.8 | |
| Constellation Energy Corp | 1.8 | |
| Expro Group Holdings NV | 1.7 | |
| Apollo Global Management Inc | 1.6 | |
| Welltower Inc | 1.6 | |
| PG&E Corp | 1.5 | |
| AES Corp/The | 1.5 | |
| First Citizens BancShares Inc/NC Class A | 1.5 | |
| | 17.3 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915839.100 266-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Value Fund Fidelity Advisor® Equity Value Fund Class A : FAVAX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 53 | 1.01% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $211,209,337 | |
| Number of Holdings | 94 | |
| Portfolio Turnover | 30% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 24.7 | |
| Health Care | 16.1 | |
| Consumer Staples | 11.3 | |
| Industrials | 11.2 | |
| Energy | 9.1 | |
| Information Technology | 6.8 | |
| Utilities | 6.2 | |
| Communication Services | 5.2 | |
| Consumer Discretionary | 4.3 | |
| Materials | 2.4 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 97.3 |
| Preferred Stocks | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.7 |
| United Kingdom | 3.8 |
| Canada | 2.3 |
| Germany | 2.0 |
| France | 1.3 |
| Korea (South) | 1.1 |
| Norway | 0.7 |
| Denmark | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.5 | |
| JPMorgan Chase & Co | 3.9 | |
| Chubb Ltd | 3.0 | |
| Cigna Group/The | 3.0 | |
| Berkshire Hathaway Inc Class B | 2.9 | |
| Bank of America Corp | 2.9 | |
| Comcast Corp Class A | 2.7 | |
| Travelers Cos Inc/The | 2.6 | |
| Walt Disney Co/The | 2.5 | |
| PG&E Corp | 2.4 | |
| | 30.4 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915856.100 879-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Growth Fund Fidelity Advisor® Equity Growth Fund Class Z : FZAFX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 31 | 0.57% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $10,015,753,076 | |
| Number of Holdings | 150 | |
| Portfolio Turnover | 37% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 42.1 | |
| Health Care | 14.4 | |
| Industrials | 12.4 | |
| Communication Services | 11.2 | |
| Consumer Discretionary | 9.1 | |
| Financials | 6.2 | |
| Energy | 2.4 | |
| Consumer Staples | 0.6 | |
| Materials | 0.2 | |
| |
| Common Stocks | 98.4 |
| Preferred Stocks | 0.2 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 86.9 |
| Netherlands | 3.9 |
| Taiwan | 2.1 |
| China | 1.7 |
| Israel | 1.1 |
| Brazil | 0.9 |
| India | 0.9 |
| Japan | 0.6 |
| France | 0.6 |
| Others | 1.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 12.6 | |
| NVIDIA Corp | 10.2 | |
| Apple Inc | 5.1 | |
| Alphabet Inc Class A | 5.0 | |
| Amazon.com Inc | 4.7 | |
| Uber Technologies Inc | 3.7 | |
| Eli Lilly & Co | 2.7 | |
| Boston Scientific Corp | 2.6 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.1 | |
| Netflix Inc | 2.1 | |
| | 50.8 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915851.100 2531-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Value Strategies Fund Fidelity Advisor® Value Strategies Fund Class C : FVCSX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 100 | 1.86% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $2,345,592,459 | |
| Number of Holdings | 118 | |
| Portfolio Turnover | 49% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 20.5 | |
| Financials | 19.3 | |
| Consumer Discretionary | 9.7 | |
| Utilities | 8.8 | |
| Energy | 8.8 | |
| Materials | 8.3 | |
| Real Estate | 6.0 | |
| Health Care | 5.9 | |
| Consumer Staples | 5.1 | |
| Information Technology | 4.3 | |
| Communication Services | 2.5 | |
| |
| Common Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.0 |
| Canada | 6.2 |
| Spain | 0.7 |
| Sweden | 0.6 |
| Puerto Rico | 0.6 |
| Switzerland | 0.5 |
| India | 0.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Cigna Group/The | 2.2 | |
| Canadian Natural Resources Ltd | 2.1 | |
| Centene Corp | 1.8 | |
| Constellation Energy Corp | 1.8 | |
| Expro Group Holdings NV | 1.7 | |
| Apollo Global Management Inc | 1.6 | |
| Welltower Inc | 1.6 | |
| PG&E Corp | 1.5 | |
| AES Corp/The | 1.5 | |
| First Citizens BancShares Inc/NC Class A | 1.5 | |
| | 17.3 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915840.100 5636-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Income Fund Fidelity Advisor® Equity Income Fund Class C : FEICX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 86 | 1.63% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,796,779,158 | |
| Number of Holdings | 116 | |
| Portfolio Turnover | 38% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 20.0 | |
| Health Care | 17.2 | |
| Consumer Staples | 10.9 | |
| Industrials | 8.7 | |
| Utilities | 8.3 | |
| Energy | 8.2 | |
| Information Technology | 6.4 | |
| Communication Services | 6.1 | |
| Real Estate | 4.8 | |
| Consumer Discretionary | 3.9 | |
| Materials | 3.9 | |
| |
| Common Stocks | 98.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.6 |
| United Kingdom | 5.2 |
| France | 2.2 |
| Taiwan | 1.0 |
| Canada | 0.9 |
| Denmark | 0.6 |
| Belgium | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 3.2 | |
| Johnson & Johnson | 2.9 | |
| Comcast Corp Class A | 2.6 | |
| Wells Fargo & Co | 2.6 | |
| Merck & Co Inc | 2.5 | |
| Verizon Communications Inc | 2.1 | |
| M&T Bank Corp | 2.0 | |
| Shell PLC ADR | 2.0 | |
| Chubb Ltd | 2.0 | |
| Unilever PLC ADR | 1.9 | |
| | 23.8 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915848.100 480-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Small Cap Fund Fidelity Advisor® Small Cap Fund Class I : FSCIX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 59 | 1.07% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,955,004,625 | |
| Number of Holdings | 137 | |
| Portfolio Turnover | 36% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 18.6 | |
| Information Technology | 15.6 | |
| Financials | 14.1 | |
| Health Care | 13.6 | |
| Consumer Discretionary | 12.4 | |
| Materials | 7.3 | |
| Energy | 6.1 | |
| Consumer Staples | 4.2 | |
| Real Estate | 4.1 | |
| Communication Services | 2.4 | |
| Utilities | 1.1 | |
| |
| Common Stocks | 99.5 |
| Domestic Equity Funds | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
| Short-Term Investments and Net Other Assets (Liabilities) - (0.2)% |
|
| United States | 89.2 |
| Canada | 3.9 |
| Thailand | 2.2 |
| Israel | 1.8 |
| United Kingdom | 1.5 |
| Japan | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Netherlands | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Fabrinet | 2.2 | |
| Constellium SE | 1.8 | |
| Patrick Industries Inc | 1.8 | |
| Insight Enterprises Inc | 1.7 | |
| Commercial Metals Co | 1.7 | |
| FTAI Aviation Ltd | 1.6 | |
| Liberty Energy Inc Class A | 1.5 | |
| Lamar Advertising Co Class A | 1.5 | |
| Ensign Group Inc/The | 1.4 | |
| Primerica Inc | 1.4 | |
| | 16.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915873.100 298-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Value Strategies Fund Fidelity® Value Strategies Fund : FSLSX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Value Strategies Fund | $ 45 | 0.83% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $2,345,592,459 | |
| Number of Holdings | 118 | |
| Portfolio Turnover | 49% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 20.5 | |
| Financials | 19.3 | |
| Consumer Discretionary | 9.7 | |
| Utilities | 8.8 | |
| Energy | 8.8 | |
| Materials | 8.3 | |
| Real Estate | 6.0 | |
| Health Care | 5.9 | |
| Consumer Staples | 5.1 | |
| Information Technology | 4.3 | |
| Communication Services | 2.5 | |
| |
| Common Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.0 |
| Canada | 6.2 |
| Spain | 0.7 |
| Sweden | 0.6 |
| Puerto Rico | 0.6 |
| Switzerland | 0.5 |
| India | 0.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Cigna Group/The | 2.2 | |
| Canadian Natural Resources Ltd | 2.1 | |
| Centene Corp | 1.8 | |
| Constellation Energy Corp | 1.8 | |
| Expro Group Holdings NV | 1.7 | |
| Apollo Global Management Inc | 1.6 | |
| Welltower Inc | 1.6 | |
| PG&E Corp | 1.5 | |
| AES Corp/The | 1.5 | |
| First Citizens BancShares Inc/NC Class A | 1.5 | |
| | 17.3 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915836.100 14-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Value Fund Fidelity Advisor® Equity Value Fund Class I : FAIVX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 39 | 0.74% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $211,209,337 | |
| Number of Holdings | 94 | |
| Portfolio Turnover | 30% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 24.7 | |
| Health Care | 16.1 | |
| Consumer Staples | 11.3 | |
| Industrials | 11.2 | |
| Energy | 9.1 | |
| Information Technology | 6.8 | |
| Utilities | 6.2 | |
| Communication Services | 5.2 | |
| Consumer Discretionary | 4.3 | |
| Materials | 2.4 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 97.3 |
| Preferred Stocks | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.7 |
| United Kingdom | 3.8 |
| Canada | 2.3 |
| Germany | 2.0 |
| France | 1.3 |
| Korea (South) | 1.1 |
| Norway | 0.7 |
| Denmark | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.5 | |
| JPMorgan Chase & Co | 3.9 | |
| Chubb Ltd | 3.0 | |
| Cigna Group/The | 3.0 | |
| Berkshire Hathaway Inc Class B | 2.9 | |
| Bank of America Corp | 2.9 | |
| Comcast Corp Class A | 2.7 | |
| Travelers Cos Inc/The | 2.6 | |
| Walt Disney Co/The | 2.5 | |
| PG&E Corp | 2.4 | |
| | 30.4 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915859.100 893-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity® Real Estate High Income Fund Fidelity® Real Estate High Income Fund true |
| | | |
This semi-annual shareholder report contains information about Fidelity® Real Estate High Income Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-617-563-7644.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Real Estate High Income Fund | $ 40 | 0.77% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $552,544,122 | |
| Number of Holdings | 335 | |
| Portfolio Turnover | 36% | |
What did the Fund invest in?
(as of May 31, 2024)
| AAA | 9.7 |
| AA | 0.9 |
| A | 1.7 |
| BBB | 8.6 |
| BB | 11.0 |
| B | 8.1 |
| CCC,CC,C | 5.2 |
| D | 0.0 |
| Not Rated | 54.2 |
| Equities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |
QUALITY DIVERSIFICATION (% of Fund's net assets) |
|
| |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
| CMOs and Other Mortgage Related Securities | 90.2 |
| Corporate Bonds | 5.1 |
| Asset-Backed Securities | 3.0 |
| Bank Loan Obligations | 1.1 |
| Preferred Stocks | 0.0 |
| Common Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 100.0 |
| Grand Cayman (UK Overseas Ter) | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| BX Commercial Mortgage Trust 2020-VIVA | 2.7 | |
| BX Trust 2019-OC11 | 2.2 | |
| Hilton USA Trust | 2.0 | |
| MHC Commercial Mortgage Trust | 1.9 | |
| BX Trust 2021-ACNT | 1.8 | |
| CAMB Commercial Mortgage Trust | 1.6 | |
| JPMorgan Chase Commercial Mortgage Securities Trust 2012-CIBX | 1.6 | |
| BX Trust 2021-VOLT | 1.5 | |
| BX Commercial Mortgage Trust 2021-SOAR | 1.2 | |
| BX Commercial Mortgage Trust 2021-VINO | 1.0 | |
| | 17.5 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915903.100 671-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Dividend Growth Fund Fidelity Advisor® Dividend Growth Fund Class C : FDGCX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 96 | 1.72% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,516,322,845 | |
| Number of Holdings | 137 | |
| Portfolio Turnover | 60% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 26.9 | |
| Industrials | 16.0 | |
| Financials | 15.0 | |
| Energy | 11.3 | |
| Health Care | 8.2 | |
| Communication Services | 5.7 | |
| Utilities | 5.2 | |
| Consumer Staples | 3.6 | |
| Materials | 3.2 | |
| Consumer Discretionary | 2.0 | |
| Real Estate | 1.5 | |
| |
| Common Stocks | 98.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 85.5 |
| Canada | 4.1 |
| United Kingdom | 1.9 |
| Norway | 1.0 |
| India | 1.0 |
| Taiwan | 0.8 |
| Netherlands | 0.7 |
| Korea (South) | 0.6 |
| France | 0.6 |
| Others | 3.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 7.3 | |
| Microsoft Corp | 6.3 | |
| Meta Platforms Inc Class A | 3.5 | |
| Exxon Mobil Corp | 2.8 | |
| Broadcom Inc | 2.2 | |
| Apollo Global Management Inc | 2.0 | |
| Allison Transmission Holdings Inc | 1.8 | |
| Unitedhealth Group Inc | 1.7 | |
| Boeing Co | 1.7 | |
| Cigna Group/The | 1.6 | |
| | 30.9 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915906.100 716-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Small Cap Fund Fidelity Advisor® Small Cap Fund Class A : FSCDX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 73 | 1.33% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,955,004,625 | |
| Number of Holdings | 137 | |
| Portfolio Turnover | 36% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 18.6 | |
| Information Technology | 15.6 | |
| Financials | 14.1 | |
| Health Care | 13.6 | |
| Consumer Discretionary | 12.4 | |
| Materials | 7.3 | |
| Energy | 6.1 | |
| Consumer Staples | 4.2 | |
| Real Estate | 4.1 | |
| Communication Services | 2.4 | |
| Utilities | 1.1 | |
| |
| Common Stocks | 99.5 |
| Domestic Equity Funds | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
| Short-Term Investments and Net Other Assets (Liabilities) - (0.2)% |
|
| United States | 89.2 |
| Canada | 3.9 |
| Thailand | 2.2 |
| Israel | 1.8 |
| United Kingdom | 1.5 |
| Japan | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Netherlands | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Fabrinet | 2.2 | |
| Constellium SE | 1.8 | |
| Patrick Industries Inc | 1.8 | |
| Insight Enterprises Inc | 1.7 | |
| Commercial Metals Co | 1.7 | |
| FTAI Aviation Ltd | 1.6 | |
| Liberty Energy Inc Class A | 1.5 | |
| Lamar Advertising Co Class A | 1.5 | |
| Ensign Group Inc/The | 1.4 | |
| Primerica Inc | 1.4 | |
| | 16.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915871.100 294-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Value Strategies Fund Fidelity® Value Strategies Fund Class K : FVSKX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class K | $ 39 | 0.73% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $2,345,592,459 | |
| Number of Holdings | 118 | |
| Portfolio Turnover | 49% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 20.5 | |
| Financials | 19.3 | |
| Consumer Discretionary | 9.7 | |
| Utilities | 8.8 | |
| Energy | 8.8 | |
| Materials | 8.3 | |
| Real Estate | 6.0 | |
| Health Care | 5.9 | |
| Consumer Staples | 5.1 | |
| Information Technology | 4.3 | |
| Communication Services | 2.5 | |
| |
| Common Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.0 |
| Canada | 6.2 |
| Spain | 0.7 |
| Sweden | 0.6 |
| Puerto Rico | 0.6 |
| Switzerland | 0.5 |
| India | 0.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Cigna Group/The | 2.2 | |
| Canadian Natural Resources Ltd | 2.1 | |
| Centene Corp | 1.8 | |
| Constellation Energy Corp | 1.8 | |
| Expro Group Holdings NV | 1.7 | |
| Apollo Global Management Inc | 1.6 | |
| Welltower Inc | 1.6 | |
| PG&E Corp | 1.5 | |
| AES Corp/The | 1.5 | |
| First Citizens BancShares Inc/NC Class A | 1.5 | |
| | 17.3 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915838.100 2104-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Dividend Growth Fund Fidelity Advisor® Dividend Growth Fund Class M : FDGTX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 67 | 1.20% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,516,322,845 | |
| Number of Holdings | 137 | |
| Portfolio Turnover | 60% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 26.9 | |
| Industrials | 16.0 | |
| Financials | 15.0 | |
| Energy | 11.3 | |
| Health Care | 8.2 | |
| Communication Services | 5.7 | |
| Utilities | 5.2 | |
| Consumer Staples | 3.6 | |
| Materials | 3.2 | |
| Consumer Discretionary | 2.0 | |
| Real Estate | 1.5 | |
| |
| Common Stocks | 98.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 85.5 |
| Canada | 4.1 |
| United Kingdom | 1.9 |
| Norway | 1.0 |
| India | 1.0 |
| Taiwan | 0.8 |
| Netherlands | 0.7 |
| Korea (South) | 0.6 |
| France | 0.6 |
| Others | 3.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 7.3 | |
| Microsoft Corp | 6.3 | |
| Meta Platforms Inc Class A | 3.5 | |
| Exxon Mobil Corp | 2.8 | |
| Broadcom Inc | 2.2 | |
| Apollo Global Management Inc | 2.0 | |
| Allison Transmission Holdings Inc | 1.8 | |
| Unitedhealth Group Inc | 1.7 | |
| Boeing Co | 1.7 | |
| Cigna Group/The | 1.6 | |
| | 30.9 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915908.100 720-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Growth & Income Fund Fidelity Advisor® Growth & Income Fund Class Z : FGIZX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Growth & Income Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 26 | 0.48% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,154,679,756 | |
| Number of Holdings | 188 | |
| Portfolio Turnover | 19% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 23.9 | |
| Financials | 18.7 | |
| Industrials | 16.8 | |
| Health Care | 11.9 | |
| Energy | 10.0 | |
| Consumer Staples | 6.0 | |
| Communication Services | 4.0 | |
| Utilities | 2.4 | |
| Consumer Discretionary | 2.2 | |
| Materials | 1.5 | |
| Real Estate | 1.3 | |
| |
| Common Stocks | 98.7 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 90.4 |
| Canada | 1.6 |
| Germany | 1.2 |
| United Kingdom | 1.2 |
| Netherlands | 1.1 |
| France | 1.0 |
| Belgium | 0.7 |
| Zambia | 0.6 |
| China | 0.6 |
| Others | 1.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 8.8 | |
| Exxon Mobil Corp | 7.3 | |
| Wells Fargo & Co | 5.8 | |
| General Electric Co | 5.2 | |
| NVIDIA Corp | 4.1 | |
| Bank of America Corp | 2.9 | |
| Apple Inc | 2.8 | |
| Visa Inc Class A | 1.9 | |
| Unitedhealth Group Inc | 1.9 | |
| Boeing Co | 1.8 | |
| | 42.5 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915868.100 2885-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Growth Opportunities Fund Fidelity Advisor® Growth Opportunities Fund Class I : FAGCX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 27 | 0.49% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $21,185,633,611 | |
| Number of Holdings | 202 | |
| Portfolio Turnover | 55% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 46.5 | |
| Communication Services | 21.4 | |
| Consumer Discretionary | 9.8 | |
| Health Care | 9.4 | |
| Industrials | 6.8 | |
| Financials | 4.5 | |
| Consumer Staples | 0.5 | |
| Energy | 0.1 | |
| Materials | 0.1 | |
| |
| Common Stocks | 97.0 |
| Preferred Stocks | 2.1 |
| Domestic Equity Funds | 0.3 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.6 |
| China | 1.9 |
| Singapore | 1.9 |
| Taiwan | 1.4 |
| France | 0.7 |
| India | 0.3 |
| Ireland | 0.2 |
| Estonia | 0.2 |
| Canada | 0.2 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 13.3 | |
| Microsoft Corp | 9.6 | |
| Meta Platforms Inc Class A | 5.9 | |
| Apple Inc | 5.0 | |
| Amazon.com Inc | 5.0 | |
| Alphabet Inc Class C | 4.7 | |
| Uber Technologies Inc | 2.7 | |
| Roku Inc Class A | 2.3 | |
| Eli Lilly & Co | 2.2 | |
| Sea Ltd Class A ADR | 1.9 | |
| | 52.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915864.100 688-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Growth Opportunities Fund Fidelity Advisor® Growth Opportunities Fund Class M : FAGOX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 55 | 0.98% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $21,185,633,611 | |
| Number of Holdings | 202 | |
| Portfolio Turnover | 55% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 46.5 | |
| Communication Services | 21.4 | |
| Consumer Discretionary | 9.8 | |
| Health Care | 9.4 | |
| Industrials | 6.8 | |
| Financials | 4.5 | |
| Consumer Staples | 0.5 | |
| Energy | 0.1 | |
| Materials | 0.1 | |
| |
| Common Stocks | 97.0 |
| Preferred Stocks | 2.1 |
| Domestic Equity Funds | 0.3 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.6 |
| China | 1.9 |
| Singapore | 1.9 |
| Taiwan | 1.4 |
| France | 0.7 |
| India | 0.3 |
| Ireland | 0.2 |
| Estonia | 0.2 |
| Canada | 0.2 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 13.3 | |
| Microsoft Corp | 9.6 | |
| Meta Platforms Inc Class A | 5.9 | |
| Apple Inc | 5.0 | |
| Amazon.com Inc | 5.0 | |
| Alphabet Inc Class C | 4.7 | |
| Uber Technologies Inc | 2.7 | |
| Roku Inc Class A | 2.3 | |
| Eli Lilly & Co | 2.2 | |
| Sea Ltd Class A ADR | 1.9 | |
| | 52.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915860.100 223-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Growth Fund Fidelity Advisor® Equity Growth Fund Class I : EQPGX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 38 | 0.68% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $10,015,753,076 | |
| Number of Holdings | 150 | |
| Portfolio Turnover | 37% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 42.1 | |
| Health Care | 14.4 | |
| Industrials | 12.4 | |
| Communication Services | 11.2 | |
| Consumer Discretionary | 9.1 | |
| Financials | 6.2 | |
| Energy | 2.4 | |
| Consumer Staples | 0.6 | |
| Materials | 0.2 | |
| |
| Common Stocks | 98.4 |
| Preferred Stocks | 0.2 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 86.9 |
| Netherlands | 3.9 |
| Taiwan | 2.1 |
| China | 1.7 |
| Israel | 1.1 |
| Brazil | 0.9 |
| India | 0.9 |
| Japan | 0.6 |
| France | 0.6 |
| Others | 1.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 12.6 | |
| NVIDIA Corp | 10.2 | |
| Apple Inc | 5.1 | |
| Alphabet Inc Class A | 5.0 | |
| Amazon.com Inc | 4.7 | |
| Uber Technologies Inc | 3.7 | |
| Eli Lilly & Co | 2.7 | |
| Boston Scientific Corp | 2.6 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.1 | |
| Netflix Inc | 2.1 | |
| | 50.8 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915854.100 86-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Growth & Income Fund Fidelity Advisor® Growth & Income Fund Class C : FGIUX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Growth & Income Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 90 | 1.66% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,154,679,756 | |
| Number of Holdings | 188 | |
| Portfolio Turnover | 19% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 23.9 | |
| Financials | 18.7 | |
| Industrials | 16.8 | |
| Health Care | 11.9 | |
| Energy | 10.0 | |
| Consumer Staples | 6.0 | |
| Communication Services | 4.0 | |
| Utilities | 2.4 | |
| Consumer Discretionary | 2.2 | |
| Materials | 1.5 | |
| Real Estate | 1.3 | |
| |
| Common Stocks | 98.7 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 90.4 |
| Canada | 1.6 |
| Germany | 1.2 |
| United Kingdom | 1.2 |
| Netherlands | 1.1 |
| France | 1.0 |
| Belgium | 0.7 |
| Zambia | 0.6 |
| China | 0.6 |
| Others | 1.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 8.8 | |
| Exxon Mobil Corp | 7.3 | |
| Wells Fargo & Co | 5.8 | |
| General Electric Co | 5.2 | |
| NVIDIA Corp | 4.1 | |
| Bank of America Corp | 2.9 | |
| Apple Inc | 2.8 | |
| Visa Inc Class A | 1.9 | |
| Unitedhealth Group Inc | 1.9 | |
| Boeing Co | 1.8 | |
| | 42.5 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915869.100 481-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Stock Selector Mid Cap Fund Fidelity Advisor® Stock Selector Mid Cap Fund Class Z : FSLZX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 29 | 0.53% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $2,232,237,346 | |
| Number of Holdings | 208 | |
| Portfolio Turnover | 53% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 22.1 | |
| Financials | 15.2 | |
| Consumer Discretionary | 14.7 | |
| Information Technology | 9.3 | |
| Health Care | 7.4 | |
| Real Estate | 6.9 | |
| Materials | 6.8 | |
| Energy | 5.2 | |
| Consumer Staples | 4.8 | |
| Utilities | 3.5 | |
| Communication Services | 1.5 | |
| |
| Common Stocks | 97.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.9 |
| Puerto Rico | 0.8 |
| Sweden | 0.8 |
| Chile | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Canada | 0.5 |
| Netherlands | 0.4 |
| United Kingdom | 0.3 |
| Greece | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Carlisle Cos Inc | 1.5 | |
| Bancorp Inc/The | 1.5 | |
| Vistra Corp | 1.4 | |
| CACI International Inc | 1.3 | |
| XPO Inc | 1.2 | |
| Baldwin Insurance Group Inc/The Class A | 1.2 | |
| KBR Inc | 1.1 | |
| Wesco International Inc | 1.1 | |
| HEICO Corp Class A | 1.1 | |
| Kirby Corp | 1.1 | |
| | 12.5 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915893.100 2888-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Growth Fund Fidelity Advisor® Equity Growth Fund Class C : EPGCX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 94 | 1.69% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $10,015,753,076 | |
| Number of Holdings | 150 | |
| Portfolio Turnover | 37% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 42.1 | |
| Health Care | 14.4 | |
| Industrials | 12.4 | |
| Communication Services | 11.2 | |
| Consumer Discretionary | 9.1 | |
| Financials | 6.2 | |
| Energy | 2.4 | |
| Consumer Staples | 0.6 | |
| Materials | 0.2 | |
| |
| Common Stocks | 98.4 |
| Preferred Stocks | 0.2 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 86.9 |
| Netherlands | 3.9 |
| Taiwan | 2.1 |
| China | 1.7 |
| Israel | 1.1 |
| Brazil | 0.9 |
| India | 0.9 |
| Japan | 0.6 |
| France | 0.6 |
| Others | 1.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 12.6 | |
| NVIDIA Corp | 10.2 | |
| Apple Inc | 5.1 | |
| Alphabet Inc Class A | 5.0 | |
| Amazon.com Inc | 4.7 | |
| Uber Technologies Inc | 3.7 | |
| Eli Lilly & Co | 2.7 | |
| Boston Scientific Corp | 2.6 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.1 | |
| Netflix Inc | 2.1 | |
| | 50.8 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915853.100 479-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Growth Opportunities Fund Fidelity Advisor® Growth Opportunities Fund Class C : FACGX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 83 | 1.49% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $21,185,633,611 | |
| Number of Holdings | 202 | |
| Portfolio Turnover | 55% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 46.5 | |
| Communication Services | 21.4 | |
| Consumer Discretionary | 9.8 | |
| Health Care | 9.4 | |
| Industrials | 6.8 | |
| Financials | 4.5 | |
| Consumer Staples | 0.5 | |
| Energy | 0.1 | |
| Materials | 0.1 | |
| |
| Common Stocks | 97.0 |
| Preferred Stocks | 2.1 |
| Domestic Equity Funds | 0.3 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.6 |
| China | 1.9 |
| Singapore | 1.9 |
| Taiwan | 1.4 |
| France | 0.7 |
| India | 0.3 |
| Ireland | 0.2 |
| Estonia | 0.2 |
| Canada | 0.2 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 13.3 | |
| Microsoft Corp | 9.6 | |
| Meta Platforms Inc Class A | 5.9 | |
| Apple Inc | 5.0 | |
| Amazon.com Inc | 5.0 | |
| Alphabet Inc Class C | 4.7 | |
| Uber Technologies Inc | 2.7 | |
| Roku Inc Class A | 2.3 | |
| Eli Lilly & Co | 2.2 | |
| Sea Ltd Class A ADR | 1.9 | |
| | 52.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915863.100 482-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Growth Fund Fidelity Advisor® Equity Growth Fund Class A : EPGAX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 52 | 0.93% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $10,015,753,076 | |
| Number of Holdings | 150 | |
| Portfolio Turnover | 37% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 42.1 | |
| Health Care | 14.4 | |
| Industrials | 12.4 | |
| Communication Services | 11.2 | |
| Consumer Discretionary | 9.1 | |
| Financials | 6.2 | |
| Energy | 2.4 | |
| Consumer Staples | 0.6 | |
| Materials | 0.2 | |
| |
| Common Stocks | 98.4 |
| Preferred Stocks | 0.2 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 86.9 |
| Netherlands | 3.9 |
| Taiwan | 2.1 |
| China | 1.7 |
| Israel | 1.1 |
| Brazil | 0.9 |
| India | 0.9 |
| Japan | 0.6 |
| France | 0.6 |
| Others | 1.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 12.6 | |
| NVIDIA Corp | 10.2 | |
| Apple Inc | 5.1 | |
| Alphabet Inc Class A | 5.0 | |
| Amazon.com Inc | 4.7 | |
| Uber Technologies Inc | 3.7 | |
| Eli Lilly & Co | 2.7 | |
| Boston Scientific Corp | 2.6 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.1 | |
| Netflix Inc | 2.1 | |
| | 50.8 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915850.100 245-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Stock Selector Mid Cap Fund Fidelity® Stock Selector Mid Cap Fund : FSSMX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Stock Selector Mid Cap Fund | $ 35 | 0.65% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $2,232,237,346 | |
| Number of Holdings | 208 | |
| Portfolio Turnover | 53% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 22.1 | |
| Financials | 15.2 | |
| Consumer Discretionary | 14.7 | |
| Information Technology | 9.3 | |
| Health Care | 7.4 | |
| Real Estate | 6.9 | |
| Materials | 6.8 | |
| Energy | 5.2 | |
| Consumer Staples | 4.8 | |
| Utilities | 3.5 | |
| Communication Services | 1.5 | |
| |
| Common Stocks | 97.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.9 |
| Puerto Rico | 0.8 |
| Sweden | 0.8 |
| Chile | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Canada | 0.5 |
| Netherlands | 0.4 |
| United Kingdom | 0.3 |
| Greece | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Carlisle Cos Inc | 1.5 | |
| Bancorp Inc/The | 1.5 | |
| Vistra Corp | 1.4 | |
| CACI International Inc | 1.3 | |
| XPO Inc | 1.2 | |
| Baldwin Insurance Group Inc/The Class A | 1.2 | |
| KBR Inc | 1.1 | |
| Wesco International Inc | 1.1 | |
| HEICO Corp Class A | 1.1 | |
| Kirby Corp | 1.1 | |
| | 12.5 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915891.100 2412-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Small Cap Fund Fidelity Advisor® Small Cap Fund Class C : FSCEX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 114 | 2.07% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,955,004,625 | |
| Number of Holdings | 137 | |
| Portfolio Turnover | 36% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 18.6 | |
| Information Technology | 15.6 | |
| Financials | 14.1 | |
| Health Care | 13.6 | |
| Consumer Discretionary | 12.4 | |
| Materials | 7.3 | |
| Energy | 6.1 | |
| Consumer Staples | 4.2 | |
| Real Estate | 4.1 | |
| Communication Services | 2.4 | |
| Utilities | 1.1 | |
| |
| Common Stocks | 99.5 |
| Domestic Equity Funds | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
| Short-Term Investments and Net Other Assets (Liabilities) - (0.2)% |
|
| United States | 89.2 |
| Canada | 3.9 |
| Thailand | 2.2 |
| Israel | 1.8 |
| United Kingdom | 1.5 |
| Japan | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Netherlands | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Fabrinet | 2.2 | |
| Constellium SE | 1.8 | |
| Patrick Industries Inc | 1.8 | |
| Insight Enterprises Inc | 1.7 | |
| Commercial Metals Co | 1.7 | |
| FTAI Aviation Ltd | 1.6 | |
| Liberty Energy Inc Class A | 1.5 | |
| Lamar Advertising Co Class A | 1.5 | |
| Ensign Group Inc/The | 1.4 | |
| Primerica Inc | 1.4 | |
| | 16.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915872.100 297-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Growth & Income Fund Fidelity Advisor® Growth & Income Fund Class M : FGITX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Growth & Income Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 61 | 1.13% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,154,679,756 | |
| Number of Holdings | 188 | |
| Portfolio Turnover | 19% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 23.9 | |
| Financials | 18.7 | |
| Industrials | 16.8 | |
| Health Care | 11.9 | |
| Energy | 10.0 | |
| Consumer Staples | 6.0 | |
| Communication Services | 4.0 | |
| Utilities | 2.4 | |
| Consumer Discretionary | 2.2 | |
| Materials | 1.5 | |
| Real Estate | 1.3 | |
| |
| Common Stocks | 98.7 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 90.4 |
| Canada | 1.6 |
| Germany | 1.2 |
| United Kingdom | 1.2 |
| Netherlands | 1.1 |
| France | 1.0 |
| Belgium | 0.7 |
| Zambia | 0.6 |
| China | 0.6 |
| Others | 1.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 8.8 | |
| Exxon Mobil Corp | 7.3 | |
| Wells Fargo & Co | 5.8 | |
| General Electric Co | 5.2 | |
| NVIDIA Corp | 4.1 | |
| Bank of America Corp | 2.9 | |
| Apple Inc | 2.8 | |
| Visa Inc Class A | 1.9 | |
| Unitedhealth Group Inc | 1.9 | |
| Boeing Co | 1.8 | |
| | 42.5 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915866.100 274-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Income Fund Fidelity Advisor® Equity Income Fund Class I : EQPIX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 33 | 0.62% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,796,779,158 | |
| Number of Holdings | 116 | |
| Portfolio Turnover | 38% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 20.0 | |
| Health Care | 17.2 | |
| Consumer Staples | 10.9 | |
| Industrials | 8.7 | |
| Utilities | 8.3 | |
| Energy | 8.2 | |
| Information Technology | 6.4 | |
| Communication Services | 6.1 | |
| Real Estate | 4.8 | |
| Consumer Discretionary | 3.9 | |
| Materials | 3.9 | |
| |
| Common Stocks | 98.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.6 |
| United Kingdom | 5.2 |
| France | 2.2 |
| Taiwan | 1.0 |
| Canada | 0.9 |
| Denmark | 0.6 |
| Belgium | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 3.2 | |
| Johnson & Johnson | 2.9 | |
| Comcast Corp Class A | 2.6 | |
| Wells Fargo & Co | 2.6 | |
| Merck & Co Inc | 2.5 | |
| Verizon Communications Inc | 2.1 | |
| M&T Bank Corp | 2.0 | |
| Shell PLC ADR | 2.0 | |
| Chubb Ltd | 2.0 | |
| Unilever PLC ADR | 1.9 | |
| | 23.8 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915849.100 80-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Value Fund Fidelity Advisor® Equity Value Fund Class Z : FAEVX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 31 | 0.59% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $211,209,337 | |
| Number of Holdings | 94 | |
| Portfolio Turnover | 30% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 24.7 | |
| Health Care | 16.1 | |
| Consumer Staples | 11.3 | |
| Industrials | 11.2 | |
| Energy | 9.1 | |
| Information Technology | 6.8 | |
| Utilities | 6.2 | |
| Communication Services | 5.2 | |
| Consumer Discretionary | 4.3 | |
| Materials | 2.4 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 97.3 |
| Preferred Stocks | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.7 |
| United Kingdom | 3.8 |
| Canada | 2.3 |
| Germany | 2.0 |
| France | 1.3 |
| Korea (South) | 1.1 |
| Norway | 0.7 |
| Denmark | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.5 | |
| JPMorgan Chase & Co | 3.9 | |
| Chubb Ltd | 3.0 | |
| Cigna Group/The | 3.0 | |
| Berkshire Hathaway Inc Class B | 2.9 | |
| Bank of America Corp | 2.9 | |
| Comcast Corp Class A | 2.7 | |
| Travelers Cos Inc/The | 2.6 | |
| Walt Disney Co/The | 2.5 | |
| PG&E Corp | 2.4 | |
| | 30.4 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915855.100 2883-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Small Cap Fund Fidelity Advisor® Small Cap Fund Class Z : FZAOX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 50 | 0.90% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,955,004,625 | |
| Number of Holdings | 137 | |
| Portfolio Turnover | 36% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 18.6 | |
| Information Technology | 15.6 | |
| Financials | 14.1 | |
| Health Care | 13.6 | |
| Consumer Discretionary | 12.4 | |
| Materials | 7.3 | |
| Energy | 6.1 | |
| Consumer Staples | 4.2 | |
| Real Estate | 4.1 | |
| Communication Services | 2.4 | |
| Utilities | 1.1 | |
| |
| Common Stocks | 99.5 |
| Domestic Equity Funds | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
| Short-Term Investments and Net Other Assets (Liabilities) - (0.2)% |
|
| United States | 89.2 |
| Canada | 3.9 |
| Thailand | 2.2 |
| Israel | 1.8 |
| United Kingdom | 1.5 |
| Japan | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Netherlands | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Fabrinet | 2.2 | |
| Constellium SE | 1.8 | |
| Patrick Industries Inc | 1.8 | |
| Insight Enterprises Inc | 1.7 | |
| Commercial Metals Co | 1.7 | |
| FTAI Aviation Ltd | 1.6 | |
| Liberty Energy Inc Class A | 1.5 | |
| Lamar Advertising Co Class A | 1.5 | |
| Ensign Group Inc/The | 1.4 | |
| Primerica Inc | 1.4 | |
| | 16.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915870.100 2540-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Growth & Income Fund Fidelity Advisor® Growth & Income Fund Class I : FGIOX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Growth & Income Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 35 | 0.65% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,154,679,756 | |
| Number of Holdings | 188 | |
| Portfolio Turnover | 19% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 23.9 | |
| Financials | 18.7 | |
| Industrials | 16.8 | |
| Health Care | 11.9 | |
| Energy | 10.0 | |
| Consumer Staples | 6.0 | |
| Communication Services | 4.0 | |
| Utilities | 2.4 | |
| Consumer Discretionary | 2.2 | |
| Materials | 1.5 | |
| Real Estate | 1.3 | |
| |
| Common Stocks | 98.7 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 90.4 |
| Canada | 1.6 |
| Germany | 1.2 |
| United Kingdom | 1.2 |
| Netherlands | 1.1 |
| France | 1.0 |
| Belgium | 0.7 |
| Zambia | 0.6 |
| China | 0.6 |
| Others | 1.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 8.8 | |
| Exxon Mobil Corp | 7.3 | |
| Wells Fargo & Co | 5.8 | |
| General Electric Co | 5.2 | |
| NVIDIA Corp | 4.1 | |
| Bank of America Corp | 2.9 | |
| Apple Inc | 2.8 | |
| Visa Inc Class A | 1.9 | |
| Unitedhealth Group Inc | 1.9 | |
| Boeing Co | 1.8 | |
| | 42.5 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915867.100 276-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Growth Fund Fidelity Advisor® Equity Growth Fund Class M : FAEGX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 65 | 1.17% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $10,015,753,076 | |
| Number of Holdings | 150 | |
| Portfolio Turnover | 37% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 42.1 | |
| Health Care | 14.4 | |
| Industrials | 12.4 | |
| Communication Services | 11.2 | |
| Consumer Discretionary | 9.1 | |
| Financials | 6.2 | |
| Energy | 2.4 | |
| Consumer Staples | 0.6 | |
| Materials | 0.2 | |
| |
| Common Stocks | 98.4 |
| Preferred Stocks | 0.2 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 86.9 |
| Netherlands | 3.9 |
| Taiwan | 2.1 |
| China | 1.7 |
| Israel | 1.1 |
| Brazil | 0.9 |
| India | 0.9 |
| Japan | 0.6 |
| France | 0.6 |
| Others | 1.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 12.6 | |
| NVIDIA Corp | 10.2 | |
| Apple Inc | 5.1 | |
| Alphabet Inc Class A | 5.0 | |
| Amazon.com Inc | 4.7 | |
| Uber Technologies Inc | 3.7 | |
| Eli Lilly & Co | 2.7 | |
| Boston Scientific Corp | 2.6 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.1 | |
| Netflix Inc | 2.1 | |
| | 50.8 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915852.100 286-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Stock Selector Mid Cap Fund Fidelity Advisor® Stock Selector Mid Cap Fund Class M : FMCAX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 63 | 1.17% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $2,232,237,346 | |
| Number of Holdings | 208 | |
| Portfolio Turnover | 53% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 22.1 | |
| Financials | 15.2 | |
| Consumer Discretionary | 14.7 | |
| Information Technology | 9.3 | |
| Health Care | 7.4 | |
| Real Estate | 6.9 | |
| Materials | 6.8 | |
| Energy | 5.2 | |
| Consumer Staples | 4.8 | |
| Utilities | 3.5 | |
| Communication Services | 1.5 | |
| |
| Common Stocks | 97.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.9 |
| Puerto Rico | 0.8 |
| Sweden | 0.8 |
| Chile | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Canada | 0.5 |
| Netherlands | 0.4 |
| United Kingdom | 0.3 |
| Greece | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Carlisle Cos Inc | 1.5 | |
| Bancorp Inc/The | 1.5 | |
| Vistra Corp | 1.4 | |
| CACI International Inc | 1.3 | |
| XPO Inc | 1.2 | |
| Baldwin Insurance Group Inc/The Class A | 1.2 | |
| KBR Inc | 1.1 | |
| Wesco International Inc | 1.1 | |
| HEICO Corp Class A | 1.1 | |
| Kirby Corp | 1.1 | |
| | 12.5 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915895.100 531-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Value Fund Fidelity Advisor® Equity Value Fund Class M : FAVTX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 65 | 1.25% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $211,209,337 | |
| Number of Holdings | 94 | |
| Portfolio Turnover | 30% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 24.7 | |
| Health Care | 16.1 | |
| Consumer Staples | 11.3 | |
| Industrials | 11.2 | |
| Energy | 9.1 | |
| Information Technology | 6.8 | |
| Utilities | 6.2 | |
| Communication Services | 5.2 | |
| Consumer Discretionary | 4.3 | |
| Materials | 2.4 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 97.3 |
| Preferred Stocks | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.7 |
| United Kingdom | 3.8 |
| Canada | 2.3 |
| Germany | 2.0 |
| France | 1.3 |
| Korea (South) | 1.1 |
| Norway | 0.7 |
| Denmark | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.5 | |
| JPMorgan Chase & Co | 3.9 | |
| Chubb Ltd | 3.0 | |
| Cigna Group/The | 3.0 | |
| Berkshire Hathaway Inc Class B | 2.9 | |
| Bank of America Corp | 2.9 | |
| Comcast Corp Class A | 2.7 | |
| Travelers Cos Inc/The | 2.6 | |
| Walt Disney Co/The | 2.5 | |
| PG&E Corp | 2.4 | |
| | 30.4 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915858.100 885-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Large Cap Fund Fidelity Advisor® Large Cap Fund Class Z : FIDLX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 38 | 0.70% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,387,189,575 | |
| Number of Holdings | 185 | |
| Portfolio Turnover | 22% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 21.3 | |
| Financials | 16.5 | |
| Industrials | 16.2 | |
| Health Care | 11.6 | |
| Communication Services | 10.1 | |
| Energy | 9.5 | |
| Consumer Staples | 4.9 | |
| Consumer Discretionary | 3.1 | |
| Materials | 2.0 | |
| Utilities | 1.0 | |
| Real Estate | 0.8 | |
| |
| Common Stocks | 97.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.0 |
| Canada | 2.1 |
| Germany | 0.9 |
| Zambia | 0.9 |
| Netherlands | 0.7 |
| France | 0.7 |
| United Kingdom | 0.6 |
| Belgium | 0.6 |
| Taiwan | 0.4 |
| Others | 1.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 7.3 | |
| Exxon Mobil Corp | 6.3 | |
| Wells Fargo & Co | 5.6 | |
| General Electric Co | 5.6 | |
| NVIDIA Corp | 4.4 | |
| Bank of America Corp | 2.7 | |
| Meta Platforms Inc Class A | 2.7 | |
| Apple Inc | 2.6 | |
| Boeing Co | 2.4 | |
| Alphabet Inc Class A | 2.0 | |
| | 41.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915898.100 2889-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Series Small Cap Fund Fidelity Advisor® Series Small Cap Fund : FSSFX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Series Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity Advisor® Series Small Cap Fund | $ 0 A | 0.01% | |
A Amount represents less than $.50
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $436,072,258 | |
| Number of Holdings | 137 | |
| Portfolio Turnover | 41% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 18.6 | |
| Information Technology | 15.4 | |
| Financials | 14.1 | |
| Health Care | 13.4 | |
| Consumer Discretionary | 12.7 | |
| Materials | 7.2 | |
| Energy | 6.1 | |
| Consumer Staples | 4.1 | |
| Real Estate | 4.1 | |
| Communication Services | 2.5 | |
| Utilities | 1.1 | |
| |
| Common Stocks | 99.3 |
| Domestic Equity Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.3 |
| Canada | 3.8 |
| Thailand | 2.0 |
| Israel | 1.8 |
| United Kingdom | 1.6 |
| Japan | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.6 |
| Netherlands | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Fabrinet | 2.0 | |
| Patrick Industries Inc | 2.0 | |
| Constellium SE | 1.8 | |
| Insight Enterprises Inc | 1.7 | |
| Commercial Metals Co | 1.6 | |
| FTAI Aviation Ltd | 1.6 | |
| Liberty Energy Inc Class A | 1.6 | |
| Lamar Advertising Co Class A | 1.5 | |
| Ensign Group Inc/The | 1.4 | |
| EMCOR Group Inc | 1.4 | |
| | 16.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915918.100 2613-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Value Strategies Fund Fidelity Advisor® Value Strategies Fund Class I : FASOX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 47 | 0.86% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $2,345,592,459 | |
| Number of Holdings | 118 | |
| Portfolio Turnover | 49% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 20.5 | |
| Financials | 19.3 | |
| Consumer Discretionary | 9.7 | |
| Utilities | 8.8 | |
| Energy | 8.8 | |
| Materials | 8.3 | |
| Real Estate | 6.0 | |
| Health Care | 5.9 | |
| Consumer Staples | 5.1 | |
| Information Technology | 4.3 | |
| Communication Services | 2.5 | |
| |
| Common Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.0 |
| Canada | 6.2 |
| Spain | 0.7 |
| Sweden | 0.6 |
| Puerto Rico | 0.6 |
| Switzerland | 0.5 |
| India | 0.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Cigna Group/The | 2.2 | |
| Canadian Natural Resources Ltd | 2.1 | |
| Centene Corp | 1.8 | |
| Constellation Energy Corp | 1.8 | |
| Expro Group Holdings NV | 1.7 | |
| Apollo Global Management Inc | 1.6 | |
| Welltower Inc | 1.6 | |
| PG&E Corp | 1.5 | |
| AES Corp/The | 1.5 | |
| First Citizens BancShares Inc/NC Class A | 1.5 | |
| | 17.3 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915841.100 694-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Large Cap Fund Fidelity Advisor® Large Cap Fund Class C : FLCCX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 101 | 1.84% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,387,189,575 | |
| Number of Holdings | 185 | |
| Portfolio Turnover | 22% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 21.3 | |
| Financials | 16.5 | |
| Industrials | 16.2 | |
| Health Care | 11.6 | |
| Communication Services | 10.1 | |
| Energy | 9.5 | |
| Consumer Staples | 4.9 | |
| Consumer Discretionary | 3.1 | |
| Materials | 2.0 | |
| Utilities | 1.0 | |
| Real Estate | 0.8 | |
| |
| Common Stocks | 97.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.0 |
| Canada | 2.1 |
| Germany | 0.9 |
| Zambia | 0.9 |
| Netherlands | 0.7 |
| France | 0.7 |
| United Kingdom | 0.6 |
| Belgium | 0.6 |
| Taiwan | 0.4 |
| Others | 1.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 7.3 | |
| Exxon Mobil Corp | 6.3 | |
| Wells Fargo & Co | 5.6 | |
| General Electric Co | 5.6 | |
| NVIDIA Corp | 4.4 | |
| Bank of America Corp | 2.7 | |
| Meta Platforms Inc Class A | 2.7 | |
| Apple Inc | 2.6 | |
| Boeing Co | 2.4 | |
| Alphabet Inc Class A | 2.0 | |
| | 41.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915899.100 483-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Stock Selector Mid Cap Fund Fidelity Advisor® Stock Selector Mid Cap Fund Class A : FMCDX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 50 | 0.93% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $2,232,237,346 | |
| Number of Holdings | 208 | |
| Portfolio Turnover | 53% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 22.1 | |
| Financials | 15.2 | |
| Consumer Discretionary | 14.7 | |
| Information Technology | 9.3 | |
| Health Care | 7.4 | |
| Real Estate | 6.9 | |
| Materials | 6.8 | |
| Energy | 5.2 | |
| Consumer Staples | 4.8 | |
| Utilities | 3.5 | |
| Communication Services | 1.5 | |
| |
| Common Stocks | 97.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.9 |
| Puerto Rico | 0.8 |
| Sweden | 0.8 |
| Chile | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Canada | 0.5 |
| Netherlands | 0.4 |
| United Kingdom | 0.3 |
| Greece | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Carlisle Cos Inc | 1.5 | |
| Bancorp Inc/The | 1.5 | |
| Vistra Corp | 1.4 | |
| CACI International Inc | 1.3 | |
| XPO Inc | 1.2 | |
| Baldwin Insurance Group Inc/The Class A | 1.2 | |
| KBR Inc | 1.1 | |
| Wesco International Inc | 1.1 | |
| HEICO Corp Class A | 1.1 | |
| Kirby Corp | 1.1 | |
| | 12.5 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915892.100 251-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Large Cap Fund Fidelity Advisor® Large Cap Fund Class A : FALAX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 59 | 1.07% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,387,189,575 | |
| Number of Holdings | 185 | |
| Portfolio Turnover | 22% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 21.3 | |
| Financials | 16.5 | |
| Industrials | 16.2 | |
| Health Care | 11.6 | |
| Communication Services | 10.1 | |
| Energy | 9.5 | |
| Consumer Staples | 4.9 | |
| Consumer Discretionary | 3.1 | |
| Materials | 2.0 | |
| Utilities | 1.0 | |
| Real Estate | 0.8 | |
| |
| Common Stocks | 97.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.0 |
| Canada | 2.1 |
| Germany | 0.9 |
| Zambia | 0.9 |
| Netherlands | 0.7 |
| France | 0.7 |
| United Kingdom | 0.6 |
| Belgium | 0.6 |
| Taiwan | 0.4 |
| Others | 1.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 7.3 | |
| Exxon Mobil Corp | 6.3 | |
| Wells Fargo & Co | 5.6 | |
| General Electric Co | 5.6 | |
| NVIDIA Corp | 4.4 | |
| Bank of America Corp | 2.7 | |
| Meta Platforms Inc Class A | 2.7 | |
| Apple Inc | 2.6 | |
| Boeing Co | 2.4 | |
| Alphabet Inc Class A | 2.0 | |
| | 41.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915897.100 250-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Series Growth Opportunities Fund Fidelity Advisor® Series Growth Opportunities Fund : FAOFX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Series Growth Opportunities Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity Advisor® Series Growth Opportunities Fund | $ 0 A | 0.01% | |
A Amount represents less than $.50
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $885,159,743 | |
| Number of Holdings | 182 | |
| Portfolio Turnover | 60% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 47.6 | |
| Communication Services | 22.0 | |
| Consumer Discretionary | 9.9 | |
| Health Care | 8.8 | |
| Industrials | 6.5 | |
| Financials | 3.8 | |
| Consumer Staples | 0.5 | |
| Energy | 0.1 | |
| Materials | 0.1 | |
| |
| Common Stocks | 97.5 |
| Preferred Stocks | 1.8 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 93.3 |
| China | 2.2 |
| Singapore | 1.7 |
| Taiwan | 1.2 |
| France | 0.7 |
| Denmark | 0.2 |
| Ireland | 0.2 |
| Canada | 0.2 |
| Netherlands | 0.2 |
| Others | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 13.6 | |
| Microsoft Corp | 10.9 | |
| Meta Platforms Inc Class A | 6.6 | |
| Amazon.com Inc | 5.7 | |
| Apple Inc | 5.2 | |
| Alphabet Inc Class C | 5.0 | |
| Roku Inc Class A | 2.5 | |
| Uber Technologies Inc | 2.5 | |
| Flex Ltd | 2.1 | |
| NXP Semiconductors NV | 2.1 | |
| | 56.2 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915919.100 2614-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Equity Income Fund Fidelity Advisor® Equity Income Fund Class M : FEIRX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 59 | 1.11% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,796,779,158 | |
| Number of Holdings | 116 | |
| Portfolio Turnover | 38% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 20.0 | |
| Health Care | 17.2 | |
| Consumer Staples | 10.9 | |
| Industrials | 8.7 | |
| Utilities | 8.3 | |
| Energy | 8.2 | |
| Information Technology | 6.4 | |
| Communication Services | 6.1 | |
| Real Estate | 4.8 | |
| Consumer Discretionary | 3.9 | |
| Materials | 3.9 | |
| |
| Common Stocks | 98.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.6 |
| United Kingdom | 5.2 |
| France | 2.2 |
| Taiwan | 1.0 |
| Canada | 0.9 |
| Denmark | 0.6 |
| Belgium | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 3.2 | |
| Johnson & Johnson | 2.9 | |
| Comcast Corp Class A | 2.6 | |
| Wells Fargo & Co | 2.6 | |
| Merck & Co Inc | 2.5 | |
| Verizon Communications Inc | 2.1 | |
| M&T Bank Corp | 2.0 | |
| Shell PLC ADR | 2.0 | |
| Chubb Ltd | 2.0 | |
| Unilever PLC ADR | 1.9 | |
| | 23.8 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915847.100 280-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Stock Selector Mid Cap Fund Fidelity Advisor® Stock Selector Mid Cap Fund Class I : FMCCX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 38 | 0.69% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $2,232,237,346 | |
| Number of Holdings | 208 | |
| Portfolio Turnover | 53% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 22.1 | |
| Financials | 15.2 | |
| Consumer Discretionary | 14.7 | |
| Information Technology | 9.3 | |
| Health Care | 7.4 | |
| Real Estate | 6.9 | |
| Materials | 6.8 | |
| Energy | 5.2 | |
| Consumer Staples | 4.8 | |
| Utilities | 3.5 | |
| Communication Services | 1.5 | |
| |
| Common Stocks | 97.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.9 |
| Puerto Rico | 0.8 |
| Sweden | 0.8 |
| Chile | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Canada | 0.5 |
| Netherlands | 0.4 |
| United Kingdom | 0.3 |
| Greece | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Carlisle Cos Inc | 1.5 | |
| Bancorp Inc/The | 1.5 | |
| Vistra Corp | 1.4 | |
| CACI International Inc | 1.3 | |
| XPO Inc | 1.2 | |
| Baldwin Insurance Group Inc/The Class A | 1.2 | |
| KBR Inc | 1.1 | |
| Wesco International Inc | 1.1 | |
| HEICO Corp Class A | 1.1 | |
| Kirby Corp | 1.1 | |
| | 12.5 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915896.100 533-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Large Cap Fund Fidelity Advisor® Large Cap Fund Class I : FALIX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 45 | 0.82% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,387,189,575 | |
| Number of Holdings | 185 | |
| Portfolio Turnover | 22% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 21.3 | |
| Financials | 16.5 | |
| Industrials | 16.2 | |
| Health Care | 11.6 | |
| Communication Services | 10.1 | |
| Energy | 9.5 | |
| Consumer Staples | 4.9 | |
| Consumer Discretionary | 3.1 | |
| Materials | 2.0 | |
| Utilities | 1.0 | |
| Real Estate | 0.8 | |
| |
| Common Stocks | 97.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.0 |
| Canada | 2.1 |
| Germany | 0.9 |
| Zambia | 0.9 |
| Netherlands | 0.7 |
| France | 0.7 |
| United Kingdom | 0.6 |
| Belgium | 0.6 |
| Taiwan | 0.4 |
| Others | 1.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 7.3 | |
| Exxon Mobil Corp | 6.3 | |
| Wells Fargo & Co | 5.6 | |
| General Electric Co | 5.6 | |
| NVIDIA Corp | 4.4 | |
| Bank of America Corp | 2.7 | |
| Meta Platforms Inc Class A | 2.7 | |
| Apple Inc | 2.6 | |
| Boeing Co | 2.4 | |
| Alphabet Inc Class A | 2.0 | |
| | 41.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915901.100 536-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | |
| | Fidelity Advisor® Dividend Growth Fund Fidelity Advisor® Dividend Growth Fund Class I : FDGIX |
| | | |
This semi-annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 41 | 0.73% | |
Key Fund Statistics (as of May 31, 2024)
KEY FACTS | | |
| Fund Size | $1,516,322,845 | |
| Number of Holdings | 137 | |
| Portfolio Turnover | 60% | |
What did the Fund invest in?
(as of May 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 26.9 | |
| Industrials | 16.0 | |
| Financials | 15.0 | |
| Energy | 11.3 | |
| Health Care | 8.2 | |
| Communication Services | 5.7 | |
| Utilities | 5.2 | |
| Consumer Staples | 3.6 | |
| Materials | 3.2 | |
| Consumer Discretionary | 2.0 | |
| Real Estate | 1.5 | |
| |
| Common Stocks | 98.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 85.5 |
| Canada | 4.1 |
| United Kingdom | 1.9 |
| Norway | 1.0 |
| India | 1.0 |
| Taiwan | 0.8 |
| Netherlands | 0.7 |
| Korea (South) | 0.6 |
| France | 0.6 |
| Others | 3.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 7.3 | |
| Microsoft Corp | 6.3 | |
| Meta Platforms Inc Class A | 3.5 | |
| Exxon Mobil Corp | 2.8 | |
| Broadcom Inc | 2.2 | |
| Apollo Global Management Inc | 2.0 | |
| Allison Transmission Holdings Inc | 1.8 | |
| Unitedhealth Group Inc | 1.7 | |
| Boeing Co | 1.7 | |
| Cigna Group/The | 1.6 | |
| | 30.9 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
1.9915907.100 717-TSRS-0724 | | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
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.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity Advisor® Value Strategies Fund
Semi-Annual Report
May 31, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Value Strategies Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.2% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 2.6% | | | |
| Diversified Telecommunication Services - 0.7% | | | |
| Cellnex Telecom SA (a) | | 449,600 | 16,424 |
| Interactive Media & Services - 0.6% | | | |
| Zoominfo Technologies, Inc. (b) | | 1,046,000 | 12,845 |
| Media - 1.3% | | | |
| Interpublic Group of Companies, Inc. (c) | | 643,800 | 20,196 |
| Nexstar Media Group, Inc. Class A | | 62,400 | 10,339 |
| | | | 30,535 |
TOTAL COMMUNICATION SERVICES | | | 59,804 |
| CONSUMER DISCRETIONARY - 9.7% | | | |
| Automobile Components - 1.2% | | | |
| Aptiv PLC (b) | | 171,200 | 14,254 |
| Autoliv, Inc. | | 118,300 | 15,092 |
| | | | 29,346 |
| Automobiles - 0.7% | | | |
| Harley-Davidson, Inc. | | 466,200 | 16,727 |
| Hotels, Restaurants & Leisure - 1.2% | | | |
| Hilton Grand Vacations, Inc. (b) | | 307,800 | 12,721 |
| Marriott Vacations Worldwide Corp. | | 97,700 | 8,819 |
| Red Rock Resorts, Inc. | | 122,350 | 6,270 |
| | | | 27,810 |
| Household Durables - 0.9% | | | |
| Tempur Sealy International, Inc. | | 409,200 | 21,017 |
| Leisure Products - 1.4% | | | |
| BRP, Inc. | | 231,100 | 14,440 |
| Brunswick Corp. | | 104,200 | 8,600 |
| Topgolf Callaway Brands Corp. (b) | | 604,700 | 9,464 |
| | | | 32,504 |
| Specialty Retail - 2.7% | | | |
| Lithia Motors, Inc. Class A (sub. vtg.) | | 64,600 | 16,353 |
| Signet Jewelers Ltd. | | 156,700 | 17,157 |
| Upbound Group, Inc. | | 523,400 | 17,178 |
| Victoria's Secret & Co. (b) | | 549,600 | 12,525 |
| | | | 63,213 |
| Textiles, Apparel & Luxury Goods - 1.6% | | | |
| Gildan Activewear, Inc. | | 664,800 | 25,432 |
| PVH Corp. | | 100,300 | 12,037 |
| | | | 37,469 |
TOTAL CONSUMER DISCRETIONARY | | | 228,086 |
| CONSUMER STAPLES - 5.1% | | | |
| Beverages - 0.6% | | | |
| Keurig Dr. Pepper, Inc. | | 391,300 | 13,402 |
| Consumer Staples Distribution & Retail - 1.2% | | | |
| U.S. Foods Holding Corp. (b) | | 521,600 | 27,556 |
| Food Products - 2.5% | | | |
| Bunge Global SA | | 231,400 | 24,896 |
| Darling Ingredients, Inc. (b) | | 507,322 | 20,496 |
| Lamb Weston Holdings, Inc. | | 163,900 | 14,471 |
| | | | 59,863 |
| Personal Care Products - 0.8% | | | |
| Kenvue, Inc. | | 943,500 | 18,210 |
TOTAL CONSUMER STAPLES | | | 119,031 |
| ENERGY - 8.8% | | | |
| Energy Equipment & Services - 3.4% | | | |
| Expro Group Holdings NV (b) | | 1,782,200 | 39,119 |
| Tidewater, Inc. (b) | | 111,300 | 11,501 |
| Valaris Ltd. (b) | | 372,300 | 28,816 |
| | | | 79,436 |
| Oil, Gas & Consumable Fuels - 5.4% | | | |
| Antero Resources Corp. (b) | | 610,100 | 21,738 |
| Canadian Natural Resources Ltd. | | 632,100 | 48,557 |
| Targa Resources Corp. | | 228,600 | 27,027 |
| Tourmaline Oil Corp. (c) | | 568,300 | 28,191 |
| | | | 125,513 |
TOTAL ENERGY | | | 204,949 |
| FINANCIALS - 19.3% | | | |
| Banks - 4.3% | | | |
| East West Bancorp, Inc. | | 380,900 | 28,259 |
| First Citizens Bancshares, Inc. | | 20,100 | 34,138 |
| Popular, Inc. | | 161,200 | 14,348 |
| U.S. Bancorp | | 607,300 | 24,626 |
| | | | 101,371 |
| Capital Markets - 3.6% | | | |
| Ameriprise Financial, Inc. | | 67,000 | 29,253 |
| LPL Financial | | 94,200 | 26,961 |
| Raymond James Financial, Inc. | | 137,500 | 16,878 |
| UBS Group AG | | 379,420 | 12,071 |
| | | | 85,163 |
| Consumer Finance - 2.7% | | | |
| OneMain Holdings, Inc. | | 502,600 | 24,688 |
| PROG Holdings, Inc. | | 376,452 | 14,226 |
| SLM Corp. | | 1,105,684 | 23,728 |
| | | | 62,642 |
| Financial Services - 4.4% | | | |
| Apollo Global Management, Inc. | | 327,200 | 38,008 |
| Global Payments, Inc. | | 293,000 | 29,842 |
| NCR Atleos Corp. | | 707,400 | 19,687 |
| WEX, Inc. (b) | | 82,600 | 15,473 |
| | | | 103,010 |
| Insurance - 4.3% | | | |
| American Financial Group, Inc. | | 203,600 | 26,450 |
| Assurant, Inc. | | 82,800 | 14,363 |
| First American Financial Corp. | | 221,986 | 12,338 |
| Globe Life, Inc. | | 34,400 | 2,847 |
| Reinsurance Group of America, Inc. | | 100,933 | 21,176 |
| The Travelers Companies, Inc. | | 109,700 | 23,662 |
| | | | 100,836 |
TOTAL FINANCIALS | | | 453,022 |
| HEALTH CARE - 5.9% | | | |
| Health Care Providers & Services - 5.4% | | | |
| AdaptHealth Corp. (b) | | 841,000 | 7,973 |
| Centene Corp. (b) | | 601,900 | 43,090 |
| Cigna Group | | 144,300 | 49,725 |
| CVS Health Corp. | | 417,000 | 24,853 |
| | | | 125,641 |
| Pharmaceuticals - 0.5% | | | |
| Jazz Pharmaceuticals PLC (b) | | 116,300 | 12,241 |
TOTAL HEALTH CARE | | | 137,882 |
| INDUSTRIALS - 20.4% | | | |
| Air Freight & Logistics - 1.0% | | | |
| FedEx Corp. | | 90,000 | 22,856 |
| Building Products - 2.6% | | | |
| AZZ, Inc. | | 152,200 | 12,767 |
| Builders FirstSource, Inc. (b) | | 158,200 | 25,437 |
| Johnson Controls International PLC | | 298,900 | 21,494 |
| | | | 59,698 |
| Commercial Services & Supplies - 1.5% | | | |
| The Brink's Co. | | 202,100 | 20,865 |
| Vestis Corp. | | 1,115,500 | 13,743 |
| | | | 34,608 |
| Construction & Engineering - 2.5% | | | |
| Fluor Corp. (b) | | 562,100 | 24,395 |
| MDU Resources Group, Inc. | | 764,800 | 19,304 |
| Willscot Mobile Mini Holdings (b) | | 377,700 | 14,893 |
| | | | 58,592 |
| Electrical Equipment - 1.6% | | | |
| Regal Rexnord Corp. | | 170,900 | 25,556 |
| Sensata Technologies PLC | | 274,700 | 11,351 |
| | | | 36,907 |
| Ground Transportation - 2.7% | | | |
| TFI International, Inc. (Canada) | | 169,600 | 22,441 |
| U-Haul Holding Co. (non-vtg.) | | 326,200 | 19,830 |
| XPO, Inc. (b) | | 204,900 | 21,920 |
| | | | 64,191 |
| Machinery - 5.3% | | | |
| Allison Transmission Holdings, Inc. | | 374,700 | 28,406 |
| Atmus Filtration Technologies, Inc. | | 484,700 | 14,948 |
| Barnes Group, Inc. (c) | | 322,400 | 12,409 |
| Chart Industries, Inc. (b) | | 124,700 | 19,582 |
| CNH Industrial NV | | 1,297,700 | 13,704 |
| Gates Industrial Corp. PLC (b) | | 736,300 | 12,826 |
| Timken Co. | | 268,200 | 23,304 |
| | | | 125,179 |
| Professional Services - 0.9% | | | |
| ManpowerGroup, Inc. | | 163,200 | 12,178 |
| WNS Holdings Ltd. | | 183,300 | 9,203 |
| | | | 21,381 |
| Trading Companies & Distributors - 2.3% | | | |
| GMS, Inc. (b) | | 207,600 | 19,506 |
| Herc Holdings, Inc. | | 85,300 | 12,374 |
| WESCO International, Inc. | | 127,900 | 22,957 |
| | | | 54,837 |
TOTAL INDUSTRIALS | | | 478,249 |
| INFORMATION TECHNOLOGY - 4.3% | | | |
| Communications Equipment - 1.7% | | | |
| Ciena Corp. (b) | | 312,600 | 15,058 |
| Lumentum Holdings, Inc. (b) | | 598,300 | 26,026 |
| | | | 41,084 |
| Electronic Equipment, Instruments & Components - 1.2% | | | |
| Flex Ltd. (b) | | 851,700 | 28,217 |
| IT Services - 0.7% | | | |
| GoDaddy, Inc. (b) | | 119,800 | 16,728 |
| Software - 0.7% | | | |
| NCR Voyix Corp. (b) | | 1,182,700 | 15,588 |
TOTAL INFORMATION TECHNOLOGY | | | 101,617 |
| MATERIALS - 8.3% | | | |
| Chemicals - 4.4% | | | |
| Axalta Coating Systems Ltd. (b) | | 363,700 | 12,944 |
| Methanex Corp. | | 374,500 | 20,103 |
| Olin Corp. | | 412,183 | 22,159 |
| The Chemours Co. LLC | | 817,700 | 20,295 |
| Tronox Holdings PLC | | 303,300 | 6,008 |
| Westlake Corp. | | 134,900 | 21,660 |
| | | | 103,169 |
| Containers & Packaging - 2.1% | | | |
| Berry Global Group, Inc. | | 214,600 | 12,850 |
| Graphic Packaging Holding Co. | | 495,500 | 14,033 |
| O-I Glass, Inc. (b) | | 831,300 | 10,549 |
| WestRock Co. | | 217,600 | 11,672 |
| | | | 49,104 |
| Metals & Mining - 1.0% | | | |
| Compass Minerals International, Inc. (c) | | 384,300 | 4,981 |
| Constellium NV (b) | | 862,900 | 18,699 |
| | | | 23,680 |
| Paper & Forest Products - 0.8% | | | |
| Louisiana-Pacific Corp. | | 209,700 | 19,225 |
TOTAL MATERIALS | | | 195,178 |
| REAL ESTATE - 6.0% | | | |
| Equity Real Estate Investment Trusts (REITs) - 6.0% | | | |
| Camden Property Trust (SBI) | | 191,200 | 19,627 |
| Extra Space Storage, Inc. | | 154,100 | 22,309 |
| Prologis, Inc. | | 187,737 | 20,743 |
| Sun Communities, Inc. | | 84,200 | 9,935 |
| Ventas, Inc. | | 631,500 | 31,739 |
| Welltower, Inc. | | 356,700 | 36,979 |
| | | | 141,332 |
| UTILITIES - 8.8% | | | |
| Electric Utilities - 5.5% | | | |
| Constellation Energy Corp. | | 190,700 | 41,430 |
| Edison International | | 417,600 | 32,093 |
| NextEra Energy, Inc. | | 238,900 | 19,117 |
| PG&E Corp. | | 1,934,100 | 35,858 |
| | | | 128,498 |
| Independent Power and Renewable Electricity Producers - 2.6% | | | |
| The AES Corp. | | 1,601,600 | 34,579 |
| Vistra Corp. | | 273,900 | 27,138 |
| | | | 61,717 |
| Multi-Utilities - 0.7% | | | |
| Sempra | | 218,500 | 16,831 |
TOTAL UTILITIES | | | 207,046 |
| TOTAL COMMON STOCKS (Cost $1,823,620) | | | 2,326,196 |
| | | | |
| Money Market Funds - 1.8% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 5.39% (d) | | 20,126,242 | 20,130 |
| Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 22,918,800 | 22,921 |
| TOTAL MONEY MARKET FUNDS (Cost $43,051) | | | 43,051 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $1,866,671) | 2,369,247 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (23,655) |
| NET ASSETS - 100.0% | 2,345,592 |
| | |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $16,424,000 or 0.7% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 23,457 | 276,382 | 279,708 | 581 | (1) | - | 20,130 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 36,475 | 378,978 | 392,532 | 601 | - | - | 22,921 | 0.1% |
| Total | 59,932 | 655,360 | 672,240 | 1,182 | (1) | - | 43,051 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 59,804 | 43,380 | 16,424 | - |
Consumer Discretionary | 228,086 | 228,086 | - | - |
Consumer Staples | 119,031 | 119,031 | - | - |
Energy | 204,949 | 204,949 | - | - |
Financials | 453,022 | 440,951 | 12,071 | - |
Health Care | 137,882 | 137,882 | - | - |
Industrials | 478,249 | 478,249 | - | - |
Information Technology | 101,617 | 101,617 | - | - |
Materials | 195,178 | 195,178 | - | - |
Real Estate | 141,332 | 141,332 | - | - |
Utilities | 207,046 | 207,046 | - | - |
|
| Money Market Funds | 43,051 | 43,051 | - | - |
| Total Investments in Securities: | 2,369,247 | 2,340,752 | 28,495 | - |
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $22,568) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,823,620) | $ | 2,326,196 | | |
Fidelity Central Funds (cost $43,051) | | 43,051 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,866,671) | | | $ | 2,369,247 |
| Receivable for fund shares sold | | | | 1,145 |
| Dividends receivable | | | | 1,345 |
| Distributions receivable from Fidelity Central Funds | | | | 74 |
Total assets | | | | 2,371,811 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 7 | | |
| Payable for fund shares redeemed | | 1,413 | | |
| Accrued management fee | | 1,540 | | |
| Distribution and service plan fees payable | | 212 | | |
| Other payables and accrued expenses | | 126 | | |
| Collateral on securities loaned | | 22,921 | | |
| Total liabilities | | | | 26,219 |
| Net Assets | | | $ | 2,345,592 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,748,959 |
| Total accumulated earnings (loss) | | | | 596,633 |
| Net Assets | | | $ | 2,345,592 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($429,285 ÷ 9,022 shares)(a) | | | $ | 47.58 |
| Maximum offering price per share (100/94.25 of $47.58) | | | $ | 50.48 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($251,000 ÷ 4,895 shares)(a) | | | $ | 51.28 |
| Maximum offering price per share (100/96.50 of $51.28) | | | $ | 53.14 |
| Class C : | | | | |
Net Asset Value and offering price per share ($23,456 ÷ 606 shares)(a)(b) | | | $ | 38.70 |
| Fidelity Value Strategies Fund : | | | | |
Net Asset Value, offering price and redemption price per share ($764,836 ÷ 12,946 shares) | | | $ | 59.08 |
| Class K : | | | | |
Net Asset Value, offering price and redemption price per share ($271,809 ÷ 4,608 shares) | | | $ | 58.99 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($605,206 ÷ 11,193 shares) | | | $ | 54.07 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares. |
| Statement of Operations |
| Amounts in thousands | | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 18,330 |
| Income from Fidelity Central Funds (including $601 from security lending) | | | | 1,182 |
| Total income | | | | 19,512 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 6,518 | | |
| Performance adjustment | | 1,519 | | |
| Transfer agent fees | | 824 | | |
| Distribution and service plan fees | | 1,216 | | |
| Accounting fees | | 144 | | |
| Custodian fees and expenses | | 12 | | |
| Independent trustees' fees and expenses | | 5 | | |
| Registration fees | | 144 | | |
| Audit | | 32 | | |
| Legal | | 4 | | |
| Interest | | 10 | | |
| Miscellaneous | | 40 | | |
| Total expenses before reductions | | 10,468 | | |
| Expense reductions | | (94) | | |
| Total expenses after reductions | | | | 10,374 |
| Net Investment income (loss) | | | | 9,138 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 90,072 | | |
| Fidelity Central Funds | | (1) | | |
| Foreign currency transactions | | (8) | | |
| Total net realized gain (loss) | | | | 90,063 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 218,866 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 218,866 |
| Net gain (loss) | | | | 308,929 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 318,067 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 9,138 | $ | 11,335 |
| Net realized gain (loss) | | 90,063 | | 44,482 |
| Change in net unrealized appreciation (depreciation) | | 218,866 | | 15,374 |
| Net increase (decrease) in net assets resulting from operations | | 318,067 | | 71,191 |
| Distributions to shareholders | | (54,203) | | (32,384) |
| | | | | |
| Share transactions - net increase (decrease) | | 178,815 | | 317,548 |
| Total increase (decrease) in net assets | | 442,679 | | 356,355 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,902,913 | | 1,546,558 |
| End of period | $ | 2,345,592 | $ | 1,902,913 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Value Strategies Fund Class A |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 42.18 | $ | 41.23 | $ | 42.62 | $ | 32.58 | $ | 33.23 | $ | 33.48 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .15 | | .23 | | .24 | | .37 C | | .29 | | .42 D |
| Net realized and unrealized gain (loss) | | 6.54 | | 1.65 | | 2.05 | | 9.96 | | .87 | | 3.66 |
| Total from investment operations | | 6.69 | | 1.88 | | 2.29 | | 10.33 | | 1.16 | | 4.08 |
| Distributions from net investment income | | (.27) | | (.27) | | (.39) | | (.29) | | (.46) E | | (.29) |
| Distributions from net realized gain | | (1.03) | | (.65) | | (3.29) | | - | | (1.34) E | | (4.04) |
| Total distributions | | (1.29) F | | (.93) F | | (3.68) | | (.29) | | (1.81) F | | (4.33) |
| Net asset value, end of period | $ | 47.58 | $ | 42.18 | $ | 41.23 | $ | 42.62 | $ | 32.58 | $ | 33.23 |
Total Return G,H,I | | | | 4.78% | | 5.18% | | 31.91% | | 3.53% | | 16.34% |
Ratios to Average Net Assets B,J,K | | | | | | | | | | | | |
| Expenses before reductions | | 1.11% L | | 1.15% | | 1.14% | | 1.13% | | 1.03% | | 1.02% |
| Expenses net of fee waivers, if any | | | | 1.15% | | 1.13% | | 1.13% | | 1.02% | | 1.02% |
| Expenses net of all reductions | | 1.10% L | | 1.15% | | 1.13% | | 1.13% | | 1.01% | | 1.01% |
| Net investment income (loss) | | .67% L | | .58% | | .61% | | .90% C | | 1.03% | | 1.39% D |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 429 | $ | 355 | $ | 318 | $ | 254 | $ | 191 | $ | 204 |
Portfolio turnover rate M | | | | 59% | | 46% | | 53% | | 72% | | 66% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .52%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.10%.
EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ITotal returns do not include the effect of the sales charges.
JFees 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.
KExpense 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.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Value Strategies Fund Class M |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 45.28 | $ | 44.16 | $ | 45.37 | $ | 34.67 | $ | 35.23 | $ | 35.16 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .11 | | .15 | | .16 | | .29 C | | .24 | | .37 D |
| Net realized and unrealized gain (loss) | | 7.04 | | 1.76 | | 2.17 | | 10.61 | | .92 | | 3.93 |
| Total from investment operations | | 7.15 | | 1.91 | | 2.33 | | 10.90 | | 1.16 | | 4.30 |
| Distributions from net investment income | | (.13) | | (.14) | | (.25) | | (.20) | | (.37) E | | (.19) |
| Distributions from net realized gain | | (1.03) | | (.65) | | (3.29) | | - | | (1.34) E | | (4.04) |
| Total distributions | | (1.15) F | | (.79) | | (3.54) | | (.20) | | (1.72) F | | (4.23) |
| Net asset value, end of period | $ | 51.28 | $ | 45.28 | $ | 44.16 | $ | 45.37 | $ | 34.67 | $ | 35.23 |
Total Return G,H,I | | | | 4.51% | | 4.95% | | 31.59% | | 3.32% | | 16.07% |
Ratios to Average Net Assets B,J,K | | | | | | | | | | | | |
| Expenses before reductions | | 1.35% L | | 1.39% | | 1.37% | | 1.37% | | 1.25% | | 1.25% |
| Expenses net of fee waivers, if any | | | | 1.39% | | 1.37% | | 1.37% | | 1.25% | | 1.24% |
| Expenses net of all reductions | | 1.34% L | | 1.39% | | 1.37% | | 1.37% | | 1.24% | | 1.24% |
| Net investment income (loss) | | .43% L | | .34% | | .37% | | .66% C | | .81% | | 1.16% D |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 251 | $ | 223 | $ | 231 | $ | 237 | $ | 204 | $ | 234 |
Portfolio turnover rate M | | | | 59% | | 46% | | 53% | | 72% | | 66% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .87%.
EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ITotal returns do not include the effect of the sales charges.
JFees 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.
KExpense 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.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Value Strategies Fund Class C |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 34.45 | $ | 33.87 | $ | 35.64 | $ | 27.33 | $ | 28.07 | $ | 28.95 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.02) | | (.06) | | (.06) | | .04 C | | .05 | | .15 D |
| Net realized and unrealized gain (loss) | | 5.35 | | 1.34 | | 1.72 | | 8.37 | | .71 | | 3.04 |
| Total from investment operations | | 5.33 | | 1.28 | | 1.66 | | 8.41 | | .76 | | 3.19 |
| Distributions from net investment income | | (.05) | | (.05) | | (.14) | | (.10) | | (.16) E | | (.03) |
| Distributions from net realized gain | | (1.03) | | (.65) | | (3.29) | | - | | (1.34) E | | (4.04) |
| Total distributions | | (1.08) | | (.70) | | (3.43) | | (.10) | | (1.50) | | (4.07) |
| Net asset value, end of period | $ | 38.70 | $ | 34.45 | $ | 33.87 | $ | 35.64 | $ | 27.33 | $ | 28.07 |
Total Return F,G,H | | | | 3.97% | | 4.37% | | 30.84% | | 2.73% | | 15.41% |
Ratios to Average Net Assets B,I,J | | | | | | | | | | | | |
| Expenses before reductions | | 1.87% K | | 1.93% | | 1.92% | | 1.92% | | 1.83% | | 1.82% |
| Expenses net of fee waivers, if any | | | | 1.93% | | 1.91% | | 1.91% | | 1.83% | | 1.82% |
| Expenses net of all reductions | | 1.86% K | | 1.93% | | 1.91% | | 1.91% | | 1.82% | | 1.82% |
| Net investment income (loss) | | (.09)% K | | (.19)% | | (.17)% | | .11% C | | .23% | | .58% D |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 23 | $ | 19 | $ | 18 | $ | 14 | $ | 11 | $ | 14 |
Portfolio turnover rate L | | | | 59% | | 46% | | 53% | | 72% | | 66% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.26)%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .30%.
EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the contingent deferred sales charge.
IFees 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.
JExpense 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.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® Value Strategies Fund |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 52.08 | $ | 50.65 | $ | 51.53 | $ | 39.30 | $ | 39.68 | $ | 39.04 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .27 | | .41 | | .43 | | .58 C | | .43 | | .60 D |
| Net realized and unrealized gain (loss) | | 8.11 | | 2.02 | | 2.47 | | 12.00 | | 1.07 | | 4.46 |
| Total from investment operations | | 8.38 | | 2.43 | | 2.90 | | 12.58 | | 1.50 | | 5.06 |
| Distributions from net investment income | | (.35) | | (.35) | | (.49) | | (.35) | | (.54) E | | (.38) |
| Distributions from net realized gain | | (1.03) | | (.65) | | (3.29) | | - | | (1.34) E | | (4.04) |
| Total distributions | | (1.38) | | (1.00) | | (3.78) | | (.35) | | (1.88) | | (4.42) |
| Net asset value, end of period | $ | 59.08 | $ | 52.08 | $ | 50.65 | $ | 51.53 | $ | 39.30 | $ | 39.68 |
Total Return F,G | | | | 5.01% | | 5.48% | | 32.24% | | 3.85% | | 16.63% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .84% J | | .90% | | .88% | | .86% | | .76% | | .74% |
| Expenses net of fee waivers, if any | | | | .90% | | .87% | | .86% | | .76% | | .74% |
| Expenses net of all reductions | | .83% J | | .90% | | .87% | | .86% | | .75% | | .74% |
| Net investment income (loss) | | .94% J | | .84% | | .87% | | 1.17% C | | 1.30% | | 1.66% D |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 765 | $ | 629 | $ | 565 | $ | 513 | $ | 285 | $ | 332 |
Portfolio turnover rate K | | | | 59% | | 46% | | 53% | | 72% | | 66% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .79%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.37%.
EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® Value Strategies Fund Class K |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 52.04 | $ | 50.61 | $ | 51.49 | $ | 39.27 | $ | 39.65 | $ | 39.03 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .29 | | .48 | | .49 | | .64 C | | .48 | | .64 D |
| Net realized and unrealized gain (loss) | | 8.11 | | 2.02 | | 2.46 | | 11.98 | | 1.07 | | 4.46 |
| Total from investment operations | | 8.40 | | 2.50 | | 2.95 | | 12.62 | | 1.55 | | 5.10 |
| Distributions from net investment income | | (.42) | | (.42) | | (.54) | | (.40) | | (.59) E | | (.44) |
| Distributions from net realized gain | | (1.03) | | (.65) | | (3.29) | | - | | (1.34) E | | (4.04) |
| Total distributions | | (1.45) | | (1.07) | | (3.83) | | (.40) | | (1.93) | | (4.48) |
| Net asset value, end of period | $ | 58.99 | $ | 52.04 | $ | 50.61 | $ | 51.49 | $ | 39.27 | $ | 39.65 |
Total Return F,G | | | | 5.16% | | 5.59% | | 32.41% | | 3.99% | | 16.80% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .74% J | | .77% | | .75% | | .75% | | .62% | | .61% |
| Expenses net of fee waivers, if any | | | | .77% | | .75% | | .75% | | .61% | | .61% |
| Expenses net of all reductions | | .73% J | | .77% | | .75% | | .75% | | .60% | | .61% |
| Net investment income (loss) | | 1.04% J | | .97% | | .99% | | 1.28% C | | 1.44% | | 1.79% D |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 272 | $ | 219 | $ | 62 | $ | 54 | $ | 37 | $ | 49 |
Portfolio turnover rate K | | | | 59% | | 46% | | 53% | | 72% | | 66% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .91%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.50%.
EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Value Strategies Fund Class I |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 47.79 | $ | 46.56 | $ | 47.69 | $ | 36.40 | $ | 36.90 | $ | 36.64 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .24 | | .38 | | .39 | | .54 C | | .40 | | .55 D |
| Net realized and unrealized gain (loss) | | 7.43 | | 1.86 | | 2.28 | | 11.10 | | .98 | | 4.12 |
| Total from investment operations | | 7.67 | | 2.24 | | 2.67 | | 11.64 | | 1.38 | | 4.67 |
| Distributions from net investment income | | (.36) | | (.36) | | (.51) | | (.35) | | (.53) E | | (.37) |
| Distributions from net realized gain | | (1.03) | | (.65) | | (3.29) | | - | | (1.34) E | | (4.04) |
| Total distributions | | (1.39) | | (1.01) | | (3.80) | | (.35) | | (1.88) F | | (4.41) |
| Net asset value, end of period | $ | 54.07 | $ | 47.79 | $ | 46.56 | $ | 47.69 | $ | 36.40 | $ | 36.90 |
Total Return G,H | | | | 5.03% | | 5.44% | | 32.23% | | 3.80% | | 16.64% |
Ratios to Average Net Assets B,I,J | | | | | | | | | | | | |
| Expenses before reductions | | .87% K | | .90% | | .89% | | .88% | | .78% | | .78% |
| Expenses net of fee waivers, if any | | | | .90% | | .88% | | .88% | | .78% | | .78% |
| Expenses net of all reductions | | .86% K | | .90% | | .88% | | .88% | | .77% | | .77% |
| Net investment income (loss) | | .91% K | | .83% | | .86% | | 1.15% C | | 1.27% | | 1.63% D |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 605 | $ | 457 | $ | 352 | $ | 256 | $ | 61 | $ | 72 |
Portfolio turnover rate L | | | | 59% | | 46% | | 53% | | 72% | | 66% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.18 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .77%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.34%.
EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees 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.
JExpense 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.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Value Strategies Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Value Strategies Fund, Class K and Class I shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C and Class I are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $586,019 |
| Gross unrealized depreciation | (86,673) |
| Net unrealized appreciation (depreciation) | $499,346 |
| Tax cost | $1,869,901 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Value Strategies Fund | 669,506 | 533,497 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .69 |
| Class M | .68 |
| Class C | .72 |
| Fidelity Value Strategies Fund | .69 |
| Class K | .56 |
| Class I | .69 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .69 |
| Class M | .68 |
| Class C | .69 |
| Fidelity Value Strategies Fund | .65 |
| Class K | .56 |
| Class I | .69 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Value Strategies Fund | Russell Midcap Value Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Value Strategies Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .14%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 501 | 20 |
| Class M | .25% | .25% | 606 | 2 |
| Class C | .75% | .25% | 109 | 30 |
| | | | 1,216 | 52 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 48 |
| Class M | 2 |
Class CA | -B |
| | 50 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
B In the amount of less than five hundred dollars.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| | % of Class-Level Average Net Assets |
| Class A | .1726 |
| Class M | .1616 |
| Class C | .1991 |
| Fidelity Value Strategies Fund | .1690 |
| Class I | .1733 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC received an asset-based fee of Class K's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | Amount ($) | % of Class-Level Average Net Assets |
| Class A | 167 | .18 |
| Class M | 96 | .16 |
| Class C | 11 | .20 |
| Fidelity Value Strategies Fund | 298 | .17 |
| Class K | 25 | .04 |
| Class I | 227 | .18 |
| | 824 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Value Strategies Fund | .0275 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Advisor Value Strategies Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Value Strategies Fund | 12 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Advisor Value Strategies Fund | Borrower | 15,686 | 5.57% | 10 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Value Strategies Fund | 29,870 | 34,896 | 2,730 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Value Strategies Fund | 2 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Value Strategies Fund | 63 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $93.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Value Strategies Fund | | |
| Distributions to shareholders | | |
| Class A | $10,920 | $7,159 |
| Class M | 5,651 | 4,122 |
| Class C | 616 | 374 |
| Fidelity Value Strategies Fund | 16,996 | 11,158 |
| Class K | 6,225 | 1,988 |
| Class I | 13,795 | 7,583 |
Total | $54,203 | $32,384 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Six months ended May 31, 2024 | Year ended November 30, 2023 | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Value Strategies Fund | | | | |
| Class A | | | | |
| Shares sold | 1,094 | 1,747 | $49,621 | $70,562 |
| Reinvestment of distributions | 207 | 158 | 9,286 | 6,023 |
| Shares redeemed | (705) | (1,186) | (32,064) | (47,456) |
| Net increase (decrease) | 596 | 719 | $26,843 | $29,129 |
| Class M | | | | |
| Shares sold | 190 | 212 | $9,262 | $9,079 |
| Reinvestment of distributions | 108 | 93 | 5,214 | 3,805 |
| Shares redeemed | (336) | (614) | (16,449) | (26,529) |
| Net increase (decrease) | (38) | (309) | $(1,973) | $(13,645) |
| Class C | | | | |
| Shares sold | 109 | 157 | $4,038 | $5,213 |
| Reinvestment of distributions | 16 | 11 | 583 | 360 |
| Shares redeemed | (74) | (147) | (2,722) | (4,832) |
| Net increase (decrease) | 51 | 21 | $1,899 | $741 |
| Fidelity Value Strategies Fund | | | | |
| Shares sold | 2,137 | 4,397 | $119,205 | $222,550 |
| Reinvestment of distributions | 278 | 219 | 15,459 | 10,304 |
| Shares redeemed | (1,550) | (3,692) | (86,730) | (180,063) |
| Net increase (decrease) | 865 | 924 | $47,934 | $52,791 |
| Class K | | | | |
| Shares sold | 952 | 4,192 | $53,499 | $211,390 |
| Reinvestment of distributions | 112 | 42 | 6,225 | 1,988 |
| Shares redeemed | (663) | (1,246) | (37,484) | (59,323) |
| Net increase (decrease) | 401 | 2,988 | $22,240 | $154,055 |
| Class I | | | | |
| Shares sold | 3,041 | 4,655 | $154,974 | $215,597 |
| Reinvestment of distributions | 259 | 166 | 13,189 | 7,191 |
| Shares redeemed | (1,668) | (2,829) | (86,291) | (128,311) |
| Net increase (decrease) | 1,632 | 1,992 | $81,872 | $94,477 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Value Strategies Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Value Strategies Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered a pro forma management fee rate for the retail class as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.704744.126
SO-SANN-0724
Fidelity Advisor® Stock Selector Mid Cap Fund
Semi-Annual Report
May 31, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Stock Selector Mid Cap Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.4% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 1.5% | | | |
| Diversified Telecommunication Services - 0.4% | | | |
| Frontier Communications Parent, Inc. (a)(b) | | 188,000 | 5,012 |
| GCI Liberty, Inc. Class A (Escrow) (c)(h) | | 24,724 | 0 |
| Iridium Communications, Inc. | | 89,000 | 2,680 |
| | | | 7,692 |
| Entertainment - 0.4% | | | |
| Liberty Media Corp. Liberty Formula One Class C | | 23,500 | 1,742 |
| TKO Group Holdings, Inc. | | 60,400 | 6,588 |
| | | | 8,330 |
| Interactive Media & Services - 0.2% | | | |
| IAC, Inc. (a) | | 23,200 | 1,155 |
| Ziff Davis, Inc. (a) | | 26,700 | 1,538 |
| Zoominfo Technologies, Inc. (a) | | 185,700 | 2,280 |
| | | | 4,973 |
| Media - 0.5% | | | |
| Nexstar Media Group, Inc. Class A | | 35,200 | 5,832 |
| The New York Times Co. Class A | | 121,400 | 6,216 |
| | | | 12,048 |
TOTAL COMMUNICATION SERVICES | | | 33,043 |
| CONSUMER DISCRETIONARY - 14.7% | | | |
| Automobile Components - 1.1% | | | |
| Adient PLC (a) | | 227,100 | 6,413 |
| Autoliv, Inc. | | 141,700 | 18,077 |
| | | | 24,490 |
| Automobiles - 0.4% | | | |
| Harley-Davidson, Inc. | | 270,472 | 9,705 |
| Broadline Retail - 0.6% | | | |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 145,800 | 12,018 |
| Diversified Consumer Services - 0.9% | | | |
| Service Corp. International | | 284,100 | 20,359 |
| Hotels, Restaurants & Leisure - 3.1% | | | |
| Aramark | | 467,400 | 15,027 |
| Brinker International, Inc. (a) | | 129,900 | 9,175 |
| Caesars Entertainment, Inc. (a) | | 222,602 | 7,916 |
| Churchill Downs, Inc. | | 151,394 | 19,606 |
| Domino's Pizza, Inc. | | 15,400 | 7,832 |
| Wyndham Hotels & Resorts, Inc. | | 142,633 | 10,093 |
| | | | 69,649 |
| Household Durables - 1.5% | | | |
| PulteGroup, Inc. | | 121,800 | 14,290 |
| Taylor Morrison Home Corp. (a) | | 308,964 | 17,867 |
| | | | 32,157 |
| Specialty Retail - 4.8% | | | |
| Aritzia, Inc. (a) | | 252,300 | 6,303 |
| Burlington Stores, Inc. (a) | | 72,348 | 17,367 |
| Dick's Sporting Goods, Inc. | | 62,000 | 14,114 |
| Five Below, Inc. (a) | | 73,000 | 10,083 |
| Floor & Decor Holdings, Inc. Class A (a)(b) | | 110,000 | 12,855 |
| JD Sports Fashion PLC | | 4,524,700 | 7,437 |
| Valvoline, Inc. (a) | | 437,004 | 17,742 |
| Williams-Sonoma, Inc. | | 75,000 | 21,992 |
| | | | 107,893 |
| Textiles, Apparel & Luxury Goods - 2.3% | | | |
| Crocs, Inc. (a) | | 105,200 | 16,373 |
| PVH Corp. | | 162,054 | 19,448 |
| Tapestry, Inc. | | 360,949 | 15,698 |
| | | | 51,519 |
TOTAL CONSUMER DISCRETIONARY | | | 327,790 |
| CONSUMER STAPLES - 4.8% | | | |
| Beverages - 0.8% | | | |
| Boston Beer Co., Inc. Class A (a) | | 10,100 | 3,168 |
| Celsius Holdings, Inc. (a) | | 110,000 | 8,798 |
| Coca-Cola Consolidated, Inc. | | 7,000 | 6,867 |
| | | | 18,833 |
| Consumer Staples Distribution & Retail - 2.7% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 152,800 | 13,457 |
| Casey's General Stores, Inc. | | 30,500 | 10,119 |
| Grocery Outlet Holding Corp. (a) | | 128,000 | 2,815 |
| Performance Food Group Co. (a) | | 251,000 | 17,470 |
| Sprouts Farmers Market LLC (a) | | 62,600 | 4,944 |
| U.S. Foods Holding Corp. (a) | | 198,700 | 10,497 |
| | | | 59,302 |
| Food Products - 0.8% | | | |
| Darling Ingredients, Inc. (a) | | 109,500 | 4,424 |
| Lamb Weston Holdings, Inc. | | 35,400 | 3,125 |
| Lancaster Colony Corp. | | 21,529 | 3,994 |
| Post Holdings, Inc. (a) | | 41,500 | 4,423 |
| TreeHouse Foods, Inc. (a) | | 63,100 | 2,291 |
| | | | 18,257 |
| Personal Care Products - 0.5% | | | |
| BellRing Brands, Inc. (a) | | 68,546 | 3,987 |
| elf Beauty, Inc. (a) | | 35,498 | 6,635 |
| | | | 10,622 |
TOTAL CONSUMER STAPLES | | | 107,014 |
| ENERGY - 5.2% | | | |
| Energy Equipment & Services - 1.6% | | | |
| Championx Corp. | | 165,400 | 5,395 |
| Liberty Energy, Inc. Class A | | 449,060 | 11,087 |
| Weatherford International PLC (a) | | 164,700 | 19,820 |
| | | | 36,302 |
| Oil, Gas & Consumable Fuels - 3.6% | | | |
| Chesapeake Energy Corp. | | 165,100 | 15,013 |
| Chord Energy Corp. | | 84,300 | 15,630 |
| HF Sinclair Corp. | | 239,006 | 13,200 |
| Northern Oil & Gas, Inc. | | 251,800 | 10,306 |
| Permian Resource Corp. Class A | | 903,700 | 14,812 |
| Targa Resources Corp. | | 91,300 | 10,794 |
| | | | 79,755 |
TOTAL ENERGY | | | 116,057 |
| FINANCIALS - 15.2% | | | |
| Banks - 4.4% | | | |
| Associated Banc-Corp. | | 420,253 | 9,002 |
| Axos Financial, Inc. (a) | | 100,300 | 5,403 |
| Bancorp, Inc., Delaware (a) | | 950,069 | 31,913 |
| East West Bancorp, Inc. | | 252,188 | 18,710 |
| Pathward Financial, Inc. | | 178,155 | 9,497 |
| Piraeus Financial Holdings SA (a) | | 1,022,216 | 4,016 |
| Popular, Inc. | | 209,900 | 18,683 |
| | | | 97,224 |
| Capital Markets - 3.0% | | | |
| AllianceBernstein Holding LP | | 341,947 | 11,472 |
| Blue Owl Capital, Inc. Class A | | 929,615 | 16,724 |
| Bridge Investment Group Holdings, Inc. | | 344,686 | 2,668 |
| Interactive Brokers Group, Inc. | | 156,048 | 19,618 |
| Palmer Square Capital BDC, Inc. (b) | | 322,593 | 5,303 |
| Patria Investments Ltd. | | 829,500 | 10,784 |
| | | | 66,569 |
| Consumer Finance - 0.8% | | | |
| NerdWallet, Inc. (a) | | 871,198 | 12,153 |
| OneMain Holdings, Inc. | | 136,288 | 6,694 |
| | | | 18,847 |
| Financial Services - 3.2% | | | |
| AvidXchange Holdings, Inc. (a) | | 614,962 | 6,512 |
| Cannae Holdings, Inc. | | 163,723 | 2,976 |
| Essent Group Ltd. | | 235,795 | 13,370 |
| Flywire Corp. (a) | | 465,370 | 7,981 |
| Repay Holdings Corp. (a) | | 774,653 | 7,545 |
| Shift4 Payments, Inc. (a)(b) | | 61,058 | 4,108 |
| UWM Holdings Corp. Class A (b) | | 906,434 | 6,680 |
| Voya Financial, Inc. | | 131,843 | 9,996 |
| WEX, Inc. (a) | | 70,379 | 13,183 |
| | | | 72,351 |
| Insurance - 3.8% | | | |
| American Financial Group, Inc. | | 94,265 | 12,246 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 3,190 | 3,591 |
| Primerica, Inc. | | 55,000 | 12,424 |
| Reinsurance Group of America, Inc. | | 88,104 | 18,484 |
| The Baldwin Insurance Group, Inc. Class A, (a) | | 699,340 | 23,554 |
| Unum Group | | 249,221 | 13,423 |
| | | | 83,722 |
TOTAL FINANCIALS | | | 338,713 |
| HEALTH CARE - 7.4% | | | |
| Biotechnology - 1.0% | | | |
| Repligen Corp. (a) | | 71,400 | 10,645 |
| Sarepta Therapeutics, Inc. (a) | | 28,000 | 3,636 |
| United Therapeutics Corp. (a) | | 31,600 | 8,694 |
| | | | 22,975 |
| Health Care Equipment & Supplies - 2.4% | | | |
| Glaukos Corp. (a) | | 85,000 | 9,581 |
| Inspire Medical Systems, Inc. (a) | | 44,300 | 7,034 |
| Masimo Corp. (a) | | 119,100 | 14,828 |
| Penumbra, Inc. (a) | | 78,000 | 14,779 |
| Tandem Diabetes Care, Inc. (a) | | 150,000 | 7,685 |
| | | | 53,907 |
| Health Care Providers & Services - 3.1% | | | |
| Acadia Healthcare Co., Inc. (a) | | 166,600 | 11,477 |
| agilon health, Inc. (a) | | 750,000 | 4,725 |
| Alignment Healthcare, Inc. (a) | | 1,120,000 | 8,826 |
| BrightSpring Health Services, Inc. | | 440,043 | 4,950 |
| Chemed Corp. | | 30,100 | 16,687 |
| Molina Healthcare, Inc. (a) | | 23,400 | 7,361 |
| Privia Health Group, Inc. (a) | | 399,000 | 6,931 |
| Surgery Partners, Inc. (a) | | 270,500 | 7,466 |
| | | | 68,423 |
| Health Care Technology - 0.2% | | | |
| Evolent Health, Inc. Class A (a) | | 235,000 | 4,980 |
| Life Sciences Tools & Services - 0.7% | | | |
| 10X Genomics, Inc. (a) | | 180,000 | 4,036 |
| Bruker Corp. | | 180,800 | 11,844 |
| | | | 15,880 |
TOTAL HEALTH CARE | | | 166,165 |
| INDUSTRIALS - 22.0% | | | |
| Aerospace & Defense - 1.8% | | | |
| HEICO Corp. Class A | | 135,513 | 23,804 |
| Howmet Aerospace, Inc. | | 206,600 | 17,489 |
| | | | 41,293 |
| Building Products - 2.8% | | | |
| Carlisle Companies, Inc. | | 78,140 | 32,691 |
| Fortune Brands Innovations, Inc. | | 110,400 | 7,735 |
| Owens Corning | | 54,700 | 9,905 |
| Simpson Manufacturing Co. Ltd. | | 23,700 | 3,932 |
| Trex Co., Inc. (a) | | 96,500 | 8,345 |
| | | | 62,608 |
| Commercial Services & Supplies - 1.0% | | | |
| The Brink's Co. | | 208,492 | 21,525 |
| Construction & Engineering - 1.2% | | | |
| EMCOR Group, Inc. | | 12,500 | 4,858 |
| MDU Resources Group, Inc. | | 170,100 | 4,293 |
| Willscot Mobile Mini Holdings (a) | | 451,198 | 17,791 |
| | | | 26,942 |
| Electrical Equipment - 1.6% | | | |
| Acuity Brands, Inc. | | 18,300 | 4,751 |
| nVent Electric PLC | | 207,500 | 16,886 |
| Regal Rexnord Corp. | | 87,633 | 13,105 |
| | | | 34,742 |
| Ground Transportation - 2.1% | | | |
| Landstar System, Inc. | | 117,411 | 21,372 |
| XPO, Inc. (a) | | 247,000 | 26,424 |
| | | | 47,796 |
| Machinery - 5.0% | | | |
| Allison Transmission Holdings, Inc. | | 104,263 | 7,904 |
| Chart Industries, Inc. (a)(b) | | 55,500 | 8,715 |
| Crane Co. | | 127,800 | 19,052 |
| Dover Corp. | | 57,900 | 10,643 |
| ESAB Corp. | | 218,900 | 22,507 |
| Flowserve Corp. | | 421,694 | 20,958 |
| ITT, Inc. | | 168,987 | 22,455 |
| | | | 112,234 |
| Marine Transportation - 1.1% | | | |
| Kirby Corp. (a) | | 190,994 | 23,716 |
| Professional Services - 2.4% | | | |
| CACI International, Inc. Class A (a) | | 64,600 | 27,421 |
| Dayforce, Inc. (a)(b) | | 17,500 | 866 |
| KBR, Inc. | | 372,360 | 24,449 |
| | | | 52,736 |
| Trading Companies & Distributors - 3.0% | | | |
| Air Lease Corp. Class A (b) | | 279,600 | 13,320 |
| Core & Main, Inc. (a) | | 210,500 | 12,116 |
| Watsco, Inc. | | 37,400 | 17,761 |
| WESCO International, Inc. | | 133,913 | 24,036 |
| | | | 67,233 |
TOTAL INDUSTRIALS | | | 490,825 |
| INFORMATION TECHNOLOGY - 9.3% | | | |
| Communications Equipment - 0.8% | | | |
| Ciena Corp. (a) | | 186,046 | 8,962 |
| Lumentum Holdings, Inc. (a) | | 216,400 | 9,413 |
| | | | 18,375 |
| Electronic Equipment, Instruments & Components - 1.0% | | | |
| Avnet, Inc. | | 156,700 | 8,556 |
| Cognex Corp. | | 64,371 | 2,930 |
| Coherent Corp. (a) | | 94,500 | 5,392 |
| Jabil, Inc. | | 45,200 | 5,374 |
| | | | 22,252 |
| IT Services - 1.5% | | | |
| Akamai Technologies, Inc. (a) | | 34,000 | 3,136 |
| EPAM Systems, Inc. (a) | | 55,200 | 9,822 |
| GoDaddy, Inc. (a) | | 13,200 | 1,843 |
| Okta, Inc. (a) | | 95,700 | 8,487 |
| Twilio, Inc. Class A (a) | | 171,500 | 9,844 |
| | | | 33,132 |
| Semiconductors & Semiconductor Equipment - 1.7% | | | |
| Cirrus Logic, Inc. (a) | | 125,400 | 14,383 |
| Lattice Semiconductor Corp. (a) | | 223,800 | 16,615 |
| SolarEdge Technologies, Inc. (a) | | 117,600 | 5,761 |
| | | | 36,759 |
| Software - 4.3% | | | |
| Bill Holdings, Inc. (a) | | 138,400 | 7,204 |
| Blackbaud, Inc. (a) | | 102,200 | 7,965 |
| BlackLine, Inc. (a) | | 152,700 | 7,287 |
| Dynatrace, Inc. (a) | | 347,800 | 15,905 |
| Elastic NV (a) | | 87,900 | 9,146 |
| Five9, Inc. (a) | | 216,200 | 10,110 |
| Gen Digital, Inc. | | 385,700 | 9,577 |
| Pagaya Technologies Ltd. Class A (a)(b) | | 415,905 | 4,912 |
| PTC, Inc. (a) | | 28,100 | 4,952 |
| Tenable Holdings, Inc. (a) | | 241,218 | 10,177 |
| Workiva, Inc. (a) | | 122,232 | 9,408 |
| | | | 96,643 |
TOTAL INFORMATION TECHNOLOGY | | | 207,161 |
| MATERIALS - 6.8% | | | |
| Chemicals - 2.1% | | | |
| Celanese Corp. Class A | | 49,400 | 7,511 |
| OCI NV | | 316,900 | 8,691 |
| RPM International, Inc. | | 145,200 | 16,277 |
| Westlake Corp. | | 90,500 | 14,531 |
| | | | 47,010 |
| Construction Materials - 0.9% | | | |
| Eagle Materials, Inc. | | 85,000 | 19,753 |
| Containers & Packaging - 0.7% | | | |
| Aptargroup, Inc. | | 114,100 | 16,851 |
| Metals & Mining - 2.3% | | | |
| Alcoa Corp. | | 82,500 | 3,652 |
| Cleveland-Cliffs, Inc. (a)(b) | | 604,700 | 10,449 |
| Lundin Mining Corp. | | 1,234,000 | 14,187 |
| Reliance, Inc. | | 76,300 | 22,950 |
| | | | 51,238 |
| Paper & Forest Products - 0.8% | | | |
| Louisiana-Pacific Corp. | | 200,900 | 18,419 |
TOTAL MATERIALS | | | 153,271 |
| REAL ESTATE - 6.9% | | | |
| Equity Real Estate Investment Trusts (REITs) - 6.4% | | | |
| American Homes 4 Rent Class A | | 147,500 | 5,316 |
| CubeSmart | | 284,052 | 12,018 |
| Douglas Emmett, Inc. | | 194,700 | 2,716 |
| EastGroup Properties, Inc. | | 90,000 | 14,866 |
| Equity Lifestyle Properties, Inc. | | 261,900 | 16,439 |
| Essex Property Trust, Inc. | | 20,200 | 5,248 |
| Four Corners Property Trust, Inc. | | 468,800 | 11,443 |
| Lamar Advertising Co. Class A | | 86,100 | 10,169 |
| NETSTREIT Corp. (b) | | 522,100 | 9,058 |
| Postal Realty Trust, Inc. Class A (b) | | 759,830 | 10,167 |
| Ryman Hospitality Properties, Inc. | | 26,200 | 2,753 |
| SITE Centers Corp. | | 745,700 | 10,753 |
| Tanger, Inc. | | 139,600 | 3,874 |
| Terreno Realty Corp. | | 201,300 | 11,390 |
| Ventas, Inc. | | 319,200 | 16,043 |
| | | | 142,253 |
| Real Estate Management & Development - 0.5% | | | |
| Jones Lang LaSalle, Inc. (a) | | 63,000 | 12,730 |
TOTAL REAL ESTATE | | | 154,983 |
| UTILITIES - 3.6% | | | |
| Electric Utilities - 0.4% | | | |
| Pinnacle West Capital Corp. (b) | | 53,700 | 4,235 |
| Portland General Electric Co. | | 90,255 | 4,022 |
| | | | 8,257 |
| Gas Utilities - 1.1% | | | |
| National Fuel Gas Co. | | 106,847 | 6,107 |
| Southwest Gas Holdings, Inc. | | 138,100 | 10,715 |
| UGI Corp. | | 280,700 | 7,147 |
| | | | 23,969 |
| Independent Power and Renewable Electricity Producers - 1.7% | | | |
| Ormat Technologies, Inc. | | 60,600 | 4,569 |
| Talen Energy Corp. | | 47,600 | 5,481 |
| Vistra Corp. | | 294,095 | 29,139 |
| | | | 39,189 |
| Multi-Utilities - 0.2% | | | |
| Algonquin Power & Utilities Corp. | | 98,522 | 619 |
| NorthWestern Energy Corp. | | 62,800 | 3,263 |
| | | | 3,882 |
| Water Utilities - 0.2% | | | |
| Essential Utilities, Inc. | | 120,215 | 4,536 |
TOTAL UTILITIES | | | 79,833 |
| TOTAL COMMON STOCKS (Cost $1,723,137) | | | 2,174,855 |
| | | | |
| U.S. Treasury Obligations - 0.1% |
| | | Principal Amount (d) (000s) | Value ($) (000s) |
U.S. Treasury Bills, yield at date of purchase 5.31% to 5.33% 6/13/24 to 8/1/24 (e) (Cost $2,041) | | 2,050 | 2,042 |
| | | | |
| Money Market Funds - 5.5% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 5.39% (f) | | 58,941,603 | 58,953 |
| Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 63,423,083 | 63,429 |
| TOTAL MONEY MARKET FUNDS (Cost $122,381) | | | 122,382 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 103.0% (Cost $1,847,559) | 2,299,279 |
NET OTHER ASSETS (LIABILITIES) - (3.0)% | (67,042) |
| NET ASSETS - 100.0% | 2,232,237 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) (000s) | Value ($) (000s) | Unrealized Appreciation/ (Depreciation) ($) (000s) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini S&P MidCap 400 Index Contracts (United States) | 80 | Jun 2024 | 23,935 | (156) | (156) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 1.1% |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (d) | Amount is stated in United States dollars unless otherwise noted. |
| (e) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $969,000. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| (h) | 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 $0 or 0.0% of net assets. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| GCI Liberty, Inc. Class A (Escrow) | 5/23/23 | 0 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 26,896 | 509,508 | 477,449 | 1,335 | (1) | (1) | 58,953 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 38,819 | 464,002 | 439,392 | 62 | - | - | 63,429 | 0.3% |
| Total | 65,715 | 973,510 | 916,841 | 1,397 | (1) | (1) | 122,382 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 33,043 | 33,043 | - | - |
Consumer Discretionary | 327,790 | 320,353 | 7,437 | - |
Consumer Staples | 107,014 | 107,014 | - | - |
Energy | 116,057 | 116,057 | - | - |
Financials | 338,713 | 334,697 | 4,016 | - |
Health Care | 166,165 | 166,165 | - | - |
Industrials | 490,825 | 490,825 | - | - |
Information Technology | 207,161 | 207,161 | - | - |
Materials | 153,271 | 144,580 | 8,691 | - |
Real Estate | 154,983 | 154,983 | - | - |
Utilities | 79,833 | 79,833 | - | - |
|
| U.S. Government and Government Agency Obligations | 2,042 | - | 2,042 | - |
|
| Money Market Funds | 122,382 | 122,382 | - | - |
| Total Investments in Securities: | 2,299,279 | 2,277,093 | 22,186 | - |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (156) | (156) | - | - |
| Total Liabilities | (156) | (156) | - | - |
| Total Derivative Instruments: | (156) | (156) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| (Amounts in thousands) | Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 0 | (156) |
| Total Equity Risk | 0 | (156) |
| Total Value of Derivatives | 0 | (156) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $62,689) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,725,178) | $ | 2,176,897 | | |
Fidelity Central Funds (cost $122,381) | | 122,382 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,847,559) | | | $ | 2,299,279 |
| Cash | | | | 725 |
| Receivable for fund shares sold | | | | 2,542 |
| Dividends receivable | | | | 1,902 |
| Distributions receivable from Fidelity Central Funds | | | | 275 |
| Receivable for daily variation margin on futures contracts | | | | 275 |
Total assets | | | | 2,304,998 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 5,454 | | |
| Payable for fund shares redeemed | | 2,342 | | |
| Accrued management fee | | 1,114 | | |
| Distribution and service plan fees payable | | 352 | | |
| Other payables and accrued expenses | | 70 | | |
| Collateral on securities loaned | | 63,429 | | |
| Total liabilities | | | | 72,761 |
| Net Assets | | | $ | 2,232,237 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,698,884 |
| Total accumulated earnings (loss) | | | | 533,353 |
| Net Assets | | | $ | 2,232,237 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($674,772 ÷ 16,414 shares)(a) | | | $ | 41.11 |
| Maximum offering price per share (100/94.25 of $41.11) | | | $ | 43.62 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($469,782 ÷ 11,305 shares)(a) | | | $ | 41.56 |
| Maximum offering price per share (100/96.50 of $41.56) | | | $ | 43.07 |
| Class C : | | | | |
Net Asset Value and offering price per share ($20,345 ÷ 575 shares)(a)(b) | | | $ | 35.36 |
| Fidelity Stock Selector Mid Cap Fund : | | | | |
Net Asset Value, offering price and redemption price per share ($360,892 ÷ 8,176 shares) | | | $ | 44.14 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($432,557 ÷ 9,769 shares) | | | $ | 44.28 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($273,889 ÷ 6,196 shares)(b) | | | $ | 44.21 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares. |
| Statement of Operations |
| Amounts in thousands | | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 13,297 |
| Interest | | | | 56 |
| Income from Fidelity Central Funds (including $62 from security lending) | | | | 1,397 |
| Total income | | | | 14,750 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 6,299 | | |
| Performance adjustment | | (378) | | |
| Transfer agent fees | | 824 | | |
| Distribution and service plan fees | | 2,082 | | |
| Accounting fees | | 139 | | |
| Custodian fees and expenses | | 19 | | |
| Independent trustees' fees and expenses | | 5 | | |
| Registration fees | | 79 | | |
| Audit | | 30 | | |
| Legal | | 4 | | |
| Interest | | 8 | | |
| Miscellaneous | | 25 | | |
| Total expenses before reductions | | 9,136 | | |
| Expense reductions | | (93) | | |
| Total expenses after reductions | | | | 9,043 |
| Net Investment income (loss) | | | | 5,707 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 61,245 | | |
| Redemptions in-kind | | 17,089 | | |
| Fidelity Central Funds | | (1) | | |
| Foreign currency transactions | | 15 | | |
| Futures contracts | | 6,024 | | |
| Total net realized gain (loss) | | | | 84,372 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 234,316 | | |
| Assets and liabilities in foreign currencies | | 1 | | |
| Futures contracts | | (142) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 234,175 |
| Net gain (loss) | | | | 318,547 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 324,254 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 5,707 | $ | 15,131 |
| Net realized gain (loss) | | 84,372 | | (420) |
| Change in net unrealized appreciation (depreciation) | | 234,175 | | 23,136 |
| Net increase (decrease) in net assets resulting from operations | | 324,254 | | 37,847 |
| Distributions to shareholders | | (13,139) | | (176,342) |
| | | | | |
| Share transactions - net increase (decrease) | | 11,584 | | (44,418) |
| Total increase (decrease) in net assets | | 322,699 | | (182,913) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,909,538 | | 2,092,451 |
| End of period | $ | 2,232,237 | $ | 1,909,538 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Stock Selector Mid Cap Fund Class A |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 35.44 | $ | 38.19 | $ | 45.46 | $ | 37.74 | $ | 36.07 | $ | 39.28 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .09 | | .26 | | .20 | | .20 | | .30 C | | .25 |
| Net realized and unrealized gain (loss) | | 5.82 | | .35 | | (1.76) | | 8.40 | | 2.85 | | 2.80 D |
| Total from investment operations | | 5.91 | | .61 | | (1.56) | | 8.60 | | 3.15 | | 3.05 |
| Distributions from net investment income | | (.24) | | (.18) | | (.21) | | (.35) | | (.21) | | (.25) |
| Distributions from net realized gain | | - | | (3.18) | | (5.50) | | (.54) | | (1.27) | | (6.01) |
| Total distributions | | (.24) | | (3.36) | | (5.71) | | (.88) E | | (1.48) | | (6.26) |
| Net asset value, end of period | $ | 41.11 | $ | 35.44 | $ | 38.19 | $ | 45.46 | $ | 37.74 | $ | 36.07 |
Total Return F,G,H | | | | 2.23% | | (4.66)% | | 23.19% | | 8.99% | | 12.13% D |
Ratios to Average Net Assets B,I,J | | | | | | | | | | | | |
| Expenses before reductions | | .94% K | | .96% | | .97% | | 1.05% | | 1.14% | | 1.14% |
| Expenses net of fee waivers, if any | | | | .96% | | .97% | | 1.05% | | 1.14% | | 1.14% |
| Expenses net of all reductions | | .93% K | | .96% | | .97% | | 1.05% | | 1.13% | | 1.14% |
| Net investment income (loss) | | .47% K | | .73% | | .52% | | .45% | | .94% C | | .75% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 675 | $ | 603 | $ | 654 | $ | 736 | $ | 626 | $ | 623 |
Portfolio turnover rate L | | | | 44% | | 64% | | 43% | | 86% | | 57% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.
DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 11.95%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees 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.
JExpense 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.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
MPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Stock Selector Mid Cap Fund Class M |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 35.78 | $ | 38.50 | $ | 45.77 | $ | 37.99 | $ | 36.30 | $ | 39.43 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .05 | | .17 | | .11 | | .09 | | .22 C | | .17 |
| Net realized and unrealized gain (loss) | | 5.87 | | .37 | | (1.80) | | 8.48 | | 2.86 | | 2.85 D |
| Total from investment operations | | 5.92 | | .54 | | (1.69) | | 8.57 | | 3.08 | | 3.02 |
| Distributions from net investment income | | (.14) | | (.08) | | (.09) | | (.25) | | (.12) | | (.14) |
| Distributions from net realized gain | | - | | (3.18) | | (5.50) | | (.54) | | (1.27) | | (6.01) |
| Total distributions | | (.14) | | (3.26) | | (5.58) E | | (.79) | | (1.39) | | (6.15) |
| Net asset value, end of period | $ | 41.56 | $ | 35.78 | $ | 38.50 | $ | 45.77 | $ | 37.99 | $ | 36.30 |
Total Return F,G,H | | | | 1.99% | | (4.90)% | | 22.91% | | 8.71% | | 11.88% D |
Ratios to Average Net Assets B,I,J | | | | | | | | | | | | |
| Expenses before reductions | | 1.18% K | | 1.21% | | 1.22% | | 1.29% | | 1.38% | | 1.38% |
| Expenses net of fee waivers, if any | | | | 1.20% | | 1.21% | | 1.29% | | 1.38% | | 1.38% |
| Expenses net of all reductions | | 1.17% K | | 1.20% | | 1.21% | | 1.29% | | 1.37% | | 1.38% |
| Net investment income (loss) | | .23% K | | .49% | | .27% | | .20% | | .70% C | | .51% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 470 | $ | 429 | $ | 464 | $ | 552 | $ | 496 | $ | 544 |
Portfolio turnover rate L | | | | 44% | | 64% | | 43% | | 86% | | 57% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .42%.
DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 11.70%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees 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.
JExpense 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.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
MPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Stock Selector Mid Cap Fund Class C |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 30.42 | $ | 33.33 | $ | 40.31 | $ | 33.58 | $ | 32.15 | $ | 35.67 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.05) | | (.02) | | (.09) | | (.14) | | .04 C | | (.01) |
| Net realized and unrealized gain (loss) | | 4.99 | | .29 | | (1.53) | | 7.51 | | 2.50 | | 2.46 D |
| Total from investment operations | | 4.94 | | .27 | | (1.62) | | 7.37 | | 2.54 | | 2.45 |
| Distributions from net investment income | | - | | - | | - | | (.10) | | - | | - |
| Distributions from net realized gain | | - | | (3.18) | | (5.36) | | (.54) | | (1.11) | | (5.97) |
| Total distributions | | - | | (3.18) | | (5.36) | | (.64) | | (1.11) | | (5.97) |
| Net asset value, end of period | $ | 35.36 | $ | 30.42 | $ | 33.33 | $ | 40.31 | $ | 33.58 | $ | 32.15 |
Total Return E,F,G | | | | 1.44% | | (5.41)% | | 22.25% | | 8.10% | | 11.27% D |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.70% J | | 1.76% | | 1.77% | | 1.84% | | 1.93% | | 1.93% |
| Expenses net of fee waivers, if any | | | | 1.75% | | 1.76% | | 1.84% | | 1.93% | | 1.93% |
| Expenses net of all reductions | | 1.69% J | | 1.75% | | 1.76% | | 1.84% | | 1.92% | | 1.93% |
| Net investment income (loss) | | (.29)% J | | (.07)% | | (.28)% | | (.35)% | | .15% C | | (.04)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 20 | $ | 19 | $ | 22 | $ | 27 | $ | 30 | $ | 35 |
Portfolio turnover rate K | | | | 44% | | 64% | | 43% | | 86% | | 57% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.14)%.
DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 11.09%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Stock Selector Mid Cap Fund |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 38.07 | $ | 40.76 | $ | 48.16 | $ | 39.90 | $ | 38.00 | $ | 41.00 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .16 | | .37 | | .32 | | .34 | | .40 C | | .34 |
| Net realized and unrealized gain (loss) | | 6.23 | | .40 | | (1.90) | | 8.88 | | 3.01 | | 2.99 D |
| Total from investment operations | | 6.39 | | .77 | | (1.58) | | 9.22 | | 3.41 | | 3.33 |
| Distributions from net investment income | | (.32) | | (.27) | | (.33) | | (.42) | | (.24) | | (.32) |
| Distributions from net realized gain | | - | | (3.18) | | (5.50) | | (.54) | | (1.27) | | (6.01) |
| Total distributions | | (.32) | | (3.46) E | | (5.82) E | | (.96) | | (1.51) | | (6.33) |
| Net asset value, end of period | $ | 44.14 | $ | 38.07 | $ | 40.76 | $ | 48.16 | $ | 39.90 | $ | 38.00 |
Total Return F,G | | | | 2.52% | | (4.43)% | | 23.52% | | 9.24% | | 12.38% D |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .66% J | | .71% | | .72% | | .79% | | .89% | | .94% |
| Expenses net of fee waivers, if any | | | | .71% | | .72% | | .79% | | .89% | | .94% |
| Expenses net of all reductions | | .65% J | | .71% | | .72% | | .79% | | .88% | | .94% |
| Net investment income (loss) | | .74% J | | .98% | | .77% | | .71% | | 1.19% C | | .95% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 361 | $ | 327 | $ | 349 | $ | 395 | $ | 342 | $ | 362 |
Portfolio turnover rate K | | | | 44% | | 64% | | 43% | | 86% | | 57% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .90%.
DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 12.20%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Stock Selector Mid Cap Fund Class I |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 38.19 | $ | 40.88 | $ | 48.29 | $ | 40.01 | $ | 38.15 | $ | 41.11 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .15 | | .36 | | .31 | | .33 | | .40 C | | .35 |
| Net realized and unrealized gain (loss) | | 6.26 | | .40 | | (1.90) | | 8.91 | | 3.02 | | 3.01 D |
| Total from investment operations | | 6.41 | | .76 | | (1.59) | | 9.24 | | 3.42 | | 3.36 |
| Distributions from net investment income | | (.32) | | (.27) | | (.32) | | (.42) | | (.29) | | (.31) |
| Distributions from net realized gain | | - | | (3.18) | | (5.50) | | (.54) | | (1.27) | | (6.01) |
| Total distributions | | (.32) | | (3.45) | | (5.82) | | (.96) | | (1.56) | | (6.32) |
| Net asset value, end of period | $ | 44.28 | $ | 38.19 | $ | 40.88 | $ | 48.29 | $ | 40.01 | $ | 38.15 |
Total Return E,F | | | | 2.49% | | (4.45)% | | 23.50% | | 9.23% | | 12.41% D |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .70% I | | .73% | | .74% | | .82% | | .90% | | .91% |
| Expenses net of fee waivers, if any | | | | .72% | | .74% | | .81% | | .90% | | .91% |
| Expenses net of all reductions | | .69% I | | .72% | | .74% | | .81% | | .89% | | .91% |
| Net investment income (loss) | | .70% I | | .96% | | .75% | | .68% | | 1.18% C | | .98% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 433 | $ | 341 | $ | 386 | $ | 413 | $ | 293 | $ | 312 |
Portfolio turnover rate J | | | | 44% | | 64% | | 43% | | 86% | | 57% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .90%.
DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 12.23%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Stock Selector Mid Cap Fund Class Z |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 38.15 | $ | 40.86 | $ | 48.26 | $ | 39.97 | $ | 38.12 | $ | 41.15 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .18 | | .42 | | .36 | | .38 | | .44 C | | .41 |
| Net realized and unrealized gain (loss) | | 6.26 | | .38 | | (1.88) | | 8.92 | | 3.03 | | 2.99 D |
| Total from investment operations | | 6.44 | | .80 | | (1.52) | | 9.30 | | 3.47 | | 3.40 |
| Distributions from net investment income | | (.38) | | (.33) | | (.38) | | (.47) | | (.35) | | (.42) |
| Distributions from net realized gain | | - | | (3.18) | | (5.50) | | (.54) | | (1.27) | | (6.01) |
| Total distributions | | (.38) | | (3.51) | | (5.88) | | (1.01) | | (1.62) | | (6.43) |
| Net asset value, end of period | $ | 44.21 | $ | 38.15 | $ | 40.86 | $ | 48.26 | $ | 39.97 | $ | 38.12 |
Total Return E,F | | | | 2.63% | | (4.30)% | | 23.69% | | 9.39% | | 12.59% D |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .54% I | | .58% | | .59% | | .67% | | .75% | | .75% |
| Expenses net of fee waivers, if any | | | | .57% | | .59% | | .67% | | .75% | | .75% |
| Expenses net of all reductions | | .53% I | | .57% | | .59% | | .67% | | .73% | | .75% |
| Net investment income (loss) | | .86% I | | 1.11% | | .90% | | .82% | | 1.33% C | | 1.14% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 274 | $ | 191 | $ | 217 | $ | 67 | $ | 150 | $ | 245 |
Portfolio turnover rate J | | | | 44% | | 64% | | 43% | | 86% | | 57% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.05%.
DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 12.41%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Stock Selector Mid Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Stock Selector Mid Cap Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.
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 futures contracts, foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $545,535 |
| Gross unrealized depreciation | (95,687) |
| Net unrealized appreciation (depreciation) | $449,848 |
| Tax cost | $1,849,275 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(2,206) |
Long-term | (-) |
| Total capital loss carryforward | $(2,206) |
| | |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Stock Selector Mid Cap Fund | 591,481 | 540,814 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Advisor Stock Selector Mid Cap Fund | 1,305 | 17,089 | 53,979 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .69 |
| Class M | .68 |
| Class C | .72 |
| Fidelity Stock Selector Mid Cap Fund | .68 |
| Class I | .71 |
| Class Z | .56 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .69 |
| Class M | .68 |
| Class C | .69 |
| Fidelity Stock Selector Mid Cap Fund | .65 |
| Class I | .69 |
| Class Z | .56 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Stock Selector Mid Cap Fund | S&P MidCap 400 Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.04)%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | -% | .25% | 823 | 7 |
| Class M | .25% | .25% | 1,158 | 6 |
| Class C | .75% | .25% | 101 | 10 |
| | | | 2,082 | 23 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares. For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 23 |
| Class M | 3 |
Class CA | -B |
| | 26 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
B Amount represents less than five hundred dollars.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| | % of Class-Level Average Net Assets |
| Class A | .1710 |
| Class M | .1648 |
| Class C | .2000 |
| Fidelity Stock Selector Mid Cap Fund | .1652 |
| Class I | .1868 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | Amount ($) | % of Class-Level Average Net AssetsA |
| Class A | 278 | .17 |
| Class M | 189 | .17 |
| Class C | 10 | .20 |
| Fidelity Stock Selector Mid Cap Fund | 143 | .17 |
| Class I | 181 | .19 |
| Class Z | 23 | .04 |
| | 824 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Stock Selector Mid Cap Fund | .0268 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Advisor Stock Selector Mid Cap Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Stock Selector Mid Cap Fund | 12 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Advisor Stock Selector Mid Cap Fund | Borrower | 51,709 | 5.57% | 8 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Advisor Stock Selector Mid Cap Fund | 67,460 | 27,793 | 489 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Stock Selector Mid Cap Fund | 2 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Stock Selector Mid Cap Fund | 6 | 1 | - |
9. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| | Expense reduction |
| Class M | $-A |
A Amount represents less than five hundred dollars.
In addition, during the period, the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $93.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Stock Selector Mid Cap Fund | | |
| Distributions to shareholders | | |
| Class A | $3,990 | $56,107 |
| Class M | 1,689 | 39,007 |
| Class C | - | 2,087 |
| Fidelity Stock Selector Mid Cap Fund | 2,725 | 29,748 |
| Class I | 2,799 | 32,276 |
| Class Z | 1,936 | 17,117 |
Total | $13,139 | $176,342 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Six months ended May 31, 2024 | Year ended November 30, 2023 | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Stock Selector Mid Cap Fund | | | | |
| Class A | | | | |
| Shares sold | 341 | 965 | $13,424 | $33,647 |
| Reinvestment of distributions | 96 | 1,583 | 3,714 | 52,298 |
| Shares redeemed | (1,037) | (2,666) | (40,744) | (93,885) |
| Net increase (decrease) | (600) | (118) | $(23,606) | $(7,940) |
| Class M | | | | |
| Shares sold | 301 | 696 | $11,922 | $24,702 |
| Reinvestment of distributions | 42 | 1,139 | 1,643 | 38,061 |
| Shares redeemed | (1,022) | (1,907) | (40,570) | (67,682) |
| Net increase (decrease) | (679) | (72) | $(27,005) | $(4,919) |
| Class C | | | | |
| Shares sold | 37 | 78 | $1,260 | $2,379 |
| Reinvestment of distributions | - | 73 | - | 2,083 |
| Shares redeemed | (82) | (192) | (2,763) | (5,778) |
| Net increase (decrease) | (45) | (41) | $(1,503) | $(1,316) |
| Fidelity Stock Selector Mid Cap Fund | | | | |
| Shares sold | 388 | 857 | $16,400 | $32,477 |
| Reinvestment of distributions | 62 | 800 | 2,573 | 28,328 |
| Shares redeemed | (851) | (1,654) | (35,668) | (61,906) |
| Net increase (decrease) | (401) | 3 | $(16,695) | $(1,101) |
| Class I | | | | |
| Shares sold | 3,022 | 1,283 | $123,526 | $48,524 |
| Reinvestment of distributions | 62 | 881 | 2,573 | 31,280 |
| Shares redeemed | (2,241) | (2,678) | (93,754) | (100,697) |
| Net increase (decrease) | 843 | (514) | $32,345 | $(20,893) |
| Class Z | | | | |
| Shares sold | 4,628 | 2,610 | $198,261 | $99,830 |
| Reinvestment of distributions | 40 | 461 | 1,665 | 16,346 |
| Shares redeemed | (3,489) | (3,356) | (151,878) | (124,425) |
| Net increase (decrease) | 1,179 | (285) | $48,048 | $(8,249) |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Stock Selector Mid Cap Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Stock Selector Mid Cap Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended February 29, 2024, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered a pro forma management fee rate the retail class as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of Class I as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.704677.126
MC-SANN-0724
Fidelity Advisor® Series Growth Opportunities Fund
Semi-Annual Report
May 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Series Growth Opportunities Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.3% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 22.0% | | | |
| Entertainment - 5.6% | | | |
| Netflix, Inc. (a) | | 19,900 | 12,768,238 |
| Roku, Inc. Class A (a) | | 374,996 | 21,524,770 |
| Sea Ltd. ADR (a) | | 228,940 | 15,458,029 |
| | | | 49,751,037 |
| Interactive Media & Services - 14.4% | | | |
| Alphabet, Inc.: | | | |
| Class A | | 98,200 | 16,939,500 |
| Class C | | 249,460 | 43,396,062 |
| Epic Games, Inc. (a)(b)(c) | | 2,200 | 1,320,000 |
| Meta Platforms, Inc. Class A | | 124,189 | 57,975,151 |
| Reddit, Inc. Class A | | 2,400 | 130,176 |
| Snap, Inc. Class A (a) | | 191,200 | 2,871,824 |
| Zoominfo Technologies, Inc. (a) | | 390,782 | 4,798,803 |
| | | | 127,431,516 |
| Media - 0.3% | | | |
| Magnite, Inc. (a) | | 187,102 | 2,308,839 |
| The Trade Desk, Inc. (a) | | 2,300 | 213,394 |
| | | | 2,522,233 |
| Wireless Telecommunication Services - 1.7% | | | |
| T-Mobile U.S., Inc. | | 84,524 | 14,788,319 |
TOTAL COMMUNICATION SERVICES | | | 194,493,105 |
| CONSUMER DISCRETIONARY - 9.9% | | | |
| Automobiles - 0.0% | | | |
| Neutron Holdings, Inc. (a)(b)(c) | | 77,208 | 2,409 |
| Rad Power Bikes, Inc. (a)(b)(c) | | 13,874 | 6,105 |
| Rad Power Bikes, Inc. warrants 10/6/33 (a)(b)(c) | | 18,888 | 42,687 |
| Rivian Automotive, Inc. (a) | | 1,000 | 10,920 |
| Tesla, Inc. (a) | | 260 | 46,301 |
| | | | 108,422 |
| Broadline Retail - 5.7% | | | |
| Amazon.com, Inc. (a) | | 281,280 | 49,629,043 |
| Lenskart Solutions Pvt Ltd. (a)(b)(c) | | 12,926 | 356,218 |
| | | | 49,985,261 |
| Hotels, Restaurants & Leisure - 0.7% | | | |
| Chipotle Mexican Grill, Inc. (a) | | 300 | 938,856 |
| Domino's Pizza, Inc. | | 4,900 | 2,492,042 |
| Hilton Worldwide Holdings, Inc. | | 14,900 | 2,988,940 |
| Sonder Holdings, Inc.: | | | |
| Stage 1 rights (a)(c) | | 1,133 | 11 |
| Stage 2 rights (a)(c) | | 1,132 | 0 |
| Stage 3 rights (a)(c) | | 1,132 | 0 |
| Stage 4 rights (a)(c) | | 1,132 | 0 |
| Stage 5: | | | |
| rights (a)(c) | | 1,132 | 0 |
| rights (a)(c) | | 1,132 | 0 |
| | | | 6,419,849 |
| Specialty Retail - 2.5% | | | |
| Carvana Co. Class A (a) | | 78,500 | 7,848,430 |
| Floor & Decor Holdings, Inc. Class A (a)(d) | | 49,900 | 5,831,314 |
| Lowe's Companies, Inc. | | 34,000 | 7,523,860 |
| Wayfair LLC Class A (a) | | 21,586 | 1,284,151 |
| | | | 22,487,755 |
| Textiles, Apparel & Luxury Goods - 1.0% | | | |
| Bombas LLC (b)(c) | | 174,908 | 398,790 |
| Hermes International SCA | | 100 | 237,362 |
| lululemon athletica, Inc. (a) | | 7,301 | 2,277,839 |
| LVMH Moet Hennessy Louis Vuitton SE | | 7,100 | 5,678,183 |
| | | | 8,592,174 |
TOTAL CONSUMER DISCRETIONARY | | | 87,593,461 |
| CONSUMER STAPLES - 0.4% | | | |
| Consumer Staples Distribution & Retail - 0.4% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 37,100 | 3,267,397 |
| Food Products - 0.0% | | | |
| Bowery Farming, Inc. (c) | | 21,190 | 424 |
| Bowery Farming, Inc. warrants (a)(b)(c) | | 7,445 | 149 |
| | | | 573 |
| Tobacco - 0.0% | | | |
| JUUL Labs, Inc. Class B (a)(b)(c) | | 709 | 759 |
TOTAL CONSUMER STAPLES | | | 3,268,729 |
| ENERGY - 0.1% | | | |
| Oil, Gas & Consumable Fuels - 0.1% | | | |
| Cameco Corp. | | 17,200 | 954,772 |
| FINANCIALS - 3.7% | | | |
| Banks - 0.1% | | | |
| Starling Bank Ltd. Series D (a)(b)(c) | | 244,400 | 987,223 |
| Capital Markets - 1.2% | | | |
| Coinbase Global, Inc. (a) | | 25,200 | 5,693,184 |
| LPL Financial | | 17,300 | 4,951,433 |
| | | | 10,644,617 |
| Financial Services - 2.4% | | | |
| Apollo Global Management, Inc. | | 7,700 | 894,432 |
| Block, Inc. Class A (a) | | 39,879 | 2,555,446 |
| Dlocal Ltd. (a) | | 44,356 | 405,857 |
| Global Payments, Inc. | | 29,800 | 3,035,130 |
| Marqeta, Inc. Class A (a) | | 838,488 | 4,460,756 |
| Visa, Inc. Class A | | 35,126 | 9,570,430 |
| | | | 20,922,051 |
| Insurance - 0.0% | | | |
| Progressive Corp. | | 400 | 84,472 |
TOTAL FINANCIALS | | | 32,638,363 |
| HEALTH CARE - 8.6% | | | |
| Biotechnology - 1.5% | | | |
| AbbVie, Inc. | | 500 | 80,620 |
| Alnylam Pharmaceuticals, Inc. (a) | | 5,263 | 781,187 |
| ALX Oncology Holdings, Inc. (a) | | 35,600 | 378,428 |
| Argenx SE ADR (a) | | 3,290 | 1,220,656 |
| Ascendis Pharma A/S sponsored ADR (a) | | 8,116 | 1,096,472 |
| Cytokinetics, Inc. (a) | | 36,541 | 1,772,604 |
| Keros Therapeutics, Inc. (a) | | 10,100 | 473,387 |
| Moderna, Inc. (a) | | 17,400 | 2,480,370 |
| Nuvalent, Inc. Class A (a) | | 14,400 | 944,928 |
| Regeneron Pharmaceuticals, Inc. (a) | | 800 | 784,128 |
| Vaxcyte, Inc. (a) | | 46,702 | 3,281,750 |
| Zentalis Pharmaceuticals, Inc. (a) | | 35,100 | 416,988 |
| | | | 13,711,518 |
| Health Care Equipment & Supplies - 2.4% | | | |
| Blink Health LLC Series A1 (a)(b)(c) | | 1,597 | 65,940 |
| Boston Scientific Corp. (a) | | 191,401 | 14,464,174 |
| Penumbra, Inc. (a) | | 15,495 | 2,935,838 |
| TransMedics Group, Inc. (a) | | 31,999 | 4,364,664 |
| | | | 21,830,616 |
| Health Care Providers & Services - 1.8% | | | |
| agilon health, Inc. (a) | | 673,683 | 4,244,203 |
| UnitedHealth Group, Inc. | | 23,291 | 11,537,663 |
| | | | 15,781,866 |
| Life Sciences Tools & Services - 0.6% | | | |
| Danaher Corp. | | 9,497 | 2,438,830 |
| Thermo Fisher Scientific, Inc. | | 4,700 | 2,669,506 |
| | | | 5,108,336 |
| Pharmaceuticals - 2.3% | | | |
| AstraZeneca PLC sponsored ADR | | 2,900 | 226,258 |
| Eli Lilly & Co. | | 20,600 | 16,899,004 |
| Merck & Co., Inc. | | 15,000 | 1,883,100 |
| Novo Nordisk A/S Series B | | 6,100 | 826,478 |
| Structure Therapeutics, Inc. ADR (a) | | 10,900 | 372,780 |
| | | | 20,207,620 |
TOTAL HEALTH CARE | | | 76,639,956 |
| INDUSTRIALS - 5.6% | | | |
| Aerospace & Defense - 0.1% | | | |
| Axon Enterprise, Inc. (a) | | 300 | 84,501 |
| Space Exploration Technologies Corp. Class A (a)(b)(c) | | 3,000 | 291,000 |
| | | | 375,501 |
| Building Products - 1.0% | | | |
| Builders FirstSource, Inc. (a) | | 55,800 | 8,972,082 |
| Commercial Services & Supplies - 0.3% | | | |
| ACV Auctions, Inc. Class A (a) | | 160,800 | 2,870,280 |
| Construction & Engineering - 0.0% | | | |
| Fluor Corp. (a) | | 2,200 | 95,480 |
| Electrical Equipment - 1.2% | | | |
| Eaton Corp. PLC | | 4,200 | 1,397,970 |
| Nextracker, Inc. Class A (a) | | 79,708 | 4,397,490 |
| Vertiv Holdings Co. | | 47,000 | 4,609,290 |
| | | | 10,404,750 |
| Ground Transportation - 3.0% | | | |
| Bird Global, Inc.: | | | |
| Stage 1 rights (a)(c) | | 152 | 0 |
| Stage 2 rights (a)(c) | | 152 | 0 |
| Stage 3 rights (a)(c) | | 152 | 0 |
| Lyft, Inc. (a) | | 330,410 | 5,157,700 |
| Uber Technologies, Inc. (a) | | 331,576 | 21,406,547 |
| | | | 26,564,247 |
| Machinery - 0.0% | | | |
| Symbotic, Inc. (a)(d) | | 7,900 | 312,603 |
TOTAL INDUSTRIALS | | | 49,594,943 |
| INFORMATION TECHNOLOGY - 47.0% | | | |
| Communications Equipment - 0.3% | | | |
| Arista Networks, Inc. (a) | | 8,100 | 2,410,965 |
| Electronic Equipment, Instruments & Components - 2.1% | | | |
| Celestica, Inc. (a) | | 8,600 | 480,912 |
| Flex Ltd. (a) | | 551,990 | 18,287,429 |
| Jabil, Inc. | | 1,587 | 188,694 |
| | | | 18,957,035 |
| IT Services - 0.6% | | | |
| EPAM Systems, Inc. (a) | | 8,000 | 1,423,440 |
| MongoDB, Inc. Class A (a) | | 15,100 | 3,564,506 |
| | | | 4,987,946 |
| Semiconductors & Semiconductor Equipment - 24.3% | | | |
| Advanced Micro Devices, Inc. (a) | | 51,100 | 8,528,590 |
| Analog Devices, Inc. | | 400 | 93,796 |
| Applied Materials, Inc. | | 12,666 | 2,724,203 |
| Arm Holdings Ltd. ADR | | 100 | 12,052 |
| ASML Holding NV (Netherlands) | | 200 | 191,354 |
| Astera Labs, Inc. | | 6,700 | 432,418 |
| Broadcom, Inc. | | 9,700 | 12,886,935 |
| First Solar, Inc. (a) | | 25,500 | 6,929,880 |
| Marvell Technology, Inc. | | 201,677 | 13,877,394 |
| Micron Technology, Inc. | | 18,000 | 2,250,000 |
| NVIDIA Corp. | | 109,476 | 120,021,820 |
| NXP Semiconductors NV | | 66,428 | 18,075,059 |
| ON Semiconductor Corp. (a) | | 219,842 | 16,057,260 |
| Qualcomm, Inc. | | 9,800 | 1,999,690 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 73,000 | 11,025,920 |
| Xsight Labs Ltd. warrants 1/11/34 (a)(b)(c) | | 1,910 | 3,514 |
| | | | 215,109,885 |
| Software - 13.7% | | | |
| Cadence Design Systems, Inc. (a) | | 600 | 171,786 |
| Convoy, Inc. warrants (a)(b)(c) | | 6,152 | 0 |
| CoreWeave, Inc. (c) | | 433 | 337,329 |
| Datadog, Inc. Class A (a) | | 33,300 | 3,668,994 |
| HubSpot, Inc. (a) | | 3,574 | 2,183,893 |
| Intapp, Inc. (a) | | 96,379 | 3,460,006 |
| Microsoft Corp. | | 229,983 | 95,472,843 |
| Oracle Corp. | | 63,400 | 7,429,846 |
| Salesforce, Inc. | | 16,279 | 3,816,449 |
| Samsara, Inc. (a) | | 20,100 | 681,993 |
| ServiceNow, Inc. (a) | | 6,368 | 4,183,330 |
| Stripe, Inc. Class B (a)(b)(c) | | 2,500 | 65,000 |
| Synopsys, Inc. (a) | | 600 | 336,480 |
| | | | 121,807,949 |
| Technology Hardware, Storage & Peripherals - 6.0% | | | |
| Apple, Inc. | | 237,213 | 45,604,199 |
| Dell Technologies, Inc. | | 41,300 | 5,763,828 |
| Pure Storage, Inc. Class A (a) | | 29,200 | 1,760,468 |
| | | | 53,128,495 |
TOTAL INFORMATION TECHNOLOGY | | | 416,402,275 |
| TOTAL COMMON STOCKS (Cost $411,289,633) | | | 861,585,604 |
| | | | |
| Preferred Stocks - 1.8% |
| | | Shares | Value ($) |
| Convertible Preferred Stocks - 1.6% | | | |
| COMMUNICATION SERVICES - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
| ByteDance Ltd. Series E1 (a)(b)(c) | | 4,644 | 1,102,671 |
| | | | |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Automobiles - 0.0% | | | |
| Rad Power Bikes, Inc.: | | | |
| Series A(a)(b)(c) | | 1,809 | 796 |
| Series C(a)(b)(c) | | 7,117 | 5,195 |
| Series D(a)(b)(c) | | 12,697 | 13,459 |
| | | | 19,450 |
| CONSUMER STAPLES - 0.0% | | | |
| Consumer Staples Distribution & Retail - 0.0% | | | |
| GoBrands, Inc. Series G (a)(b)(c) | | 2,400 | 81,576 |
| | | | |
| Tobacco - 0.0% | | | |
| JUUL Labs, Inc.: | | | |
| Series C(a)(b)(c) | | 70,175 | 75,087 |
| Series D(a)(b)(c) | | 938 | 1,004 |
| | | | 76,091 |
TOTAL CONSUMER STAPLES | | | 157,667 |
| | | | |
| FINANCIALS - 0.0% | | | |
| Financial Services - 0.0% | | | |
| Circle Internet Financial Ltd. Series F (a)(b)(c) | | 5,401 | 161,598 |
| Tenstorrent Holdings, Inc. Series C1 (b)(c) | | 2,264 | 141,998 |
| | | | 303,596 |
| HEALTH CARE - 0.1% | | | |
| Health Care Equipment & Supplies - 0.1% | | | |
| Blink Health LLC Series C (a)(b)(c) | | 15,631 | 645,404 |
| | | | |
| Health Care Technology - 0.0% | | | |
| Aledade, Inc. Series E1 (a)(b)(c) | | 5,837 | 229,978 |
| | | | |
TOTAL HEALTH CARE | | | 875,382 |
| | | | |
| INDUSTRIALS - 0.9% | | | |
| Aerospace & Defense - 0.7% | | | |
| Relativity Space, Inc. Series E (a)(b)(c) | | 36,263 | 803,225 |
| Space Exploration Technologies Corp.: | | | |
| Series I(a)(b)(c) | | 3,290 | 3,191,300 |
| Series N(a)(b)(c) | | 2,559 | 2,482,230 |
| | | | 6,476,755 |
| Construction & Engineering - 0.2% | | | |
| Beta Technologies, Inc. Series A (a)(b)(c) | | 15,188 | 1,677,363 |
| | | | |
TOTAL INDUSTRIALS | | | 8,154,118 |
| | | | |
| INFORMATION TECHNOLOGY - 0.4% | | | |
| Electronic Equipment, Instruments & Components - 0.1% | | | |
| CelLink Corp. Series D (a)(b)(c) | | 12,100 | 94,259 |
| Enevate Corp. Series E (a)(b)(c) | | 285,844 | 211,525 |
| VAST Data Ltd.: | | | |
| Series A(b)(c) | | 2,512 | 45,216 |
| Series A1(b)(c) | | 6,183 | 111,294 |
| Series A2(b)(c) | | 7,112 | 128,016 |
| Series B(b)(c) | | 5,659 | 101,862 |
| Series C(b)(c) | | 165 | 2,970 |
| Series E(b)(c) | | 5,408 | 97,344 |
| | | | 792,486 |
| IT Services - 0.0% | | | |
| Yanka Industries, Inc.: | | | |
| Series E(a)(b)(c) | | 19,716 | 91,088 |
| Series F(a)(b)(c) | | 13,160 | 76,986 |
| | | | 168,074 |
| Semiconductors & Semiconductor Equipment - 0.1% | | | |
| Sima Technologies, Inc.: | | | |
| Series B(a)(b)(c) | | 40,700 | 273,097 |
| Series B1(a)(b)(c) | | 5,810 | 44,679 |
| Xsight Labs Ltd.: | | | |
| Series D(a)(b)(c) | | 17,400 | 89,436 |
| Series D1(b)(c) | | 6,366 | 47,045 |
| | | | 454,257 |
| Software - 0.2% | | | |
| Anthropic PBC Series D (b)(c) | | 2,890 | 86,713 |
| Convoy, Inc. Series D (a)(b)(c) | | 93,888 | 1 |
| CoreWeave, Inc. Series C (b)(c) | | 28 | 21,813 |
| Databricks, Inc.: | | | |
| Series G(a)(b)(c) | | 6,600 | 518,958 |
| Series I(b)(c) | | 104 | 8,178 |
| Moloco, Inc. Series A (b)(c) | | 11,676 | 636,692 |
| Mountain Digital, Inc. Series D (a)(b)(c) | | 28,106 | 347,390 |
| Stripe, Inc. Series H (a)(b)(c) | | 5,729 | 148,954 |
| | | | 1,768,699 |
TOTAL INFORMATION TECHNOLOGY | | | 3,183,516 |
| | | | |
| MATERIALS - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| Diamond Foundry, Inc. Series C (a)(b)(c) | | 23,194 | 517,690 |
| | | | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 14,314,090 |
| Nonconvertible Preferred Stocks - 0.2% | | | |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Automobiles - 0.0% | | | |
| Neutron Holdings, Inc. Series 1C (a)(b)(c) | | 1,387,600 | 43,293 |
| Waymo LLC Series A2 (a)(b)(c) | | 2,896 | 174,194 |
| | | | 217,487 |
| FINANCIALS - 0.2% | | | |
| Financial Services - 0.2% | | | |
| Circle Internet Financial Ltd. Series E (a)(b)(c) | | 53,240 | 1,592,941 |
| | | | |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| IT Services - 0.0% | | | |
| Gupshup, Inc. (a)(b)(c) | | 17,900 | 169,871 |
| | | | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 1,980,299 |
| TOTAL PREFERRED STOCKS (Cost $13,419,811) | | | 16,294,389 |
| | | | |
| Convertible Bonds - 0.1% |
| | | Principal Amount (e) | Value ($) |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Automobiles - 0.1% | | | |
| Neutron Holdings, Inc.: | | | |
| 4% 5/22/27 (b)(c) | | 47,700 | 61,590 |
| 4% 6/12/27 (b)(c) | | 13,100 | 16,915 |
| 6.5% 10/29/26 (b)(c)(f) | | 424,512 | 452,148 |
| | | | 530,653 |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Software - 0.0% | | | |
| Convoy, Inc. 15% 9/30/26 (b)(c) | | 40,971 | 0 |
| TOTAL CONVERTIBLE BONDS (Cost $526,283) | | | 530,653 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (e) | Value ($) |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Automobiles - 0.0% | | | |
| Rad Power Bikes, Inc. 8% 12/31/25 (b)(c) | | 18,888 | 34,326 |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Electronic Equipment, Instruments & Components - 0.0% | | | |
| Enevate Corp. 6% (b)(c)(g) | | 14,864 | 16,314 |
| Semiconductors & Semiconductor Equipment - 0.0% | | | |
| Sima Technologies, Inc. 10% 12/31/27 (b)(c) | | 42,288 | 43,439 |
TOTAL INFORMATION TECHNOLOGY | | | 59,753 |
| TOTAL PREFERRED SECURITIES (Cost $76,040) | | | 94,079 |
| | | | |
| Money Market Funds - 1.0% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (h) | | 2,859,066 | 2,859,638 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 5,505,973 | 5,506,523 |
| TOTAL MONEY MARKET FUNDS (Cost $8,366,161) | | | 8,366,161 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $433,677,928) | 886,870,886 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (1,711,143) |
| NET ASSETS - 100.0% | 885,159,743 |
| | |
Legend
| (b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $20,458,915 or 2.3% of net assets. |
| (d) | Security or a portion of the security is on loan at period end. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (g) | Security is perpetual in nature with no stated maturity date. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Aledade, Inc. Series E1 | 5/20/22 | 290,767 |
| | | |
| Anthropic PBC Series D | 5/31/24 | 86,713 |
| | | |
| Beta Technologies, Inc. Series A | 4/09/21 | 1,112,825 |
| | | |
| Blink Health LLC Series A1 | 12/30/20 | 43,263 |
| | | |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 596,729 |
| | | |
| Bombas LLC | 2/16/21 - 11/12/21 | 830,401 |
| | | |
| Bowery Farming, Inc. warrants | 10/25/23 | 0 |
| | | |
| ByteDance Ltd. Series E1 | 11/18/20 | 508,862 |
| | | |
| CelLink Corp. Series D | 1/20/22 | 251,969 |
| | | |
| Circle Internet Financial Ltd. Series E | 5/11/21 | 864,100 |
| | | |
| Circle Internet Financial Ltd. Series F | 5/09/22 | 227,598 |
| | | |
| Convoy, Inc. Series D | 10/30/19 | 1,271,244 |
| | | |
| Convoy, Inc. warrants | 3/24/23 | 0 |
| | | |
| Convoy, Inc. 15% 9/30/26 | 3/24/23 | 40,971 |
| | | |
| CoreWeave, Inc. Series C | 5/17/24 | 21,813 |
| | | |
| Databricks, Inc. Series G | 2/01/21 | 390,209 |
| | | |
| Databricks, Inc. Series I | 9/14/23 | 7,644 |
| | | |
| Diamond Foundry, Inc. Series C | 3/15/21 | 556,656 |
| | | |
| Enevate Corp. Series E | 1/29/21 | 316,911 |
| | | |
| Enevate Corp. 6% | 11/02/23 | 14,864 |
| | | |
| Epic Games, Inc. | 7/13/20 - 3/29/21 | 1,730,000 |
| | | |
| GoBrands, Inc. Series G | 3/02/21 | 599,322 |
| | | |
| Gupshup, Inc. | 6/08/21 | 409,287 |
| | | |
| JUUL Labs, Inc. Class B | 11/21/17 | 0 |
| | | |
| JUUL Labs, Inc. Series C | 5/22/15 | 0 |
| | | |
| JUUL Labs, Inc. Series D | 6/25/18 | 0 |
| | | |
| Lenskart Solutions Pvt Ltd. | 4/30/24 | 356,216 |
| | | |
| Moloco, Inc. Series A | 6/26/23 | 700,560 |
| | | |
| Mountain Digital, Inc. Series D | 11/05/21 | 645,463 |
| | | |
| Neutron Holdings, Inc. | 2/04/21 | 772 |
| | | |
| Neutron Holdings, Inc. Series 1C | 7/03/18 | 253,709 |
| | | |
| Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 47,700 |
| | | |
| Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 13,100 |
| | | |
| Neutron Holdings, Inc. 6.5% 10/29/26 | 10/29/21 - 4/29/24 | 424,512 |
| | | |
| Rad Power Bikes, Inc. | 1/21/21 | 66,926 |
| | | |
| Rad Power Bikes, Inc. warrants 10/6/33 | 10/06/23 | 0 |
| | | |
| Rad Power Bikes, Inc. Series A | 1/21/21 | 8,726 |
| | | |
| Rad Power Bikes, Inc. Series C | 1/21/21 | 34,331 |
| | | |
| Rad Power Bikes, Inc. Series D | 9/17/21 | 121,686 |
| | | |
| Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 18,888 |
| | | |
| Relativity Space, Inc. Series E | 5/27/21 | 828,069 |
| | | |
| Sima Technologies, Inc. Series B | 5/10/21 | 208,685 |
| | | |
| Sima Technologies, Inc. Series B1 | 4/25/22 - 10/17/22 | 41,198 |
| | | |
| Sima Technologies, Inc. 10% 12/31/27 | 4/08/24 | 42,288 |
| | | |
| Space Exploration Technologies Corp. Class A | 2/16/21 | 125,997 |
| | | |
| Space Exploration Technologies Corp. Series I | 4/05/18 | 556,010 |
| | | |
| Space Exploration Technologies Corp. Series N | 8/04/20 | 690,930 |
| | | |
| Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 468,193 |
| | | |
| Stripe, Inc. Class B | 5/18/21 | 100,321 |
| | | |
| Stripe, Inc. Series H | 3/15/21 - 5/25/23 | 229,877 |
| | | |
| Tenstorrent Holdings, Inc. Series C1 | 4/23/21 | 134,645 |
| | | |
| VAST Data Ltd. Series A | 11/28/23 | 27,632 |
| | | |
| VAST Data Ltd. Series A1 | 11/28/23 | 68,013 |
| | | |
| VAST Data Ltd. Series A2 | 11/28/23 | 78,232 |
| | | |
| VAST Data Ltd. Series B | 11/28/23 | 62,249 |
| | | |
| VAST Data Ltd. Series C | 11/28/23 | 1,815 |
| | | |
| VAST Data Ltd. Series E | 11/28/23 | 118,976 |
| | | |
| Waymo LLC Series A2 | 5/08/20 | 248,671 |
| | | |
| Xsight Labs Ltd. warrants 1/11/34 | 1/11/24 | 0 |
| | | |
| Xsight Labs Ltd. Series D | 2/16/21 | 139,130 |
| | | |
| Xsight Labs Ltd. Series D1 | 1/11/24 | 50,903 |
| | | |
| Yanka Industries, Inc. Series E | 5/15/20 | 238,154 |
| | | |
| Yanka Industries, Inc. Series F | 4/08/21 | 419,499 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 1,286,935 | 72,041,533 | 70,468,824 | 51,115 | (6) | - | 2,859,638 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 12,523,731 | 87,120,668 | 94,137,876 | 10,658 | - | - | 5,506,523 | 0.0% |
| Total | 13,810,666 | 159,162,201 | 164,606,700 | 61,773 | (6) | - | 8,366,161 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 195,595,776 | 193,173,105 | - | 2,422,671 |
Consumer Discretionary | 87,830,398 | 80,871,696 | 5,915,545 | 1,043,157 |
Consumer Staples | 3,426,396 | 3,267,397 | - | 158,999 |
Energy | 954,772 | 954,772 | - | - |
Financials | 34,534,900 | 31,651,140 | - | 2,883,760 |
Health Care | 77,515,338 | 75,747,538 | 826,478 | 941,322 |
Industrials | 57,749,061 | 49,303,943 | - | 8,445,118 |
Information Technology | 419,755,662 | 415,805,078 | 191,354 | 3,759,230 |
Materials | 517,690 | - | - | 517,690 |
|
| Corporate Bonds | 530,653 | - | - | 530,653 |
|
| Preferred Securities | 94,079 | - | - | 94,079 |
|
| Money Market Funds | 8,366,161 | 8,366,161 | - | - |
| Total Investments in Securities: | 886,870,886 | 859,140,830 | 6,933,377 | 20,796,679 |
| | | | | |
|
| Net Unrealized Appreciation on Unfunded Commitments | 2,075 | - | - | 2,075 |
| Total | 2,075 | - | - | 2,075 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Beginning Balance | $ | 18,811,659 | |
| Net Realized Gain (Loss) on Investment Securities | | (20,740) | |
| Net Unrealized Gain (Loss) on Investment Securities | | 1,420,740 | |
| Cost of Purchases | | 590,323 | |
| Proceeds of Sales | | (5,303) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 20,796,679 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2024 | $ | 1,420,314 | |
| The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $5,502,369) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $425,311,767) | $ | 878,504,725 | | |
Fidelity Central Funds (cost $8,366,161) | | 8,366,161 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $433,677,928) | | | $ | 886,870,886 |
| Cash | | | | 6,504 |
| Foreign currency held at value (cost $139) | | | | 139 |
| Receivable for investments sold | | | | 34,227,107 |
| Unrealized appreciation on unfunded commitments | | | | 2,075 |
| Receivable for fund shares sold | | | | 543 |
| Dividends receivable | | | | 332,531 |
| Interest receivable | | | | 19,519 |
| Distributions receivable from Fidelity Central Funds | | | | 8,244 |
| Receivable from investment adviser for expense reductions | | | | 2,422 |
| Other receivables | | | | 21,027 |
Total assets | | | | 921,490,997 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 2,662,436 | | |
| Payable for fund shares redeemed | | 28,124,559 | | |
| Other payables and accrued expenses | | 36,684 | | |
| Collateral on securities loaned | | 5,507,575 | | |
| Total liabilities | | | | 36,331,254 |
| Commitments and contingent liabilities (see Commitments note) | | | | |
| Net Assets | | | $ | 885,159,743 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 416,552,682 |
| Total accumulated earnings (loss) | | | | 468,607,061 |
| Net Assets | | | $ | 885,159,743 |
Net Asset Value, offering price and redemption price per share ($885,159,743 ÷ 58,556,718 shares) | | | $ | 15.12 |
| Statement of Operations |
| | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 1,494,760 |
| Interest | | | | 15,983 |
| Income from Fidelity Central Funds (including $10,658 from security lending) | | | | 61,773 |
| Total income | | | | 1,572,516 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 21,446 | | |
| Independent trustees' fees and expenses | | 1,869 | | |
| Legal | | 102 | | |
| Interest | | 22,908 | | |
| Miscellaneous | | 25 | | |
| Total expenses before reductions | | 46,350 | | |
| Expense reductions | | (8,679) | | |
| Total expenses after reductions | | | | 37,671 |
| Net Investment income (loss) | | | | 1,534,845 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 61,280,931 | | |
| Fidelity Central Funds | | (6) | | |
| Foreign currency transactions | | 22,930 | | |
| Total net realized gain (loss) | | | | 61,303,855 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 126,575,876 | | |
| Unfunded commitments | | 2,075 | | |
| Assets and liabilities in foreign currencies | | (60) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 126,577,891 |
| Net gain (loss) | | | | 187,881,746 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 189,416,591 |
| Statement of Changes in Net Assets |
| |
| | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 1,534,845 | $ | 3,354,851 |
| Net realized gain (loss) | | 61,303,855 | | 3,148,109 |
| Change in net unrealized appreciation (depreciation) | | 126,577,891 | | 173,578,002 |
| Net increase (decrease) in net assets resulting from operations | | 189,416,591 | | 180,080,962 |
| Distributions to shareholders | | (2,668,623) | | (3,392,612) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 49,612,355 | | 164,000,171 |
| Reinvestment of distributions | | 2,668,345 | | 3,392,612 |
| Cost of shares redeemed | | (126,583,694) | | (275,043,180) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (74,302,994) | | (107,650,397) |
| Total increase (decrease) in net assets | | 112,444,974 | | 69,037,953 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 772,714,769 | | 703,676,816 |
| End of period | $ | 885,159,743 | $ | 772,714,769 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 3,574,243 | | 15,984,865 |
| Issued in reinvestment of distributions | | 213,810 | | 364,014 |
| Redeemed | | (9,080,030) | | (25,592,405) |
| Net increase (decrease) | | (5,291,977) | | (9,243,526) |
| | | | | |
Financial Highlights
Fidelity Advisor® Series Growth Opportunities Fund |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.10 | $ | 9.63 | $ | 18.67 | $ | 20.55 | $ | 16.27 | $ | 15.46 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .02 | | .05 | | .06 | | .06 | | .08 | | .11 C |
| Net realized and unrealized gain (loss) | | 3.04 | | 2.47 | | (4.79) | | 3.39 | | 7.91 | | 3.56 |
| Total from investment operations | | 3.06 | | 2.52 | | (4.73) | | 3.45 | | 7.99 | | 3.67 |
| Distributions from net investment income | | (.04) | | (.05) | | (.06) | | (.11) | | (.13) | | (.11) |
| Distributions from net realized gain | | - | | - | | (4.25) | | (5.22) | | (3.59) | | (2.75) |
| Total distributions | | (.04) | | (.05) | | (4.31) | | (5.33) | | (3.71) D | | (2.86) |
| Net asset value, end of period | $ | 15.12 | $ | 12.10 | $ | 9.63 | $ | 18.67 | $ | 20.55 | $ | 16.27 |
Total Return E,F | | | | 26.28% | | (32.42)% | | 21.11% | | 63.04% | | 32.07% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .01% I,J | | .01% | | .01% | | .01% | | .01% | | .01% |
| Expenses net of fee waivers, if any | | | | .01% | | -% K | | -% K | | .01% | | .01% |
| Expenses net of all reductions | | .01% I,J | | .01% | | -% K | | -% K | | .01% | | .01% |
| Net investment income (loss) | | .36% I,J | | .47% | | .57% | | .35% | | .54% | | .77% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 885,160 | $ | 772,715 | $ | 703,677 | $ | 776,073 | $ | 713,285 | $ | 647,544 |
Portfolio turnover rate L | | | | 69% | | 97% | | 84% | | 78% | | 78% M |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .62%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JProxy expenses are not annualized.
KAmount represents less than .005%.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
MPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
1. Organization.
Fidelity Advisor Series Growth Opportunities Fund (the Fund) is a non-diversified fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
| Equities | $20,171,947 | Recovery value | Recovery value | $0.00 | Increase |
| | | Market approach | Transaction price | $1.10 - $78.20 / $26.37 | Increase |
| | | | Discount rate | 40.0% | Decrease |
| | | | Premium rate | 35.0% - 65.0% / 44.3% | Increase |
| | | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.9 - 23.0 / 6.8 | Increase |
| | | | Enterprise value/EBITDA multiple (EV/EBITDA) | 18.6 - 21.3 / 19.2 | Increase |
| | | | Enterprise value/Net income multiple (EV/NI) | 16.0 | Increase |
| | | Discounted cash flow | Weighted average cost of capital (WACC) | 28.9% | Decrease |
| | | | Exit multiple | 1.5 | Increase |
| | | Black scholes | Discount rate | 4.1% - 5.2% / 4.6% | Increase |
| | | | Volatility | 50.0% - 100.0% / 74.9% | Increase |
| | | | Term | 1.0 - 5.0 / 3.7 | Increase |
| Corporate Bonds | $530,653 | Recovery value | Recovery value | $0.00 | Increase |
| | | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.9 | Increase |
| | | | Discount rate | 29.2% | Decrease |
| | | | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
| | | Black scholes | Discount rate | 5.3% | Increase |
| | | | Volatility | 75.0% | Decrease |
| | | | Term | 0.8 | Increase |
| Preferred Securities | $94,079 | Recovery value | Recovery value | $0.00 | Increase |
| | | Market approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 35.4% - 37.9% / 37.2% | Decrease |
| | | | Probability rate | 0.0% - 60.0% / 36.0% | Increase |
| | | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.7 | Increase |
| | | Black scholes | Discount rate | 4.8% - 5.5% / 5.1% | Increase |
| | | | Volatility | 50.0% - 100.0% / 62.4% | Increase |
| | | | Term | 0.4 - 2.1 / 1.4 | Increase |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $475,821,567 |
| Gross unrealized depreciation | (25,795,227) |
| Net unrealized appreciation (depreciation) | $450,026,340 |
| Tax cost | $436,844,546 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(40,877,779) |
Long-term | - |
| Total capital loss carryforward | $(40,877,779) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.
| | Investment to be Acquired | Commitment Amount ($) | Unrealized Appreciation (Depreciation)($) |
| Fidelity Advisor Series Growth Opportunities Fund | JUUL Labs, Inc. Class A | 848,583 | 2,075 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Series Growth Opportunities Fund | 253,082,301 | 334,336,236 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Series Growth Opportunities Fund | 3,798 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Advisor Series Growth Opportunities Fund | Borrower | 16,438,222 | 5.57% | 22,908 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Series Growth Opportunities Fund | 11,147,794 | 17,134,118 | 1,058,236 |
Sub-Advisory Arrangements. Effective March 1, 2024, each Fund's sub-advisory agreements with Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Series Growth Opportunities Fund | 1,128 | 233 | - |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through March 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $8,679.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Series Growth Opportunities Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with Fidelity Management & Research (Hong Kong) Limited (FMR H.K.) and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR H.K. and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Series Growth Opportunities Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through March 31, 2027.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.967933.110
AXS3-SANN-0724
Fidelity Advisor® Growth & Income Fund
Semi-Annual Report
May 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Growth & Income Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.6% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 4.0% | | | |
| Diversified Telecommunication Services - 0.5% | | | |
| Cellnex Telecom SA (a) | | 100,200 | 3,660 |
| Verizon Communications, Inc. | | 54,309 | 2,235 |
| | | | 5,895 |
| Entertainment - 1.2% | | | |
| The Walt Disney Co. | | 49,700 | 5,164 |
| Universal Music Group NV | | 208,700 | 6,504 |
| Universal Music Group NV rights (b)(c) | | 208,700 | 61 |
| Warner Music Group Corp. Class A | | 54,300 | 1,617 |
| | | | 13,346 |
| Interactive Media & Services - 0.4% | | | |
| Meta Platforms, Inc. Class A | | 9,400 | 4,388 |
| Media - 1.9% | | | |
| Comcast Corp. Class A | | 443,658 | 17,760 |
| Interpublic Group of Companies, Inc. | | 149,300 | 4,684 |
| | | | 22,444 |
TOTAL COMMUNICATION SERVICES | | | 46,073 |
| CONSUMER DISCRETIONARY - 2.2% | | | |
| Hotels, Restaurants & Leisure - 0.9% | | | |
| Booking Holdings, Inc. | | 450 | 1,699 |
| Churchill Downs, Inc. | | 9,200 | 1,191 |
| Domino's Pizza, Inc. | | 4,600 | 2,339 |
| Marriott International, Inc. Class A | | 12,600 | 2,913 |
| Starbucks Corp. | | 34,000 | 2,727 |
| | | | 10,869 |
| Household Durables - 0.2% | | | |
| Sony Group Corp. sponsored ADR | | 11,400 | 939 |
| Whirlpool Corp. (d) | | 9,400 | 874 |
| | | | 1,813 |
| Specialty Retail - 0.7% | | | |
| Lowe's Companies, Inc. | | 38,957 | 8,621 |
| Textiles, Apparel & Luxury Goods - 0.4% | | | |
| Compagnie Financiere Richemont SA Series A | | 5,799 | 933 |
| NIKE, Inc. Class B | | 18,900 | 1,796 |
| Puma AG | | 32,044 | 1,664 |
| | | | 4,393 |
TOTAL CONSUMER DISCRETIONARY | | | 25,696 |
| CONSUMER STAPLES - 6.0% | | | |
| Beverages - 2.4% | | | |
| Davide Campari Milano NV | | 33,700 | 338 |
| Diageo PLC sponsored ADR | | 31,300 | 4,228 |
| Keurig Dr. Pepper, Inc. | | 277,400 | 9,501 |
| Pernod Ricard SA | | 14,600 | 2,186 |
| Remy Cointreau SA | | 4,544 | 425 |
| The Coca-Cola Co. | | 175,184 | 11,024 |
| | | | 27,702 |
| Consumer Staples Distribution & Retail - 1.3% | | | |
| Sysco Corp. | | 72,200 | 5,258 |
| Target Corp. | | 26,500 | 4,138 |
| Walmart, Inc. | | 87,700 | 5,767 |
| | | | 15,163 |
| Household Products - 0.1% | | | |
| Colgate-Palmolive Co. | | 6,800 | 632 |
| Procter & Gamble Co. | | 7,900 | 1,300 |
| | | | 1,932 |
| Personal Care Products - 1.7% | | | |
| Estee Lauder Companies, Inc. Class A | | 25,100 | 3,096 |
| Haleon PLC ADR | | 897,409 | 7,574 |
| Kenvue, Inc. | | 446,407 | 8,616 |
| | | | 19,286 |
| Tobacco - 0.5% | | | |
| Altria Group, Inc. | | 59,420 | 2,748 |
| British American Tobacco PLC sponsored ADR | | 34,500 | 1,071 |
| Philip Morris International, Inc. | | 17,600 | 1,784 |
| | | | 5,603 |
TOTAL CONSUMER STAPLES | | | 69,686 |
| ENERGY - 10.0% | | | |
| Oil, Gas & Consumable Fuels - 10.0% | | | |
| Enterprise Products Partners LP | | 23,300 | 664 |
| Exxon Mobil Corp. (e) | | 716,486 | 84,015 |
| Galp Energia SGPS SA Class B | | 80,800 | 1,699 |
| Imperial Oil Ltd. (d) | | 222,400 | 15,714 |
| Shell PLC ADR | | 184,600 | 13,435 |
| | | | 115,527 |
| FINANCIALS - 18.9% | | | |
| Banks - 12.6% | | | |
| Bank of America Corp. (e) | | 829,042 | 33,153 |
| HDFC Bank Ltd. sponsored ADR | | 21,700 | 1,256 |
| JPMorgan Chase & Co. | | 62,943 | 12,754 |
| M&T Bank Corp. | | 41,100 | 6,231 |
| PNC Financial Services Group, Inc. | | 88,316 | 13,900 |
| U.S. Bancorp | | 276,230 | 11,201 |
| Wells Fargo & Co. (e) | | 1,120,950 | 67,167 |
| | | | 145,662 |
| Capital Markets - 2.4% | | | |
| 3i Group PLC | | 57,700 | 2,126 |
| Brookfield Corp. Class A | | 72,301 | 3,144 |
| Charles Schwab Corp. | | 6,600 | 484 |
| Intercontinental Exchange, Inc. | | 1,100 | 147 |
| KKR & Co. LP | | 60,713 | 6,244 |
| Moody's Corp. | | 2,700 | 1,072 |
| Morgan Stanley | | 24,330 | 2,380 |
| MSCI, Inc. | | 700 | 347 |
| Northern Trust Corp. | | 107,637 | 9,067 |
| Raymond James Financial, Inc. | | 23,250 | 2,854 |
| | | | 27,865 |
| Financial Services - 2.7% | | | |
| Edenred SA | | 37,609 | 1,755 |
| Fidelity National Information Services, Inc. | | 20,700 | 1,571 |
| Global Payments, Inc. | | 22,900 | 2,332 |
| MasterCard, Inc. Class A | | 7,500 | 3,353 |
| Visa, Inc. Class A | | 80,840 | 22,026 |
| | | | 31,037 |
| Insurance - 1.2% | | | |
| American Financial Group, Inc. | | 4,500 | 585 |
| Arthur J. Gallagher & Co. | | 14,400 | 3,648 |
| Brookfield Reinsurance Ltd. (d) | | 172 | 7 |
| Chubb Ltd. | | 12,100 | 3,277 |
| Marsh & McLennan Companies, Inc. | | 17,766 | 3,688 |
| Prudential PLC | | 76,322 | 731 |
| The Travelers Companies, Inc. | | 8,000 | 1,726 |
| | | | 13,662 |
TOTAL FINANCIALS | | | 218,226 |
| HEALTH CARE - 11.9% | | | |
| Health Care Equipment & Supplies - 1.9% | | | |
| Abbott Laboratories | | 19,700 | 2,013 |
| Becton, Dickinson & Co. | | 14,593 | 3,385 |
| Boston Scientific Corp. (b) | | 171,720 | 12,977 |
| Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) (d) | | 108,617 | 2,948 |
| Sonova Holding AG | | 2,523 | 802 |
| | | | 22,125 |
| Health Care Providers & Services - 5.2% | | | |
| Cardinal Health, Inc. | | 47,100 | 4,676 |
| Cigna Group | | 47,400 | 16,335 |
| CVS Health Corp. | | 29,551 | 1,761 |
| Humana, Inc. | | 12,400 | 4,441 |
| McKesson Corp. | | 18,033 | 10,271 |
| UnitedHealth Group, Inc. | | 44,100 | 21,846 |
| | | | 59,330 |
| Life Sciences Tools & Services - 0.7% | | | |
| Danaher Corp. | | 30,000 | 7,704 |
| Thermo Fisher Scientific, Inc. | | 1,100 | 625 |
| | | | 8,329 |
| Pharmaceuticals - 4.1% | | | |
| Bristol-Myers Squibb Co. | | 189,100 | 7,770 |
| Eli Lilly & Co. (e) | | 14,900 | 12,223 |
| Galderma Group AG | | 17,800 | 1,453 |
| GSK PLC sponsored ADR | | 205,347 | 9,193 |
| Johnson & Johnson | | 50,175 | 7,359 |
| Royalty Pharma PLC | | 32,200 | 883 |
| UCB SA | | 59,000 | 8,276 |
| Zoetis, Inc. Class A | | 1,500 | 254 |
| | | | 47,411 |
TOTAL HEALTH CARE | | | 137,195 |
| INDUSTRIALS - 16.7% | | | |
| Aerospace & Defense - 8.6% | | | |
| Airbus Group NV | | 28,900 | 4,916 |
| General Dynamics Corp. | | 16,200 | 4,856 |
| General Electric Co. (e) | | 363,636 | 60,051 |
| Howmet Aerospace, Inc. | | 11,050 | 935 |
| Huntington Ingalls Industries, Inc. | | 14,300 | 3,619 |
| Loar Holdings, Inc. (d) | | 1,100 | 63 |
| Safran SA | | 9,300 | 2,178 |
| Textron, Inc. | | 19,800 | 1,735 |
| The Boeing Co. (b) | | 119,610 | 21,244 |
| | | | 99,597 |
| Air Freight & Logistics - 1.4% | | | |
| Expeditors International of Washington, Inc. | | 700 | 85 |
| FedEx Corp. | | 11,100 | 2,819 |
| United Parcel Service, Inc. Class B | | 93,779 | 13,029 |
| | | | 15,933 |
| Building Products - 0.0% | | | |
| A.O. Smith Corp. | | 1,400 | 117 |
| Commercial Services & Supplies - 0.6% | | | |
| GFL Environmental, Inc. | | 174,300 | 5,488 |
| Veralto Corp. | | 9,733 | 959 |
| | | | 6,447 |
| Electrical Equipment - 2.3% | | | |
| Acuity Brands, Inc. | | 9,900 | 2,570 |
| AMETEK, Inc. | | 3,400 | 577 |
| GE Vernova LLC | | 86,584 | 15,230 |
| Hubbell, Inc. Class B (e) | | 12,912 | 5,021 |
| Regal Rexnord Corp. | | 17,500 | 2,617 |
| Rockwell Automation, Inc. | | 2,100 | 541 |
| | | | 26,556 |
| Ground Transportation - 0.3% | | | |
| Knight-Swift Transportation Holdings, Inc. Class A | | 75,300 | 3,633 |
| Machinery - 1.8% | | | |
| Allison Transmission Holdings, Inc. | | 45,600 | 3,457 |
| Caterpillar, Inc. | | 1,600 | 542 |
| Cummins, Inc. | | 6,700 | 1,888 |
| Deere & Co. | | 1,800 | 675 |
| Donaldson Co., Inc. | | 74,500 | 5,489 |
| Fortive Corp. | | 30,600 | 2,278 |
| Nordson Corp. | | 17,500 | 4,108 |
| Otis Worldwide Corp. | | 9,565 | 949 |
| Stanley Black & Decker, Inc. | | 9,910 | 864 |
| | | | 20,250 |
| Professional Services - 0.5% | | | |
| Equifax, Inc. | | 9,500 | 2,198 |
| RELX PLC (London Stock Exchange) | | 94,538 | 4,147 |
| | | | 6,345 |
| Trading Companies & Distributors - 1.1% | | | |
| Brenntag SE | | 8,300 | 598 |
| Watsco, Inc. | | 21,964 | 10,431 |
| WESCO International, Inc. | | 10,400 | 1,867 |
| | | | 12,896 |
| Transportation Infrastructure - 0.1% | | | |
| Aena SME SA (a) | | 3,300 | 645 |
TOTAL INDUSTRIALS | | | 192,419 |
| INFORMATION TECHNOLOGY - 23.7% | | | |
| Electronic Equipment, Instruments & Components - 0.2% | | | |
| CDW Corp. | | 10,400 | 2,326 |
| IT Services - 0.5% | | | |
| Amdocs Ltd. | | 33,800 | 2,670 |
| IBM Corp. | | 20,000 | 3,337 |
| | | | 6,007 |
| Semiconductors & Semiconductor Equipment - 8.5% | | | |
| Analog Devices, Inc. | | 20,300 | 4,760 |
| Applied Materials, Inc. | | 21,695 | 4,666 |
| BE Semiconductor Industries NV | | 17,900 | 2,663 |
| Broadcom, Inc. | | 5,700 | 7,573 |
| Lam Research Corp. | | 4,400 | 4,103 |
| Marvell Technology, Inc. | | 157,003 | 10,803 |
| Microchip Technology, Inc. | | 6,200 | 603 |
| NVIDIA Corp. | | 43,705 | 47,915 |
| NXP Semiconductors NV | | 24,000 | 6,530 |
| Qualcomm, Inc. | | 3,200 | 653 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 35,500 | 5,362 |
| Teradyne, Inc. | | 21,100 | 2,974 |
| | | | 98,605 |
| Software - 11.6% | | | |
| Dassault Systemes SA | | 11,100 | 451 |
| Intuit, Inc. | | 15,200 | 8,762 |
| Microsoft Corp. | | 242,583 | 100,706 |
| Oracle Corp. | | 86,000 | 10,078 |
| Sage Group PLC | | 168,500 | 2,213 |
| SAP SE sponsored ADR (d) | | 63,300 | 11,548 |
| | | | 133,758 |
| Technology Hardware, Storage & Peripherals - 2.9% | | | |
| Apple, Inc. | | 168,792 | 32,450 |
| Samsung Electronics Co. Ltd. | | 17,790 | 944 |
| | | | 33,394 |
TOTAL INFORMATION TECHNOLOGY | | | 274,090 |
| MATERIALS - 1.5% | | | |
| Chemicals - 0.4% | | | |
| Air Products & Chemicals, Inc. | | 10,400 | 2,774 |
| International Flavors & Fragrances, Inc. | | 4,800 | 462 |
| PPG Industries, Inc. | | 6,000 | 788 |
| Sherwin-Williams Co. | | 1,600 | 486 |
| | | | 4,510 |
| Metals & Mining - 1.1% | | | |
| First Quantum Minerals Ltd. | | 525,000 | 6,745 |
| Freeport-McMoRan, Inc. | | 103,400 | 5,452 |
| | | | 12,197 |
TOTAL MATERIALS | | | 16,707 |
| REAL ESTATE - 1.3% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.3% | | | |
| American Tower Corp. | | 34,500 | 6,753 |
| Crown Castle, Inc. | | 64,200 | 6,581 |
| Public Storage | | 200 | 55 |
| Simon Property Group, Inc. | | 12,600 | 1,907 |
| Terreno Realty Corp. | | 4,100 | 232 |
| | | | 15,528 |
| UTILITIES - 2.4% | | | |
| Electric Utilities - 2.3% | | | |
| Constellation Energy Corp. | | 5,000 | 1,086 |
| Duke Energy Corp. | | 22,800 | 2,361 |
| Edison International | | 24,800 | 1,906 |
| Entergy Corp. | | 15,800 | 1,777 |
| Eversource Energy | | 37,900 | 2,245 |
| Exelon Corp. | | 18,400 | 691 |
| FirstEnergy Corp. | | 14,700 | 592 |
| NextEra Energy, Inc. | | 6,200 | 496 |
| Southern Co. | | 195,900 | 15,699 |
| | | | 26,853 |
| Multi-Utilities - 0.1% | | | |
| Sempra | | 16,400 | 1,263 |
TOTAL UTILITIES | | | 28,116 |
| TOTAL COMMON STOCKS (Cost $702,544) | | | 1,139,263 |
| | | | |
| Convertible Bonds - 0.1% |
| | | Principal Amount (f) (000s) | Value ($) (000s) |
| COMMUNICATION SERVICES - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
Snap, Inc. 0.125% 3/1/28 (Cost $1,117) | | 1,477 | 1,156 |
| | | | |
| U.S. Treasury Obligations - 0.3% |
| | | Principal Amount (f) (000s) | Value ($) (000s) |
U.S. Treasury Bills, yield at date of purchase 5.32% 8/8/24 (e) (Cost $3,059) | | 3,090 | 3,060 |
| | | | |
| Money Market Funds - 2.7% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 5.39% (g) | | 10,122,880 | 10,125 |
| Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | | 21,007,358 | 21,009 |
| TOTAL MONEY MARKET FUNDS (Cost $31,134) | | | 31,134 |
| | | | |
| Purchased Options - 0.0% |
| | Counterparty | Number of Contracts | Notional Amount ($) (000s) | Exercise Price ($) | Expiration Date | Value ($) (000s) |
| Put Options | | | | | | |
| Exxon Mobil Corp. | Chicago Board Options Exchange | 400 | 4,690 | 110 | 06/21/24 | 11 |
| | | | | | | |
| | | | | | | 11 |
TOTAL PURCHASED OPTIONS (Cost $110) | | | | | | 11 |
| TOTAL INVESTMENT IN SECURITIES - 101.7% (Cost $737,964) | 1,174,624 |
NET OTHER ASSETS (LIABILITIES) - (1.7)% | (19,944) |
| NET ASSETS - 100.0% | 1,154,680 |
| | |
| Written Options |
| | Counterparty | Number of Contracts | Notional Amount ($) (000s) | Exercise Price ($) | Expiration Date | Value ($) (000s) |
| Call Options | | | | | | |
| Bank of America Corp. | Chicago Board Options Exchange | 445 | 1,780 | 41.00 | 06/21/24 | (16) |
| Eli Lilly & Co. | Chicago Board Options Exchange | 7 | 574 | 850.00 | 08/16/24 | (26) |
| Exxon Mobil Corp. | Chicago Board Options Exchange | 210 | 2,462 | 130.00 | 07/19/24 | (6) |
| General Electric Co. | Chicago Board Options Exchange | 186 | 3,072 | 165.00 | 06/21/24 | (82) |
| General Electric Co. | Chicago Board Options Exchange | 183 | 3,022 | 170.00 | 06/21/24 | (42) |
| General Electric Co. | Chicago Board Options Exchange | 181 | 2,989 | 185.00 | 08/16/24 | (46) |
| Hubbell, Inc. | Chicago Board Options Exchange | 121 | 4,706 | 340.00 | 06/21/24 | (618) |
| Wells Fargo & Co. | Chicago Board Options Exchange | 638 | 3,823 | 62.50 | 08/16/24 | (100) |
| Wells Fargo & Co. | Chicago Board Options Exchange | 631 | 3,781 | 65.00 | 08/16/24 | (53) |
| | | | | | | |
| Put Options | | | | | | |
| Air Products & Chemicals, Inc. | Chicago Board Options Exchange | 150 | 4,001 | 200.00 | 06/21/24 | 0 |
| | | | | | | |
| TOTAL WRITTEN OPTIONS | | | | | | (989) |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,305,000 or 0.4% of net assets. |
| (c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (d) | Security or a portion of the security is on loan at period end. |
| (e) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $29,269,000. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 53,015 | 70,962 | 113,852 | 963 | - | - | 10,125 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 10,761 | 91,703 | 81,455 | 14 | - | - | 21,009 | 0.1% |
| Total | 63,776 | 162,665 | 195,307 | 977 | - | - | 31,134 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 46,073 | 35,909 | 10,164 | - |
Consumer Discretionary | 25,696 | 23,099 | 2,597 | - |
Consumer Staples | 69,686 | 66,737 | 2,949 | - |
Energy | 115,527 | 113,828 | 1,699 | - |
Financials | 218,226 | 213,614 | 4,612 | - |
Health Care | 137,195 | 126,664 | 10,531 | - |
Industrials | 192,419 | 179,935 | 12,484 | - |
Information Technology | 274,090 | 267,819 | 6,271 | - |
Materials | 16,707 | 16,707 | - | - |
Real Estate | 15,528 | 15,528 | - | - |
Utilities | 28,116 | 28,116 | - | - |
|
| Corporate Bonds | 1,156 | - | 1,156 | - |
|
| U.S. Government and Government Agency Obligations | 3,060 | - | 3,060 | - |
|
| Money Market Funds | 31,134 | 31,134 | - | - |
|
| Purchased Options | 11 | 11 | - | - |
| Total Investments in Securities: | 1,174,624 | 1,119,101 | 55,523 | - |
Derivative Instruments: Liabilities | | | | |
Written Options | (989) | (989) | - | - |
| Total Liabilities | (989) | (989) | - | - |
| Total Derivative Instruments: | (989) | (989) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| (Amounts in thousands) | Asset ($) | Liability ($) |
| Equity Risk | | |
Purchased Options (a) | 11 | 0 |
Written Options (b) | 0 | (989) |
| Total Equity Risk | 11 | (989) |
| Total Value of Derivatives | 11 | (989) |
(a)Gross value is presented in the Statement of Assets and Liabilities in the Investments in Securities at value line-item.
(b)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $20,464) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $706,830) | $ | 1,143,490 | | |
Fidelity Central Funds (cost $31,134) | | 31,134 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $737,964) | | | $ | 1,174,624 |
| Foreign currency held at value (cost $18) | | | | 18 |
| Receivable for investments sold | | | | 1,592 |
| Receivable for fund shares sold | | | | 514 |
| Dividends receivable | | | | 2,351 |
| Distributions receivable from Fidelity Central Funds | | | | 34 |
| Other receivables | | | | 4 |
Total assets | | | | 1,179,137 |
| Liabilities | | | | |
| Payable for investments purchased | | | | |
Regular delivery | $ | 660 | | |
Delayed delivery | | 61 | | |
| Payable for fund shares redeemed | | 836 | | |
| Accrued management fee | | 561 | | |
| Distribution and service plan fees payable | | 249 | | |
| Written options, at value (premium received $814) | | 989 | | |
| Other payables and accrued expenses | | 92 | | |
| Collateral on securities loaned | | 21,009 | | |
| Total liabilities | | | | 24,457 |
| Net Assets | | | $ | 1,154,680 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 686,821 |
| Total accumulated earnings (loss) | | | | 467,859 |
| Net Assets | | | $ | 1,154,680 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($557,457 ÷ 13,915 shares)(a) | | | $ | 40.06 |
| Maximum offering price per share (100/94.25 of $40.06) | | | $ | 42.50 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($208,994 ÷ 5,205 shares)(a) | | | $ | 40.16 |
| Maximum offering price per share (100/96.50 of $40.16) | | | $ | 41.62 |
| Class C : | | | | |
Net Asset Value and offering price per share ($57,192 ÷ 1,559 shares)(a)(b) | | | $ | 36.67 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($220,705 ÷ 5,354 shares) | | | $ | 41.22 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($110,332 ÷ 2,670 shares) | | | $ | 41.32 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares. |
| Statement of Operations |
| Amounts in thousands | | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 10,533 |
| Interest | | | | 135 |
| Income from Fidelity Central Funds (including $14 from security lending) | | | | 977 |
| Total income | | | | 11,645 |
| Expenses | | | | |
| Management fee | $ | 2,900 | | |
| Transfer agent fees | | 452 | | |
| Distribution and service plan fees | | 1,422 | | |
| Accounting fees | | 84 | | |
| Custodian fees and expenses | | 81 | | |
| Independent trustees' fees and expenses | | 3 | | |
| Registration fees | | 66 | | |
| Audit | | 30 | | |
| Legal | | 2 | | |
| Interest | | 21 | | |
| Miscellaneous | | 12 | | |
| Total expenses before reductions | | 5,073 | | |
| Expense reductions | | (51) | | |
| Total expenses after reductions | | | | 5,022 |
| Net Investment income (loss) | | | | 6,623 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 32,792 | | |
| Foreign currency transactions | | (7) | | |
| Written options | | (1,953) | | |
| Total net realized gain (loss) | | | | 30,832 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 143,481 | | |
| Assets and liabilities in foreign currencies | | 1 | | |
| Written options | | (135) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 143,347 |
| Net gain (loss) | | | | 174,179 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 180,802 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 6,623 | $ | 13,913 |
| Net realized gain (loss) | | 30,832 | | 15,422 |
| Change in net unrealized appreciation (depreciation) | | 143,347 | | 48,826 |
| Net increase (decrease) in net assets resulting from operations | | 180,802 | | 78,161 |
| Distributions to shareholders | | (21,664) | | (15,697) |
| | | | | |
| Share transactions - net increase (decrease) | | (87,091) | | 199,181 |
| Total increase (decrease) in net assets | | 72,047 | | 261,645 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,082,633 | | 820,988 |
| End of period | $ | 1,154,680 | $ | 1,082,633 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Growth & Income Fund Class A |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 34.95 | $ | 32.90 | $ | 33.01 | $ | 27.71 | $ | 28.32 | $ | 28.69 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .21 | | .49 | | .42 | | .59 C | | .44 | | .49 |
| Net realized and unrealized gain (loss) | | 5.61 | | 2.13 | | 1.09 | | 6.08 | | .90 | | 2.48 |
| Total from investment operations | | 5.82 | | 2.62 | | 1.51 | | 6.67 | | 1.34 | | 2.97 |
| Distributions from net investment income | | (.24) | | (.47) | | (.83) | | (.48) | | (.48) | | (.47) |
| Distributions from net realized gain | | (.47) | | (.10) | | (.80) | | (.89) | | (1.47) | | (2.87) |
| Total distributions | | (.71) | | (.57) | | (1.62) D | | (1.37) | | (1.95) | | (3.34) |
| Net asset value, end of period | $ | 40.06 | $ | 34.95 | $ | 32.90 | $ | 33.01 | $ | 27.71 | $ | 28.32 |
Total Return E,F,G | | | | 8.11% | | 4.64% | | 25.08% | | 4.86% | | 13.65% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .91% J | | .91% | | .91% | | .92% | | .95% | | .96% |
| Expenses net of fee waivers, if any | | | | .90% | | .91% | | .92% | | .95% | | .96% |
| Expenses net of all reductions | | .90% J | | .90% | | .91% | | .92% | | .95% | | .95% |
| Net investment income (loss) | | 1.13% J | | 1.47% | | 1.31% | | 1.85% C | | 1.78% | | 1.93% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 557 | $ | 477 | $ | 406 | $ | 344 | $ | 277 | $ | 288 |
Portfolio turnover rate K | | | | 12% | | 8% | | 15% | | 28% | | 29% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.21%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Growth & Income Fund Class M |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 35.03 | $ | 32.97 | $ | 33.01 | $ | 27.71 | $ | 28.31 | $ | 28.67 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .17 | | .41 | | .34 | | .51 C | | .38 | | .43 |
| Net realized and unrealized gain (loss) | | 5.62 | | 2.14 | | 1.10 | | 6.10 | | .89 | | 2.47 |
| Total from investment operations | | 5.79 | | 2.55 | | 1.44 | | 6.61 | | 1.27 | | 2.90 |
| Distributions from net investment income | | (.19) | | (.38) | | (.68) | | (.42) | | (.40) | | (.39) |
| Distributions from net realized gain | | (.47) | | (.10) | | (.80) | | (.89) | | (1.47) | | (2.87) |
| Total distributions | | (.66) | | (.49) D | | (1.48) | | (1.31) | | (1.87) | | (3.26) |
| Net asset value, end of period | $ | 40.16 | $ | 35.03 | $ | 32.97 | $ | 33.01 | $ | 27.71 | $ | 28.31 |
Total Return E,F,G | | | | 7.85% | | 4.38% | | 24.77% | | 4.61% | | 13.33% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.14% J | | 1.15% | | 1.15% | | 1.16% | | 1.20% | | 1.21% |
| Expenses net of fee waivers, if any | | | | 1.14% | | 1.15% | | 1.16% | | 1.20% | | 1.21% |
| Expenses net of all reductions | | 1.13% J | | 1.14% | | 1.15% | | 1.16% | | 1.20% | | 1.20% |
| Net investment income (loss) | | .89% J | | 1.23% | | 1.07% | | 1.61% C | | 1.53% | | 1.68% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 209 | $ | 188 | $ | 180 | $ | 173 | $ | 153 | $ | 172 |
Portfolio turnover rate K | | | | 12% | | 8% | | 15% | | 28% | | 29% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Growth & Income Fund Class C |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 32.07 | $ | 30.24 | $ | 30.33 | $ | 25.56 | $ | 26.22 | $ | 26.79 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | .22 | | .16 | | .32 C | | .23 | | .27 |
| Net realized and unrealized gain (loss) | | 5.13 | | 1.96 | | 1.00 | | 5.62 | | .82 | | 2.28 |
| Total from investment operations | | 5.19 | | 2.18 | | 1.16 | | 5.94 | | 1.05 | | 2.55 |
| Distributions from net investment income | | (.12) | | (.25) | | (.45) | | (.28) | | (.24) | | (.26) |
| Distributions from net realized gain | | (.47) | | (.10) | | (.80) | | (.89) | | (1.47) | | (2.87) |
| Total distributions | | (.59) | | (.35) | | (1.25) | | (1.17) | | (1.71) | | (3.12) D |
| Net asset value, end of period | $ | 36.67 | $ | 32.07 | $ | 30.24 | $ | 30.33 | $ | 25.56 | $ | 26.22 |
Total Return E,F,G | | | | 7.32% | | 3.80% | | 24.14% | | 4.07% | | 12.74% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.67% J | | 1.67% | | 1.67% | | 1.69% | | 1.73% | | 1.73% |
| Expenses net of fee waivers, if any | | | | 1.66% | | 1.67% | | 1.69% | | 1.73% | | 1.73% |
| Expenses net of all reductions | | 1.66% J | | 1.66% | | 1.67% | | 1.69% | | 1.73% | | 1.73% |
| Net investment income (loss) | | .37% J | | .71% | | .55% | | 1.09% C | | 1.00% | | 1.15% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 57 | $ | 50 | $ | 47 | $ | 41 | $ | 34 | $ | 41 |
Portfolio turnover rate K | | | | 12% | | 8% | | 15% | | 28% | | 29% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .44%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Growth & Income Fund Class I |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 35.94 | $ | 33.81 | $ | 33.95 | $ | 28.45 | $ | 29.01 | $ | 29.33 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .27 | | .59 | | .51 | | .69 C | | .52 | | .57 |
| Net realized and unrealized gain (loss) | | 5.75 | | 2.19 | | 1.12 | | 6.24 | | .93 | | 2.52 |
| Total from investment operations | | 6.02 | | 2.78 | | 1.63 | | 6.93 | | 1.45 | | 3.09 |
| Distributions from net investment income | | (.28) | | (.55) | | (.97) | | (.55) | | (.54) | | (.54) |
| Distributions from net realized gain | | (.47) | | (.10) | | (.80) | | (.89) | | (1.47) | | (2.87) |
| Total distributions | | (.74) D | | (.65) | | (1.77) | | (1.43) D | | (2.01) | | (3.41) |
| Net asset value, end of period | $ | 41.22 | $ | 35.94 | $ | 33.81 | $ | 33.95 | $ | 28.45 | $ | 29.01 |
Total Return E,F | | | | 8.39% | | 4.86% | | 25.40% | | 5.16% | | 13.89% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .66% I | | .66% | | .66% | | .67% | | .70% | | .70% |
| Expenses net of fee waivers, if any | | | | .66% | | .66% | | .67% | | .70% | | .69% |
| Expenses net of all reductions | | .65% I | | .66% | | .66% | | .67% | | .69% | | .69% |
| Net investment income (loss) | | 1.38% I | | 1.71% | | 1.56% | | 2.10% C | | 2.03% | | 2.19% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 221 | $ | 223 | $ | 128 | $ | 76 | $ | 45 | $ | 48 |
Portfolio turnover rate J | | | | 12% | | 8% | | 15% | | 28% | | 29% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.46%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Growth & Income Fund Class Z |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 36.02 | $ | 33.88 | $ | 34.04 | $ | 28.52 | $ | 29.09 | $ | 29.35 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .30 | | .64 | | .55 | | .73 C | | .55 | | .62 |
| Net realized and unrealized gain (loss) | | 5.76 | | 2.19 | | 1.13 | | 6.26 | | .93 | | 2.53 |
| Total from investment operations | | 6.06 | | 2.83 | | 1.68 | | 6.99 | | 1.48 | | 3.15 |
| Distributions from net investment income | | (.30) | | (.59) | | (1.05) | | (.59) | | (.58) | | (.54) |
| Distributions from net realized gain | | (.47) | | (.10) | | (.80) | | (.89) | | (1.47) | | (2.87) |
| Total distributions | | (.76) D | | (.69) | | (1.84) D | | (1.47) D | | (2.05) | | (3.41) |
| Net asset value, end of period | $ | 41.32 | $ | 36.02 | $ | 33.88 | $ | 34.04 | $ | 28.52 | $ | 29.09 |
Total Return E,F | | | | 8.54% | | 5.03% | | 25.59% | | 5.26% | | 14.11% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .49% I | | .52% | | .53% | | .53% | | .55% | | .56% |
| Expenses net of fee waivers, if any | | | | .52% | | .52% | | .53% | | .55% | | .56% |
| Expenses net of all reductions | | .48% I | | .52% | | .52% | | .53% | | .55% | | .55% |
| Net investment income (loss) | | 1.54% I | | 1.86% | | 1.69% | | 2.24% C | | 2.18% | | 2.33% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 110 | $ | 144 | $ | 60 | $ | 14 | $ | 11 | $ | 7 |
Portfolio turnover rate J | | | | 12% | | 8% | | 15% | | 28% | | 29% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.60%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Growth & Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $456,886 |
| Gross unrealized depreciation | (22,247) |
| Net unrealized appreciation (depreciation) | $434,639 |
| Tax cost | $738,821 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.
| Primary Risk Exposure / Derivative Type | Net Realized Gain (Loss)($) | Change in Net Unrealized Appreciation (Depreciation)($) |
| Fidelity Advisor Growth & Income Fund | | |
| Equity Risk | | |
| Purchased Options | - | (99) |
| Written Options | (1,953) | (136) |
| Total Equity Risk | (1,953) | (235) |
| Interest Rate Risk | | |
| Totals | (1,953) | (235) |
If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.
Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. Exchange-traded options were used to manage exposure to the market.
Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period unless an average notional amount is presented.
Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Growth & Income Fund | 102,660 | 161,711 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .60% |
| Class M | .59% |
| Class C | .61% |
| Class I | .61% |
| Class Z | .46% |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .60 |
| Class M | .59 |
| Class C | .61 |
| Class I | .61 |
| Class Z | .46 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .42%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 652 | 18 |
| Class M | .25% | .25% | 501 | 6 |
| Class C | .75% | .25% | 269 | 53 |
| | | | 1,422 | 77 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 112 |
| Class M | 6 |
Class CA | 1 |
| | 119 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| | % of Class-Level Average Net Assets |
| Class A | .1733 |
| Class M | .1657 |
| Class C | .1860 |
| Class I | .1866 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | Amount ($) | % of Class-Level Average Net AssetsA |
| Class A | 219 | .18 |
| Class M | 81 | .17 |
| Class C | 24 | .19 |
| Class I | 112 | .19 |
| Class Z | 16 | .04 |
| | 452 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Growth & Income Fund | .0295 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Advisor Growth & Income Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Growth & Income Fund | 2 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Advisor Growth & Income Fund | Borrower | 8,595 | 5.57% | 21 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Growth & Income Fund | 6,247 | 11,098 | 1,715 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Growth & Income Fund | 1 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Growth & Income Fund | 2 | - | - |
9. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| | Expense reduction |
| Class M | -A |
A In the amount of less than five hundred dollars.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $50.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Growth & Income Fund | | |
| Distributions to shareholders | | |
| Class A | $9,641 | $7,367 |
| Class M | 3,518 | 2,629 |
| Class C | 906 | 559 |
| Class I | 4,626 | 3,171 |
| Class Z | 2,973 | 1,971 |
Total | $21,664 | $15,697 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Six months ended May 31, 2024 | Year ended November 30, 2023 | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Growth & Income Fund | | | | |
| Class A | | | | |
| Shares sold | 1,165 | 2,709 | $43,812 | $89,706 |
| Reinvestment of distributions | 255 | 217 | 9,257 | 7,040 |
| Shares redeemed | (1,157) | (1,605) | (43,543) | (53,452) |
| Net increase (decrease) | 263 | 1,321 | $9,526 | $43,294 |
| Class M | | | | |
| Shares sold | 170 | 489 | $6,358 | $16,232 |
| Reinvestment of distributions | 95 | 79 | 3,445 | 2,574 |
| Shares redeemed | (424) | (666) | (15,997) | (22,069) |
| Net increase (decrease) | (159) | (98) | $(6,194) | $(3,263) |
| Class C | | | | |
| Shares sold | 226 | 526 | $7,795 | $15,943 |
| Reinvestment of distributions | 26 | 18 | 856 | 534 |
| Shares redeemed | (256) | (541) | (8,741) | (16,496) |
| Net increase (decrease) | (4) | 3 | $(90) | $(19) |
| Class I | | | | |
| Shares sold | 1,156 | 4,443 | $43,797 | $151,618 |
| Reinvestment of distributions | 116 | 88 | 4,342 | 2,946 |
| Shares redeemed | (2,122) | (2,105) | (83,501) | (72,062) |
| Net increase (decrease) | (850) | 2,426 | $(35,362) | $82,502 |
| Class Z | | | | |
| Shares sold | 611 | 2,810 | $23,340 | $96,484 |
| Reinvestment of distributions | 72 | 52 | 2,690 | 1,753 |
| Shares redeemed | (2,025) | (633) | (81,001) | (21,570) |
| Net increase (decrease) | (1,342) | 2,229 | $(54,971) | $76,667 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Growth & Income Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Growth & Income Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered a pro forma management fee rate for Class I as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Class I of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Class I of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Class I of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.704634.126
AGAI-SANN-0724
Fidelity Advisor® Small Cap Fund
Semi-Annual Report
May 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Small Cap Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.5% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 2.5% | | | |
| Entertainment - 0.1% | | | |
| Vivid Seats, Inc. Class A (a)(b) | | 467,980 | 2,363 |
| Interactive Media & Services - 1.4% | | | |
| Cars.com, Inc. (a) | | 956,100 | 19,342 |
| Ziff Davis, Inc. (a) | | 144,600 | 8,330 |
| | | | 27,672 |
| Media - 0.6% | | | |
| TechTarget, Inc. (a) | | 390,571 | 11,803 |
| Wireless Telecommunication Services - 0.4% | | | |
| Gogo, Inc. (a)(b) | | 720,900 | 7,631 |
TOTAL COMMUNICATION SERVICES | | | 49,469 |
| CONSUMER DISCRETIONARY - 12.4% | | | |
| Automobile Components - 2.5% | | | |
| Adient PLC (a) | | 493,200 | 13,928 |
| Patrick Industries, Inc. | | 303,964 | 34,834 |
| | | | 48,762 |
| Diversified Consumer Services - 0.2% | | | |
| Laureate Education, Inc. | | 235,566 | 3,689 |
| Hotels, Restaurants & Leisure - 1.1% | | | |
| Brinker International, Inc. (a) | | 299,200 | 21,132 |
| Household Durables - 2.4% | | | |
| Installed Building Products, Inc. | | 32,000 | 6,779 |
| Lovesac (a) | | 184,658 | 5,191 |
| SharkNinja, Inc. (b) | | 273,866 | 20,984 |
| Skyline Champion Corp. (a) | | 199,786 | 13,907 |
| | | | 46,861 |
| Leisure Products - 1.2% | | | |
| BRP, Inc. | | 202,600 | 12,659 |
| Brunswick Corp. | | 135,200 | 11,158 |
| | | | 23,817 |
| Specialty Retail - 3.6% | | | |
| Academy Sports & Outdoors, Inc. | | 148,905 | 8,590 |
| Boot Barn Holdings, Inc. (a)(b) | | 146,000 | 17,364 |
| Murphy U.S.A., Inc. | | 61,300 | 26,895 |
| Valvoline, Inc. (a) | | 453,000 | 18,392 |
| | | | 71,241 |
| Textiles, Apparel & Luxury Goods - 1.4% | | | |
| Crocs, Inc. (a) | | 172,621 | 26,867 |
TOTAL CONSUMER DISCRETIONARY | | | 242,369 |
| CONSUMER STAPLES - 4.2% | | | |
| Beverages - 0.8% | | | |
| The Vita Coco Co., Inc. (a)(b) | | 501,196 | 14,590 |
| Consumer Staples Distribution & Retail - 2.8% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 242,730 | 21,377 |
| Performance Food Group Co. (a) | | 215,900 | 15,027 |
| Sprouts Farmers Market LLC (a) | | 233,800 | 18,466 |
| | | | 54,870 |
| Food Products - 0.6% | | | |
| Nomad Foods Ltd. | | 691,716 | 12,147 |
TOTAL CONSUMER STAPLES | | | 81,607 |
| ENERGY - 6.1% | | | |
| Energy Equipment & Services - 4.4% | | | |
| Cactus, Inc. | | 469,700 | 24,119 |
| Championx Corp. | | 644,000 | 21,007 |
| Liberty Energy, Inc. Class A | | 1,172,400 | 28,947 |
| TechnipFMC PLC | | 468,200 | 12,262 |
| | | | 86,335 |
| Oil, Gas & Consumable Fuels - 1.7% | | | |
| Antero Resources Corp. (a) | | 698,300 | 24,880 |
| Hess Midstream LP (b) | | 246,048 | 8,550 |
| | | | 33,430 |
TOTAL ENERGY | | | 119,765 |
| FINANCIALS - 14.1% | | | |
| Banks - 5.1% | | | |
| ConnectOne Bancorp, Inc. | | 956,855 | 17,836 |
| First Interstate Bancsystem, Inc. | | 602,400 | 15,988 |
| Independent Bank Group, Inc. | | 452,900 | 20,852 |
| Metropolitan Bank Holding Corp. (a) | | 266,382 | 11,201 |
| Pinnacle Financial Partners, Inc. | | 254,400 | 20,227 |
| Trico Bancshares | | 326,300 | 12,426 |
| | | | 98,530 |
| Capital Markets - 3.9% | | | |
| Houlihan Lokey (b) | | 153,100 | 20,722 |
| Lazard, Inc. Class A | | 358,700 | 14,431 |
| Patria Investments Ltd. | | 792,660 | 10,305 |
| Stifel Financial Corp. | | 176,800 | 14,312 |
| TMX Group Ltd. | | 626,700 | 16,820 |
| | | | 76,590 |
| Consumer Finance - 0.6% | | | |
| PROG Holdings, Inc. | | 308,814 | 11,670 |
| Financial Services - 1.4% | | | |
| Essent Group Ltd. (b) | | 473,523 | 26,849 |
| Insurance - 3.1% | | | |
| Old Republic International Corp. | | 400,300 | 12,722 |
| Primerica, Inc. | | 122,600 | 27,694 |
| Selective Insurance Group, Inc. | | 179,800 | 17,550 |
| Stewart Information Services Corp. | | 46,920 | 2,971 |
| | | | 60,937 |
TOTAL FINANCIALS | | | 274,576 |
| HEALTH CARE - 13.6% | | | |
| Biotechnology - 4.8% | | | |
| Allogene Therapeutics, Inc. (a) | | 718,300 | 1,796 |
| Arcellx, Inc. (a) | | 76,800 | 3,994 |
| Astria Therapeutics, Inc. (a) | | 226,800 | 2,148 |
| Blueprint Medicines Corp. (a) | | 61,800 | 6,524 |
| Celldex Therapeutics, Inc. (a) | | 94,300 | 3,140 |
| Cogent Biosciences, Inc. (a)(b) | | 452,072 | 3,621 |
| Crinetics Pharmaceuticals, Inc. (a) | | 121,500 | 5,396 |
| Cytokinetics, Inc. (a) | | 160,500 | 7,786 |
| Insmed, Inc. (a) | | 200,800 | 11,054 |
| Keros Therapeutics, Inc. (a) | | 104,100 | 4,879 |
| Legend Biotech Corp. ADR (a) | | 77,800 | 3,113 |
| Madrigal Pharmaceuticals, Inc. (a)(b) | | 13,400 | 3,165 |
| Merus BV (a) | | 50,700 | 2,699 |
| Scholar Rock Holding Corp. (a) | | 189,400 | 1,778 |
| Tyra Biosciences, Inc. (a) | | 171,700 | 2,785 |
| Vaxcyte, Inc. (a) | | 152,800 | 10,737 |
| Viking Therapeutics, Inc. (a)(b) | | 164,700 | 10,254 |
| Viridian Therapeutics, Inc. (a) | | 159,200 | 1,902 |
| Xenon Pharmaceuticals, Inc. (a) | | 152,500 | 5,806 |
| Zentalis Pharmaceuticals, Inc. (a) | | 145,446 | 1,728 |
| | | | 94,305 |
| Health Care Equipment & Supplies - 3.6% | | | |
| Haemonetics Corp. (a) | | 138,300 | 11,628 |
| Masimo Corp. (a) | | 69,100 | 8,603 |
| Merit Medical Systems, Inc. (a) | | 169,100 | 13,722 |
| Pulmonx Corp. (a) | | 832,400 | 6,035 |
| RxSight, Inc. (a) | | 145,500 | 8,507 |
| TransMedics Group, Inc. (a)(b) | | 164,000 | 22,370 |
| | | | 70,865 |
| Health Care Providers & Services - 4.4% | | | |
| Acadia Healthcare Co., Inc. (a) | | 316,000 | 21,769 |
| Chemed Corp. | | 34,800 | 19,292 |
| Option Care Health, Inc. (a) | | 300,237 | 8,953 |
| PACS Group, Inc. (a)(b) | | 164,100 | 4,989 |
| Pennant Group, Inc. (a) | | 85,722 | 2,018 |
| The Ensign Group, Inc. | | 231,500 | 28,067 |
| | | | 85,088 |
| Life Sciences Tools & Services - 0.3% | | | |
| Maravai LifeSciences Holdings, Inc. Class A (a) | | 670,200 | 5,811 |
| Pharmaceuticals - 0.5% | | | |
| Edgewise Therapeutics, Inc. (a) | | 189,700 | 3,250 |
| Intra-Cellular Therapies, Inc. (a) | | 95,100 | 6,395 |
| | | | 9,645 |
TOTAL HEALTH CARE | | | 265,714 |
| INDUSTRIALS - 18.6% | | | |
| Aerospace & Defense - 0.0% | | | |
| Loar Holdings, Inc. (a)(b) | | 1,900 | 108 |
| Building Products - 2.3% | | | |
| AAON, Inc. | | 162,500 | 12,196 |
| CSW Industrials, Inc. | | 52,534 | 13,357 |
| Simpson Manufacturing Co. Ltd. (b) | | 114,000 | 18,915 |
| | | | 44,468 |
| Construction & Engineering - 2.7% | | | |
| EMCOR Group, Inc. | | 70,200 | 27,284 |
| Sterling Construction Co., Inc. (a) | | 202,500 | 24,881 |
| | | | 52,165 |
| Electrical Equipment - 2.8% | | | |
| Array Technologies, Inc. (a)(b) | | 756,032 | 10,721 |
| Atkore, Inc. | | 79,700 | 12,126 |
| Nextracker, Inc. Class A (a) | | 348,400 | 19,221 |
| Thermon Group Holdings, Inc. (a) | | 367,100 | 12,393 |
| | | | 54,461 |
| Ground Transportation - 1.2% | | | |
| ArcBest Corp. | | 62,846 | 6,632 |
| TFI International, Inc. | | 133,900 | 17,712 |
| | | | 24,344 |
| Machinery - 1.3% | | | |
| Terex Corp. (b) | | 428,300 | 25,557 |
| Professional Services - 2.7% | | | |
| Concentrix Corp. | | 119,341 | 7,319 |
| ExlService Holdings, Inc. (a) | | 654,600 | 19,546 |
| KBR, Inc. | | 404,900 | 26,586 |
| | | | 53,451 |
| Trading Companies & Distributors - 5.6% | | | |
| Applied Industrial Technologies, Inc. | | 96,800 | 18,682 |
| Beacon Roofing Supply, Inc. (a) | | 186,600 | 18,111 |
| FTAI Aviation Ltd. (b) | | 363,400 | 30,642 |
| GMS, Inc. (a) | | 221,618 | 20,823 |
| Rush Enterprises, Inc. Class A | | 474,891 | 21,432 |
| | | | 109,690 |
TOTAL INDUSTRIALS | | | 364,244 |
| INFORMATION TECHNOLOGY - 15.6% | | | |
| Electronic Equipment, Instruments & Components - 7.1% | | | |
| Advanced Energy Industries, Inc. | | 194,200 | 20,863 |
| Fabrinet (a)(b) | | 179,500 | 42,992 |
| Insight Enterprises, Inc. (a) | | 173,872 | 33,992 |
| Napco Security Technologies, Inc. (b) | | 265,202 | 13,167 |
| TD SYNNEX Corp. | | 206,441 | 27,011 |
| | | | 138,025 |
| IT Services - 2.2% | | | |
| ASGN, Inc. (a) | | 209,300 | 19,655 |
| Endava PLC ADR (a) | | 212,408 | 5,722 |
| Wix.com Ltd. (a) | | 107,100 | 17,254 |
| | | | 42,631 |
| Semiconductors & Semiconductor Equipment - 3.9% | | | |
| AEHR Test Systems (a)(b) | | 200,400 | 2,307 |
| Allegro MicroSystems LLC (a) | | 519,600 | 15,661 |
| Diodes, Inc. (a) | | 238,144 | 17,654 |
| MACOM Technology Solutions Holdings, Inc. (a) | | 234,000 | 23,667 |
| Nova Ltd. (a) | | 85,889 | 17,921 |
| | | | 77,210 |
| Software - 2.4% | | | |
| Five9, Inc. (a) | | 129,600 | 6,060 |
| Intapp, Inc. (a)(b) | | 280,339 | 10,064 |
| PROS Holdings, Inc. (a) | | 265,800 | 7,836 |
| Rapid7, Inc. (a) | | 147,700 | 5,338 |
| Tenable Holdings, Inc. (a) | | 428,400 | 18,074 |
| | | | 47,372 |
TOTAL INFORMATION TECHNOLOGY | | | 305,238 |
| MATERIALS - 7.3% | | | |
| Chemicals - 2.5% | | | |
| Element Solutions, Inc. | | 923,900 | 22,201 |
| Hawkins, Inc. (b) | | 77,700 | 6,785 |
| The Chemours Co. LLC | | 277,100 | 6,878 |
| Tronox Holdings PLC | | 657,000 | 13,015 |
| | | | 48,879 |
| Construction Materials - 1.3% | | | |
| Eagle Materials, Inc. (b) | | 106,600 | 24,773 |
| Metals & Mining - 3.5% | | | |
| Commercial Metals Co. (b) | | 579,800 | 32,654 |
| Constellium NV (a) | | 1,637,500 | 35,485 |
| | | | 68,139 |
TOTAL MATERIALS | | | 141,791 |
| REAL ESTATE - 4.0% | | | |
| Equity Real Estate Investment Trusts (REITs) - 3.3% | | | |
| Essential Properties Realty Trust, Inc. (b) | | 859,201 | 23,009 |
| Lamar Advertising Co. Class A | | 236,400 | 27,921 |
| Urban Edge Properties | | 825,400 | 14,634 |
| | | | 65,564 |
| Real Estate Management & Development - 0.7% | | | |
| Colliers International Group, Inc. | | 117,100 | 13,131 |
TOTAL REAL ESTATE | | | 78,695 |
| UTILITIES - 1.1% | | | |
| Gas Utilities - 1.1% | | | |
| Brookfield Infrastructure Corp. A Shares | | 626,167 | 21,571 |
| TOTAL COMMON STOCKS (Cost $1,402,266) | | | 1,945,039 |
| | | | |
| Money Market Funds - 6.1% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 5.39% (c) | | 595,729 | 596 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 117,831,299 | 117,843 |
| TOTAL MONEY MARKET FUNDS (Cost $118,439) | | | 118,439 |
| | | | |
| Equity Funds - 0.7% |
| | | Shares | Value ($) (000s) |
| Small Blend Funds - 0.7% | | | |
iShares Russell 2000 Index ETF (b) (Cost $12,839) | | 66,700 | 13,725 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 106.3% (Cost $1,533,544) | 2,077,203 |
NET OTHER ASSETS (LIABILITIES) - (6.3)% | (122,198) |
| NET ASSETS - 100.0% | 1,955,005 |
| | |
Security Type Abbreviations
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 1,022 | 215,079 | 215,505 | 378 | - | - | 596 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 45,249 | 476,097 | 403,503 | 33 | - | - | 117,843 | 0.5% |
| Total | 46,271 | 691,176 | 619,008 | 411 | - | - | 118,439 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 49,469 | 49,469 | - | - |
Consumer Discretionary | 242,369 | 242,369 | - | - |
Consumer Staples | 81,607 | 81,607 | - | - |
Energy | 119,765 | 119,765 | - | - |
Financials | 274,576 | 274,576 | - | - |
Health Care | 265,714 | 265,714 | - | - |
Industrials | 364,244 | 364,244 | - | - |
Information Technology | 305,238 | 305,238 | - | - |
Materials | 141,791 | 141,791 | - | - |
Real Estate | 78,695 | 78,695 | - | - |
Utilities | 21,571 | 21,571 | - | - |
|
| Money Market Funds | 118,439 | 118,439 | - | - |
|
| Equity Funds | 13,725 | 13,725 | - | - |
| Total Investments in Securities: | 2,077,203 | 2,077,203 | - | - |
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $116,700) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,415,105) | $ | 1,958,764 | | |
Fidelity Central Funds (cost $118,439) | | 118,439 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,533,544) | | | $ | 2,077,203 |
| Foreign currency held at value (cost $882) | | | | 883 |
| Receivable for fund shares sold | | | | 741 |
| Dividends receivable | | | | 1,367 |
| Distributions receivable from Fidelity Central Funds | | | | 25 |
Total assets | | | | 2,080,219 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 4,046 | | |
| Payable for investments purchased | | 119 | | |
| Payable for fund shares redeemed | | 1,103 | | |
| Accrued management fee | | 1,660 | | |
| Distribution and service plan fees payable | | 390 | | |
| Other payables and accrued expenses | | 56 | | |
| Collateral on securities loaned | | 117,840 | | |
| Total liabilities | | | | 125,214 |
| Net Assets | | | $ | 1,955,005 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,308,272 |
| Total accumulated earnings (loss) | | | | 646,733 |
| Net Assets | | | $ | 1,955,005 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($757,990 ÷ 25,084 shares)(a) | | | $ | 30.22 |
| Maximum offering price per share (100/94.25 of $30.22) | | | $ | 32.06 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($480,582 ÷ 18,129 shares)(a) | | | $ | 26.51 |
| Maximum offering price per share (100/96.50 of $26.51) | | | $ | 27.47 |
| Class C : | | | | |
Net Asset Value and offering price per share ($41,442 ÷ 2,262 shares)(a) | | | $ | 18.32 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($511,846 ÷ 14,598 shares) | | | $ | 35.06 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($163,145 ÷ 4,614 shares) | | | $ | 35.36 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| Statement of Operations |
| Amounts in thousands | | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 8,483 |
| Income from Fidelity Central Funds (including $33 from security lending) | | | | 411 |
| Total income | | | | 8,894 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 7,154 | | |
| Performance adjustment | | 1,953 | | |
| Transfer agent fees | | 799 | | |
| Distribution and service plan fees | | 2,293 | | |
| Accounting fees | | 127 | | |
| Custodian fees and expenses | | 33 | | |
| Independent trustees' fees and expenses | | 4 | | |
| Registration fees | | 42 | | |
| Audit | | 26 | | |
| Legal | | 7 | | |
| Interest | | 4 | | |
| Miscellaneous | | 22 | | |
| Total expenses before reductions | | 12,464 | | |
| Expense reductions | | (84) | | |
| Total expenses after reductions | | | | 12,380 |
| Net Investment income (loss) | | | | (3,486) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 118,900 | | |
| Foreign currency transactions | | (44) | | |
| Total net realized gain (loss) | | | | 118,856 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 219,929 | | |
| Assets and liabilities in foreign currencies | | 1 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 219,930 |
| Net gain (loss) | | | | 338,786 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 335,300 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (3,486) | $ | (6,524) |
| Net realized gain (loss) | | 118,856 | | 35,517 |
| Change in net unrealized appreciation (depreciation) | | 219,930 | | (11,386) |
| Net increase (decrease) in net assets resulting from operations | | 335,300 | | 17,607 |
| Distributions to shareholders | | (25,662) | | (89,410) |
| | | | | |
| Share transactions - net increase (decrease) | | (78,405) | | (117,828) |
| Total increase (decrease) in net assets | | 231,233 | | (189,631) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,723,772 | | 1,913,403 |
| End of period | $ | 1,955,005 | $ | 1,723,772 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Small Cap Fund Class A |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 25.59 | $ | 26.67 | $ | 34.34 | $ | 26.09 | $ | 24.25 | $ | 24.46 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.06) | | (.10) | | (.11) | | (.17) | | (.08) | | (.03) |
| Net realized and unrealized gain (loss) | | 5.07 | | .31 | | (4.04) | | 9.15 | | 2.85 | | 2.56 |
| Total from investment operations | | 5.01 | | .21 | | (4.15) | | 8.98 | | 2.77 | | 2.53 |
| Distributions from net realized gain | | (.38) | | (1.29) | | (3.52) | | (.73) | | (.93) | | (2.74) |
| Total distributions | | (.38) | | (1.29) | | (3.52) | | (.73) | | (.93) | | (2.74) |
| Net asset value, end of period | $ | 30.22 | $ | 25.59 | $ | 26.67 | $ | 34.34 | $ | 26.09 | $ | 24.25 |
Total Return C,D,E | | | | 1.11% | | (13.82)% | | 35.20% | | 11.78% | | 13.97% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | 1.33% H | | 1.36% | | 1.33% | | 1.22% | | 1.22% | | .98% |
| Expenses net of fee waivers, if any | | | | 1.35% | | 1.32% | | 1.22% | | 1.22% | | .98% |
| Expenses net of all reductions | | 1.33% H | | 1.35% | | 1.32% | | 1.22% | | 1.22% | | .98% |
| Net investment income (loss) | | (.39)% H | | (.39)% | | (.40)% | | (.53)% | | (.36)% | | (.13)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 758 | $ | 643 | $ | 676 | $ | 837 | $ | 638 | $ | 654 |
Portfolio turnover rate I | | | | 29% | | 47% | | 41% | | 47% | | 56% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Small Cap Fund Class M |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 22.52 | $ | 23.68 | $ | 30.88 | $ | 23.58 | $ | 22.06 | $ | 22.58 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.08) | | (.14) | | (.15) | | (.22) | | (.12) | | (.07) |
| Net realized and unrealized gain (loss) | | 4.45 | | .27 | | (3.59) | | 8.25 | | 2.57 | | 2.29 |
| Total from investment operations | | 4.37 | | .13 | | (3.74) | | 8.03 | | 2.45 | | 2.22 |
| Distributions from net realized gain | | (.38) | | (1.29) | | (3.46) | | (.73) | | (.93) | | (2.74) |
| Total distributions | | (.38) | | (1.29) | | (3.46) | | (.73) | | (.93) | | (2.74) |
| Net asset value, end of period | $ | 26.51 | $ | 22.52 | $ | 23.68 | $ | 30.88 | $ | 23.58 | $ | 22.06 |
Total Return C,D,E | | | | .89% | | (14.03)% | | 34.91% | | 11.49% | | 13.73% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | 1.57% H | | 1.60% | | 1.57% | | 1.46% | | 1.45% | | 1.22% |
| Expenses net of fee waivers, if any | | | | 1.59% | | 1.56% | | 1.46% | | 1.45% | | 1.22% |
| Expenses net of all reductions | | 1.57% H | | 1.59% | | 1.56% | | 1.46% | | 1.45% | | 1.21% |
| Net investment income (loss) | | (.63)% H | | (.63)% | | (.64)% | | (.77)% | | (.59)% | | (.36)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 481 | $ | 428 | $ | 477 | $ | 619 | $ | 503 | $ | 542 |
Portfolio turnover rate I | | | | 29% | | 47% | | 41% | | 47% | | 56% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Small Cap Fund Class C |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.71 | $ | 17.02 | $ | 23.16 | $ | 17.96 | $ | 17.11 | $ | 18.32 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.10) | | (.19) | | (.21) | | (.29) | | (.18) | | (.15) |
| Net realized and unrealized gain (loss) | | 3.09 | | .17 | | (2.56) | | 6.22 | | 1.96 | | 1.68 |
| Total from investment operations | | 2.99 | | (.02) | | (2.77) | | 5.93 | | 1.78 | | 1.53 |
| Distributions from net realized gain | | (.38) | | (1.29) | | (3.37) | | (.73) | | (.93) | | (2.74) |
| Total distributions | | (.38) | | (1.29) | | (3.37) | | (.73) | | (.93) | | (2.74) |
| Net asset value, end of period | $ | 18.32 | $ | 15.71 | $ | 17.02 | $ | 23.16 | $ | 17.96 | $ | 17.11 |
Total Return C,D,E | | | | .32% | | (14.51)% | | 34.12% | | 10.87% | | 13.05% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | 2.08% H | | 2.18% | | 2.15% | | 2.03% | | 2.04% | | 1.79% |
| Expenses net of fee waivers, if any | | | | 2.17% | | 2.14% | | 2.03% | | 2.04% | | 1.79% |
| Expenses net of all reductions | | 2.07% H | | 2.17% | | 2.14% | | 2.03% | | 2.03% | | 1.78% |
| Net investment income (loss) | | (1.14)% H | | (1.21)% | | (1.22)% | | (1.34)% | | (1.18)% | | (.93)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 41 | $ | 39 | $ | 50 | $ | 73 | $ | 81 | $ | 96 |
Portfolio turnover rate I | | | | 29% | | 47% | | 41% | | 47% | | 56% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Small Cap Fund Class I |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 29.60 | $ | 30.56 | $ | 38.84 | $ | 29.34 | $ | 27.09 | $ | 26.89 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.02) | | (.04) | | (.05) | | (.10) | | (.02) | | .03 |
| Net realized and unrealized gain (loss) | | 5.86 | | .37 | | (4.63) | | 10.33 | | 3.20 | | 2.91 |
| Total from investment operations | | 5.84 | | .33 | | (4.68) | | 10.23 | | 3.18 | | 2.94 |
| Distributions from net realized gain | | (.38) | | (1.29) | | (3.60) | | (.73) | | (.93) | | (2.74) |
| Total distributions | | (.38) | | (1.29) | | (3.60) | | (.73) | | (.93) | | (2.74) |
| Net asset value, end of period | $ | 35.06 | $ | 29.60 | $ | 30.56 | $ | 38.84 | $ | 29.34 | $ | 27.09 |
Total Return C,D | | | | 1.37% | | (13.61)% | | 35.57% | | 12.07% | | 14.26% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
| Expenses before reductions | | 1.08% G | | 1.10% | | 1.08% | | .97% | | .96% | | .72% |
| Expenses net of fee waivers, if any | | | | 1.10% | | 1.07% | | .96% | | .95% | | .72% |
| Expenses net of all reductions | | 1.07% G | | 1.10% | | 1.07% | | .96% | | .95% | | .72% |
| Net investment income (loss) | | (.14)% G | | (.14)% | | (.15)% | | (.27)% | | (.09)% | | .14% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 512 | $ | 434 | $ | 456 | $ | 519 | $ | 378 | $ | 434 |
Portfolio turnover rate H | | | | 29% | | 47% | | 41% | | 47% | | 56% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Small Cap Fund Class Z |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 29.83 | $ | 30.74 | $ | 39.04 | $ | 29.45 | $ | 27.15 | $ | 26.90 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .01 | | - C | | - C | | (.05) | | .01 | | .07 |
| Net realized and unrealized gain (loss) | | 5.90 | | .38 | | (4.65) | | 10.37 | | 3.22 | | 2.92 |
| Total from investment operations | | 5.91 | | .38 | | (4.65) | | 10.32 | | 3.23 | | 2.99 |
| Distributions from net realized gain | | (.38) | | (1.29) | | (3.65) | | (.73) | | (.93) | | (2.74) |
| Total distributions | | (.38) | | (1.29) | | (3.65) | | (.73) | | (.93) | | (2.74) |
| Net asset value, end of period | $ | 35.36 | $ | 29.83 | $ | 30.74 | $ | 39.04 | $ | 29.45 | $ | 27.15 |
Total Return D,E | | | | 1.53% | | (13.47)% | | 35.75% | | 12.23% | | 14.46% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .91% H | | .96% | | .93% | | .83% | | .81% | | .57% |
| Expenses net of fee waivers, if any | | | | .95% | | .93% | | .83% | | .81% | | .57% |
| Expenses net of all reductions | | .90% H | | .95% | | .93% | | .83% | | .80% | | .57% |
| Net investment income (loss) | | .03% H | | .01% | | -% I | | (.14)% | | .05% | | .29% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 163 | $ | 179 | $ | 254 | $ | 117 | $ | 79 | $ | 117 |
Portfolio turnover rate J | | | | 29% | | 47% | | 41% | | 47% | | 56% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount represents less than .005%.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Small Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to passive foreign investment companies (PFIC), foreign currency transactions, partnerships, net operating losses, and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $640,783 |
| Gross unrealized depreciation | (98,076) |
| Net unrealized appreciation (depreciation) | $542,707 |
| Tax cost | $1,534,496 |
The Fund intends to elect to defer to its next fiscal year $4,954,691 of ordinary losses recognized during the period January 1, 2023 to November 30, 2023.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Small Cap Fund | 342,684 | 447,289 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .86 |
| Class M | .85 |
| Class C | .87 |
| Class I | .85 |
| Class Z | .71 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .84 |
| Class M | .84 |
| Class C | .84 |
| Class I | .84 |
| Class Z | .71 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Small Cap Fund | Russell 2000 Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .20%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | -% | .25% | 907 | 13 |
| Class M | .25% | .25% | 1,178 | 5 |
| Class C | .75% | .25% | 208 | 22 |
| | | | 2,293 | 40 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 40 |
| Class M | 5 |
Class CA | -B |
| | 45 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
B Amount represents less than five hundred dollars.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| | % of Class-Level Average Net Assets |
| Class A | .1871 |
| Class M | .1754 |
| Class C | .2000 |
| Class I | .1834 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | Amount ($) | % of Class-Level Average Net AssetsA |
| Class A | 332 | .19 |
| Class M | 204 | .18 |
| Class C | 21 | .20 |
| Class I | 221 | .19 |
| Class Z | 21 | .04 |
| | 799 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Small Cap Fund | .0269 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Advisor Small Cap Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Small Cap Fund | 12 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Advisor Small Cap Fund | Borrower | 25,903 | 5.57% | 4 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Advisor Small Cap Fund | 15,732 | 38,659 | 9,655 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Small Cap Fund | 2 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Small Cap Fund | 4 | -A | - |
A Amount represents less than five hundred dollars
8. Expense Reductions.
During the period, the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $84.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Small Cap Fund | | |
| Distributions to shareholders | | |
| Class A | $9,571 | $32,548 |
| Class M | 7,225 | 25,778 |
| Class C | 929 | 3,770 |
| Class I | 5,633 | 19,157 |
| Class Z | 2,304 | 8,157 |
Total | $25,662 | $89,410 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Six months ended May 31, 2024 | Year ended November 30, 2023 | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Small Cap Fund | | | | |
| Class A | | | | |
| Shares sold | 1,650 | 2,285 | $47,375 | $58,230 |
| Reinvestment of distributions | 323 | 1,301 | 9,180 | 31,291 |
| Shares redeemed | (2,031) | (3,794) | (58,326) | (96,500) |
| Net increase (decrease) | (58) | (208) | $(1,771) | $(6,979) |
| Class M | | | | |
| Shares sold | 876 | 1,617 | $21,982 | $36,375 |
| Reinvestment of distributions | 286 | 1,201 | 7,126 | 25,473 |
| Shares redeemed | (2,042) | (3,955) | (51,423) | (89,092) |
| Net increase (decrease) | (880) | (1,137) | $(22,315) | $(27,244) |
| Class C | | | | |
| Shares sold | 170 | 361 | $2,950 | $5,713 |
| Reinvestment of distributions | 53 | 251 | 921 | 3,733 |
| Shares redeemed | (439) | (1,099) | (7,602) | (17,167) |
| Net increase (decrease) | (216) | (487) | $(3,731) | $(7,721) |
| Class I | | | | |
| Shares sold | 1,940 | 3,104 | $64,328 | $91,158 |
| Reinvestment of distributions | 157 | 656 | 5,157 | 18,199 |
| Shares redeemed | (2,177) | (3,992) | (72,175) | (117,654) |
| Net increase (decrease) | (80) | (232) | $(2,690) | $(8,297) |
| Class Z | | | | |
| Shares sold | 1,324 | 4,902 | $44,326 | $142,121 |
| Reinvestment of distributions | 65 | 273 | 2,148 | 7,632 |
| Shares redeemed | (2,775) | (7,441) | (94,372) | (217,340) |
| Net increase (decrease) | (1,386) | (2,266) | $(47,898) | $(67,587) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Small Cap Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Small Cap Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered a pro forma management fee rate for Class I as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Class I of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Class I of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Class I of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and equal to the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked above the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023. The Board noted that the total expense ratio of Class I of the fund ranked above the similar sales load structure group competitive median due to the fund's positive performance adjustment.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of Class I as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.721218.125
ASCF-SANN-0724
Fidelity Advisor® Large Cap Fund
Semi-Annual Report
May 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Large Cap Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.0% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 10.0% | | | |
| Diversified Telecommunication Services - 0.2% | | | |
| Cellnex Telecom SA (a) | | 61,000 | 2,228,334 |
| Entertainment - 0.9% | | | |
| The Walt Disney Co. | | 60,175 | 6,252,784 |
| Universal Music Group NV | | 206,334 | 6,430,130 |
| Universal Music Group NV rights (b)(c) | | 206,334 | 60,448 |
| | | | 12,743,362 |
| Interactive Media & Services - 7.0% | | | |
| Alphabet, Inc.: | | | |
| Class A | | 162,980 | 28,114,050 |
| Class C | | 143,260 | 24,921,510 |
| Match Group, Inc. (b) | | 92,200 | 2,824,086 |
| Meta Platforms, Inc. Class A (d) | | 79,100 | 36,926,253 |
| Reddit, Inc. Class B (h) | | 1,200 | 65,088 |
| Snap, Inc. Class A (b) | | 339,100 | 5,093,282 |
| | | | 97,944,269 |
| Media - 1.9% | | | |
| Charter Communications, Inc. Class A (b) | | 2,100 | 602,952 |
| Comcast Corp. Class A | | 529,423 | 21,192,803 |
| Interpublic Group of Companies, Inc. | | 137,920 | 4,326,550 |
| | | | 26,122,305 |
TOTAL COMMUNICATION SERVICES | | | 139,038,270 |
| CONSUMER DISCRETIONARY - 3.3% | | | |
| Automobiles - 0.1% | | | |
| Rivian Automotive, Inc. (b) | | 70,800 | 773,136 |
| Broadline Retail - 0.1% | | | |
| Amazon.com, Inc. (b) | | 8,400 | 1,482,096 |
| Hotels, Restaurants & Leisure - 1.7% | | | |
| Booking Holdings, Inc. | | 4,069 | 15,365,968 |
| Expedia Group, Inc. (b) | | 19,000 | 2,144,340 |
| Marriott International, Inc. Class A | | 18,200 | 4,207,294 |
| Starbucks Corp. | | 28,000 | 2,246,160 |
| | | | 23,963,762 |
| Household Durables - 0.3% | | | |
| Mohawk Industries, Inc. (b) | | 21,706 | 2,646,613 |
| Sony Group Corp. sponsored ADR | | 11,500 | 946,910 |
| Whirlpool Corp. | | 7,134 | 663,676 |
| | | | 4,257,199 |
| Specialty Retail - 1.0% | | | |
| JD Sports Fashion PLC | | 871,100 | 1,431,720 |
| Lowe's Companies, Inc. | | 47,630 | 10,540,043 |
| RH (b) | | 4,500 | 1,223,685 |
| | | | 13,195,448 |
| Textiles, Apparel & Luxury Goods - 0.1% | | | |
| Compagnie Financiere Richemont SA Series A | | 3,690 | 593,783 |
| NIKE, Inc. Class B | | 9,400 | 893,470 |
| | | | 1,487,253 |
TOTAL CONSUMER DISCRETIONARY | | | 45,158,894 |
| CONSUMER STAPLES - 5.0% | | | |
| Beverages - 1.8% | | | |
| Diageo PLC sponsored ADR | | 30,000 | 4,052,700 |
| Keurig Dr. Pepper, Inc. | | 282,600 | 9,679,050 |
| Pernod Ricard SA | | 3,500 | 524,136 |
| The Coca-Cola Co. | | 162,981 | 10,256,394 |
| | | | 24,512,280 |
| Consumer Staples Distribution & Retail - 1.5% | | | |
| Performance Food Group Co. (b) | | 35,200 | 2,449,920 |
| Sysco Corp. | | 83,300 | 6,065,906 |
| Target Corp. | | 26,000 | 4,060,160 |
| U.S. Foods Holding Corp. (b) | | 43,900 | 2,319,237 |
| Walmart, Inc. | | 83,900 | 5,517,264 |
| | | | 20,412,487 |
| Personal Care Products - 1.4% | | | |
| Estee Lauder Companies, Inc. Class A | | 23,800 | 2,935,968 |
| Haleon PLC ADR | | 1,031,038 | 8,701,961 |
| Kenvue, Inc. | | 449,107 | 8,667,765 |
| | | | 20,305,694 |
| Tobacco - 0.3% | | | |
| Altria Group, Inc. | | 55,580 | 2,570,575 |
| Philip Morris International, Inc. | | 10,900 | 1,105,042 |
| | | | 3,675,617 |
TOTAL CONSUMER STAPLES | | | 68,906,078 |
| ENERGY - 9.5% | | | |
| Energy Equipment & Services - 0.1% | | | |
| Tidewater, Inc. (b) | | 17,700 | 1,828,941 |
| Oil, Gas & Consumable Fuels - 9.4% | | | |
| Cameco Corp. | | 4,900 | 271,999 |
| Exxon Mobil Corp. (d) | | 749,704 | 87,910,291 |
| Galp Energia SGPS SA Class B | | 102,800 | 2,161,794 |
| Imperial Oil Ltd. | | 242,800 | 17,155,171 |
| Kosmos Energy Ltd. (b)(e) | | 437,995 | 2,671,770 |
| MEG Energy Corp. (b) | | 211,600 | 4,593,891 |
| Shell PLC ADR | | 201,800 | 14,687,004 |
| | | | 129,451,920 |
TOTAL ENERGY | | | 131,280,861 |
| FINANCIALS - 16.5% | | | |
| Banks - 11.5% | | | |
| Bank of America Corp. | | 948,214 | 37,919,078 |
| HDFC Bank Ltd. sponsored ADR | | 4,700 | 272,083 |
| JPMorgan Chase & Co. | | 79,618 | 16,132,995 |
| M&T Bank Corp. | | 34,128 | 5,173,805 |
| PNC Financial Services Group, Inc. | | 87,641 | 13,793,817 |
| U.S. Bancorp | | 235,990 | 9,569,395 |
| Wells Fargo & Co. | | 1,286,503 | 77,087,260 |
| | | | 159,948,433 |
| Capital Markets - 2.1% | | | |
| 3i Group PLC | | 16,500 | 607,975 |
| Charles Schwab Corp. | | 12,200 | 894,016 |
| CME Group, Inc. | | 1,500 | 304,470 |
| KKR & Co. LP | | 106,391 | 10,941,250 |
| Moody's Corp. | | 2,100 | 833,679 |
| Morgan Stanley | | 39,425 | 3,857,342 |
| MSCI, Inc. | | 800 | 396,144 |
| Northern Trust Corp. | | 116,591 | 9,821,626 |
| Raymond James Financial, Inc. | | 12,293 | 1,508,966 |
| | | | 29,165,468 |
| Financial Services - 2.5% | | | |
| Acacia Research Corp. (b) | | 36,900 | 205,902 |
| Edenred SA | | 47,500 | 2,216,422 |
| Fidelity National Information Services, Inc. | | 16,000 | 1,214,080 |
| Global Payments, Inc. | | 10,300 | 1,049,055 |
| MasterCard, Inc. Class A | | 11,215 | 5,013,890 |
| PayPal Holdings, Inc. (b) | | 25,700 | 1,618,843 |
| Visa, Inc. Class A | | 86,827 | 23,656,884 |
| | | | 34,975,076 |
| Insurance - 0.4% | | | |
| Arthur J. Gallagher & Co. | | 10,000 | 2,533,300 |
| Chubb Ltd. | | 10,495 | 2,842,256 |
| | | | 5,375,556 |
TOTAL FINANCIALS | | | 229,464,533 |
| HEALTH CARE - 11.5% | | | |
| Biotechnology - 0.6% | | | |
| Alnylam Pharmaceuticals, Inc. (b) | | 12,119 | 1,798,823 |
| Argenx SE ADR (b) | | 1,900 | 704,938 |
| Insmed, Inc. (b) | | 43,397 | 2,389,005 |
| Merus BV (b) | | 15,500 | 825,220 |
| Vaxcyte, Inc. (b) | | 32,800 | 2,304,856 |
| | | | 8,022,842 |
| Health Care Equipment & Supplies - 2.0% | | | |
| Abbott Laboratories | | 14,300 | 1,461,317 |
| Becton, Dickinson & Co. | | 10,797 | 2,504,580 |
| Boston Scientific Corp. (b) | | 279,926 | 21,154,008 |
| Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) | | 52,186 | 1,416,328 |
| Solventum Corp. | | 16,312 | 967,954 |
| | | | 27,504,187 |
| Health Care Providers & Services - 5.0% | | | |
| Cardinal Health, Inc. | | 71,982 | 7,145,653 |
| Cigna Group | | 51,203 | 17,645,578 |
| CVS Health Corp. | | 47,468 | 2,829,093 |
| Guardant Health, Inc. (b) | | 22,800 | 617,880 |
| Humana, Inc. | | 17,200 | 6,159,664 |
| McKesson Corp. | | 22,806 | 12,990,070 |
| UnitedHealth Group, Inc. | | 45,199 | 22,390,229 |
| | | | 69,778,167 |
| Life Sciences Tools & Services - 0.4% | | | |
| Danaher Corp. | | 21,400 | 5,495,520 |
| Thermo Fisher Scientific, Inc. | | 1,100 | 624,778 |
| | | | 6,120,298 |
| Pharmaceuticals - 3.5% | | | |
| Bristol-Myers Squibb Co. | | 223,717 | 9,192,532 |
| Eli Lilly & Co. | | 14,400 | 11,812,896 |
| Galderma Group AG | | 19,300 | 1,574,978 |
| GSK PLC sponsored ADR | | 227,530 | 10,186,518 |
| Johnson & Johnson | | 53,287 | 7,815,604 |
| UCB SA | | 57,400 | 8,051,542 |
| | | | 48,634,070 |
TOTAL HEALTH CARE | | | 160,059,564 |
| INDUSTRIALS - 16.2% | | | |
| Aerospace & Defense - 9.8% | | | |
| Airbus Group NV | | 35,600 | 6,055,625 |
| Bombardier, Inc. Class B (sub. vtg.) (b) | | 38,300 | 2,578,249 |
| Embraer SA sponsored ADR (b) | | 98,000 | 2,723,420 |
| General Dynamics Corp. | | 15,129 | 4,535,220 |
| General Electric Co. (d) | | 465,413 | 76,858,303 |
| Huntington Ingalls Industries, Inc. | | 11,519 | 2,915,459 |
| Loar Holdings, Inc. (b) | | 1,300 | 74,061 |
| Rolls-Royce Holdings PLC (b) | | 197,200 | 1,151,819 |
| Safran SA | | 1,900 | 444,990 |
| Spirit AeroSystems Holdings, Inc. Class A (b) | | 149,900 | 4,544,968 |
| Textron, Inc. | | 12,100 | 1,060,081 |
| The Boeing Co. (b) | | 188,267 | 33,438,102 |
| | | | 136,380,297 |
| Air Freight & Logistics - 1.4% | | | |
| FedEx Corp. | | 21,892 | 5,559,692 |
| United Parcel Service, Inc. Class B | | 98,763 | 13,721,144 |
| | | | 19,280,836 |
| Commercial Services & Supplies - 0.2% | | | |
| ACV Auctions, Inc. Class A (b) | | 79,300 | 1,415,505 |
| GFL Environmental, Inc. | | 29,200 | 919,309 |
| Veralto Corp. | | 7,633 | 752,461 |
| | | | 3,087,275 |
| Construction & Engineering - 0.0% | | | |
| Centuri Holdings, Inc. | | 5,300 | 145,485 |
| Electrical Equipment - 3.3% | | | |
| Acuity Brands, Inc. | | 9,856 | 2,558,716 |
| GE Vernova LLC | | 130,953 | 23,034,633 |
| Hubbell, Inc. Class B (d) | | 10,985 | 4,271,957 |
| Regal Rexnord Corp. | | 23,300 | 3,484,282 |
| Vertiv Holdings Co. | | 121,900 | 11,954,733 |
| | | | 45,304,321 |
| Ground Transportation - 0.3% | | | |
| Knight-Swift Transportation Holdings, Inc. Class A | | 83,058 | 4,007,549 |
| Machinery - 0.9% | | | |
| Allison Transmission Holdings, Inc. | | 19,500 | 1,478,295 |
| Chart Industries, Inc. (b) | | 12,000 | 1,884,360 |
| Cummins, Inc. | | 7,000 | 1,972,110 |
| Deere & Co. | | 1,900 | 712,044 |
| Fortive Corp. | | 30,400 | 2,262,976 |
| Nordson Corp. | | 1,500 | 352,080 |
| Otis Worldwide Corp. | | 19,696 | 1,953,843 |
| Stanley Black & Decker, Inc. | | 10,800 | 941,436 |
| Westinghouse Air Brake Tech Co. | | 8,145 | 1,378,378 |
| | | | 12,935,522 |
| Passenger Airlines - 0.1% | | | |
| Ryanair Holdings PLC sponsored ADR | | 9,400 | 1,143,416 |
| Professional Services - 0.1% | | | |
| Equifax, Inc. | | 4,200 | 971,838 |
| Trading Companies & Distributors - 0.1% | | | |
| Watsco, Inc. | | 2,200 | 1,044,780 |
TOTAL INDUSTRIALS | | | 224,301,319 |
| INFORMATION TECHNOLOGY - 21.2% | | | |
| IT Services - 0.3% | | | |
| EPAM Systems, Inc. (b) | | 3,000 | 533,790 |
| IBM Corp. | | 12,200 | 2,035,570 |
| Snowflake, Inc. (b) | | 1,700 | 231,506 |
| Twilio, Inc. Class A (b) | | 23,200 | 1,331,680 |
| | | | 4,132,546 |
| Semiconductors & Semiconductor Equipment - 7.5% | | | |
| Analog Devices, Inc. | | 12,318 | 2,888,448 |
| Applied Materials, Inc. | | 22,316 | 4,799,725 |
| BE Semiconductor Industries NV | | 1,500 | 223,152 |
| Broadcom, Inc. | | 6,640 | 8,821,572 |
| Lam Research Corp. | | 4,400 | 4,102,736 |
| Marvell Technology, Inc. | | 148,301 | 10,204,592 |
| NVIDIA Corp. | | 54,530 | 59,782,875 |
| Qualcomm, Inc. | | 24,001 | 4,897,404 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 38,600 | 5,830,144 |
| Teradyne, Inc. | | 17,000 | 2,395,980 |
| | | | 103,946,628 |
| Software - 10.7% | | | |
| Adobe, Inc. (b) | | 21,800 | 9,695,768 |
| Autodesk, Inc. (b) | | 16,441 | 3,314,506 |
| Dassault Systemes SA | | 3,300 | 134,118 |
| DoubleVerify Holdings, Inc. (b) | | 16,500 | 300,300 |
| Elastic NV (b) | | 21,400 | 2,226,670 |
| Intuit, Inc. | | 6,700 | 3,862,148 |
| Microsoft Corp. | | 242,153 | 100,524,974 |
| Oracle Corp. | | 99,700 | 11,683,843 |
| PTC, Inc. (b) | | 8,600 | 1,515,664 |
| Sage Group PLC | | 100,100 | 1,314,870 |
| Salesforce, Inc. | | 4,800 | 1,125,312 |
| SAP SE sponsored ADR | | 69,817 | 12,737,413 |
| Workday, Inc. Class A (b) | | 3,300 | 697,785 |
| | | | 149,133,371 |
| Technology Hardware, Storage & Peripherals - 2.7% | | | |
| Apple, Inc. | | 186,368 | 35,829,248 |
| Samsung Electronics Co. Ltd. | | 22,520 | 1,194,705 |
| | | | 37,023,953 |
TOTAL INFORMATION TECHNOLOGY | | | 294,236,498 |
| MATERIALS - 2.0% | | | |
| Chemicals - 0.2% | | | |
| Air Products & Chemicals, Inc. | | 9,400 | 2,506,980 |
| Sherwin-Williams Co. | | 2,100 | 637,980 |
| | | | 3,144,960 |
| Metals & Mining - 1.8% | | | |
| First Quantum Minerals Ltd. | | 946,700 | 12,162,381 |
| Freeport-McMoRan, Inc. | | 151,204 | 7,972,987 |
| Ivanhoe Mines Ltd. (b) | | 316,100 | 4,564,253 |
| | | | 24,699,621 |
TOTAL MATERIALS | | | 27,844,581 |
| REAL ESTATE - 0.8% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.8% | | | |
| American Tower Corp. | | 19,209 | 3,759,970 |
| Crown Castle, Inc. | | 49,900 | 5,114,750 |
| Equinix, Inc. | | 442 | 337,237 |
| Simon Property Group, Inc. | | 11,700 | 1,770,327 |
| Terreno Realty Corp. | | 7,300 | 413,034 |
| | | | 11,395,318 |
| UTILITIES - 1.0% | | | |
| Electric Utilities - 1.0% | | | |
| Duke Energy Corp. | | 5,400 | 559,278 |
| Edison International | | 11,400 | 876,090 |
| Entergy Corp. | | 8,900 | 1,001,161 |
| Southern Co. | | 147,000 | 11,780,580 |
| | | | 14,217,109 |
| TOTAL COMMON STOCKS (Cost $754,253,429) | | | 1,345,903,025 |
| | | | |
| Money Market Funds - 2.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (f) | | 38,497,436 | 38,505,135 |
| Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 1,882,937 | 1,883,125 |
| TOTAL MONEY MARKET FUNDS (Cost $40,388,260) | | | 40,388,260 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $794,641,689) | 1,386,291,285 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 898,290 |
| NET ASSETS - 100.0% | 1,387,189,575 |
| | |
| Written Options |
| | Counterparty | Number of Contracts | Notional Amount ($) | Exercise Price ($) | Expiration Date | Value ($) |
| Call Options | | | | | | |
| Exxon Mobil Corp. | Chicago Board Options Exchange | 200 | 2,345,200 | 130.00 | 07/19/24 | (5,800) |
| General Electric Co. | Chicago Board Options Exchange | 200 | 3,302,800 | 165.00 | 06/21/24 | (88,000) |
| General Electric Co. | Chicago Board Options Exchange | 200 | 3,302,800 | 170.00 | 06/21/24 | (45,400) |
| Hubbell, Inc. | Chicago Board Options Exchange | 58 | 2,255,562 | 470.00 | 09/20/24 | (22,620) |
| Meta Platforms, Inc. Class A | Chicago Board Options Exchange | 50 | 2,334,150 | 575.00 | 06/21/24 | (400) |
| | | | | | | |
| TOTAL WRITTEN OPTIONS | | | | | | (162,220) |
Legend
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,228,334 or 0.2% of net assets. |
| (c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (d) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $13,540,512. |
| (e) | Security or a portion of the security is on loan at period end. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| (h) | Equity security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. As of period end, the total fair value of unadjusted equity securities subject to contractual sale restrictions is $65,088 and all restrictions are set to expire on or before September 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 39,337,835 | 68,758,074 | 69,590,750 | 836,558 | (24) | - | 38,505,135 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 6,522,831 | 34,917,468 | 39,557,174 | 11,535 | - | - | 1,883,125 | 0.0% |
| Total | 45,860,666 | 103,675,542 | 109,147,924 | 848,093 | (24) | - | 40,388,260 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 139,038,270 | 130,379,806 | 8,658,464 | - |
Consumer Discretionary | 45,158,894 | 43,133,391 | 2,025,503 | - |
Consumer Staples | 68,906,078 | 68,381,942 | 524,136 | - |
Energy | 131,280,861 | 129,119,067 | 2,161,794 | - |
Financials | 229,464,533 | 226,640,136 | 2,824,397 | - |
Health Care | 160,059,564 | 150,433,044 | 9,626,520 | - |
Industrials | 224,301,319 | 216,648,885 | 7,652,434 | - |
Information Technology | 294,236,498 | 291,369,653 | 2,866,845 | - |
Materials | 27,844,581 | 27,844,581 | - | - |
Real Estate | 11,395,318 | 11,395,318 | - | - |
Utilities | 14,217,109 | 14,217,109 | - | - |
|
| Money Market Funds | 40,388,260 | 40,388,260 | - | - |
| Total Investments in Securities: | 1,386,291,285 | 1,349,951,192 | 36,340,093 | - |
Derivative Instruments: Liabilities | | | | |
Written Options | (162,220) | (162,220) | - | - |
| Total Liabilities | (162,220) | (162,220) | - | - |
| Total Derivative Instruments: | (162,220) | (162,220) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Written Options (a) | 0 | (162,220) |
| Total Equity Risk | 0 | (162,220) |
| Total Value of Derivatives | 0 | (162,220) |
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $1,837,930) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $754,253,429) | $ | 1,345,903,025 | | |
Fidelity Central Funds (cost $40,388,260) | | 40,388,260 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $794,641,689) | | | $ | 1,386,291,285 |
| Foreign currency held at value (cost $2) | | | | 2 |
| Receivable for investments sold | | | | 2,193,105 |
| Receivable for fund shares sold | | | | 409,937 |
| Dividends receivable | | | | 2,360,437 |
| Distributions receivable from Fidelity Central Funds | | | | 153,023 |
| Prepaid expenses | | | | 190 |
| Other receivables | | | | 3 |
Total assets | | | | 1,391,407,982 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 1,280 | | |
| Payable for investments purchased | | | | |
Regular delivery | | 290,113 | | |
Delayed delivery | | 60,448 | | |
| Payable for fund shares redeemed | | 579,375 | | |
| Accrued management fee | | 858,756 | | |
| Distribution and service plan fees payable | | 302,788 | | |
| Written options, at value (premium received $449,350) | | 162,220 | | |
| Other payables and accrued expenses | | 80,302 | | |
| Collateral on securities loaned | | 1,883,125 | | |
| Total liabilities | | | | 4,218,407 |
| Net Assets | | | $ | 1,387,189,575 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 741,558,762 |
| Total accumulated earnings (loss) | | | | 645,630,813 |
| Net Assets | | | $ | 1,387,189,575 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($727,472,885 ÷ 15,821,247 shares)(a) | | | $ | 45.98 |
| Maximum offering price per share (100/94.25 of $45.98) | | | $ | 48.79 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($195,336,027 ÷ 4,258,037 shares)(a) | | | $ | 45.87 |
| Maximum offering price per share (100/96.50 of $45.87) | | | $ | 47.53 |
| Class C : | | | | |
Net Asset Value and offering price per share ($86,494,297 ÷ 2,189,754 shares)(a) | | | $ | 39.50 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($304,291,990 ÷ 6,163,871 shares) | | | $ | 49.37 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($73,594,376 ÷ 1,492,700 shares) | | | $ | 49.30 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| Statement of Operations |
| | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 9,770,305 |
| Income from Fidelity Central Funds (including $11,535 from security lending) | | | | 848,093 |
| Total income | | | | 10,618,398 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 3,872,939 | | |
| Performance adjustment | | 682,206 | | |
| Transfer agent fees | | 504,410 | | |
| Distribution and service plan fees | | 1,717,723 | | |
| Accounting fees | | 88,233 | | |
| Custodian fees and expenses | | 41,333 | | |
| Independent trustees' fees and expenses | | 2,791 | | |
| Registration fees | | 52,179 | | |
| Audit | | 30,878 | | |
| Legal | | 1,484 | | |
| Miscellaneous | | 12,409 | | |
| Total expenses before reductions | | 7,006,585 | | |
| Expense reductions | | (55,049) | | |
| Total expenses after reductions | | | | 6,951,536 |
| Net Investment income (loss) | | | | 3,666,862 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 52,207,799 | | |
| Fidelity Central Funds | | (24) | | |
| Foreign currency transactions | | (9,377) | | |
| Total net realized gain (loss) | | | | 52,198,398 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 174,545,674 | | |
| Assets and liabilities in foreign currencies | | (237) | | |
| Written options | | 287,130 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 174,832,567 |
| Net gain (loss) | | | | 227,030,965 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 230,697,827 |
| Statement of Changes in Net Assets |
| |
| | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 3,666,862 | $ | 8,777,990 |
| Net realized gain (loss) | | 52,198,398 | | 34,462,467 |
| Change in net unrealized appreciation (depreciation) | | 174,832,567 | | 78,344,609 |
| Net increase (decrease) in net assets resulting from operations | | 230,697,827 | | 121,585,066 |
| Distributions to shareholders | | (39,993,055) | | (21,109,328) |
| | | | | |
| Share transactions - net increase (decrease) | | 18,489,207 | | 27,953,133 |
| Total increase (decrease) in net assets | | 209,193,979 | | 128,428,871 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,177,995,596 | | 1,049,566,725 |
| End of period | $ | 1,387,189,575 | $ | 1,177,995,596 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Large Cap Fund Class A |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 39.63 | $ | 36.29 | $ | 38.14 | $ | 31.98 | $ | 32.80 | $ | 33.76 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .12 | | .30 | | .38 | | .62 C | | .50 | | .51 |
| Net realized and unrealized gain (loss) | | 7.62 | | 3.79 | | .28 | | 7.29 | | 1.36 | | 2.97 |
| Total from investment operations | | 7.74 | | 4.09 | | .66 | | 7.91 | | 1.86 | | 3.48 |
| Distributions from net investment income | | (.30) | | (.38) | | (.61) | | (.57) | | (.60) | | (.45) |
| Distributions from net realized gain | | (1.09) | | (.37) | | (1.90) | | (1.18) | | (2.08) | | (3.99) |
| Total distributions | | (1.39) | | (.75) | | (2.51) | | (1.75) | | (2.68) | | (4.44) |
| Net asset value, end of period | $ | 45.98 | $ | 39.63 | $ | 36.29 | $ | 38.14 | $ | 31.98 | $ | 32.80 |
Total Return D,E,F | | | | 11.62% | | 1.49% | | 25.87% | | 5.91% | | 14.19% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | 1.08% I | | 1.16% | | .92% | | .80% | | .75% | | .91% |
| Expenses net of fee waivers, if any | | | | 1.15% | | .91% | | .80% | | .75% | | .91% |
| Expenses net of all reductions | | 1.07% I | | 1.15% | | .91% | | .80% | | .75% | | .90% |
| Net investment income (loss) | | .58% I | | .82% | | 1.07% | | 1.67% C | | 1.76% | | 1.71% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 727,473 | $ | 608,811 | $ | 532,911 | $ | 468,894 | $ | 389,143 | $ | 423,325 |
Portfolio turnover rate J | | | | 13% | | 11% | | 17% | | 22% | | 28% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.07%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Large Cap Fund Class M |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 39.49 | $ | 36.14 | $ | 37.99 | $ | 31.86 | $ | 32.69 | $ | 33.63 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .07 | | .21 | | .29 | | .52 C | | .42 | | .43 |
| Net realized and unrealized gain (loss) | | 7.59 | | 3.78 | | .27 | | 7.28 | | 1.35 | | 2.98 |
| Total from investment operations | | 7.66 | | 3.99 | | .56 | | 7.80 | | 1.77 | | 3.41 |
| Distributions from net investment income | | (.19) | | (.27) | | (.52) | | (.49) | | (.52) | | (.36) |
| Distributions from net realized gain | | (1.09) | | (.37) | | (1.90) | | (1.18) | | (2.08) | | (3.99) |
| Total distributions | | (1.28) | | (.64) | | (2.41) D | | (1.67) | | (2.60) | | (4.35) |
| Net asset value, end of period | $ | 45.87 | $ | 39.49 | $ | 36.14 | $ | 37.99 | $ | 31.86 | $ | 32.69 |
Total Return E,F,G | | | | 11.36% | | 1.23% | | 25.55% | | 5.62% | | 13.93% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.33% J | | 1.41% | | 1.17% | | 1.05% | | 1.01% | | 1.17% |
| Expenses net of fee waivers, if any | | | | 1.40% | | 1.16% | | 1.05% | | 1.01% | | 1.16% |
| Expenses net of all reductions | | 1.32% J | | 1.40% | | 1.16% | | 1.05% | | 1.00% | | 1.16% |
| Net investment income (loss) | | .34% J | | .58% | | .83% | | 1.42% C | | 1.50% | | 1.46% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 195,336 | $ | 169,910 | $ | 166,368 | $ | 176,983 | $ | 153,918 | $ | 175,139 |
Portfolio turnover rate K | | | | 13% | | 11% | | 17% | | 22% | | 28% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .82%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Large Cap Fund Class C |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 34.11 | $ | 31.34 | $ | 33.25 | $ | 28.08 | $ | 29.09 | $ | 30.44 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.03) | | .02 | | .09 | | .29 C | | .25 | | .25 |
| Net realized and unrealized gain (loss) | | 6.55 | | 3.27 | | .24 | | 6.40 | | 1.18 | | 2.60 |
| Total from investment operations | | 6.52 | | 3.29 | | .33 | | 6.69 | | 1.43 | | 2.85 |
| Distributions from net investment income | | (.04) | | (.15) | | (.34) | | (.34) | | (.36) | | (.21) |
| Distributions from net realized gain | | (1.09) | | (.37) | | (1.90) | | (1.18) | | (2.08) | | (3.99) |
| Total distributions | | (1.13) | | (.52) | | (2.24) | | (1.52) | | (2.44) | | (4.20) |
| Net asset value, end of period | $ | 39.50 | $ | 34.11 | $ | 31.34 | $ | 33.25 | $ | 28.08 | $ | 29.09 |
Total Return D,E,F | | | | 10.77% | | .70% | | 24.90% | | 5.10% | | 13.33% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | 1.85% I | | 1.93% | | 1.69% | | 1.57% | | 1.53% | | 1.67% |
| Expenses net of fee waivers, if any | | | | 1.93% | | 1.68% | | 1.57% | | 1.52% | | 1.67% |
| Expenses net of all reductions | | 1.84% I | | 1.93% | | 1.68% | | 1.57% | | 1.52% | | 1.67% |
| Net investment income (loss) | | (.18)% I | | .05% | | .30% | | .90% C | | .98% | | .95% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 86,494 | $ | 78,499 | $ | 81,509 | $ | 89,886 | $ | 88,926 | $ | 119,072 |
Portfolio turnover rate J | | | | 13% | | 11% | | 17% | | 22% | | 28% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .30%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Large Cap Fund Class I |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 42.48 | $ | 38.83 | $ | 40.63 | $ | 33.94 | $ | 34.63 | $ | 35.37 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .19 | | .43 | | .51 | | .76 C | | .61 | | .62 |
| Net realized and unrealized gain (loss) | | 8.18 | | 4.04 | | .30 | | 7.76 | | 1.44 | | 3.17 |
| Total from investment operations | | 8.37 | | 4.47 | | .81 | | 8.52 | | 2.05 | | 3.79 |
| Distributions from net investment income | | (.39) | | (.45) | | (.71) | | (.64) | | (.66) | | (.54) |
| Distributions from net realized gain | | (1.09) | | (.37) | | (1.90) | | (1.18) | | (2.08) | | (3.99) |
| Total distributions | | (1.48) | | (.82) | | (2.61) | | (1.83) D | | (2.74) | | (4.53) |
| Net asset value, end of period | $ | 49.37 | $ | 42.48 | $ | 38.83 | $ | 40.63 | $ | 33.94 | $ | 34.63 |
Total Return E,F | | | | 11.90% | | 1.77% | | 26.22% | | 6.17% | | 14.54% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .82% I | | .90% | | .65% | | .54% | | .48% | | .64% |
| Expenses net of fee waivers, if any | | | | .89% | | .65% | | .54% | | .48% | | .64% |
| Expenses net of all reductions | | .82% I | | .89% | | .65% | | .54% | | .48% | | .64% |
| Net investment income (loss) | | .84% I | | 1.08% | | 1.34% | | 1.93% C | | 2.03% | | 1.98% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 304,292 | $ | 263,769 | $ | 224,889 | $ | 257,331 | $ | 206,090 | $ | 301,067 |
Portfolio turnover rate J | | | | 13% | | 11% | | 17% | | 22% | | 28% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.33%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Large Cap Fund Class Z |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 42.46 | $ | 38.81 | $ | 40.61 | $ | 33.93 | $ | 34.64 | $ | 35.41 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .22 | | .48 | | .55 | | .81 C | | .64 | | .66 |
| Net realized and unrealized gain (loss) | | 8.15 | | 4.04 | | .30 | | 7.74 | | 1.45 | | 3.16 |
| Total from investment operations | | 8.37 | | 4.52 | | .85 | | 8.55 | | 2.09 | | 3.82 |
| Distributions from net investment income | | (.44) | | (.50) | | (.76) | | (.69) | | (.72) | | (.60) |
| Distributions from net realized gain | | (1.09) | | (.37) | | (1.90) | | (1.18) | | (2.08) | | (3.99) |
| Total distributions | | (1.53) | | (.87) | | (2.65) D | | (1.87) | | (2.80) | | (4.59) |
| Net asset value, end of period | $ | 49.30 | $ | 42.46 | $ | 38.81 | $ | 40.61 | $ | 33.93 | $ | 34.64 |
Total Return E,F | | | | 12.06% | | 1.88% | | 26.36% | | 6.30% | | 14.67% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .71% I | | .78% | | .53% | | .42% | | .36% | | .51% |
| Expenses net of fee waivers, if any | | | | .77% | | .53% | | .42% | | .36% | | .51% |
| Expenses net of all reductions | | .70% I | | .77% | | .53% | | .42% | | .36% | | .51% |
| Net investment income (loss) | | .96% I | | 1.20% | | 1.46% | | 2.05% C | | 2.15% | | 2.11% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 73,594 | $ | 57,007 | $ | 43,889 | $ | 39,055 | $ | 30,308 | $ | 28,596 |
Portfolio turnover rate J | | | | 13% | | 11% | | 17% | | 22% | | 28% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.45%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
1. Organization.
Fidelity Advisor Large Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds ,including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $623,394,915 |
| Gross unrealized depreciation | (32,533,468) |
| Net unrealized appreciation (depreciation) | $590,861,447 |
| Tax cost | $795,716,968 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.
Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.
Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period unless an average contracts amount is presented.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Large Cap Fund | 134,740,067 | 151,684,154 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .69 |
| Class M | .69 |
| Class C | .71 |
| Class I | .68 |
| Class Z | .56 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .69 |
| Class M | .69 |
| Class C | .71 |
| Class I | .68 |
| Class Z | .56 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Large Cap Fund | S&P 500 Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .11%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 841,170 | 17,468 |
| Class M | .25% | .25% | 459,001 | 676 |
| Class C | .75% | .25% | 417,552 | 55,105 |
| | | | 1,717,723 | 73,249 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 132,178 |
| Class M | 5,184 |
Class CA | 746 |
| | 138,108 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| | % of Class-Level Average Net Assets |
| Class A | .1712 |
| Class M | .1691 |
| Class C | .1911 |
| Class I | .1622 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | Amount ($) | % of Class-Level Average Net Assets |
| Class A | 276,783 | .17 |
| Class M | 75,037 | .17 |
| Class C | 39,175 | .19 |
| Class I | 107,077 | .16 |
| Class Z | 6,338 | .04 |
| | 504,410 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Large Cap Fund | .0289 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Advisor Large Cap Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Large Cap Fund | 2,005 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Large Cap Fund | 9,676,747 | 6,741,475 | 1,816,142 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Large Cap Fund | 1,143 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Large Cap Fund | 1,216 | - | - |
9. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $444. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| | Expense reduction ($) |
| | |
| Class M | 28 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $54,577.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Large Cap Fund | | |
| Distributions to shareholders | | |
| Class A | $21,321,625 | $10,995,838 |
| Class M | 5,472,128 | 2,923,336 |
| Class C | 2,581,326 | 1,372,106 |
| Class I | 8,557,886 | 4,801,903 |
| Class Z | 2,060,090 | 1,016,145 |
Total | $39,993,055 | $21,109,328 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Six months ended May 31, 2024 | Year ended November 30, 2023 | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Large Cap Fund | | | | |
| Class A | | | | |
| Shares sold | 1,242,598 | 2,807,564 | $52,994,310 | $103,049,397 |
| Reinvestment of distributions | 499,997 | 303,648 | 20,119,880 | 10,211,667 |
| Shares redeemed | (1,282,834) | (2,434,322) | (54,422,615) | (88,871,917) |
| Net increase (decrease) | 459,761 | 676,890 | $18,691,575 | $24,389,147 |
| Class M | | | | |
| Shares sold | 172,452 | 342,729 | $7,337,138 | $12,674,254 |
| Reinvestment of distributions | 134,296 | 85,769 | 5,397,348 | 2,880,972 |
| Shares redeemed | (351,133) | (728,972) | (14,756,263) | (26,964,973) |
| Net increase (decrease) | (44,385) | (300,474) | $(2,021,777) | $(11,409,747) |
| Class C | | | | |
| Shares sold | 221,953 | 556,640 | $8,172,155 | $17,464,429 |
| Reinvestment of distributions | 70,788 | 44,771 | 2,454,927 | 1,305,531 |
| Shares redeemed | (404,026) | (900,797) | (14,826,189) | (28,576,810) |
| Net increase (decrease) | (111,285) | (299,386) | $(4,199,107) | $(9,806,850) |
| Class I | | | | |
| Shares sold | 994,273 | 1,808,651 | $45,921,637 | $71,353,892 |
| Reinvestment of distributions | 160,194 | 111,978 | 6,912,377 | 4,027,848 |
| Shares redeemed | (1,199,129) | (1,504,177) | (53,799,031) | (59,011,039) |
| Net increase (decrease) | (44,662) | 416,452 | $(965,017) | $16,370,701 |
| Class Z | | | | |
| Shares sold | 303,971 | 456,929 | $14,184,078 | $18,091,935 |
| Reinvestment of distributions | 44,052 | 25,887 | 1,897,330 | 929,329 |
| Shares redeemed | (198,042) | (271,001) | (9,097,875) | (10,611,382) |
| Net increase (decrease) | 149,981 | 211,815 | $6,983,533 | $8,409,882 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Large Cap Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Large Cap Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered a pro forma management fee rate for Class I as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Class I of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Class I of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Class I of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked above the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023. The Board noted that the fund has a management fee structure that covers expenses for services beyond portfolio management and further noted that Fidelity believes that total expense ratio comparisons are more useful in this context. The Board noted that the total expense ratio of Class I of the fund ranked above the similar sales load structure group competitive median due to the fund's positive performance adjustment.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of Class I as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.704742.126
LC-SANN-0724
Fidelity Advisor® Equity Growth Fund
Semi-Annual Report
May 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Equity Growth Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.4% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 11.2% | | | |
| Entertainment - 4.7% | | | |
| Live Nation Entertainment, Inc. (a) | | 298,200 | 27,953 |
| Netflix, Inc. (a) | | 321,107 | 206,029 |
| Universal Music Group NV | | 5,688,584 | 177,277 |
| Universal Music Group NV rights (a)(b) | | 5,688,584 | 1,667 |
| Warner Music Group Corp. Class A | | 2,032,571 | 60,530 |
| | | | 473,456 |
| Interactive Media & Services - 6.5% | | | |
| Alphabet, Inc. Class A | | 2,869,774 | 495,036 |
| Epic Games, Inc. (a)(c)(d) | | 3,289 | 1,973 |
| Meta Platforms, Inc. Class A | | 314,417 | 146,779 |
| | | | 643,788 |
TOTAL COMMUNICATION SERVICES | | | 1,117,244 |
| CONSUMER DISCRETIONARY - 9.1% | | | |
| Automobile Components - 0.1% | | | |
| Mobileye Global, Inc. Class A (a)(e) | | 324,600 | 8,329 |
| Automobiles - 0.3% | | | |
| BYD Co. Ltd. (H Shares) | | 1,040,457 | 29,194 |
| Broadline Retail - 6.2% | | | |
| Amazon.com, Inc. (a) | | 2,675,237 | 472,019 |
| MercadoLibre, Inc. (a) | | 54,528 | 94,092 |
| PDD Holdings, Inc. ADR (a) | | 327,209 | 49,009 |
| Savers Value Village, Inc. (e) | | 714,059 | 9,683 |
| | | | 624,803 |
| Diversified Consumer Services - 0.1% | | | |
| Duolingo, Inc. (a) | | 55,300 | 10,584 |
| Hotels, Restaurants & Leisure - 1.9% | | | |
| Airbnb, Inc. Class A (a) | | 802,493 | 116,305 |
| Domino's Pizza, Inc. | | 113,100 | 57,520 |
| Kura Sushi U.S.A., Inc. Class A (a)(e) | | 117,348 | 11,724 |
| Trip.com Group Ltd. ADR (a) | | 178,500 | 9,195 |
| | | | 194,744 |
| Household Durables - 0.1% | | | |
| Blu Investments LLC (a)(c)(d) | | 12,123,162 | 4 |
| TopBuild Corp. (a) | | 12,400 | 5,183 |
| | | | 5,187 |
| Textiles, Apparel & Luxury Goods - 0.4% | | | |
| LVMH Moet Hennessy Louis Vuitton SE | | 44,854 | 35,872 |
TOTAL CONSUMER DISCRETIONARY | | | 908,713 |
| CONSUMER STAPLES - 0.7% | | | |
| Beverages - 0.6% | | | |
| Monster Beverage Corp. (a) | | 1,240,602 | 64,412 |
| Personal Care Products - 0.1% | | | |
| Puig Brands SA Class B | | 176,100 | 4,993 |
TOTAL CONSUMER STAPLES | | | 69,405 |
| ENERGY - 2.4% | | | |
| Oil, Gas & Consumable Fuels - 2.4% | | | |
| Canadian Natural Resources Ltd. | | 241,500 | 18,554 |
| Cheniere Energy, Inc. | | 507,142 | 80,022 |
| Range Resources Corp. | | 1,424,309 | 52,571 |
| Reliance Industries Ltd. | | 2,688,705 | 92,163 |
| | | | 243,310 |
| FINANCIALS - 6.2% | | | |
| Capital Markets - 0.4% | | | |
| Ares Management Corp. Class A, | | 148,899 | 20,871 |
| LPL Financial | | 37,700 | 10,790 |
| Morgan Stanley | | 49,400 | 4,833 |
| MSCI, Inc. | | 8,900 | 4,407 |
| | | | 40,901 |
| Consumer Finance - 0.4% | | | |
| Capital One Financial Corp. | | 314,200 | 43,243 |
| Financial Services - 4.4% | | | |
| Apollo Global Management, Inc. | | 77,989 | 9,059 |
| Corebridge Financial, Inc. | | 812,105 | 23,689 |
| Fiserv, Inc. (a) | | 127,828 | 19,144 |
| Global Payments, Inc. | | 463,262 | 47,183 |
| MasterCard, Inc. Class A | | 371,966 | 166,295 |
| Rocket Companies, Inc. (a)(e) | | 1,284,641 | 17,857 |
| Visa, Inc. Class A | | 583,300 | 158,926 |
| | | | 442,153 |
| Insurance - 1.0% | | | |
| Arthur J. Gallagher & Co. | | 284,452 | 72,060 |
| The Baldwin Insurance Group, Inc. Class A, (a) | | 686,621 | 23,125 |
| | | | 95,185 |
TOTAL FINANCIALS | | | 621,482 |
| HEALTH CARE - 14.4% | | | |
| Biotechnology - 3.6% | | | |
| Adamas Pharmaceuticals, Inc.: | | | |
| rights (a)(d) | | 1,000,100 | 220 |
| rights (a)(d) | | 1,000,100 | 70 |
| Alnylam Pharmaceuticals, Inc. (a) | | 290,227 | 43,078 |
| Arcellx, Inc. (a) | | 61,713 | 3,209 |
| Arrowhead Pharmaceuticals, Inc. (a) | | 247,939 | 5,690 |
| Beam Therapeutics, Inc. (a) | | 74,295 | 1,770 |
| BioNTech SE ADR (a) | | 108,200 | 10,885 |
| Blueprint Medicines Corp. (a) | | 41,541 | 4,385 |
| Cytokinetics, Inc. (a) | | 210,481 | 10,210 |
| Exact Sciences Corp. (a) | | 932,500 | 42,382 |
| Galapagos NV sponsored ADR (a) | | 431,461 | 12,003 |
| Gamida Cell Ltd. (d) | | 1,892,438 | 0 |
| Gamida Cell Ltd. warrants 4/21/28 (a)(d) | | 353,699 | 0 |
| Hookipa Pharma, Inc. (a) | | 668,753 | 531 |
| Immunocore Holdings PLC ADR (a) | | 169,248 | 8,290 |
| Insmed, Inc. (a) | | 1,034,247 | 56,935 |
| Janux Therapeutics, Inc. (a) | | 21,500 | 1,150 |
| Krystal Biotech, Inc. (a) | | 33,271 | 5,325 |
| Legend Biotech Corp. ADR (a) | | 221,775 | 8,873 |
| Moderna, Inc. (a) | | 69,500 | 9,907 |
| Regeneron Pharmaceuticals, Inc. (a) | | 96,060 | 94,154 |
| Repligen Corp. (a) | | 178,261 | 26,577 |
| Sarepta Therapeutics, Inc. (a) | | 56,021 | 7,275 |
| Seres Therapeutics, Inc. (a) | | 234,668 | 235 |
| Synlogic, Inc. (a) | | 43,125 | 67 |
| Vor Biopharma, Inc. (a) | | 474,267 | 640 |
| XOMA Corp. (a) | | 290,689 | 7,497 |
| | | | 361,358 |
| Health Care Equipment & Supplies - 3.6% | | | |
| Align Technology, Inc. (a) | | 126,300 | 32,486 |
| Boston Scientific Corp. (a) | | 3,384,434 | 255,762 |
| Glaukos Corp. (a) | | 211,402 | 23,829 |
| Hologic, Inc. (a) | | 249,700 | 18,423 |
| Inspire Medical Systems, Inc. (a) | | 64,309 | 10,212 |
| Lantheus Holdings, Inc. (a) | | 93,767 | 7,673 |
| Penumbra, Inc. (a) | | 52,871 | 10,017 |
| Pulmonx Corp. (a) | | 196,800 | 1,427 |
| RxSight, Inc. (a) | | 53,800 | 3,146 |
| | | | 362,975 |
| Health Care Providers & Services - 0.9% | | | |
| HealthEquity, Inc. (a) | | 1,084,856 | 88,611 |
| Life Sciences Tools & Services - 2.8% | | | |
| Agilent Technologies, Inc. | | 46,804 | 6,104 |
| Bio-Techne Corp. | | 253,195 | 19,544 |
| Bruker Corp. | | 1,038,887 | 68,057 |
| Chemometec A/S | | 120,373 | 6,411 |
| Codexis, Inc. (a) | | 1,123,114 | 3,796 |
| Danaher Corp. | | 314,212 | 80,690 |
| MaxCyte, Inc. (a) | | 1,127,055 | 5,049 |
| Sartorius Stedim Biotech | | 123,919 | 24,685 |
| Thermo Fisher Scientific, Inc. | | 119,814 | 68,052 |
| | | | 282,388 |
| Pharmaceuticals - 3.5% | | | |
| Aclaris Therapeutics, Inc. (a) | | 156,678 | 161 |
| Chugai Pharmaceutical Co. Ltd. | | 593,934 | 18,071 |
| Eli Lilly & Co. | | 326,326 | 267,698 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 3,584,500 | 60,686 |
| | | | 346,616 |
TOTAL HEALTH CARE | | | 1,441,948 |
| INDUSTRIALS - 12.5% | | | |
| Aerospace & Defense - 1.5% | | | |
| General Electric Co. | | 915,200 | 151,136 |
| Loar Holdings, Inc. (a) | | 9,400 | 536 |
| | | | 151,672 |
| Commercial Services & Supplies - 0.1% | | | |
| Montrose Environmental Group, Inc. (a) | | 82,100 | 3,860 |
| Electrical Equipment - 2.1% | | | |
| Eaton Corp. PLC | | 367,285 | 122,251 |
| GE Vernova LLC | | 397,100 | 69,850 |
| HD Hyundai Electric Co. Ltd. | | 99,470 | 21,633 |
| | | | 213,734 |
| Ground Transportation - 3.7% | | | |
| Uber Technologies, Inc. (a) | | 5,791,369 | 373,891 |
| Machinery - 1.5% | | | |
| Chart Industries, Inc. (a) | | 72,800 | 11,432 |
| Energy Recovery, Inc. (a) | | 287,293 | 3,878 |
| Ingersoll Rand, Inc. | | 1,115,395 | 103,788 |
| Westinghouse Air Brake Tech Co. | | 190,997 | 32,322 |
| | | | 151,420 |
| Professional Services - 2.7% | | | |
| Equifax, Inc. | | 507,513 | 117,433 |
| KBR, Inc. | | 1,276,825 | 83,836 |
| RELX PLC sponsored ADR | | 973,200 | 42,782 |
| UL Solutions, Inc. Class A | | 648,700 | 25,020 |
| | | | 269,071 |
| Trading Companies & Distributors - 0.9% | | | |
| Ferguson PLC | | 422,403 | 86,455 |
TOTAL INDUSTRIALS | | | 1,250,103 |
| INFORMATION TECHNOLOGY - 41.8% | | | |
| Electronic Equipment, Instruments & Components - 1.3% | | | |
| Fabrinet (a) | | 42,900 | 10,276 |
| Flex Ltd. (a) | | 2,117,381 | 70,149 |
| Jabil, Inc. | | 432,462 | 51,420 |
| | | | 131,845 |
| IT Services - 1.5% | | | |
| Gartner, Inc. (a) | | 82,739 | 34,723 |
| MongoDB, Inc. Class A (a) | | 509,507 | 120,274 |
| | | | 154,997 |
| Semiconductors & Semiconductor Equipment - 18.8% | | | |
| Allegro MicroSystems LLC (a) | | 1,460,269 | 44,013 |
| ASML Holding NV (depository receipt) | | 148,887 | 142,984 |
| Astera Labs, Inc. | | 17,400 | 1,123 |
| BE Semiconductor Industries NV | | 447,902 | 66,633 |
| eMemory Technology, Inc. | | 36,000 | 2,446 |
| Marvell Technology, Inc. | | 258,234 | 17,769 |
| Micron Technology, Inc. | | 1,010,700 | 126,338 |
| NVIDIA Corp. | | 933,642 | 1,023,580 |
| NXP Semiconductors NV | | 298,239 | 81,151 |
| Qualcomm, Inc. | | 343,600 | 70,112 |
| SiTime Corp. (a) | | 401,093 | 48,861 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 1,370,709 | 207,032 |
| Universal Display Corp. | | 273,851 | 48,116 |
| | | | 1,880,158 |
| Software - 15.1% | | | |
| ASAPP, Inc. warrants 8/28/28 (a)(c)(d) | | 2,071,818 | 3,916 |
| Autodesk, Inc. (a) | | 44,500 | 8,971 |
| HubSpot, Inc. (a) | | 159,706 | 97,588 |
| Manhattan Associates, Inc. (a) | | 259,239 | 56,913 |
| Microsoft Corp. | | 3,024,481 | 1,255,557 |
| NICE Ltd. sponsored ADR (a) | | 213,150 | 39,128 |
| ServiceNow, Inc. (a) | | 73,249 | 48,119 |
| Volue A/S (a) | | 1,205,893 | 3,880 |
| | | | 1,514,072 |
| Technology Hardware, Storage & Peripherals - 5.1% | | | |
| Apple, Inc. | | 2,648,519 | 509,178 |
TOTAL INFORMATION TECHNOLOGY | | | 4,190,250 |
| MATERIALS - 0.1% | | | |
| Chemicals - 0.1% | | | |
| Aspen Aerogels, Inc. (a)(e) | | 510,078 | 15,262 |
| TOTAL COMMON STOCKS (Cost $5,908,974) | | | 9,857,717 |
| | | | |
| Convertible Preferred Stocks - 0.2% |
| | | Shares | Value ($) (000s) |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Textiles, Apparel & Luxury Goods - 0.0% | | | |
| Canva, Inc.: | | | |
| Series A (c)(d) | | 846 | 902 |
| Series A2 (c)(d) | | 154 | 164 |
| | | | 1,066 |
| FINANCIALS - 0.0% | | | |
| Financial Services - 0.0% | | | |
| Akeana Series C (c)(d) | | 57,400 | 752 |
| HEALTH CARE - 0.0% | | | |
| Biotechnology - 0.0% | | | |
| ElevateBio LLC Series C (a)(c)(d) | | 111,100 | 340 |
| INFORMATION TECHNOLOGY - 0.1% | | | |
| Software - 0.1% | | | |
| ASAPP, Inc.: | | | |
| Series C (a)(c)(d) | | 367,427 | 933 |
| Series D (c)(d) | | 3,611,038 | 8,125 |
| | | | 9,058 |
| MATERIALS - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| Illuminated Holdings, Inc.: | | | |
| Series C2 (a)(c)(d) | | 76,285 | 1,227 |
| Series C3 (a)(c)(d) | | 95,356 | 1,534 |
| Series C4 (a)(c)(d) | | 27,230 | 438 |
| Series C5 (a)(c)(d) | | 53,844 | 866 |
| | | | 4,065 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $26,706) | | | 15,281 |
| | | | |
| Convertible Bonds - 0.0% |
| | | Principal Amount (f) (000s) | Value ($) (000s) |
| MATERIALS - 0.0% | | | |
| Metals & Mining - 0.0% | | | |
Illuminated Holdings, Inc. 15% (c)(d)(g) (Cost $1,619) | | 1,619 | 1,606 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (f) (000s) | Value ($) (000s) |
| MATERIALS - 0.0% | | | |
| Metals & Mining - 0.0% | | | |
Illuminated Holdings, Inc. 15% (c)(d)(g) (Cost $2,252) | | 2,252 | 2,347 |
| | | | |
| Money Market Funds - 1.4% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 5.39% (h) | | 103,407,803 | 103,428 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 32,022,192 | 32,025 |
| TOTAL MONEY MARKET FUNDS (Cost $135,453) | | | 135,453 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $6,075,004) | 10,012,404 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | 3,349 |
| NET ASSETS - 100.0% | 10,015,753 |
| | |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (b) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (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 $25,127,000 or 0.3% of net assets. |
| (e) | Security or a portion of the security is on loan at period end. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security is perpetual in nature with no stated maturity date. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| Akeana Series C | 1/23/24 | 732 |
| | | |
| ASAPP, Inc. warrants 8/28/28 | 8/29/23 | 0 |
| | | |
| ASAPP, Inc. Series C | 4/30/21 | 2,424 |
| | | |
| ASAPP, Inc. Series D | 8/29/23 | 13,944 |
| | | |
| Blu Investments LLC | 5/21/20 | 21 |
| | | |
| Canva, Inc. Series A | 9/22/23 | 902 |
| | | |
| Canva, Inc. Series A2 | 9/22/23 | 164 |
| | | |
| ElevateBio LLC Series C | 3/09/21 | 466 |
| | | |
| Epic Games, Inc. | 3/29/21 | 2,911 |
| | | |
| Illuminated Holdings, Inc. Series C2 | 7/07/20 | 1,907 |
| | | |
| Illuminated Holdings, Inc. Series C3 | 7/07/20 | 2,861 |
| | | |
| Illuminated Holdings, Inc. Series C4 | 1/08/21 | 980 |
| | | |
| Illuminated Holdings, Inc. Series C5 | 6/16/21 | 2,326 |
| | | |
| Illuminated Holdings, Inc. 15% | 6/14/23 | 1,619 |
| | | |
| Illuminated Holdings, Inc. 15% | 9/27/23 | 2,252 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 91,729 | 909,456 | 897,757 | 4,343 | - | - | 103,428 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 54,549 | 383,971 | 406,495 | 91 | - | - | 32,025 | 0.1% |
| Total | 146,278 | 1,293,427 | 1,304,252 | 4,434 | - | - | 135,453 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 1,117,244 | 937,994 | 177,277 | 1,973 |
Consumer Discretionary | 909,779 | 843,643 | 65,066 | 1,070 |
Consumer Staples | 69,405 | 64,412 | 4,993 | - |
Energy | 243,310 | 243,310 | - | - |
Financials | 622,234 | 621,482 | - | 752 |
Health Care | 1,442,288 | 1,392,491 | 49,167 | 630 |
Industrials | 1,250,103 | 1,142,015 | 108,088 | - |
Information Technology | 4,199,308 | 4,113,375 | 72,959 | 12,974 |
Materials | 19,327 | 15,262 | - | 4,065 |
|
| Corporate Bonds | 1,606 | - | - | 1,606 |
|
| Preferred Securities | 2,347 | - | - | 2,347 |
|
| Money Market Funds | 135,453 | 135,453 | - | - |
| Total Investments in Securities: | 10,012,404 | 9,509,437 | 477,550 | 25,417 |
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $31,373) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $5,939,551) | $ | 9,876,951 | | |
Fidelity Central Funds (cost $135,453) | | 135,453 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $6,075,004) | | | $ | 10,012,404 |
| Foreign currency held at value (cost $1,063) | | | | 1,063 |
| Receivable for investments sold | | | | 34,840 |
| Receivable for fund shares sold | | | | 11,847 |
| Dividends receivable | | | | 6,679 |
| Interest receivable | | | | 85 |
| Distributions receivable from Fidelity Central Funds | | | | 365 |
| Prepaid expenses | | | | 1 |
| Other receivables | | | | 128 |
Total assets | | | | 10,067,412 |
| Liabilities | | | | |
| Payable for investments purchased | | | | |
Regular delivery | $ | 3,769 | | |
Delayed delivery | | 1,667 | | |
| Payable for fund shares redeemed | | 3,672 | | |
| Accrued management fee | | 5,226 | | |
| Distribution and service plan fees payable | | 1,402 | | |
| Deferred taxes | | 3,700 | | |
| Other payables and accrued expenses | | 203 | | |
| Collateral on securities loaned | | 32,020 | | |
| Total liabilities | | | | 51,659 |
| Net Assets | | | $ | 10,015,753 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 5,692,801 |
| Total accumulated earnings (loss) | | | | 4,322,952 |
| Net Assets | | | $ | 10,015,753 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($2,307,816 ÷ 115,828 shares)(a) | | | $ | 19.92 |
| Maximum offering price per share (100/94.25 of $19.92) | | | $ | 21.14 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($1,896,592 ÷ 99,002 shares)(a) | | | $ | 19.16 |
| Maximum offering price per share (100/96.50 of $19.16) | | | $ | 19.85 |
| Class C : | | | | |
Net Asset Value and offering price per share ($170,197 ÷ 11,461 shares)(a) | | | $ | 14.85 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($3,048,559 ÷ 131,805 shares) | | | $ | 23.13 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($2,592,589 ÷ 110,386 shares) | | | $ | 23.49 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| Statement of Operations |
| Amounts in thousands | | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 24,555 |
| Interest | | | | 85 |
| Income from Fidelity Central Funds (including $91 from security lending) | | | | 4,434 |
| Total income | | | | 29,074 |
| Expenses | | | | |
| Management fee | $ | 26,417 | | |
| Transfer agent fees | | 2,874 | | |
| Distribution and service plan fees | | 7,923 | | |
| Accounting fees | | 312 | | |
| Custodian fees and expenses | | 96 | | |
| Independent trustees' fees and expenses | | 19 | | |
| Registration fees | | 119 | | |
| Audit | | 40 | | |
| Legal | | 4 | | |
| Miscellaneous | | 52 | | |
| Total expenses before reductions | | 37,856 | | |
| Expense reductions | | (380) | | |
| Total expenses after reductions | | | | 37,476 |
| Net Investment income (loss) | | | | (8,402) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 403,870 | | |
| Redemptions in-kind | | 6,217 | | |
| Foreign currency transactions | | 42 | | |
| Total net realized gain (loss) | | | | 410,129 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,553) | | 1,355,532 | | |
| Assets and liabilities in foreign currencies | | 20 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 1,355,552 |
| Net gain (loss) | | | | 1,765,681 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 1,757,279 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (8,402) | $ | (5,213) |
| Net realized gain (loss) | | 410,129 | | 58,197 |
| Change in net unrealized appreciation (depreciation) | | 1,355,552 | | 1,227,720 |
| Net increase (decrease) in net assets resulting from operations | | 1,757,279 | | 1,280,704 |
| Distributions to shareholders | | (42,611) | | (103,218) |
| | | | | |
| Share transactions - net increase (decrease) | | 590,470 | | 1,647,315 |
| Total increase (decrease) in net assets | | 2,305,138 | | 2,824,801 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 7,710,615 | | 4,885,814 |
| End of period | $ | 10,015,753 | $ | 7,710,615 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Equity Growth Fund Class A |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 16.39 | $ | 13.85 | $ | 19.23 | $ | 17.06 | $ | 13.07 | $ | 11.84 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.03) | | (.02) | | (.02) | | - C | | (.05) | | (.02) |
| Net realized and unrealized gain (loss) | | 3.66 | | 2.85 | | (3.14) | | 4.08 | | 5.22 | | 1.97 |
| Total from investment operations | | 3.63 | | 2.83 | | (3.16) | | 4.08 | | 5.17 | | 1.95 |
| Distributions from net realized gain | | (.10) | | (.29) | | (2.22) | | (1.91) | | (1.18) | | (.72) |
| Total distributions | | (.10) | | (.29) | | (2.22) | | (1.91) | | (1.18) | | (.72) |
| Net asset value, end of period | $ | 19.92 | $ | 16.39 | $ | 13.85 | $ | 19.23 | $ | 17.06 | $ | 13.07 |
Total Return D,E,F | | | | 21.03% | | (18.79)% | | 26.35% | | 42.92% | | 18.34% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .94% I,J | | .96% | | .97% | | .97% | | .99% | | 1.01% |
| Expenses net of fee waivers, if any | | | | .96% | | .97% | | .97% | | .99% | | 1.01% |
| Expenses net of all reductions | | .93% I,J | | .96% | | .97% | | .97% | | .99% | | 1.01% |
| Net investment income (loss) | | (.29)% I,J | | (.16)% | | (.11)% | | (.02)% C | | (.33)% | | (.16)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 2,308 | $ | 1,821 | $ | 1,422 | $ | 1,752 | $ | 1,477 | $ | 1,049 |
Portfolio turnover rate K | | | | 43% | | 40% | | 44% | | 52% | | 49% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.31)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Equity Growth Fund Class M |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.78 | $ | 13.38 | $ | 18.64 | $ | 16.60 | $ | 12.78 | $ | 11.61 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.05) | | (.06) | | (.05) | | (.04) C | | (.08) | | (.05) |
| Net realized and unrealized gain (loss) | | 3.53 | | 2.75 | | (3.04) | | 3.95 | | 5.08 | | 1.94 |
| Total from investment operations | | 3.48 | | 2.69 | | (3.09) | | 3.91 | | 5.00 | | 1.89 |
| Distributions from net realized gain | | (.10) | | (.29) | | (2.17) | | (1.87) | | (1.18) | | (.72) |
| Total distributions | | (.10) | | (.29) | | (2.17) | | (1.87) | | (1.18) | | (.72) |
| Net asset value, end of period | $ | 19.16 | $ | 15.78 | $ | 13.38 | $ | 18.64 | $ | 16.60 | $ | 12.78 |
Total Return D,E,F | | | | 20.71% | | (18.95)% | | 25.99% | | 42.54% | | 18.18% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | 1.18% I,J | | 1.21% | | 1.21% | | 1.21% | | 1.23% | | 1.25% |
| Expenses net of fee waivers, if any | | | | 1.20% | | 1.21% | | 1.21% | | 1.23% | | 1.25% |
| Expenses net of all reductions | | 1.17% I,J | | 1.20% | | 1.21% | | 1.21% | | 1.23% | | 1.24% |
| Net investment income (loss) | | (.53)% I,J | | (.40)% | | (.36)% | | (.26)% C | | (.57)% | | (.40)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 1,897 | $ | 1,619 | $ | 1,437 | $ | 1,938 | $ | 1,747 | $ | 1,417 |
Portfolio turnover rate K | | | | 43% | | 40% | | 44% | | 52% | | 49% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.56)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Equity Growth Fund Class C |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.28 | $ | 10.54 | $ | 15.14 | $ | 13.84 | $ | 10.90 | $ | 10.07 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.07) | | (.10) | | (.10) | | (.11) C | | (.13) | | (.09) |
| Net realized and unrealized gain (loss) | | 2.74 | | 2.13 | | (2.39) | | 3.24 | | 4.25 | | 1.64 |
| Total from investment operations | | 2.67 | | 2.03 | | (2.49) | | 3.13 | | 4.12 | | 1.55 |
| Distributions from net realized gain | | (.10) | | (.29) | | (2.11) | | (1.83) | | (1.18) | | (.72) |
| Total distributions | | (.10) | | (.29) | | (2.11) | | (1.83) | | (1.18) | | (.72) |
| Net asset value, end of period | $ | 14.85 | $ | 12.28 | $ | 10.54 | $ | 15.14 | $ | 13.84 | $ | 10.90 |
Total Return D,E,F | | | | 20.01% | | (19.38)% | | 25.36% | | 41.73% | | 17.53% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | 1.70% I,J | | 1.74% | | 1.75% | | 1.74% | | 1.78% | | 1.80% |
| Expenses net of fee waivers, if any | | | | 1.74% | | 1.75% | | 1.74% | | 1.77% | | 1.80% |
| Expenses net of all reductions | | 1.69% I,J | | 1.74% | | 1.75% | | 1.74% | | 1.77% | | 1.79% |
| Net investment income (loss) | | (1.05)% I | | (.93)% J | | (.89)% | | (.79)% C | | (1.12)% | | (.95)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 170 | $ | 133 | $ | 98 | $ | 134 | $ | 131 | $ | 101 |
Portfolio turnover rate K | | | | 43% | | 40% | | 44% | | 52% | | 49% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.09)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Equity Growth Fund Class I |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 18.99 | $ | 15.95 | $ | 21.82 | $ | 19.10 | $ | 14.46 | $ | 12.98 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | - C | | .02 | | .02 | | .05 D | | (.01) | | .01 |
| Net realized and unrealized gain (loss) | | 4.24 | | 3.31 | | (3.63) | | 4.61 | | 5.83 | | 2.19 |
| Total from investment operations | | 4.24 | | 3.33 | | (3.61) | | 4.66 | | 5.82 | | 2.20 |
| Distributions from net realized gain | | (.10) | | (.29) | | (2.26) | | (1.94) | | (1.18) | | (.72) |
| Total distributions | | (.10) | | (.29) | | (2.26) | | (1.94) | | (1.18) | | (.72) |
| Net asset value, end of period | $ | 23.13 | $ | 18.99 | $ | 15.95 | $ | 21.82 | $ | 19.10 | $ | 14.46 |
Total Return E,F | | | | 21.40% | | (18.62)% | | 26.65% | | 43.32% | | 18.68% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .69% I,J | | .71% | | .72% | | .71% | | .74% | | .75% |
| Expenses net of fee waivers, if any | | | | .71% | | .71% | | .71% | | .73% | | .75% |
| Expenses net of all reductions | | .68% I,J | | .71% | | .71% | | .71% | | .73% | | .75% |
| Net investment income (loss) | | (.04)% I,J | | .09% | | .14% | | .24% D | | (.07)% | | .10% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 3,049 | $ | 2,548 | $ | 1,285 | $ | 1,067 | $ | 770 | $ | 548 |
Portfolio turnover rate K | | | | 43% | | 40% | | 44% | | 52% | | 49% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.06)%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Equity Growth Fund Class Z |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.27 | $ | 16.17 | $ | 22.07 | $ | 19.30 | $ | 14.59 | $ | 13.07 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .01 | | .04 | | .04 | | .07 C | | .01 | | .03 |
| Net realized and unrealized gain (loss) | | 4.31 | | 3.35 | | (3.66) | | 4.66 | | 5.88 | | 2.21 |
| Total from investment operations | | 4.32 | | 3.39 | | (3.62) | | 4.73 | | 5.89 | | 2.24 |
| Distributions from net realized gain | | (.10) | | (.29) | | (2.28) | | (1.96) | | (1.18) | | (.72) |
| Total distributions | | (.10) | | (.29) | | (2.28) | | (1.96) | | (1.18) | | (.72) |
| Net asset value, end of period | $ | 23.49 | $ | 19.27 | $ | 16.17 | $ | 22.07 | $ | 19.30 | $ | 14.59 |
Total Return D,E | | | | 21.48% | | (18.46)% | | 26.77% | | 43.43% | | 18.87% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .57% H,I | | .59% | | .60% | | .60% | | .61% | | .62% |
| Expenses net of fee waivers, if any | | | | .59% | | .60% | | .60% | | .61% | | .62% |
| Expenses net of all reductions | | .57% H,I | | .59% | | .60% | | .60% | | .61% | | .62% |
| Net investment income (loss) | | .07% H,I | | .22% | | .26% | | .35% C | | .05% | | .23% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 2,593 | $ | 1,590 | $ | 645 | $ | 285 | $ | 180 | $ | 112 |
Portfolio turnover rate J | | | | 43% | | 40% | | 44% | | 52% | | 49% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .06%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAudit fees are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Equity Growth Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the other Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Advisor Equity Growth Fund | $23 |
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 foreign currency transactions, certain foreign taxes, partnerships and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $4,158,339 |
| Gross unrealized depreciation | (226,377) |
| Net unrealized appreciation (depreciation) | $3,931,962 |
| Tax cost | $6,080,442 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Equity Growth Fund | 2,135,328 | 1,644,258 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Advisor Equity Growth Fund | 565 | 6,217 | 11,042 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .67% |
| Class M | .66% |
| Class C | .70% |
| Class I | .67% |
| Class Z | .55% |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .67 |
| Class M | .66 |
| Class C | .67 |
| Class I | .67 |
| Class Z | .55 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 2,646 | 66 |
| Class M | .25% | .25% | 4,506 | 26 |
| Class C | .75% | .25% | 771 | 200 |
| | | | 7,923 | 292 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 535 |
| Class M | 19 |
Class CA | 2 |
| | 556 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| | % of Class-Level Average Net Assets |
| Class A | .1635 |
| Class M | .1570 |
| Class C | .1883 |
| Class I | .1641 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | Amount ($) | % of Class-Level Average Net AssetsA |
| Class A | 825 | .17 |
| Class M | 688 | .16 |
| Class C | 68 | .19 |
| Class I | 1,076 | .17 |
| Class Z | 217 | .04 |
| | 2,874 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Equity Growth Fund | .0147 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Advisor Equity Growth Fund | .01 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Equity Growth Fund | 12 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Equity Growth Fund | 102,179 | 58,966 | 8,507 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Equity Growth Fund | 8 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Equity Growth Fund | 10 | 5 | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $379.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Equity Growth Fund | | |
| Distributions to shareholders | | |
| Class A | $10,700 | $29,592 |
| Class M | 9,787 | 30,631 |
| Class C | 1,028 | 2,701 |
| Class I | 11,788 | 27,944 |
| Class Z | 9,308 | 12,350 |
Total | $42,611 | $103,218 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Six months ended May 31, 2024 | Year ended November 30, 2023 | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Equity Growth Fund | | | | |
| Class A | | | | |
| Shares sold | 11,477 | 21,267 | $213,171 | $310,421 |
| Reinvestment of distributions | 581 | 2,171 | 9,924 | 27,414 |
| Shares redeemed | (7,346) | (15,004) | (135,881) | (218,142) |
| Net increase (decrease) | 4,712 | 8,434 | $87,214 | $119,693 |
| Class M | | | | |
| Shares sold | 4,160 | 7,691 | $74,406 | $107,913 |
| Reinvestment of distributions | 582 | 2,457 | 9,560 | 29,949 |
| Shares redeemed | (8,340) | (14,950) | (148,284) | (210,990) |
| Net increase (decrease) | (3,598) | (4,802) | $(64,318) | $(73,128) |
| Class C | | | | |
| Shares sold | 2,198 | 4,131 | $30,534 | $45,054 |
| Reinvestment of distributions | 79 | 276 | 1,007 | 2,629 |
| Shares redeemed | (1,608) | (2,881) | (21,989) | (31,585) |
| Net increase (decrease) | 669 | 1,526 | $9,552 | $16,098 |
| Class I | | | | |
| Shares sold | 24,258 | 80,228 | $524,921 | $1,321,123 |
| Reinvestment of distributions | 562 | 1,802 | 11,122 | 26,307 |
| Shares redeemed | (27,234) | (28,342) | (557,123) | (479,338) |
| Net increase (decrease) | (2,414) | 53,688 | $(21,080) | $868,092 |
| Class Z | | | | |
| Shares sold | 38,100 | 58,182 | $803,473 | $985,369 |
| Reinvestment of distributions | 438 | 773 | 8,799 | 11,444 |
| Shares redeemed | (10,666) | (16,335) | (233,170) | (280,253) |
| Net increase (decrease) | 27,872 | 42,620 | $579,102 | $716,560 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Equity Growth Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Equity Growth Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered a pro forma management fee rate for Class I as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Class I of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Class I of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Class I of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the mapped group for the 12-month period ended September 30, 2023 and above the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023. The Board noted that the fund has a management fee structure that covers expenses for services beyond portfolio management and further noted that Fidelity believes that total expense ratio comparisons are more useful in this context.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.704747.126
EPG-SANN-0724
Fidelity Advisor® Dividend Growth Fund
Semi-Annual Report
May 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Dividend Growth Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.6% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 5.7% | | | |
| Interactive Media & Services - 4.0% | | | |
| Alphabet, Inc. Class A | | 49,300 | 8,504 |
| Meta Platforms, Inc. Class A | | 112,800 | 52,658 |
| | | | 61,162 |
| Media - 1.1% | | | |
| Comcast Corp. Class A | | 404,650 | 16,198 |
| Wireless Telecommunication Services - 0.6% | | | |
| T-Mobile U.S., Inc. | | 49,500 | 8,661 |
TOTAL COMMUNICATION SERVICES | | | 86,021 |
| CONSUMER DISCRETIONARY - 2.0% | | | |
| Hotels, Restaurants & Leisure - 0.3% | | | |
| Churchill Downs, Inc. | | 14,700 | 1,904 |
| Hilton Worldwide Holdings, Inc. | | 15,400 | 3,089 |
| Starbucks Corp. | | 100 | 8 |
| | | | 5,001 |
| Household Durables - 1.4% | | | |
| D.R. Horton, Inc. | | 17,900 | 2,646 |
| JM AB (B Shares) (a) | | 220,389 | 4,276 |
| Lennar Corp. Class A | | 24,500 | 3,929 |
| Vistry Group PLC | | 628,000 | 10,405 |
| | | | 21,256 |
| Textiles, Apparel & Luxury Goods - 0.3% | | | |
| Gildan Activewear, Inc. | | 107,400 | 4,110 |
TOTAL CONSUMER DISCRETIONARY | | | 30,367 |
| CONSUMER STAPLES - 3.6% | | | |
| Beverages - 0.5% | | | |
| Keurig Dr. Pepper, Inc. | | 208,000 | 7,124 |
| Consumer Staples Distribution & Retail - 0.3% | | | |
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 77,700 | 4,535 |
| Personal Care Products - 0.4% | | | |
| Kenvue, Inc. | | 317,300 | 6,124 |
| Tobacco - 2.4% | | | |
| Altria Group, Inc. | | 113,273 | 5,239 |
| British American Tobacco PLC (United Kingdom) | | 292,767 | 9,054 |
| Philip Morris International, Inc. | | 219,500 | 22,253 |
| | | | 36,546 |
TOTAL CONSUMER STAPLES | | | 54,329 |
| ENERGY - 11.3% | | | |
| Energy Equipment & Services - 3.2% | | | |
| Borr Drilling Ltd. | | 205,300 | 1,377 |
| Borr Drilling Ltd. | | 1,018,800 | 7,020 |
| Noble Corp. PLC (a) | | 189,998 | 8,827 |
| Seadrill Ltd. (b) | | 119,000 | 6,173 |
| Subsea 7 SA sponsored ADR | | 241,600 | 4,446 |
| Tidewater, Inc. (b) | | 200,900 | 20,759 |
| | | | 48,602 |
| Oil, Gas & Consumable Fuels - 8.1% | | | |
| Cameco Corp. (a) | | 93,000 | 5,162 |
| Cool Co. Ltd. | | 253,118 | 3,173 |
| Energy Transfer LP | | 1,304,400 | 20,440 |
| Enterprise Products Partners LP | | 428,700 | 12,218 |
| Exxon Mobil Corp. | | 354,222 | 41,536 |
| Marathon Petroleum Corp. | | 21,200 | 3,744 |
| Parkland Corp. | | 286,300 | 8,262 |
| Reliance Industries Ltd. GDR (c) | | 94,400 | 6,594 |
| Sitio Royalties Corp. | | 353,700 | 8,287 |
| Teekay Tankers Ltd. | | 185,639 | 13,520 |
| | | | 122,936 |
TOTAL ENERGY | | | 171,538 |
| FINANCIALS - 14.9% | | | |
| Banks - 2.4% | | | |
| Bank of America Corp. | | 279,500 | 11,177 |
| HDFC Bank Ltd. | | 216,400 | 3,976 |
| Wells Fargo & Co. | | 346,990 | 20,792 |
| | | | 35,945 |
| Capital Markets - 4.2% | | | |
| Ares Capital Corp. (a) | | 896,997 | 19,348 |
| Blue Owl Capital, Inc. Class A | | 410,500 | 7,385 |
| Brookfield Corp. Class A | | 497,100 | 21,619 |
| BSE Ltd. | | 122,700 | 3,960 |
| Intercontinental Exchange, Inc. | | 46,000 | 6,159 |
| KKR & Co. LP | | 45,000 | 4,628 |
| | | | 63,099 |
| Financial Services - 5.9% | | | |
| Apollo Global Management, Inc. | | 243,700 | 28,308 |
| Fidelity National Information Services, Inc. | | 68,300 | 5,183 |
| Global Payments, Inc. | | 149,400 | 15,216 |
| MasterCard, Inc. Class A | | 38,300 | 17,123 |
| Visa, Inc. Class A | | 89,623 | 24,419 |
| | | | 90,249 |
| Insurance - 2.4% | | | |
| Arthur J. Gallagher & Co. | | 43,300 | 10,969 |
| Chubb Ltd. | | 40,700 | 11,022 |
| Fidelity National Financial, Inc. | | 76,900 | 3,873 |
| Marsh & McLennan Companies, Inc. | | 24,900 | 5,169 |
| The Travelers Companies, Inc. | | 28,400 | 6,126 |
| | | | 37,159 |
TOTAL FINANCIALS | | | 226,452 |
| HEALTH CARE - 8.2% | | | |
| Biotechnology - 0.3% | | | |
| Gilead Sciences, Inc. | | 65,600 | 4,216 |
| Health Care Providers & Services - 4.9% | | | |
| Cardinal Health, Inc. | | 41,300 | 4,100 |
| Cigna Group | | 71,600 | 24,675 |
| Elevance Health, Inc. | | 21,500 | 11,577 |
| HCA Holdings, Inc. | | 7,500 | 2,548 |
| Humana, Inc. | | 15,600 | 5,587 |
| UnitedHealth Group, Inc. | | 52,497 | 26,005 |
| | | | 74,492 |
| Life Sciences Tools & Services - 0.3% | | | |
| Danaher Corp. | | 14,000 | 3,595 |
| Thermo Fisher Scientific, Inc. | | 1,800 | 1,022 |
| | | | 4,617 |
| Pharmaceuticals - 2.7% | | | |
| Bristol-Myers Squibb Co. | | 67,000 | 2,753 |
| Eli Lilly & Co. | | 27,700 | 22,723 |
| Novo Nordisk A/S Series B sponsored ADR | | 64,900 | 8,780 |
| Royalty Pharma PLC | | 258,800 | 7,094 |
| | | | 41,350 |
TOTAL HEALTH CARE | | | 124,675 |
| INDUSTRIALS - 16.1% | | | |
| Aerospace & Defense - 5.9% | | | |
| Airbus Group NV | | 17,400 | 2,960 |
| BAE Systems PLC | | 270,500 | 4,817 |
| General Dynamics Corp. | | 30,900 | 9,263 |
| General Electric Co. | | 80,987 | 13,374 |
| Howmet Aerospace, Inc. | | 82,300 | 6,967 |
| Huntington Ingalls Industries, Inc. | | 30,800 | 7,795 |
| Spirit AeroSystems Holdings, Inc. Class A (b) | | 204,300 | 6,194 |
| Textron, Inc. | | 68,800 | 6,028 |
| Thales SA | | 36,600 | 6,647 |
| The Boeing Co. (b) | | 146,000 | 25,931 |
| | | | 89,976 |
| Commercial Services & Supplies - 0.8% | | | |
| GFL Environmental, Inc. | | 170,600 | 5,371 |
| The Brink's Co. | | 70,500 | 7,278 |
| | | | 12,649 |
| Construction & Engineering - 1.3% | | | |
| EMCOR Group, Inc. | | 34,100 | 13,253 |
| Quanta Services, Inc. | | 24,000 | 6,623 |
| | | | 19,876 |
| Electrical Equipment - 3.1% | | | |
| GE Vernova LLC | | 99,046 | 17,422 |
| nVent Electric PLC | | 69,600 | 5,664 |
| Prysmian SpA | | 67,600 | 4,446 |
| Vertiv Holdings Co. | | 191,900 | 18,820 |
| | | | 46,352 |
| Machinery - 1.9% | | | |
| Allison Transmission Holdings, Inc. | | 368,943 | 27,970 |
| Marine Transportation - 0.8% | | | |
| 2020 Bulkers Ltd. | | 215,900 | 3,372 |
| Himalaya Shipping Ltd. | | 76,700 | 735 |
| Himalaya Shipping Ltd. | | 207,000 | 1,973 |
| Stolt-Nielsen SA | | 132,300 | 6,111 |
| | | | 12,191 |
| Professional Services - 1.4% | | | |
| Genpact Ltd. | | 107,200 | 3,544 |
| Paycom Software, Inc. | | 46,700 | 6,786 |
| SS&C Technologies Holdings, Inc. | | 173,300 | 10,753 |
| | | | 21,083 |
| Trading Companies & Distributors - 0.9% | | | |
| Applied Industrial Technologies, Inc. | | 19,300 | 3,725 |
| Watsco, Inc. (a) | | 20,500 | 9,735 |
| | | | 13,460 |
TOTAL INDUSTRIALS | | | 243,557 |
| INFORMATION TECHNOLOGY - 26.9% | | | |
| IT Services - 0.2% | | | |
| Amdocs Ltd. | | 33,700 | 2,662 |
| Semiconductors & Semiconductor Equipment - 17.2% | | | |
| Amkor Technology, Inc. | | 138,200 | 4,504 |
| ASML Holding NV (Netherlands) | | 4,900 | 4,688 |
| BE Semiconductor Industries NV | | 39,800 | 5,921 |
| Broadcom, Inc. | | 25,600 | 34,011 |
| Marvell Technology, Inc. | | 277,545 | 19,098 |
| Micron Technology, Inc. | | 166,700 | 20,838 |
| NVIDIA Corp. | | 100,100 | 109,740 |
| NXP Semiconductors NV | | 30,868 | 8,399 |
| Qualcomm, Inc. | | 107,000 | 21,833 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 76,500 | 11,555 |
| Teradyne, Inc. | | 108,700 | 15,320 |
| Universal Display Corp. | | 25,400 | 4,463 |
| | | | 260,370 |
| Software - 8.3% | | | |
| Intuit, Inc. | | 25,400 | 14,642 |
| Microsoft Corp. | | 229,500 | 95,272 |
| Oracle Corp. | | 117,700 | 13,793 |
| Salesforce, Inc. | | 10,400 | 2,438 |
| | | | 126,145 |
| Technology Hardware, Storage & Peripherals - 1.2% | | | |
| Apple, Inc. | | 18,096 | 3,479 |
| Dell Technologies, Inc. | | 38,200 | 5,331 |
| Samsung Electronics Co. Ltd. | | 184,410 | 9,783 |
| | | | 18,593 |
TOTAL INFORMATION TECHNOLOGY | | | 407,770 |
| MATERIALS - 3.2% | | | |
| Chemicals - 0.4% | | | |
| LyondellBasell Industries NV Class A | | 35,500 | 3,529 |
| Olin Corp. | | 50,700 | 2,726 |
| | | | 6,255 |
| Metals & Mining - 2.8% | | | |
| Arch Resources, Inc. Class A, (a) | | 40,400 | 7,027 |
| First Quantum Minerals Ltd. | | 388,700 | 4,994 |
| Franco-Nevada Corp. | | 36,300 | 4,494 |
| Freeport-McMoRan, Inc. | | 151,200 | 7,973 |
| Glencore PLC | | 717,100 | 4,420 |
| Newmont Corp. | | 133,800 | 5,612 |
| Wheaton Precious Metals Corp. | | 140,400 | 7,690 |
| | | | 42,210 |
TOTAL MATERIALS | | | 48,465 |
| REAL ESTATE - 1.5% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.8% | | | |
| American Tower Corp. | | 15,000 | 2,936 |
| Crown Castle, Inc. | | 37,300 | 3,823 |
| Rexford Industrial Realty, Inc. | | 98,500 | 4,468 |
| | | | 11,227 |
| Real Estate Management & Development - 0.7% | | | |
| The St. Joe Co. | | 193,900 | 10,975 |
TOTAL REAL ESTATE | | | 22,202 |
| UTILITIES - 5.2% | | | |
| Electric Utilities - 3.3% | | | |
| Constellation Energy Corp. | | 33,833 | 7,350 |
| Edison International | | 127,600 | 9,806 |
| Exelon Corp. | | 147,300 | 5,531 |
| FirstEnergy Corp. | | 170,500 | 6,864 |
| NextEra Energy, Inc. | | 197,100 | 15,772 |
| Southern Co. | | 71,200 | 5,706 |
| | | | 51,029 |
| Independent Power and Renewable Electricity Producers - 1.9% | | | |
| The AES Corp. | | 257,900 | 5,568 |
| Vistra Corp. | | 231,300 | 22,917 |
| | | | 28,485 |
TOTAL UTILITIES | | | 79,514 |
| TOTAL COMMON STOCKS (Cost $1,063,357) | | | 1,494,890 |
| | | | |
| Money Market Funds - 3.1% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 5.39% (d) | | 20,328,056 | 20,332 |
| Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 26,183,996 | 26,187 |
| TOTAL MONEY MARKET FUNDS (Cost $46,519) | | | 46,519 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.7% (Cost $1,109,876) | 1,541,409 |
NET OTHER ASSETS (LIABILITIES) - (1.7)% | (25,086) |
| NET ASSETS - 100.0% | 1,516,323 |
| | |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,594,000 or 0.4% of net assets. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 20,492 | 174,945 | 175,105 | 592 | - | - | 20,332 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 18,978 | 122,497 | 115,288 | 103 | - | - | 26,187 | 0.1% |
| Total | 39,470 | 297,442 | 290,393 | 695 | - | - | 46,519 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 86,021 | 86,021 | - | - |
Consumer Discretionary | 30,367 | 15,686 | 14,681 | - |
Consumer Staples | 54,329 | 45,275 | 9,054 | - |
Energy | 171,538 | 160,394 | 11,144 | - |
Financials | 226,452 | 222,476 | 3,976 | - |
Health Care | 124,675 | 124,675 | - | - |
Industrials | 243,557 | 214,469 | 29,088 | - |
Information Technology | 407,770 | 387,378 | 20,392 | - |
Materials | 48,465 | 44,045 | 4,420 | - |
Real Estate | 22,202 | 22,202 | - | - |
Utilities | 79,514 | 79,514 | - | - |
|
| Money Market Funds | 46,519 | 46,519 | - | - |
| Total Investments in Securities: | 1,541,409 | 1,448,654 | 92,755 | - |
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $25,902) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,063,357) | $ | 1,494,890 | | |
Fidelity Central Funds (cost $46,519) | | 46,519 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,109,876) | | | $ | 1,541,409 |
| Foreign currency held at value (cost $30) | | | | 29 |
| Receivable for investments sold | | | | 152 |
| Receivable for fund shares sold | | | | 1,294 |
| Dividends receivable | | | | 1,860 |
| Distributions receivable from Fidelity Central Funds | | | | 71 |
| Other receivables | | | | 7 |
Total assets | | | | 1,544,822 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 901 | | |
| Accrued management fee | | 914 | | |
| Distribution and service plan fees payable | | 320 | | |
| Deferred taxes | | 118 | | |
| Other payables and accrued expenses | | 59 | | |
| Collateral on securities loaned | | 26,187 | | |
| Total liabilities | | | | 28,499 |
| Net Assets | | | $ | 1,516,323 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,041,060 |
| Total accumulated earnings (loss) | | | | 475,263 |
| Net Assets | | | $ | 1,516,323 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($578,323 ÷ 26,564 shares)(a) | | | $ | 21.77 |
| Maximum offering price per share (100/94.25 of $21.77) | | | $ | 23.10 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($398,729 ÷ 18,394 shares)(a) | | | $ | 21.68 |
| Maximum offering price per share (100/96.50 of $21.68) | | | $ | 22.47 |
| Class C : | | | | |
Net Asset Value and offering price per share ($46,447 ÷ 2,298 shares)(a) | | | $ | 20.21 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($371,867 ÷ 15,794 shares)(b) | | | $ | 23.55 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($120,957 ÷ 5,031 shares) | | | $ | 24.04 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares. |
| Statement of Operations |
| Amounts in thousands | | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 10,690 |
| Income from Fidelity Central Funds (including $103 from security lending) | | | | 695 |
| Total income | | | | 11,385 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 4,066 | | |
| Performance adjustment | | (15) | | |
| Transfer agent fees | | 535 | | |
| Distribution and service plan fees | | 1,788 | | |
| Accounting fees | | 90 | | |
| Custodian fees and expenses | | 18 | | |
| Independent trustees' fees and expenses | | 3 | | |
| Registration fees | | 44 | | |
| Audit | | 32 | | |
| Legal | | 2 | | |
| Miscellaneous | | 16 | | |
| Total expenses before reductions | | 6,579 | | |
| Expense reductions | | (56) | | |
| Total expenses after reductions | | | | 6,523 |
| Net Investment income (loss) | | | | 4,862 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 46,973 | | |
| Foreign currency transactions | | (2) | | |
| Total net realized gain (loss) | | | | 46,971 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $118) | | 231,129 | | |
| Assets and liabilities in foreign currencies | | (4) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 231,125 |
| Net gain (loss) | | | | 278,096 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 282,958 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 4,862 | $ | 11,589 |
| Net realized gain (loss) | | 46,971 | | 22,788 |
| Change in net unrealized appreciation (depreciation) | | 231,125 | | 40,768 |
| Net increase (decrease) in net assets resulting from operations | | 282,958 | | 75,145 |
| Distributions to shareholders | | (30,204) | | (90,573) |
| | | | | |
| Share transactions - net increase (decrease) | | 134,403 | | 14,086 |
| Total increase (decrease) in net assets | | 387,157 | | (1,342) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,129,166 | | 1,130,508 |
| End of period | $ | 1,516,323 | $ | 1,129,166 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Dividend Growth Fund Class A |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 18.02 | $ | 18.40 | $ | 20.29 | $ | 16.20 | $ | 17.06 | $ | 17.97 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .07 | | .18 | | .21 | | .14 | | .27 | | .24 C |
| Net realized and unrealized gain (loss) | | 4.17 | | .95 | | (.83) | | 4.19 | | (.35) | | 1.39 |
| Total from investment operations | | 4.24 | | 1.13 | | (.62) | | 4.33 | | (.08) | | 1.63 |
| Distributions from net investment income | | (.13) | | (.20) | | (.28) | | (.24) | | (.25) | | (.27) |
| Distributions from net realized gain | | (.37) | | (1.31) | | (.99) | | - | | (.54) | | (2.27) |
| Total distributions | | (.49) D | | (1.51) | | (1.27) | | (.24) | | (.78) D | | (2.54) |
| Net asset value, end of period | $ | 21.77 | $ | 18.02 | $ | 18.40 | $ | 20.29 | $ | 16.20 | $ | 17.06 |
Total Return E,F,G | | | | 7.00% | | (3.46)% | | 27.06% | | (.60)% | | 12.84% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .97% J | | .99% | | .82% | | .83% | | .81% | | .82% |
| Expenses net of fee waivers, if any | | | | .99% | | .81% | | .83% | | .81% | | .82% |
| Expenses net of all reductions | | .96% J | | .99% | | .81% | | .83% | | .80% | | .81% |
| Net investment income (loss) | | .74% J | | 1.08% | | 1.16% | | .73% | | 1.84% | | 1.53% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 578 | $ | 467 | $ | 452 | $ | 477 | $ | 374 | $ | 421 |
Portfolio turnover rate K | | | | 65% | | 57% | | 54% | | 113% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.28%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Dividend Growth Fund Class M |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 17.94 | $ | 18.29 | $ | 20.14 | $ | 16.08 | $ | 16.94 | $ | 17.85 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .05 | | .14 | | .17 | | .09 | | .23 | | .20 C |
| Net realized and unrealized gain (loss) | | 4.16 | | .94 | | (.83) | | 4.17 | | (.35) | | 1.39 |
| Total from investment operations | | 4.21 | | 1.08 | | (.66) | | 4.26 | | (.12) | | 1.59 |
| Distributions from net investment income | | (.10) | | (.12) | | (.20) | | (.20) | | (.21) | | (.23) |
| Distributions from net realized gain | | (.37) | | (1.31) | | (.99) | | - | | (.54) | | (2.27) |
| Total distributions | | (.47) | | (1.43) | | (1.19) | | (.20) | | (.74) D | | (2.50) |
| Net asset value, end of period | $ | 21.68 | $ | 17.94 | $ | 18.29 | $ | 20.14 | $ | 16.08 | $ | 16.94 |
Total Return E,F,G | | | | 6.72% | | (3.70)% | | 26.77% | | (.85)% | | 12.59% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.21% J | | 1.23% | | 1.06% | | 1.07% | | 1.05% | | 1.07% |
| Expenses net of fee waivers, if any | | | | 1.23% | | 1.06% | | 1.07% | | 1.05% | | 1.07% |
| Expenses net of all reductions | | 1.20% J | | 1.23% | | 1.06% | | 1.07% | | 1.04% | | 1.06% |
| Net investment income (loss) | | .50% J | | .84% | | .92% | | .49% | | 1.59% | | 1.28% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 399 | $ | 334 | $ | 341 | $ | 368 | $ | 316 | $ | 376 |
Portfolio turnover rate K | | | | 65% | | 57% | | 54% | | 113% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.03%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Dividend Growth Fund Class C |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 16.77 | $ | 17.17 | $ | 18.89 | $ | 15.10 | $ | 15.92 | $ | 16.92 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | - | | .05 | | .06 | | (.01) | | .14 | | .11 C |
| Net realized and unrealized gain (loss) | | 3.87 | | .87 | | (.77) | | 3.92 | | (.34) | | 1.29 |
| Total from investment operations | | 3.87 | | .92 | | (.71) | | 3.91 | | (.20) | | 1.40 |
| Distributions from net investment income | | (.07) | | (.02) | | (.05) | | (.12) | | (.08) | | (.14) |
| Distributions from net realized gain | | (.37) | | (1.31) | | (.96) | | - | | (.54) | | (2.27) |
| Total distributions | | (.43) D | | (1.32) D | | (1.01) | | (.12) | | (.62) | | (2.40) D |
| Net asset value, end of period | $ | 20.21 | $ | 16.77 | $ | 17.17 | $ | 18.89 | $ | 15.10 | $ | 15.92 |
Total Return E,F,G | | | | 6.17% | | (4.18)% | | 26.03% | | (1.41)% | | 11.98% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.73% J | | 1.78% | | 1.60% | | 1.62% | | 1.61% | | 1.62% |
| Expenses net of fee waivers, if any | | | | 1.77% | | 1.60% | | 1.62% | | 1.61% | | 1.61% |
| Expenses net of all reductions | | 1.72% J | | 1.77% | | 1.60% | | 1.62% | | 1.60% | | 1.61% |
| Net investment income (loss) | | (.02)% J | | .29% | | .38% | | (.06)% | | 1.04% | | .73% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 46 | $ | 39 | $ | 45 | $ | 53 | $ | 56 | $ | 71 |
Portfolio turnover rate K | | | | 65% | | 57% | | 54% | | 113% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .48%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Dividend Growth Fund Class I |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.45 | $ | 19.76 | $ | 21.72 | $ | 17.32 | $ | 18.18 | $ | 18.97 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .10 | | .24 | | .27 | | .20 | | .32 | | .29 C |
| Net realized and unrealized gain (loss) | | 4.51 | | 1.02 | | (.89) | | 4.48 | | (.36) | | 1.50 |
| Total from investment operations | | 4.61 | | 1.26 | | (.62) | | 4.68 | | (.04) | | 1.79 |
| Distributions from net investment income | | (.15) | | (.26) | | (.35) | | (.28) | | (.28) | | (.31) |
| Distributions from net realized gain | | (.37) | | (1.31) | | (.99) | | - | | (.54) | | (2.27) |
| Total distributions | | (.51) D | | (1.57) | | (1.34) | | (.28) | | (.82) | | (2.58) |
| Net asset value, end of period | $ | 23.55 | $ | 19.45 | $ | 19.76 | $ | 21.72 | $ | 17.32 | $ | 18.18 |
Total Return E,F | | | | 7.25% | | (3.23)% | | 27.37% | | (.36)% | | 13.13% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .74% I | | .76% | | .59% | | .60% | | .57% | | .58% |
| Expenses net of fee waivers, if any | | | | .75% | | .58% | | .60% | | .57% | | .58% |
| Expenses net of all reductions | | .73% I | | .75% | | .58% | | .60% | | .56% | | .57% |
| Net investment income (loss) | | .97% I | | 1.31% | | 1.39% | | .96% | | 2.08% | | 1.77% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 372 | $ | 256 | $ | 239 | $ | 245 | $ | 180 | $ | 173 |
Portfolio turnover rate J | | | | 65% | | 57% | | 54% | | 113% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.52%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Dividend Growth Fund Class Z |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.85 | $ | 20.15 | $ | 22.15 | $ | 17.65 | $ | 18.51 | $ | 19.28 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .12 | | .27 | | .31 | | .23 | | .35 | | .32 C |
| Net realized and unrealized gain (loss) | | 4.60 | | 1.05 | | (.91) | | 4.57 | | (.37) | | 1.52 |
| Total from investment operations | | 4.72 | | 1.32 | | (.60) | | 4.80 | | (.02) | | 1.84 |
| Distributions from net investment income | | (.16) | | (.31) | | (.41) | | (.30) | | (.31) | | (.34) |
| Distributions from net realized gain | | (.37) | | (1.31) | | (.99) | | - | | (.54) | | (2.27) |
| Total distributions | | (.53) | | (1.62) | | (1.40) | | (.30) | | (.84) D | | (2.61) |
| Net asset value, end of period | $ | 24.04 | $ | 19.85 | $ | 20.15 | $ | 22.15 | $ | 17.65 | $ | 18.51 |
Total Return E,F | | | | 7.44% | | (3.10)% | | 27.61% | | (.22)% | | 13.25% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .63% I | | .60% | | .43% | | .45% | | .41% | | .43% |
| Expenses net of fee waivers, if any | | | | .60% | | .43% | | .44% | | .41% | | .43% |
| Expenses net of all reductions | | .62% I | | .60% | | .43% | | .44% | | .40% | | .42% |
| Net investment income (loss) | | 1.08% I | | 1.47% | | 1.55% | | 1.12% | | 2.23% | | 1.92% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 121 | $ | 33 | $ | 53 | $ | 60 | $ | 55 | $ | 13 |
Portfolio turnover rate J | | | | 65% | | 57% | | 54% | | 113% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.67%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Dividend Growth Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including 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 May 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & 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 foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $453,036 |
| Gross unrealized depreciation | (23,293) |
| Net unrealized appreciation (depreciation) | $429,743 |
| Tax cost | $1,111,666 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Dividend Growth Fund | 501,303 | 391,732 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .70 |
| Class M | .69 |
| Class C | .72 |
| Class I | .71 |
| Class Z | .56 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .70 |
| Class M | .69 |
| Class C | .70 |
| Class I | .70 |
| Class Z | .56 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Dividend Growth Fund | S&P 500 Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was an amount less than .005%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 652 | 11 |
| Class M | .25% | .25% | 922 | 1 |
| Class C | .75% | .25% | 214 | 23 |
| | | | 1,788 | 35 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 74 |
| Class M | 5 |
Class CA | 1 |
| | 80 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| | % of Class-Level Average Net Assets |
| Class A | .1774 |
| Class M | .1687 |
| Class C | .2000 |
| Class I | .1905 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | Amount ($) | % of Class-Level Average Net AssetsA |
| Class A | 221 | .18 |
| Class M | 149 | .17 |
| Class C | 20 | .20 |
| Class I | 138 | .19 |
| Class Z | 7 | .04 |
| | 535 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Dividend Growth Fund | .0290 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Advisor Dividend Growth Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Dividend Growth Fund | 8 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Dividend Growth Fund | 19,729 | 18,126 | 3,441 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Dividend Growth Fund | 1 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Dividend Growth Fund | 11 | 17 | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $54.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Dividend Growth Fund | | |
| Distributions to shareholders | | |
| Class A | $12,730 | $37,337 |
| Class M | 8,696 | 26,509 |
| Class C | 995 | 3,463 |
| Class I | 6,810 | 19,107 |
| Class Z | 973 | 4,157 |
Total | $30,204 | $90,573 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Six months ended May 31, 2024 | Year ended November 30, 2023 | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Dividend Growth Fund | | | | |
| Class A | | | | |
| Shares sold | 1,726 | 2,879 | $34,488 | $49,306 |
| Reinvestment of distributions | 647 | 2,153 | 12,028 | 35,223 |
| Shares redeemed | (1,711) | (3,708) | (33,690) | (63,035) |
| Net increase (decrease) | 662 | 1,324 | $12,826 | $21,494 |
| Class M | | | | |
| Shares sold | 996 | 1,830 | $19,526 | $30,986 |
| Reinvestment of distributions | 464 | 1,607 | 8,575 | 26,169 |
| Shares redeemed | (1,704) | (3,467) | (33,560) | (58,984) |
| Net increase (decrease) | (244) | (30) | $(5,459) | $(1,829) |
| Class C | | | | |
| Shares sold | 228 | 352 | $4,245 | $5,560 |
| Reinvestment of distributions | 58 | 226 | 991 | 3,437 |
| Shares redeemed | (314) | (862) | (5,773) | (13,658) |
| Net increase (decrease) | (28) | (284) | $(537) | $(4,661) |
| Class I | | | | |
| Shares sold | 3,300 | 4,019 | $70,222 | $71,380 |
| Reinvestment of distributions | 332 | 1,059 | 6,698 | 18,689 |
| Shares redeemed | (1,009) | (3,987) | (21,536) | (72,187) |
| Net increase (decrease) | 2,623 | 1,091 | $55,384 | $17,882 |
| Class Z | | | | |
| Shares sold | 3,707 | 2,839 | $79,507 | $51,643 |
| Reinvestment of distributions | 43 | 210 | 891 | 3,771 |
| Shares redeemed | (374) | (4,044) | (8,209) | (74,214) |
| Net increase (decrease) | 3,376 | (995) | $72,189 | $(18,800) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Dividend Growth Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Dividend Growth Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered a pro forma management fee rate for Class I as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Class I of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Class I of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Class I of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023. The Board noted that the fund has a management fee structure that covers expenses for services beyond portfolio management and further noted that Fidelity believes that total expense ratio comparisons are more useful in this context.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of Class I as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.721239.125
ADGF-SANN-0724
Fidelity Advisor® Series Equity Growth Fund
Semi-Annual Report
May 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
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Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Series Equity Growth Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.4% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 11.2% | | | |
| Entertainment - 4.7% | | | |
| Live Nation Entertainment, Inc. (a) | | 37,200 | 3,487,128 |
| Netflix, Inc. (a) | | 40,423 | 25,936,205 |
| Universal Music Group NV | | 716,738 | 22,336,205 |
| Universal Music Group NV rights (a)(b) | | 733,138 | 214,783 |
| Warner Music Group Corp. Class A | | 263,167 | 7,837,113 |
| | | | 59,811,434 |
| Interactive Media & Services - 6.5% | | | |
| Alphabet, Inc. Class A | | 361,657 | 62,385,833 |
| Epic Games, Inc. (a)(c)(d) | | 805 | 483,000 |
| Meta Platforms, Inc. Class A | | 39,600 | 18,486,468 |
| | | | 81,355,301 |
TOTAL COMMUNICATION SERVICES | | | 141,166,735 |
| CONSUMER DISCRETIONARY - 9.1% | | | |
| Automobile Components - 0.1% | | | |
| Mobileye Global, Inc. Class A (a)(e) | | 42,500 | 1,090,550 |
| Automobiles - 0.3% | | | |
| BYD Co. Ltd. (H Shares) | | 132,092 | 3,706,406 |
| Broadline Retail - 6.2% | | | |
| Amazon.com, Inc. (a) | | 337,146 | 59,486,040 |
| MercadoLibre, Inc. (a) | | 6,820 | 11,768,456 |
| PDD Holdings, Inc. ADR (a) | | 41,100 | 6,155,958 |
| Savers Value Village, Inc. (e) | | 91,400 | 1,239,384 |
| | | | 78,649,838 |
| Diversified Consumer Services - 0.1% | | | |
| Duolingo, Inc. (a) | | 7,100 | 1,358,940 |
| Hotels, Restaurants & Leisure - 1.9% | | | |
| Airbnb, Inc. Class A (a) | | 101,169 | 14,662,423 |
| Domino's Pizza, Inc. | | 14,200 | 7,221,836 |
| Kura Sushi U.S.A., Inc. Class A (a)(e) | | 14,270 | 1,425,716 |
| Trip.com Group Ltd. ADR (a) | | 23,100 | 1,189,881 |
| | | | 24,499,856 |
| Household Durables - 0.1% | | | |
| TopBuild Corp. (a) | | 1,600 | 668,720 |
| Textiles, Apparel & Luxury Goods - 0.4% | | | |
| LVMH Moet Hennessy Louis Vuitton SE | | 5,586 | 4,467,371 |
TOTAL CONSUMER DISCRETIONARY | | | 114,441,681 |
| CONSUMER STAPLES - 0.7% | | | |
| Beverages - 0.6% | | | |
| Monster Beverage Corp. (a) | | 156,358 | 8,118,107 |
| Personal Care Products - 0.1% | | | |
| Puig Brands SA Class B | | 23,000 | 652,104 |
TOTAL CONSUMER STAPLES | | | 8,770,211 |
| ENERGY - 2.5% | | | |
| Oil, Gas & Consumable Fuels - 2.5% | | | |
| Canadian Natural Resources Ltd. | | 30,100 | 2,312,583 |
| Cheniere Energy, Inc. | | 63,900 | 10,082,781 |
| Range Resources Corp. | | 179,468 | 6,624,164 |
| Reliance Industries Ltd. | | 346,453 | 11,875,613 |
| | | | 30,895,141 |
| FINANCIALS - 6.2% | | | |
| Capital Markets - 0.4% | | | |
| Ares Management Corp. Class A, | | 19,000 | 2,663,230 |
| LPL Financial | | 4,500 | 1,287,945 |
| Morgan Stanley | | 6,500 | 635,960 |
| MSCI, Inc. | | 1,200 | 594,216 |
| | | | 5,181,351 |
| Consumer Finance - 0.4% | | | |
| Capital One Financial Corp. | | 40,000 | 5,505,200 |
| Financial Services - 4.4% | | | |
| Apollo Global Management, Inc. | | 9,600 | 1,115,136 |
| Corebridge Financial, Inc. | | 100,000 | 2,917,000 |
| Fiserv, Inc. (a) | | 16,300 | 2,441,088 |
| Global Payments, Inc. | | 58,400 | 5,948,040 |
| MasterCard, Inc. Class A | | 46,883 | 20,959,983 |
| Rocket Companies, Inc. (a)(e) | | 158,954 | 2,209,461 |
| Visa, Inc. Class A | | 73,500 | 20,025,810 |
| | | | 55,616,518 |
| Insurance - 1.0% | | | |
| Arthur J. Gallagher & Co. | | 35,869 | 9,086,694 |
| The Baldwin Insurance Group, Inc. Class A, (a) | | 88,424 | 2,978,120 |
| | | | 12,064,814 |
TOTAL FINANCIALS | | | 78,367,883 |
| HEALTH CARE - 14.5% | | | |
| Biotechnology - 3.7% | | | |
| Adamas Pharmaceuticals, Inc.: | | | |
| rights (a)(d) | | 220,830 | 48,583 |
| rights (a)(d) | | 220,830 | 15,458 |
| Alnylam Pharmaceuticals, Inc. (a) | | 36,272 | 5,383,853 |
| Arcellx, Inc. (a) | | 6,579 | 342,108 |
| Arrowhead Pharmaceuticals, Inc. (a) | | 29,295 | 672,320 |
| Beam Therapeutics, Inc. (a) | | 9,466 | 225,480 |
| BioNTech SE ADR (a) | | 14,000 | 1,408,400 |
| Blueprint Medicines Corp. (a) | | 5,700 | 601,692 |
| Cytokinetics, Inc. (a) | | 27,061 | 1,312,729 |
| Exact Sciences Corp. (a) | | 118,300 | 5,376,735 |
| Galapagos NV sponsored ADR (a) | | 55,086 | 1,532,493 |
| Gamida Cell Ltd. (d) | | 266,229 | 3 |
| Gamida Cell Ltd. warrants 4/21/28 (a)(d) | | 59,930 | 1 |
| Hookipa Pharma, Inc. (a) | | 134,300 | 106,634 |
| Immunocore Holdings PLC ADR (a) | | 23,585 | 1,155,193 |
| Insmed, Inc. (a) | | 130,346 | 7,175,547 |
| Janux Therapeutics, Inc. (a) | | 2,900 | 155,150 |
| Krystal Biotech, Inc. (a) | | 4,700 | 752,235 |
| Legend Biotech Corp. ADR (a) | | 29,702 | 1,188,377 |
| Moderna, Inc. (a) | | 9,000 | 1,282,950 |
| Regeneron Pharmaceuticals, Inc. (a) | | 12,047 | 11,807,988 |
| Repligen Corp. (a) | | 22,568 | 3,364,663 |
| Sarepta Therapeutics, Inc. (a) | | 7,300 | 947,978 |
| Seres Therapeutics, Inc. (a)(e) | | 54,600 | 54,600 |
| Synlogic, Inc. (a) | | 10,646 | 16,608 |
| Vor Biopharma, Inc. (a) | | 43,874 | 59,230 |
| XOMA Corp. (a) | | 38,107 | 982,780 |
| | | | 45,969,788 |
| Health Care Equipment & Supplies - 3.6% | | | |
| Align Technology, Inc. (a) | | 15,900 | 4,089,639 |
| Boston Scientific Corp. (a) | | 426,474 | 32,228,640 |
| Glaukos Corp. (a) | | 26,900 | 3,032,168 |
| Hologic, Inc. (a) | | 31,600 | 2,331,448 |
| Inspire Medical Systems, Inc. (a) | | 7,600 | 1,206,804 |
| Lantheus Holdings, Inc. (a) | | 11,200 | 916,496 |
| Penumbra, Inc. (a) | | 6,927 | 1,312,459 |
| Pulmonx Corp. (a) | | 27,500 | 199,375 |
| RxSight, Inc. (a) | | 7,500 | 438,525 |
| | | | 45,755,554 |
| Health Care Providers & Services - 0.9% | | | |
| HealthEquity, Inc. (a) | | 136,754 | 11,170,067 |
| Life Sciences Tools & Services - 2.8% | | | |
| Agilent Technologies, Inc. | | 5,788 | 754,813 |
| Bio-Techne Corp. | | 31,502 | 2,431,639 |
| Bruker Corp. | | 130,943 | 8,578,076 |
| Chemometec A/S | | 15,600 | 830,860 |
| Codexis, Inc. (a) | | 161,901 | 547,225 |
| Danaher Corp. | | 39,551 | 10,156,697 |
| MaxCyte, Inc. (a) | | 132,900 | 595,392 |
| Sartorius Stedim Biotech | | 15,401 | 3,067,961 |
| Thermo Fisher Scientific, Inc. | | 15,080 | 8,565,138 |
| | | | 35,527,801 |
| Pharmaceuticals - 3.5% | | | |
| Aclaris Therapeutics, Inc. (a) | | 19,672 | 20,262 |
| Chugai Pharmaceutical Co. Ltd. | | 75,000 | 2,281,932 |
| Eli Lilly & Co. | | 41,098 | 33,714,333 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 451,700 | 7,647,281 |
| | | | 43,663,808 |
TOTAL HEALTH CARE | | | 182,087,018 |
| INDUSTRIALS - 12.6% | | | |
| Aerospace & Defense - 1.5% | | | |
| General Electric Co. | | 115,352 | 19,049,229 |
| Loar Holdings, Inc. | | 1,200 | 68,364 |
| | | | 19,117,593 |
| Commercial Services & Supplies - 0.0% | | | |
| Montrose Environmental Group, Inc. (a) | | 10,800 | 507,708 |
| Electrical Equipment - 2.1% | | | |
| Eaton Corp. PLC | | 46,260 | 15,397,641 |
| GE Vernova LLC | | 50,088 | 8,810,479 |
| HD Hyundai Electric Co. Ltd. | | 12,500 | 2,718,551 |
| | | | 26,926,671 |
| Ground Transportation - 3.8% | | | |
| Uber Technologies, Inc. (a) | | 729,776 | 47,114,339 |
| Machinery - 1.5% | | | |
| Chart Industries, Inc. (a) | | 8,800 | 1,381,864 |
| Energy Recovery, Inc. (a) | | 39,552 | 533,952 |
| Ingersoll Rand, Inc. | | 140,540 | 13,077,247 |
| Westinghouse Air Brake Tech Co. | | 24,141 | 4,085,381 |
| | | | 19,078,444 |
| Professional Services - 2.8% | | | |
| Equifax, Inc. | | 63,984 | 14,805,258 |
| KBR, Inc. | | 182,413 | 11,977,238 |
| RELX PLC sponsored ADR | | 122,600 | 5,389,496 |
| UL Solutions, Inc. Class A | | 81,900 | 3,158,883 |
| | | | 35,330,875 |
| Trading Companies & Distributors - 0.9% | | | |
| Ferguson PLC | | 53,210 | 10,890,693 |
TOTAL INDUSTRIALS | | | 158,966,323 |
| INFORMATION TECHNOLOGY - 42.5% | | | |
| Electronic Equipment, Instruments & Components - 1.5% | | | |
| Fabrinet (a) | | 5,500 | 1,317,415 |
| Flex Ltd. (a) | | 351,384 | 11,641,352 |
| Jabil, Inc. | | 54,415 | 6,469,944 |
| | | | 19,428,711 |
| IT Services - 1.6% | | | |
| Gartner, Inc. (a) | | 10,567 | 4,434,653 |
| MongoDB, Inc. Class A (a) | | 64,291 | 15,176,533 |
| | | | 19,611,186 |
| Semiconductors & Semiconductor Equipment - 19.1% | | | |
| Allegro MicroSystems LLC (a) | | 184,037 | 5,546,875 |
| ASML Holding NV (depository receipt) | | 18,734 | 17,991,197 |
| Astera Labs, Inc. | | 2,300 | 148,442 |
| BE Semiconductor Industries NV | | 62,876 | 9,353,937 |
| eMemory Technology, Inc. | | 4,207 | 285,854 |
| Marvell Technology, Inc. | | 39,622 | 2,726,390 |
| Micron Technology, Inc. | | 127,400 | 15,925,000 |
| NVIDIA Corp. | | 117,652 | 128,985,417 |
| NXP Semiconductors NV | | 42,581 | 11,586,290 |
| Qualcomm, Inc. | | 43,000 | 8,774,150 |
| SiTime Corp. (a)(e) | | 55,718 | 6,787,567 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 172,696 | 26,084,004 |
| Universal Display Corp. | | 34,255 | 6,018,604 |
| | | | 240,213,727 |
| Software - 15.2% | | | |
| ASAPP, Inc. warrants 8/28/28 (a)(c)(d) | | 294,232 | 556,098 |
| Autodesk, Inc. (a) | | 5,900 | 1,189,440 |
| HubSpot, Inc. (a) | | 20,060 | 12,257,663 |
| Manhattan Associates, Inc. (a) | | 32,624 | 7,162,273 |
| Microsoft Corp. | | 381,144 | 158,224,305 |
| NICE Ltd. sponsored ADR (a) | | 26,544 | 4,872,682 |
| ServiceNow, Inc. (a) | | 9,223 | 6,058,865 |
| Volue A/S (a) | | 133,755 | 430,308 |
| | | | 190,751,634 |
| Technology Hardware, Storage & Peripherals - 5.1% | | | |
| Apple, Inc. | | 333,804 | 64,173,819 |
TOTAL INFORMATION TECHNOLOGY | | | 534,179,077 |
| MATERIALS - 0.1% | | | |
| Chemicals - 0.1% | | | |
| Aspen Aerogels, Inc. (a) | | 62,402 | 1,867,068 |
| TOTAL COMMON STOCKS (Cost $648,101,161) | | | 1,250,741,137 |
| | | | |
| Convertible Preferred Stocks - 0.2% |
| | | Shares | Value ($) |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Textiles, Apparel & Luxury Goods - 0.0% | | | |
| Canva, Inc.: | | | |
| Series A (c)(d) | | 106 | 113,066 |
| Series A2 (c)(d) | | 19 | 20,267 |
| | | | 133,333 |
| FINANCIALS - 0.0% | | | |
| Financial Services - 0.0% | | | |
| Akeana Series C (c)(d) | | 8,000 | 104,800 |
| HEALTH CARE - 0.0% | | | |
| Biotechnology - 0.0% | | | |
| ElevateBio LLC Series C (a)(c)(d) | | 26,300 | 80,478 |
| INFORMATION TECHNOLOGY - 0.1% | | | |
| Software - 0.1% | | | |
| ASAPP, Inc.: | | | |
| Series C (a)(c)(d) | | 90,925 | 230,950 |
| Series D (c)(d) | | 512,827 | 1,153,861 |
| | | | 1,384,811 |
| MATERIALS - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| Illuminated Holdings, Inc.: | | | |
| Series C2 (a)(c)(d) | | 21,131 | 339,998 |
| Series C3 (a)(c)(d) | | 26,414 | 425,001 |
| Series C4 (a)(c)(d) | | 6,345 | 102,091 |
| Series C5 (a)(c)(d) | | 13,150 | 211,584 |
| | | | 1,078,674 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,043,065) | | | 2,782,096 |
| | | | |
| Convertible Bonds - 0.0% |
| | | Principal Amount (f) | Value ($) |
| MATERIALS - 0.0% | | | |
| Metals & Mining - 0.0% | | | |
Illuminated Holdings, Inc. 15% (c)(d)(g) (Cost $248,100) | | 248,100 | 246,140 |
| | | | |
| Preferred Securities - 0.1% |
| | | Principal Amount (f) | Value ($) |
| MATERIALS - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
Illuminated Holdings, Inc. 15% (c)(d)(g) (Cost $308,400) | | 308,400 | 321,379 |
| | | | |
| Money Market Funds - 0.7% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (h) | | 315,160 | 315,223 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 8,472,757 | 8,473,605 |
| TOTAL MONEY MARKET FUNDS (Cost $8,788,828) | | | 8,788,828 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $662,489,554) | 1,262,879,580 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (4,733,346) |
| NET ASSETS - 100.0% | 1,258,146,234 |
| | |
Legend
| (b) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (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 $4,388,713 or 0.3% of net assets. |
| (e) | Security or a portion of the security is on loan at period end. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security is perpetual in nature with no stated maturity date. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Akeana Series C | 1/23/24 | 102,086 |
| | | |
| ASAPP, Inc. warrants 8/28/28 | 8/29/23 | 0 |
| | | |
| ASAPP, Inc. Series C | 4/30/21 | 599,841 |
| | | |
| ASAPP, Inc. Series D | 8/29/23 | 1,980,281 |
| | | |
| Canva, Inc. Series A | 9/22/23 | 113,066 |
| | | |
| Canva, Inc. Series A2 | 9/22/23 | 20,267 |
| | | |
| ElevateBio LLC Series C | 3/09/21 | 110,329 |
| | | |
| Epic Games, Inc. | 3/29/21 | 712,425 |
| | | |
| Illuminated Holdings, Inc. Series C2 | 7/07/20 | 528,275 |
| | | |
| Illuminated Holdings, Inc. Series C3 | 7/07/20 | 792,420 |
| | | |
| Illuminated Holdings, Inc. Series C4 | 1/08/21 | 228,420 |
| | | |
| Illuminated Holdings, Inc. Series C5 | 6/16/21 | 568,080 |
| | | |
| Illuminated Holdings, Inc. 15% | 6/14/23 | 248,100 |
| | | |
| Illuminated Holdings, Inc. 15% | 9/27/23 | 308,400 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 11,953,955 | 122,955,458 | 134,594,305 | 186,594 | 115 | - | 315,223 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 6,521,405 | 43,718,391 | 41,766,191 | 14,527 | - | - | 8,473,605 | 0.0% |
| Total | 18,475,360 | 166,673,849 | 176,360,496 | 201,121 | 115 | - | 8,788,828 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 141,166,735 | 118,347,530 | 22,336,205 | 483,000 |
Consumer Discretionary | 114,575,014 | 106,267,904 | 8,173,777 | 133,333 |
Consumer Staples | 8,770,211 | 8,118,107 | 652,104 | - |
Energy | 30,895,141 | 30,895,141 | - | - |
Financials | 78,472,683 | 78,367,883 | - | 104,800 |
Health Care | 182,167,496 | 175,842,220 | 6,180,753 | 144,523 |
Industrials | 158,966,323 | 145,357,079 | 13,609,244 | - |
Information Technology | 535,563,888 | 523,552,880 | 10,070,099 | 1,940,909 |
Materials | 2,945,742 | 1,867,068 | - | 1,078,674 |
|
| Corporate Bonds | 246,140 | - | - | 246,140 |
|
| Preferred Securities | 321,379 | - | - | 321,379 |
|
| Money Market Funds | 8,788,828 | 8,788,828 | - | - |
| Total Investments in Securities: | 1,262,879,580 | 1,197,404,640 | 61,022,182 | 4,452,758 |
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $8,187,022) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $653,700,726) | $ | 1,254,090,752 | | |
Fidelity Central Funds (cost $8,788,828) | | 8,788,828 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $662,489,554) | | | $ | 1,262,879,580 |
| Cash | | | | 744,194 |
| Foreign currency held at value (cost $3) | | | | 3 |
| Receivable for investments sold | | | | 27,339,389 |
| Receivable for fund shares sold | | | | 13,277 |
| Dividends receivable | | | | 838,509 |
| Interest receivable | | | | 12,921 |
| Distributions receivable from Fidelity Central Funds | | | | 11,869 |
Total assets | | | | 1,291,839,742 |
| Liabilities | | | | |
| Payable for investments purchased | | | | |
Regular delivery | $ | 1,232,725 | | |
Delayed delivery | | 214,783 | | |
| Payable for fund shares redeemed | | 23,236,316 | | |
| Other payables and accrued expenses | | 536,859 | | |
| Collateral on securities loaned | | 8,472,825 | | |
| Total liabilities | | | | 33,693,508 |
| Net Assets | | | $ | 1,258,146,234 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 566,034,370 |
| Total accumulated earnings (loss) | | | | 692,111,864 |
| Net Assets | | | $ | 1,258,146,234 |
Net Asset Value, offering price and redemption price per share ($1,258,146,234 ÷ 69,083,134 shares) | | | $ | 18.21 |
| Statement of Operations |
| | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 3,280,602 |
| Interest | | | | 12,982 |
| Income from Fidelity Central Funds (including $14,527 from security lending) | | | | 201,121 |
| Total income | | | | 3,494,705 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 20,130 | | |
| Independent trustees' fees and expenses | | 2,643 | | |
| Interest | | 21,060 | | |
| Miscellaneous | | 25 | | |
| Total expenses before reductions | | 43,858 | | |
| Expense reductions | | (1,917) | | |
| Total expenses after reductions | | | | 41,941 |
| Net Investment income (loss) | | | | 3,452,764 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $77,865) | | 90,638,726 | | |
| Fidelity Central Funds | | 115 | | |
| Foreign currency transactions | | 14,969 | | |
| Total net realized gain (loss) | | | | 90,653,810 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $154,747) | | 153,524,574 | | |
| Assets and liabilities in foreign currencies | | (2,042) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 153,522,532 |
| Net gain (loss) | | | | 244,176,342 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 247,629,106 |
| Statement of Changes in Net Assets |
| |
| | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 3,452,764 | $ | 7,777,224 |
| Net realized gain (loss) | | 90,653,810 | | 64,331,601 |
| Change in net unrealized appreciation (depreciation) | | 153,522,532 | | 144,565,151 |
| Net increase (decrease) in net assets resulting from operations | | 247,629,106 | | 216,673,976 |
| Distributions to shareholders | | (60,500,167) | | (49,123,120) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 82,643,515 | | 213,107,203 |
| Reinvestment of distributions | | 60,500,167 | | 49,123,120 |
| Cost of shares redeemed | | (169,918,803) | | (314,349,998) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (26,775,121) | | (52,119,675) |
| Total increase (decrease) in net assets | | 160,353,818 | | 115,431,181 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,097,792,416 | | 982,361,235 |
| End of period | $ | 1,258,146,234 | $ | 1,097,792,416 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 4,880,671 | | 15,692,482 |
| Issued in reinvestment of distributions | | 3,972,434 | | 3,914,193 |
| Redeemed | | (10,053,341) | | (22,386,584) |
| Net increase (decrease) | | (1,200,236) | | (2,779,909) |
| | | | | |
Financial Highlights
Fidelity Advisor® Series Equity Growth Fund |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.62 | $ | 13.45 | $ | 19.74 | $ | 19.73 | $ | 15.53 | $ | 14.20 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .05 | | .11 | | .12 | | .17 C | | .10 | | .12 |
| Net realized and unrealized gain (loss) | | 3.41 | | 2.74 | | (2.96) | | 4.20 | | 6.02 | | 2.33 |
| Total from investment operations | | 3.46 | | 2.85 | | (2.84) | | 4.37 | | 6.12 | | 2.45 |
| Distributions from net investment income | | (.11) | | (.11) | | (.20) | | (.13) | | (.13) | | (.13) |
| Distributions from net realized gain | | (.75) | | (.57) | | (3.26) | | (4.23) | | (1.79) | | (.99) |
| Total distributions | | (.87) D | | (.68) | | (3.45) D | | (4.36) | | (1.92) | | (1.12) |
| Net asset value, end of period | $ | 18.21 | $ | 15.62 | $ | 13.45 | $ | 19.74 | $ | 19.73 | $ | 15.53 |
Total Return E,F | | | | 22.44% | | (17.55)% | | 27.43% | | 44.43% | | 19.73% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .01% I,J | | .01% | | -% K | | .01% | | .01% | | .01% |
| Expenses net of fee waivers, if any | | | | .01% | | -% K | | -% K | | .01% | | .01% |
| Expenses net of all reductions | | .01% I,J | | .01% | | -% K | | -% K | | .01% | | .01% |
| Net investment income (loss) | | .57% I,J | | .77% | | .84% | | .95% C | | .65% | | .84% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,258,146 | $ | 1,097,792 | $ | 982,361 | $ | 1,123,206 | $ | 1,007,642 | $ | 977,722 |
Portfolio turnover rate L | | | | 63% | | 49% | | 51% | | 56% | | 52% M |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .64%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JProxy expenses are not annualized.
KAmount represents less than .005%.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
MPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
1. Organization.
Fidelity Advisor Series Equity Growth Fund (the Fund) is a non-diversified fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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 Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, partnerships, passive foreign investment companies (PFIC), contingent interest and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $624,895,690 |
| Gross unrealized depreciation | (25,445,928) |
| Net unrealized appreciation (depreciation) | $599,449,762 |
| Tax cost | $663,429,818 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Series Equity Growth Fund | 282,441,727 | 364,196,497 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Series Equity Growth Fund | 2,184 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Advisor Series Equity Growth Fund | Borrower | 27,209,400 | 5.57% | 21,060 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Series Equity Growth Fund | 15,984,709 | 13,999,378 | 2,102,263 |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Series Equity Growth Fund | 1,548 | 632 | - |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through March 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $1,917.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Series Equity Growth Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Series Equity Growth Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through March 31, 2027.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.9860269.109
AXM1-SANN-0724
Fidelity Advisor® Growth Opportunities Fund
Semi-Annual Report
May 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Growth Opportunities Fund
Consolidated Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 96.8% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 21.3% | | | |
| Entertainment - 5.9% | | | |
| Netflix, Inc. (a) | | 525,100 | 336,915 |
| Roku, Inc. Class A (a) | | 8,651,720 | 496,609 |
| Sea Ltd. ADR (a)(b) | | 6,053,584 | 408,738 |
| | | | 1,242,262 |
| Interactive Media & Services - 13.5% | | | |
| Alphabet, Inc.: | | | |
| Class A | | 2,245,060 | 387,273 |
| Class C | | 5,703,680 | 992,212 |
| Epic Games, Inc. (a)(c)(d) | | 56,200 | 33,720 |
| Meta Platforms, Inc. Class A | | 2,618,485 | 1,222,387 |
| Reddit, Inc.: | | | |
| Class A (b) | | 54,700 | 2,967 |
| Class B (k) | | 793,873 | 43,060 |
| Snap, Inc. Class A (a) | | 4,698,843 | 70,577 |
| Zoominfo Technologies, Inc. (a) | | 9,110,200 | 111,873 |
| | | | 2,864,069 |
| Media - 0.3% | | | |
| Magnite, Inc. (a) | | 4,819,031 | 59,467 |
| The Trade Desk, Inc. (a) | | 74,300 | 6,894 |
| | | | 66,361 |
| Wireless Telecommunication Services - 1.6% | | | |
| T-Mobile U.S., Inc. | | 1,956,125 | 342,244 |
TOTAL COMMUNICATION SERVICES | | | 4,514,936 |
| CONSUMER DISCRETIONARY - 9.6% | | | |
| Automobiles - 0.0% | | | |
| Neutron Holdings, Inc. (a)(c)(d) | | 474,927 | 15 |
| Rad Power Bikes, Inc. (a)(c)(d) | | 382,384 | 168 |
| Rad Power Bikes, Inc. warrants 10/6/33 (a)(c)(d) | | 449,400 | 1,016 |
| Rivian Automotive, Inc. (a) | | 22,700 | 248 |
| Tesla, Inc. (a) | | 6,940 | 1,236 |
| | | | 2,683 |
| Broadline Retail - 5.0% | | | |
| Amazon.com, Inc. (a) | | 5,946,340 | 1,049,172 |
| Lenskart Solutions Pvt Ltd. (a)(c)(d) | | 297,355 | 8,195 |
| | | | 1,057,367 |
| Hotels, Restaurants & Leisure - 0.8% | | | |
| Chipotle Mexican Grill, Inc. (a) | | 7,200 | 22,533 |
| Domino's Pizza, Inc. | | 130,200 | 66,217 |
| Hilton Worldwide Holdings, Inc. | | 393,700 | 78,976 |
| Sonder Holdings, Inc.: | | | |
| Stage 1 rights (a)(d) | | 15,489 | 0 |
| Stage 2 rights (a)(d) | | 15,488 | 0 |
| Stage 3 rights (a)(d) | | 15,488 | 0 |
| Stage 4 rights (a)(d) | | 15,488 | 0 |
| Stage 5: | | | |
| rights (a)(d) | | 15,488 | 0 |
| rights (a)(d) | | 15,488 | 0 |
| | | | 167,726 |
| Specialty Retail - 2.8% | | | |
| Carvana Co. Class A (a)(b) | | 2,075,700 | 207,528 |
| Floor & Decor Holdings, Inc. Class A (a)(b) | | 1,319,400 | 154,185 |
| Lowe's Companies, Inc. | | 898,900 | 198,918 |
| Wayfair LLC Class A (a) | | 433,529 | 25,791 |
| | | | 586,422 |
| Textiles, Apparel & Luxury Goods - 1.0% | | | |
| Bombas LLC (c)(d) | | 5,086,874 | 11,598 |
| Hermes International SCA | | 2,700 | 6,409 |
| lululemon athletica, Inc. (a) | | 190,010 | 59,281 |
| LVMH Moet Hennessy Louis Vuitton SE | | 172,900 | 138,276 |
| | | | 215,564 |
TOTAL CONSUMER DISCRETIONARY | | | 2,029,762 |
| CONSUMER STAPLES - 0.4% | | | |
| Consumer Staples Distribution & Retail - 0.4% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 982,300 | 86,511 |
| Food Products - 0.0% | | | |
| Bowery Farming, Inc. warrants (a)(c)(d) | | 219,265 | 4 |
| Tobacco - 0.0% | | | |
| JUUL Labs, Inc. Class B (a)(c)(d) | | 2,772 | 3 |
TOTAL CONSUMER STAPLES | | | 86,518 |
| ENERGY - 0.1% | | | |
| Oil, Gas & Consumable Fuels - 0.1% | | | |
| Cameco Corp. | | 440,900 | 24,474 |
| FINANCIALS - 4.2% | | | |
| Banks - 0.2% | | | |
| Starling Bank Ltd. Series D (a)(c)(d) | | 6,988,700 | 28,230 |
| Capital Markets - 1.3% | | | |
| Coinbase Global, Inc. (a) | | 665,200 | 150,282 |
| LPL Financial | | 461,600 | 132,115 |
| | | | 282,397 |
| Financial Services - 2.7% | | | |
| Apollo Global Management, Inc. | | 204,000 | 23,697 |
| Block, Inc. Class A (a) | | 1,101,100 | 70,558 |
| Dlocal Ltd. (a) | | 1,112,428 | 10,179 |
| Global Payments, Inc. | | 817,100 | 83,222 |
| Marqeta, Inc. Class A (a) | | 22,186,352 | 118,031 |
| Rapyd Financial Network 2016 Ltd. (a)(c)(d) | | 340,545 | 15,447 |
| Visa, Inc. Class A | | 928,861 | 253,077 |
| | | | 574,211 |
| Insurance - 0.0% | | | |
| Progressive Corp. | | 10,200 | 2,154 |
TOTAL FINANCIALS | | | 886,992 |
| HEALTH CARE - 9.4% | | | |
| Biotechnology - 1.6% | | | |
| AbbVie, Inc. | | 11,500 | 1,854 |
| Alnylam Pharmaceuticals, Inc. (a) | | 140,835 | 20,904 |
| ALX Oncology Holdings, Inc. (a) | | 899,000 | 9,556 |
| Argenx SE ADR (a) | | 88,399 | 32,798 |
| Ascendis Pharma A/S sponsored ADR (a) | | 67,662 | 9,141 |
| Celldex Therapeutics, Inc. (a) | | 103,662 | 3,452 |
| Cytokinetics, Inc. (a) | | 968,700 | 46,992 |
| Keros Therapeutics, Inc. (a) | | 277,800 | 13,020 |
| Moderna, Inc. (a) | | 483,200 | 68,880 |
| Nuvalent, Inc. Class A (a) | | 338,976 | 22,244 |
| Regeneron Pharmaceuticals, Inc. (a) | | 20,700 | 20,289 |
| Vaxcyte, Inc. (a) | | 1,127,343 | 79,218 |
| Zentalis Pharmaceuticals, Inc. (a) | | 886,900 | 10,536 |
| | | | 338,884 |
| Health Care Equipment & Supplies - 2.7% | | | |
| Blink Health LLC Series A1 (a)(c)(d) | | 56,119 | 2,317 |
| Boston Scientific Corp. (a) | | 5,060,974 | 382,458 |
| Penumbra, Inc. (a) | | 371,063 | 70,305 |
| TransMedics Group, Inc. (a) | | 849,117 | 115,820 |
| | | | 570,900 |
| Health Care Providers & Services - 1.9% | | | |
| agilon health, Inc. (a) | | 15,347,876 | 96,692 |
| UnitedHealth Group, Inc. | | 614,767 | 304,537 |
| | | | 401,229 |
| Life Sciences Tools & Services - 0.7% | | | |
| Danaher Corp. | | 250,300 | 64,277 |
| Thermo Fisher Scientific, Inc. | | 125,600 | 71,338 |
| | | | 135,615 |
| Pharmaceuticals - 2.5% | | | |
| AstraZeneca PLC sponsored ADR | | 93,000 | 7,256 |
| Eli Lilly & Co. | | 544,200 | 446,429 |
| Merck & Co., Inc. | | 396,500 | 49,777 |
| Novo Nordisk A/S Series B | | 162,200 | 21,976 |
| Structure Therapeutics, Inc. ADR (a) | | 263,100 | 8,998 |
| | | | 534,436 |
TOTAL HEALTH CARE | | | 1,981,064 |
| INDUSTRIALS - 6.1% | | | |
| Aerospace & Defense - 0.1% | | | |
| Axon Enterprise, Inc. (a) | | 7,400 | 2,084 |
| Space Exploration Technologies Corp.: | | | |
| Class A (a)(c)(d) | | 153,617 | 14,901 |
| Class C (a)(c)(d) | | 20,409 | 1,980 |
| | | | 18,965 |
| Building Products - 1.1% | | | |
| Builders FirstSource, Inc. (a) | | 1,475,277 | 237,210 |
| Commercial Services & Supplies - 0.4% | | | |
| ACV Auctions, Inc. Class A (a) | | 4,256,047 | 75,970 |
| Construction & Engineering - 0.0% | | | |
| Fluor Corp. (a) | | 51,600 | 2,239 |
| Electrical Equipment - 1.3% | | | |
| Eaton Corp. PLC | | 114,900 | 38,244 |
| Nextracker, Inc. Class A (a) | | 2,109,633 | 116,388 |
| Vertiv Holdings Co. | | 1,244,400 | 122,038 |
| | | | 276,670 |
| Ground Transportation - 3.2% | | | |
| Bird Global, Inc.: | | | |
| Stage 1 rights (a)(d) | | 4,240 | 0 |
| Stage 2 rights (a)(d) | | 4,240 | 0 |
| Stage 3 rights (a)(d) | | 4,240 | 0 |
| Lyft, Inc. (a) | | 7,261,190 | 113,347 |
| Uber Technologies, Inc. (a) | | 8,769,081 | 566,132 |
| | | | 679,479 |
| Machinery - 0.0% | | | |
| Symbotic, Inc. (a)(b) | | 231,900 | 9,176 |
TOTAL INDUSTRIALS | | | 1,299,709 |
| INFORMATION TECHNOLOGY - 45.7% | | | |
| Communications Equipment - 0.3% | | | |
| Arista Networks, Inc. (a) | | 215,300 | 64,084 |
| Electronic Equipment, Instruments & Components - 1.8% | | | |
| Celestica, Inc. (a) | | 235,800 | 13,186 |
| Flex Ltd. (a) | | 11,205,999 | 371,255 |
| Jabil, Inc. | | 46,298 | 5,505 |
| | | | 389,946 |
| IT Services - 0.6% | | | |
| EPAM Systems, Inc. (a) | | 228,137 | 40,592 |
| MongoDB, Inc. Class A (a) | | 400,600 | 94,566 |
| | | | 135,158 |
| Semiconductors & Semiconductor Equipment - 24.3% | | | |
| Advanced Micro Devices, Inc. (a) | | 1,351,300 | 225,532 |
| Analog Devices, Inc. | | 9,400 | 2,204 |
| Applied Materials, Inc. | | 335,301 | 72,117 |
| Arm Holdings Ltd. ADR | | 2,000 | 241 |
| ASML Holding NV (Netherlands) | | 4,500 | 4,305 |
| Astera Labs, Inc. | | 188,200 | 12,146 |
| Broadcom, Inc. | | 257,000 | 341,437 |
| First Solar, Inc. (a) | | 674,968 | 183,429 |
| Marvell Technology, Inc. | | 4,439,330 | 305,470 |
| Micron Technology, Inc. | | 475,600 | 59,450 |
| NVIDIA Corp. | | 2,566,772 | 2,814,029 |
| NXP Semiconductors NV | | 1,428,767 | 388,768 |
| ON Semiconductor Corp. (a) | | 5,234,061 | 382,296 |
| Qualcomm, Inc. | | 260,500 | 53,155 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 1,931,000 | 291,658 |
| Xsight Labs Ltd. warrants 1/11/34 (a)(c)(d) | | 54,999 | 101 |
| | | | 5,136,338 |
| Software - 12.8% | | | |
| Cadence Design Systems, Inc. (a) | | 12,800 | 3,665 |
| Convoy, Inc. warrants (a)(c)(d) | | 68,035 | 0 |
| CoreWeave, Inc. (c)(d) | | 10,181 | 7,932 |
| Datadog, Inc. Class A (a) | | 879,700 | 96,925 |
| HubSpot, Inc. (a) | | 93,849 | 57,346 |
| Intapp, Inc. (a)(b) | | 2,549,769 | 91,537 |
| Microsoft Corp. | | 4,861,615 | 2,018,202 |
| Oracle Corp. | | 1,676,900 | 196,516 |
| Pine Labs Private Ltd. (a)(c)(d) | | 16,636 | 5,103 |
| Salesforce, Inc. | | 431,538 | 101,170 |
| Samsara, Inc. (a) | | 519,900 | 17,640 |
| ServiceNow, Inc. (a) | | 167,358 | 109,942 |
| Stripe, Inc. Class B (a)(c)(d) | | 73,500 | 1,911 |
| Synopsys, Inc. (a) | | 13,700 | 7,683 |
| | | | 2,715,572 |
| Technology Hardware, Storage & Peripherals - 5.9% | | | |
| Apple, Inc. | | 5,480,660 | 1,053,657 |
| Dell Technologies, Inc. | | 1,052,800 | 146,929 |
| Pure Storage, Inc. Class A (a) | | 750,200 | 45,230 |
| | | | 1,245,816 |
TOTAL INFORMATION TECHNOLOGY | | | 9,686,914 |
| TOTAL COMMON STOCKS (Cost $10,635,470) | | | 20,510,369 |
| | | | |
| Preferred Stocks - 2.2% |
| | | Shares | Value ($) (000s) |
| Convertible Preferred Stocks - 1.8% | | | |
| COMMUNICATION SERVICES - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
| ByteDance Ltd. Series E1 (a)(c)(d) | | 116,411 | 27,641 |
| | | | |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Automobiles - 0.0% | | | |
| Rad Power Bikes, Inc.: | | | |
| Series A(a)(c)(d) | | 49,852 | 22 |
| Series C(a)(c)(d) | | 196,163 | 143 |
| Series D(a)(c)(d) | | 415,700 | 441 |
| | | | 606 |
| Broadline Retail - 0.1% | | | |
| Meesho: | | | |
| Series E1(c)(d) | | 17,820 | 1,001 |
| Series F(a)(c)(d) | | 243,800 | 13,938 |
| | | | 14,939 |
TOTAL CONSUMER DISCRETIONARY | | | 15,545 |
| | | | |
| CONSUMER STAPLES - 0.0% | | | |
| Consumer Staples Distribution & Retail - 0.0% | | | |
| GoBrands, Inc. Series G (a)(c)(d) | | 70,400 | 2,393 |
| | | | |
| Food Products - 0.0% | | | |
| Bowery Farming, Inc.: | | | |
| Series C1(a)(c)(d) | | 404,785 | 8 |
| Series D1(c)(d) | | 219,265 | 4 |
| | | | 12 |
| Tobacco - 0.0% | | | |
| JUUL Labs, Inc.: | | | |
| Series C(a)(c)(d) | | 566,439 | 606 |
| Series D(a)(c)(d) | | 3,671 | 4 |
| | | | 610 |
TOTAL CONSUMER STAPLES | | | 3,015 |
| | | | |
| FINANCIALS - 0.1% | | | |
| Financial Services - 0.1% | | | |
| Circle Internet Financial Ltd. Series F (a)(c)(d) | | 155,650 | 4,657 |
| Tenstorrent Holdings, Inc. Series C1 (c)(d) | | 63,679 | 3,994 |
| Thriveworks TopCo LLC Series B (a)(c)(d)(e) | | 764,320 | 7,666 |
| | | | 16,317 |
| HEALTH CARE - 0.1% | | | |
| Health Care Equipment & Supplies - 0.1% | | | |
| Blink Health LLC Series C (a)(c)(d) | | 234,164 | 9,669 |
| | | | |
| Health Care Technology - 0.0% | | | |
| Aledade, Inc. Series E1 (a)(c)(d) | | 153,312 | 6,040 |
| | | | |
TOTAL HEALTH CARE | | | 15,709 |
| | | | |
| INDUSTRIALS - 0.6% | | | |
| Aerospace & Defense - 0.4% | | | |
| Relativity Space, Inc. Series E (a)(c)(d) | | 1,068,417 | 23,665 |
| Space Exploration Technologies Corp.: | | | |
| Series I(a)(c)(d) | | 16,438 | 15,945 |
| Series N(a)(c)(d) | | 51,400 | 49,858 |
| | | | 89,468 |
| Construction & Engineering - 0.2% | | | |
| Beta Technologies, Inc. Series A (a)(c)(d) | | 441,839 | 48,797 |
| | | | |
TOTAL INDUSTRIALS | | | 138,265 |
| | | | |
| INFORMATION TECHNOLOGY - 0.7% | | | |
| Electronic Equipment, Instruments & Components - 0.1% | | | |
| CelLink Corp. Series D (a)(c)(d) | | 380,829 | 2,967 |
| Enevate Corp. Series E (a)(c)(d) | | 7,873,996 | 5,827 |
| VAST Data Ltd.: | | | |
| Series A(c)(d) | | 54,250 | 977 |
| Series A1(c)(d) | | 133,528 | 2,404 |
| Series A2(c)(d) | | 153,600 | 2,765 |
| Series B(c)(d) | | 122,222 | 2,200 |
| Series C(c)(d) | | 3,563 | 64 |
| Series E(c)(d) | | 116,791 | 2,102 |
| | | | 19,306 |
| IT Services - 0.0% | | | |
| Yanka Industries, Inc.: | | | |
| Series E(a)(c)(d) | | 341,047 | 1,576 |
| Series F(a)(c)(d) | | 380,955 | 2,229 |
| | | | 3,805 |
| Semiconductors & Semiconductor Equipment - 0.1% | | | |
| Sima Technologies, Inc.: | | | |
| Series B(a)(c)(d) | | 1,198,500 | 8,042 |
| Series B1(a)(c)(d) | | 171,099 | 1,316 |
| Xsight Labs Ltd.: | | | |
| Series D(a)(c)(d) | | 501,100 | 2,576 |
| Series D1(c)(d) | | 183,329 | 1,355 |
| | | | 13,289 |
| Software - 0.5% | | | |
| Anthropic PBC Series D (c)(d) | | 66,894 | 2,007 |
| Bolt Technology OU Series E (a)(c)(d) | | 290,611 | 38,571 |
| Convoy, Inc. Series D (a)(c)(d) | | 1,038,289 | 0 |
| CoreWeave, Inc. Series C (c)(d) | | 653 | 509 |
| Databricks, Inc.: | | | |
| Series G(a)(c)(d) | | 181,200 | 14,248 |
| Series H(a)(c)(d) | | 32,352 | 2,544 |
| Series I(c)(d) | | 2,463 | 194 |
| Moloco, Inc. Series A (c)(d) | | 265,144 | 14,458 |
| Mountain Digital, Inc. Series D (a)(c)(d) | | 896,466 | 11,080 |
| Skyryse, Inc. Series B (a)(c)(d) | | 244,100 | 4,965 |
| Stripe, Inc. Series H (a)(c)(d) | | 165,183 | 4,295 |
| xAI Corp. Series B (c)(d) | | 1,044,317 | 12,500 |
| | | | 105,371 |
TOTAL INFORMATION TECHNOLOGY | | | 141,771 |
| | | | |
| MATERIALS - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| Diamond Foundry, Inc. Series C (a)(c)(d) | | 674,317 | 15,051 |
| | | | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 373,314 |
| Nonconvertible Preferred Stocks - 0.4% | | | |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Automobiles - 0.0% | | | |
| Neutron Holdings, Inc. Series 1C (a)(c)(d) | | 6,477,300 | 202 |
| Waymo LLC Series A2 (a)(c)(d) | | 47,838 | 2,877 |
| | | | 3,079 |
| FINANCIALS - 0.2% | | | |
| Financial Services - 0.2% | | | |
| Circle Internet Financial Ltd. Series E (a)(c)(d) | | 1,497,818 | 44,815 |
| | | | |
| INFORMATION TECHNOLOGY - 0.2% | | | |
| IT Services - 0.0% | | | |
| Gupshup, Inc. (a)(c)(d) | | 509,400 | 4,834 |
| | | | |
| Software - 0.2% | | | |
| Pine Labs Private Ltd.: | | | |
| Series 1(a)(c)(d) | | 39,764 | 12,198 |
| Series A(a)(c)(d) | | 9,936 | 3,048 |
| Series B(a)(c)(d) | | 10,808 | 3,316 |
| Series B2(a)(c)(d) | | 8,745 | 2,683 |
| Series C(a)(c)(d) | | 16,265 | 4,990 |
| Series C1(a)(c)(d) | | 3,427 | 1,051 |
| Series D(a)(c)(d) | | 3,667 | 1,125 |
| | | | 28,411 |
TOTAL INFORMATION TECHNOLOGY | | | 33,245 |
| | | | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 81,139 |
| TOTAL PREFERRED STOCKS (Cost $516,479) | | | 454,453 |
| | | | |
| Convertible Bonds - 0.1% |
| | | Principal Amount (f) (000s) | Value ($) (000s) |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Automobiles - 0.1% | | | |
| Neutron Holdings, Inc.: | | | |
| 4% 5/22/27 (c)(d) | | 843 | 1,088 |
| 4% 6/12/27 (c)(d) | | 232 | 299 |
| 6.5% 10/29/26 (c)(d)(g) | | 13,810 | 14,709 |
| | | | 16,096 |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Software - 0.0% | | | |
| Convoy, Inc. 15% 9/30/26 (c)(d) | | 453 | 0 |
| TOTAL CONVERTIBLE BONDS (Cost $15,338) | | | 16,096 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (f) (000s) | Value ($) (000s) |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Automobiles - 0.0% | | | |
| Rad Power Bikes, Inc. 8% 12/31/25 (c)(d) | | 449 | 817 |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Electronic Equipment, Instruments & Components - 0.0% | | | |
| Enevate Corp. 6% (c)(d)(h) | | 409 | 449 |
| Semiconductors & Semiconductor Equipment - 0.0% | | | |
| Sima Technologies, Inc. 10% 12/31/27 (c)(d) | | 1,245 | 1,279 |
TOTAL INFORMATION TECHNOLOGY | | | 1,728 |
| TOTAL PREFERRED SECURITIES (Cost $2,103) | | | 2,545 |
| | | | |
| Money Market Funds - 1.0% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 5.39% (i) | | 80,049,259 | 80,065 |
| Fidelity Securities Lending Cash Central Fund 5.39% (i)(j) | | 135,872,369 | 135,886 |
| TOTAL MONEY MARKET FUNDS (Cost $215,951) | | | 215,951 |
| | | | |
| Equity Funds - 0.3% |
| | | Shares | Value ($) (000s) |
| Domestic Equity Funds - 0.3% | | | |
iShares Russell 1000 Growth ETF (Cost $65,672) | | 189,600 | 64,898 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $11,451,013) | 21,264,312 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (78,678) |
| NET ASSETS - 100.0% | 21,185,634 |
| | |
Security Type Abbreviations
Any values shown as $0 in the Consolidated Schedule of Investments may reflect amounts less than $500.
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | 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 $605,735,000 or 2.9% of net assets. |
| (e) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (h) | Security is perpetual in nature with no stated maturity date. |
| (i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (j) | Investment made with cash collateral received from securities on loan. |
| (k) | Equity security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. As of period end, the total fair value of unadjusted equity securities subject to contractual sale restrictions is $43,060 and all restrictions are set to expire on or before September 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| Aledade, Inc. Series E1 | 5/20/22 | 7,637 |
| | | |
| Anthropic PBC Series D | 5/31/24 | 2,007 |
| | | |
| Beta Technologies, Inc. Series A | 4/09/21 | 32,374 |
| | | |
| Blink Health LLC Series A1 | 12/30/20 | 1,520 |
| | | |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 8,939 |
| | | |
| Bolt Technology OU Series E | 1/03/22 | 75,500 |
| | | |
| Bombas LLC | 2/16/21 - 11/12/21 | 24,316 |
| | | |
| Bowery Farming, Inc. Series C1 | 5/18/21 | 24,388 |
| | | |
| Bowery Farming, Inc. Series D1 | 10/25/23 | 2,072 |
| | | |
| Bowery Farming, Inc. warrants | 10/25/23 | 0 |
| | | |
| ByteDance Ltd. Series E1 | 11/18/20 | 12,756 |
| | | |
| CelLink Corp. Series D | 1/20/22 | 7,930 |
| | | |
| Circle Internet Financial Ltd. Series E | 5/11/21 | 24,310 |
| | | |
| Circle Internet Financial Ltd. Series F | 5/09/22 | 6,559 |
| | | |
| Convoy, Inc. Series D | 10/30/19 | 14,058 |
| | | |
| Convoy, Inc. warrants | 3/24/23 | 0 |
| | | |
| Convoy, Inc. 15% 9/30/26 | 3/24/23 | 453 |
| | | |
| CoreWeave, Inc. | 11/29/23 | 3,155 |
| | | |
| CoreWeave, Inc. Series C | 5/17/24 | 509 |
| | | |
| Databricks, Inc. Series G | 2/01/21 | 10,713 |
| | | |
| Databricks, Inc. Series H | 8/31/21 | 2,377 |
| | | |
| Databricks, Inc. Series I | 9/14/23 | 181 |
| | | |
| Diamond Foundry, Inc. Series C | 3/15/21 | 16,184 |
| | | |
| Enevate Corp. Series E | 1/29/21 | 8,730 |
| | | |
| Enevate Corp. 6% | 11/02/23 | 409 |
| | | |
| Epic Games, Inc. | 7/13/20 - 3/29/21 | 45,615 |
| | | |
| GoBrands, Inc. Series G | 3/02/21 | 17,580 |
| | | |
| Gupshup, Inc. | 6/08/21 | 11,648 |
| | | |
| JUUL Labs, Inc. Class B | 11/21/17 | 0 |
| | | |
| JUUL Labs, Inc. Series C | 5/22/15 | 0 |
| | | |
| JUUL Labs, Inc. Series D | 6/25/18 | 0 |
| | | |
| Lenskart Solutions Pvt Ltd. | 4/30/24 | 8,195 |
| | | |
| Meesho Series E1 | 4/18/24 | 998 |
| | | |
| Meesho Series F | 9/21/21 | 18,693 |
| | | |
| Moloco, Inc. Series A | 6/26/23 | 15,909 |
| | | |
| Mountain Digital, Inc. Series D | 11/05/21 | 20,588 |
| | | |
| Neutron Holdings, Inc. | 2/04/21 | 5 |
| | | |
| Neutron Holdings, Inc. Series 1C | 7/03/18 | 1,184 |
| | | |
| Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 843 |
| | | |
| Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 232 |
| | | |
| Neutron Holdings, Inc. 6.5% 10/29/26 | 10/29/21 - 4/29/24 | 13,811 |
| | | |
| Pine Labs Private Ltd. | 6/30/21 | 6,203 |
| | | |
| Pine Labs Private Ltd. Series 1 | 6/30/21 | 14,826 |
| | | |
| Pine Labs Private Ltd. Series A | 6/30/21 | 3,705 |
| | | |
| Pine Labs Private Ltd. Series B | 6/30/21 | 4,030 |
| | | |
| Pine Labs Private Ltd. Series B2 | 6/30/21 | 3,261 |
| | | |
| Pine Labs Private Ltd. Series C | 6/30/21 | 6,065 |
| | | |
| Pine Labs Private Ltd. Series C1 | 6/30/21 | 1,278 |
| | | |
| Pine Labs Private Ltd. Series D | 6/30/21 | 1,367 |
| | | |
| Rad Power Bikes, Inc. | 1/21/21 | 1,845 |
| | | |
| Rad Power Bikes, Inc. warrants 10/6/33 | 10/06/23 | 0 |
| | | |
| Rad Power Bikes, Inc. Series A | 1/21/21 | 240 |
| | | |
| Rad Power Bikes, Inc. Series C | 1/21/21 | 946 |
| | | |
| Rad Power Bikes, Inc. Series D | 9/17/21 | 3,984 |
| | | |
| Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 449 |
| | | |
| Rapyd Financial Network 2016 Ltd. | 3/30/21 | 25,000 |
| | | |
| Relativity Space, Inc. Series E | 5/27/21 | 24,397 |
| | | |
| Sima Technologies, Inc. Series B | 5/10/21 | 6,145 |
| | | |
| Sima Technologies, Inc. Series B1 | 4/25/22 - 10/17/22 | 1,213 |
| | | |
| Sima Technologies, Inc. 10% 12/31/27 | 4/08/24 | 1,245 |
| | | |
| Skyryse, Inc. Series B | 10/21/21 | 6,024 |
| | | |
| Space Exploration Technologies Corp. Class A | 2/16/21 - 4/02/24 | 10,226 |
| | | |
| Space Exploration Technologies Corp. Class C | 4/02/24 | 1,980 |
| | | |
| Space Exploration Technologies Corp. Series I | 4/05/18 | 2,778 |
| | | |
| Space Exploration Technologies Corp. Series N | 8/04/20 | 13,878 |
| | | |
| Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 13,359 |
| | | |
| Stripe, Inc. Class B | 5/18/21 | 2,949 |
| | | |
| Stripe, Inc. Series H | 3/15/21 - 5/25/23 | 6,628 |
| | | |
| Tenstorrent Holdings, Inc. Series C1 | 4/23/21 | 3,786 |
| | | |
| Thriveworks TopCo LLC Series B | 7/23/21 - 2/25/22 | 22,050 |
| | | |
| VAST Data Ltd. Series A | 11/28/23 | 597 |
| | | |
| VAST Data Ltd. Series A1 | 11/28/23 | 1,469 |
| | | |
| VAST Data Ltd. Series A2 | 11/28/23 | 1,690 |
| | | |
| VAST Data Ltd. Series B | 11/28/23 | 1,344 |
| | | |
| VAST Data Ltd. Series C | 11/28/23 | 39 |
| | | |
| VAST Data Ltd. Series E | 11/28/23 | 2,569 |
| | | |
| Waymo LLC Series A2 | 5/08/20 | 4,108 |
| | | |
| xAI Corp. Series B | 5/13/24 | 12,500 |
| | | |
| Xsight Labs Ltd. warrants 1/11/34 | 1/11/24 | 0 |
| | | |
| Xsight Labs Ltd. Series D | 2/16/21 | 4,007 |
| | | |
| Xsight Labs Ltd. Series D1 | 1/11/24 | 1,466 |
| | | |
| Yanka Industries, Inc. Series E | 5/15/20 | 4,120 |
| | | |
| Yanka Industries, Inc. Series F | 4/08/21 | 12,144 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 33,286 | 1,428,095 | 1,381,314 | 894 | (2) | - | 80,065 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 248,823 | 832,267 | 945,204 | 266 | - | - | 135,886 | 0.5% |
| Total | 282,109 | 2,260,362 | 2,326,518 | 1,160 | (2) | - | 215,951 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 4,542,577 | 4,481,216 | - | 61,361 |
Consumer Discretionary | 2,048,386 | 1,864,085 | 144,685 | 39,616 |
Consumer Staples | 89,533 | 86,511 | - | 3,022 |
Energy | 24,474 | 24,474 | - | - |
Financials | 948,124 | 843,315 | - | 104,809 |
Health Care | 1,996,773 | 1,956,771 | 21,976 | 18,026 |
Industrials | 1,437,974 | 1,282,828 | - | 155,146 |
Information Technology | 9,861,930 | 9,667,562 | 4,305 | 190,063 |
Materials | 15,051 | - | - | 15,051 |
|
| Corporate Bonds | 16,096 | - | - | 16,096 |
|
| Preferred Securities | 2,545 | - | - | 2,545 |
|
| Money Market Funds | 215,951 | 215,951 | - | - |
|
| Equity Funds | 64,898 | 64,898 | - | - |
| Total Investments in Securities: | 21,264,312 | 20,487,611 | 170,966 | 605,735 |
| | | | | |
|
| Net Unrealized Appreciation on Unfunded Commitments | 47 | - | - | 47 |
| Total | 47 | - | - | 47 |
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value:
| (Amounts in thousands) | |
| Investments in Securities: | |
| Beginning Balance | $ | 578,506 | |
| Net Realized Gain (Loss) on Investment Securities | | (475) | |
| Net Unrealized Gain (Loss) on Investment Securities | | 16,339 | |
| Cost of Purchases | | 36,471 | |
| Proceeds of Sales | | (170) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | (24,936) | |
| Ending Balance | $ | 605,735 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2024 | $ | 16,323 | |
| The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | |
Consolidated Financial Statements (Unaudited)
| Consolidated Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $134,808) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $11,235,062) | $ | 21,048,361 | | |
Fidelity Central Funds (cost $215,951) | | 215,951 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $11,451,013) | | | $ | 21,264,312 |
| Cash | | | | 12 |
| Foreign currency held at value (cost $508) | | | | 508 |
| Receivable for investments sold | | | | 122,005 |
| Unrealized appreciation on unfunded commitments | | | | 47 |
| Receivable for fund shares sold | | | | 29,709 |
| Dividends receivable | | | | 8,197 |
| Interest receivable | | | | 330 |
| Distributions receivable from Fidelity Central Funds | | | | 245 |
| Prepaid expenses | | | | 3 |
| Other receivables | | | | 11 |
Total assets | | | | 21,425,379 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 61,600 | | |
| Payable for fund shares redeemed | | 30,391 | | |
| Accrued management fee | | 8,094 | | |
| Distribution and service plan fees payable | | 3,045 | | |
| Other payables and accrued expenses | | 748 | | |
| Collateral on securities loaned | | 135,867 | | |
| Total liabilities | | | | 239,745 |
| Commitments and contingent liabilities (see Commitments note) | | | | |
| Net Assets | | | $ | 21,185,634 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 12,646,634 |
| Total accumulated earnings (loss) | | | | 8,539,000 |
| Net Assets | | | $ | 21,185,634 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($4,220,218 ÷ 27,997 shares)(a) | | | $ | 150.74 |
| Maximum offering price per share (100/94.25 of $150.74) | | | $ | 159.94 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($3,039,993 ÷ 20,555 shares)(a) | | | $ | 147.90 |
| Maximum offering price per share (100/96.50 of $147.90) | | | $ | 153.26 |
| Class C : | | | | |
Net Asset Value and offering price per share ($1,118,426 ÷ 9,284 shares)(a) | | | $ | 120.47 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($9,177,714 ÷ 54,828 shares) | | | $ | 167.39 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($3,629,283 ÷ 21,366 shares) | | | $ | 169.86 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| Consolidated Statement of Operations |
| Amounts in thousands | | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 34,520 |
| Interest | | | | 436 |
| Income from Fidelity Central Funds (including $266 from security lending) | | | | 1,160 |
| Total income | | | | 36,116 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 57,540 | | |
| Performance adjustment | | (18,807) | | |
| Transfer agent fees | | 6,849 | | |
| Distribution and service plan fees | | 17,219 | | |
| Accounting fees | | 397 | | |
| Custodian fees and expenses | | 131 | | |
| Independent trustees' fees and expenses | | 42 | | |
| Registration fees | | 171 | | |
| Audit | | 45 | | |
| Legal | | 14 | | |
| Interest | | 38 | | |
| Miscellaneous | | 125 | | |
| Total expenses before reductions | | 63,764 | | |
| Expense reductions | | (836) | | |
| Total expenses after reductions | | | | 62,928 |
| Net Investment income (loss) | | | | (26,812) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 1,114,563 | | |
| Fidelity Central Funds | | (2) | | |
| Foreign currency transactions | | 515 | | |
| Total net realized gain (loss) | | | | 1,115,076 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 3,176,052 | | |
| Unfunded commitments | | 47 | | |
| Assets and liabilities in foreign currencies | | (30) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 3,176,069 |
| Net gain (loss) | | | | 4,291,145 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 4,264,333 |
| Consolidated Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (26,812) | $ | (26,886) |
| Net realized gain (loss) | | 1,115,076 | | (315,578) |
| Change in net unrealized appreciation (depreciation) | | 3,176,069 | | 3,775,315 |
| Net increase (decrease) in net assets resulting from operations | | 4,264,333 | | 3,432,851 |
| Share transactions - net increase (decrease) | | (360,311) | | (1,067,199) |
| Total increase (decrease) in net assets | | 3,904,022 | | 2,365,652 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 17,281,612 | | 14,915,960 |
| End of period | $ | 21,185,634 | $ | 17,281,612 |
| | | | | |
| | | | | |
Consolidated Financial Highlights
Fidelity Advisor® Growth Opportunities Fund Class A |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 120.74 | $ | 96.87 | $ | 159.95 | $ | 141.06 | $ | 90.00 | $ | 76.87 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.26) | | (.29) | | (.38) | | (1.06) | | (.56) | | (.18) C |
| Net realized and unrealized gain (loss) | | 30.26 | | 24.16 | | (48.08) | | 27.68 | | 55.26 | | 21.21 |
| Total from investment operations | | 30.00 | | 23.87 | | (48.46) | | 26.62 | | 54.70 | | 21.03 |
| Distributions from net realized gain | | - | | - | | (14.62) | | (7.73) | | (3.64) | | (7.90) |
| Total distributions | | - | | - | | (14.62) | | (7.73) | | (3.64) | | (7.90) |
| Net asset value, end of period | $ | 150.74 | $ | 120.74 | $ | 96.87 | $ | 159.95 | $ | 141.06 | $ | 90.00 |
Total Return D,E,F | | | | 24.64% | | (33.31)% | | 19.60% | | 63.12% | | 31.29% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .75% I | | .72% | | .89% | | 1.04% | | 1.06% | | 1.11% |
| Expenses net of fee waivers, if any | | | | .72% | | .89% | | 1.04% | | 1.06% | | 1.11% |
| Expenses net of all reductions | | .74% I | | .72% | | .89% | | 1.04% | | 1.06% | | 1.10% |
| Net investment income (loss) | | (.37)% I | | (.27)% | | (.35)% | | (.68)% | | (.52)% | | (.22)% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 4,220 | $ | 3,384 | $ | 2,749 | $ | 4,184 | $ | 3,037 | $ | 1,349 |
Portfolio turnover rate J | | | | 50% K | | 75% | | 66% | | 47% | | 37% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.42)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Growth Opportunities Fund Class M |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 118.60 | $ | 95.39 | $ | 157.62 | $ | 139.13 | $ | 89.03 | $ | 76.28 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.42) | | (.53) | | (.64) | | (1.41) | | (.79) | | (.37) C |
| Net realized and unrealized gain (loss) | | 29.72 | | 23.74 | | (47.42) | | 27.31 | | 54.53 | | 21.02 |
| Total from investment operations | | 29.30 | | 23.21 | | (48.06) | | 25.90 | | 53.74 | | 20.65 |
| Distributions from net realized gain | | - | | - | | (14.17) | | (7.41) | | (3.64) | | (7.90) |
| Total distributions | | - | | - | | (14.17) | | (7.41) | | (3.64) | | (7.90) |
| Net asset value, end of period | $ | 147.90 | $ | 118.60 | $ | 95.39 | $ | 157.62 | $ | 139.13 | $ | 89.03 |
Total Return D,E,F | | | | 24.33% | | (33.47)% | | 19.31% | | 62.71% | | 31.01% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .99% I | | .96% | | 1.13% | | 1.28% | | 1.30% | | 1.34% |
| Expenses net of fee waivers, if any | | | | .96% | | 1.13% | | 1.28% | | 1.30% | | 1.34% |
| Expenses net of all reductions | | .98% I | | .96% | | 1.13% | | 1.28% | | 1.30% | | 1.34% |
| Net investment income (loss) | | (.61)% I | | (.51)% | | (.59)% | | (.93)% | | (.76)% | | (.46)% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 3,040 | $ | 2,513 | $ | 2,136 | $ | 3,481 | $ | 3,153 | $ | 2,094 |
Portfolio turnover rate J | | | | 50% K | | 75% | | 66% | | 47% | | 37% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.65)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Growth Opportunities Fund Class C |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 96.86 | $ | 78.30 | $ | 132.10 | $ | 118.14 | $ | 76.50 | $ | 67.03 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.62) | | (.88) | | (.99) | | (1.85) | | (1.15) | | (.67) C |
| Net realized and unrealized gain (loss) | | 24.23 | | 19.44 | | (39.09) | | 23.04 | | 46.43 | | 18.04 |
| Total from investment operations | | 23.61 | | 18.56 | | (40.08) | | 21.19 | | 45.28 | | 17.37 |
| Distributions from net realized gain | | - | | - | | (13.72) | | (7.23) | | (3.64) | | (7.90) |
| Total distributions | | - | | - | | (13.72) | | (7.23) | | (3.64) | | (7.90) |
| Net asset value, end of period | $ | 120.47 | $ | 96.86 | $ | 78.30 | $ | 132.10 | $ | 118.14 | $ | 76.50 |
Total Return D,E,F | | | | 23.70% | | (33.81)% | | 18.70% | | 61.89% | | 30.31% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | 1.50% I | | 1.48% | | 1.65% | | 1.80% | | 1.81% | | 1.86% |
| Expenses net of fee waivers, if any | | | | 1.47% | | 1.64% | | 1.80% | | 1.81% | | 1.86% |
| Expenses net of all reductions | | 1.49% I | | 1.47% | | 1.64% | | 1.80% | | 1.81% | | 1.86% |
| Net investment income (loss) | | (1.12)% I | | (1.02)% | | (1.10)% | | (1.44)% | | (1.27)% | | (.98)% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 1,118 | $ | 925 | $ | 828 | $ | 1,413 | $ | 1,159 | $ | 483 |
Portfolio turnover rate J | | | | 50% K | | 75% | | 66% | | 47% | | 37% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.17)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Growth Opportunities Fund Class I |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 133.91 | $ | 107.16 | $ | 175.33 | $ | 153.77 | $ | 97.56 | $ | 82.42 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.09) | | (.02) | | (.12) | | (.74) | | (.31) | | .03 C |
| Net realized and unrealized gain (loss) | | 33.57 | | 26.77 | | (53.08) | | 30.27 | | 60.16 | | 23.01 |
| Total from investment operations | | 33.48 | | 26.75 | | (53.20) | | 29.53 | | 59.85 | | 23.04 |
| Distributions from net realized gain | | - | | - | | (14.97) | | (7.97) | | (3.64) | | (7.90) |
| Total distributions | | - | | - | | (14.97) | | (7.97) | | (3.64) | | (7.90) |
| Net asset value, end of period | $ | 167.39 | $ | 133.91 | $ | 107.16 | $ | 175.33 | $ | 153.77 | $ | 97.56 |
Total Return D,E | | | | 24.96% | | (33.15)% | | 19.90% | | 63.52% | | 31.66% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .49% H | | .47% | | .64% | | .79% | | .80% | | .84% |
| Expenses net of fee waivers, if any | | | | .47% | | .64% | | .79% | | .80% | | .84% |
| Expenses net of all reductions | | .49% H | | .47% | | .64% | | .79% | | .80% | | .84% |
| Net investment income (loss) | | (.12)% H | | (.02)% | | (.10)% | | (.43)% | | (.26)% | | .04% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 9,178 | $ | 7,615 | $ | 6,873 | $ | 12,620 | $ | 8,282 | $ | 2,819 |
Portfolio turnover rate I | | | | 50% J | | 75% | | 66% | | 47% | | 37% J |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.17 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.15)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Growth Opportunities Fund Class Z |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 135.80 | $ | 108.54 | $ | 177.37 | $ | 155.40 | $ | 98.44 | $ | 83.00 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | - C | | .13 | | .03 | | (.54) | | (.17) | | .14 D |
| Net realized and unrealized gain (loss) | | 34.06 | | 27.13 | | (53.71) | | 30.58 | | 60.77 | | 23.20 |
| Total from investment operations | | 34.06 | | 27.26 | | (53.68) | | 30.04 | | 60.60 | | 23.34 |
| Distributions from net realized gain | | - | | - | | (15.15) | | (8.07) | | (3.64) | | (7.90) |
| Total distributions | | - | | - | | (15.15) | | (8.07) | | (3.64) | | (7.90) |
| Net asset value, end of period | $ | 169.86 | $ | 135.80 | $ | 108.54 | $ | 177.37 | $ | 155.40 | $ | 98.44 |
Total Return E,F | | | | 25.12% | | (33.06)% | | 20.04% | | 63.72% | | 31.81% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .37% I | | .35% | | .52% | | .67% | | .69% | | .72% |
| Expenses net of fee waivers, if any | | | | .34% | | .51% | | .67% | | .68% | | .72% |
| Expenses net of all reductions | | .36% I | | .34% | | .51% | | .67% | | .68% | | .72% |
| Net investment income (loss) | | -% I,J | | .11% | | .03% | | (.31)% | | (.15)% | | .16% D |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 3,629 | $ | 2,844 | $ | 2,330 | $ | 3,828 | $ | 2,826 | $ | 1,114 |
Portfolio turnover rate K | | | | 50% L | | 75% | | 66% | | 47% | | 37% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.17 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.03)%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount represents less than .005%.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements
(Unaudited)For the period ended May 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Growth Opportunities Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Exchange-Traded Funds (ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
| Equities | $587,094 | Recovery value | Recovery value | $0.00 | Increase |
| | | Market approach | Transaction price | $1.10 - $78.20 / $19.15 | Increase |
| | | | Discount rate | 40.0% | Decrease |
| | | | Premium rate | 35.0% - 65.0% / 44.0% | Increase |
| | | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.9 - 23.0 / 6.4 | Increase |
| | | | Enterprise value/EBITDA multiple (EV/EBITDA) | 18.6 - 21.3 / 19.6 | Increase |
| | | | Enterprise value/Net income multiple (EV/NI) | 16.0 | Increase |
| | | Discounted cash flow | Weighted average cost of capital (WACC) | 28.9% | Decrease |
| | | | Exit multiple | 1.5 | Increase |
| | | Black scholes | Discount rate | 4.1% - 5.2% / 4.7% | Increase |
| | | | Volatility | 50.0% - 100.0% / 72.1% | Increase |
| | | | Term | 1.0 - 5.0 / 3.6 | Increase |
| Corporate Bonds | $16,096 | Recovery value | Recovery value | $0.00 | Increase |
| | | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.8 | Increase |
| | | | Discount rate | 29.2% | Decrease |
| | | | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
| | | Black scholes | Discount rate | 5.3% | Increase |
| | | | Volatility | 75.0% | Increase |
| | | | Term | 0.8 | Increase |
| Preferred Securities | $2,545 | Recovery value | Recovery value | $0.00 | Increase |
| | | Market approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 35.4% -37.9% / 37.2% | Decrease |
| | | | Probability rate | 0.0% - 60.0% / 36.0% | Increase |
| | | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.7 | Increase |
| | | Black scholes | Discount rate | 4.8% - 5.5% / 5.1% | Increase |
| | | | Volatility | 50.0% - 100.0% / 62.1% | Increase |
| | | | Term | 0.4 - 2.1 / 1.3 | Increase |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Advisor Growth Opportunities Fund | $11 |
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.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $10,563,757 |
| Gross unrealized depreciation | (814,608) |
| Net unrealized appreciation (depreciation) | $9,749,149 |
| Tax cost | $11,515,163 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| Short-term | $(2,124,156) |
| Long-term | (110,414) |
| Total capital loss carryforward | $(2,234,570) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.
| | Investment to be Acquired | Commitment Amount ($) | Unrealized Appreciation (Depreciation)($) |
| Fidelity Advisor Growth Opportunities Fund | JUUL Labs, Inc. Class A | 19,373 | 47 |
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
| | Amount ($) | % of Net Assets |
| Fidelity Advisor Growth Opportunities Fund | 7,666 | .04 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Growth Opportunities Fund | 5,359,508 | 5,828,734 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Advisor Growth Opportunities Fund | 90 | 9,166 | 10,082 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .67 |
| Class M | .66 |
| Class C | .67 |
| Class I | .67 |
| Class Z | .54 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .66 |
| Class M | .66 |
| Class C | .67 |
| Class I | .66 |
| Class Z | .54 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Growth Opportunities Fund | Russell 1000 Growth Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the asset-weighted return of all classes. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.19)%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 4,849 | 86 |
| Class M | .25% | .25% | 7,125 | 23 |
| Class C | .75% | .25% | 5,245 | 611 |
| | | | 17,219 | 720 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 1,080 |
| Class M | 42 |
Class CA | 3 |
| | 1,125 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| | % of Class-Level Average Net Assets |
| Class A | .1666 |
| Class M | .1573 |
| Class C | .1724 |
| Class I | .1660 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | Amount ($) | % of Class-Level Average Net AssetsA |
| Class A | 1,553 | .17 |
| Class M | 1,084 | .16 |
| Class C | 437 | .17 |
| Class I | 3,448 | .17 |
| Class Z | 327 | .04 |
| | 6,849 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Growth Opportunities Fund | .0085 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Advisor Growth Opportunities Fund | .01 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Advisor Growth Opportunities Fund | Borrower | 24,502 | 5.57% | 38 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Growth Opportunities Fund | 73 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Growth Opportunities Fund | 238,236 | 283,494 | (4,463) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Growth Opportunities Fund | 17 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Growth Opportunities Fund | 28 | 10 | - |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $836.
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Six months ended May 31, 2024 | Year ended November 30, 2023 | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Growth Opportunities Fund | | | | |
| Class A | | | | |
| Shares sold | 2,381 | 4,751 | $332,704 | $506,438 |
| Shares redeemed | (2,408) | (5,107) | (333,412) | (529,835) |
| Net increase (decrease) | (27) | (356) | $(708) | $(23,397) |
| Class M | | | | |
| Shares sold | 1,053 | 1,865 | $143,176 | $195,104 |
| Shares redeemed | (1,689) | (3,069) | (229,706) | (317,685) |
| Net increase (decrease) | (636) | (1,204) | $(86,530) | $(122,581) |
| Class C | | | | |
| Shares sold | 681 | 1,331 | $75,525 | $113,706 |
| Shares redeemed | (948) | (2,350) | (105,505) | (197,044) |
| Net increase (decrease) | (267) | (1,019) | $(29,980) | $(83,338) |
| Class I | | | | |
| Shares sold | 6,424 | 15,365 | $988,537 | $1,790,597 |
| Shares redeemed | (8,466) | (22,630) | (1,298,739) | (2,584,365) |
| Net increase (decrease) | (2,042) | (7,265) | $(310,202) | $(793,768) |
| Class Z | | | | |
| Shares sold | 3,575 | 6,638 | $554,263 | $785,386 |
| Shares redeemed | (3,153) | (7,160) | (487,154) | (829,501) |
| Net increase (decrease) | 422 | (522) | $67,109 | $(44,115) |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Growth Opportunities Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Growth Opportunities Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered a pro forma management fee rate for Class I as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Class I of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Class I of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Class I of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the mapped group for the 12-month period ended September 30, 2023 and above the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023. The Board noted that the fund has a management fee structure that covers expenses for services beyond portfolio management and further noted that Fidelity believes that total expense ratio comparisons are more useful in this context.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.704615.126
GO-SANN-0724
Fidelity Advisor® Equity Value Fund
Semi-Annual Report
May 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Equity Value Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.3% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 5.2% | | | |
| Entertainment - 2.5% | | | |
| The Walt Disney Co. | | 49,918 | 5,186,979 |
| Media - 2.7% | | | |
| Comcast Corp. Class A | | 143,495 | 5,744,105 |
TOTAL COMMUNICATION SERVICES | | | 10,931,084 |
| CONSUMER DISCRETIONARY - 4.3% | | | |
| Diversified Consumer Services - 1.9% | | | |
| H&R Block, Inc. | | 78,532 | 3,898,328 |
| Household Durables - 0.2% | | | |
| Berkeley Group Holdings PLC | | 7,000 | 472,363 |
| Specialty Retail - 1.9% | | | |
| Lowe's Companies, Inc. | | 6,300 | 1,394,127 |
| Murphy U.S.A., Inc. | | 1,700 | 745,875 |
| Ross Stores, Inc. | | 13,693 | 1,913,734 |
| | | | 4,053,736 |
| Textiles, Apparel & Luxury Goods - 0.3% | | | |
| Tapestry, Inc. | | 14,600 | 634,954 |
TOTAL CONSUMER DISCRETIONARY | | | 9,059,381 |
| CONSUMER STAPLES - 11.3% | | | |
| Beverages - 3.6% | | | |
| Coca-Cola Europacific Partners PLC | | 19,073 | 1,405,871 |
| Diageo PLC | | 37,243 | 1,253,874 |
| Keurig Dr. Pepper, Inc. | | 68,421 | 2,343,419 |
| The Coca-Cola Co. | | 40,652 | 2,558,230 |
| | | | 7,561,394 |
| Consumer Staples Distribution & Retail - 1.8% | | | |
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 9,500 | 554,477 |
| BJ's Wholesale Club Holdings, Inc. (a) | | 16,998 | 1,497,014 |
| U.S. Foods Holding Corp. (a) | | 34,354 | 1,814,922 |
| | | | 3,866,413 |
| Food Products - 2.3% | | | |
| Lamb Weston Holdings, Inc. | | 22,494 | 1,985,995 |
| Mondelez International, Inc. | | 21,276 | 1,458,044 |
| Tyson Foods, Inc. Class A | | 23,780 | 1,361,405 |
| | | | 4,805,444 |
| Household Products - 1.1% | | | |
| Procter & Gamble Co. | | 14,199 | 2,336,303 |
| Personal Care Products - 2.5% | | | |
| Haleon PLC | | 387,616 | 1,610,698 |
| Kenvue, Inc. | | 187,581 | 3,620,313 |
| | | | 5,231,011 |
TOTAL CONSUMER STAPLES | | | 23,800,565 |
| ENERGY - 9.2% | | | |
| Oil, Gas & Consumable Fuels - 9.2% | | | |
| Antero Resources Corp. (a) | | 41,021 | 1,461,578 |
| Equinor ASA sponsored ADR | | 55,889 | 1,628,605 |
| Exxon Mobil Corp. | | 80,778 | 9,472,029 |
| Occidental Petroleum Corp. | | 23,269 | 1,454,313 |
| Ovintiv, Inc. | | 26,821 | 1,385,841 |
| Parex Resources, Inc. | | 87,432 | 1,435,015 |
| Parkland Corp. | | 10,200 | 294,337 |
| Shell PLC ADR | | 31,051 | 2,259,892 |
| | | | 19,391,610 |
| FINANCIALS - 24.6% | | | |
| Banks - 11.9% | | | |
| Bank of America Corp. | | 151,496 | 6,058,325 |
| Cullen/Frost Bankers, Inc. | | 4,143 | 420,846 |
| JPMorgan Chase & Co. | | 39,738 | 8,052,111 |
| M&T Bank Corp. | | 11,254 | 1,706,106 |
| PNC Financial Services Group, Inc. | | 15,133 | 2,381,783 |
| U.S. Bancorp | | 40,871 | 1,657,319 |
| Wells Fargo & Co. | | 81,429 | 4,879,226 |
| | | | 25,155,716 |
| Capital Markets - 2.6% | | | |
| Affiliated Managers Group, Inc. | | 2,085 | 339,021 |
| BlackRock, Inc. Class A | | 4,555 | 3,516,597 |
| Northern Trust Corp. | | 20,658 | 1,740,230 |
| | | | 5,595,848 |
| Financial Services - 3.5% | | | |
| Apollo Global Management, Inc. | | 10,700 | 1,242,912 |
| Berkshire Hathaway, Inc. Class B (a) | | 14,624 | 6,060,186 |
| | | | 7,303,098 |
| Insurance - 6.6% | | | |
| Chubb Ltd. | | 23,084 | 6,251,609 |
| The Travelers Companies, Inc. | | 25,190 | 5,433,483 |
| Willis Towers Watson PLC | | 8,939 | 2,282,037 |
| | | | 13,967,129 |
TOTAL FINANCIALS | | | 52,021,791 |
| HEALTH CARE - 16.0% | | | |
| Health Care Providers & Services - 9.5% | | | |
| Centene Corp. (a) | | 65,750 | 4,707,043 |
| Cigna Group | | 18,085 | 6,232,453 |
| CVS Health Corp. | | 43,082 | 2,567,687 |
| Elevance Health, Inc. | | 5,529 | 2,977,256 |
| UnitedHealth Group, Inc. | | 7,436 | 3,683,571 |
| | | | 20,168,010 |
| Pharmaceuticals - 6.5% | | | |
| AstraZeneca PLC sponsored ADR | | 50,070 | 3,906,461 |
| Bristol-Myers Squibb Co. | | 70,166 | 2,883,121 |
| Johnson & Johnson | | 21,621 | 3,171,152 |
| Roche Holding AG (participation certificate) | | 5,957 | 1,520,923 |
| Sanofi SA sponsored ADR | | 46,056 | 2,258,126 |
| | | | 13,739,783 |
TOTAL HEALTH CARE | | | 33,907,793 |
| INDUSTRIALS - 11.3% | | | |
| Aerospace & Defense - 3.6% | | | |
| Airbus Group NV | | 7,778 | 1,323,052 |
| L3Harris Technologies, Inc. | | 5,736 | 1,289,625 |
| Lockheed Martin Corp. | | 4,165 | 1,958,966 |
| Northrop Grumman Corp. | | 5,344 | 2,408,915 |
| The Boeing Co. (a) | | 3,100 | 550,591 |
| | | | 7,531,149 |
| Air Freight & Logistics - 1.2% | | | |
| DHL Group | | 25,206 | 1,061,182 |
| FedEx Corp. | | 6,000 | 1,523,760 |
| | | | 2,584,942 |
| Building Products - 0.4% | | | |
| Johnson Controls International PLC | | 12,900 | 927,639 |
| Electrical Equipment - 0.9% | | | |
| GE Vernova LLC | | 2,300 | 404,570 |
| Regal Rexnord Corp. | | 8,060 | 1,205,292 |
| Vestas Wind Systems A/S (a) | | 11,800 | 331,089 |
| | | | 1,940,951 |
| Industrial Conglomerates - 1.5% | | | |
| Siemens AG | | 16,353 | 3,151,898 |
| Machinery - 2.7% | | | |
| Cummins, Inc. | | 2,000 | 563,460 |
| Deere & Co. | | 8,313 | 3,115,380 |
| Oshkosh Corp. | | 2,690 | 305,934 |
| Pentair PLC | | 20,991 | 1,708,248 |
| | | | 5,693,022 |
| Professional Services - 1.0% | | | |
| Genpact Ltd. | | 23,100 | 763,686 |
| Maximus, Inc. | | 15,012 | 1,292,533 |
| | | | 2,056,219 |
TOTAL INDUSTRIALS | | | 23,885,820 |
| INFORMATION TECHNOLOGY - 5.7% | | | |
| Communications Equipment - 1.9% | | | |
| Cisco Systems, Inc. | | 86,163 | 4,006,580 |
| IT Services - 2.2% | | | |
| Amdocs Ltd. | | 29,045 | 2,294,555 |
| Capgemini SA | | 6,674 | 1,352,166 |
| Cognizant Technology Solutions Corp. Class A | | 15,022 | 993,705 |
| | | | 4,640,426 |
| Software - 1.6% | | | |
| Gen Digital, Inc. | | 106,283 | 2,639,007 |
| Open Text Corp. | | 24,400 | 713,700 |
| | | | 3,352,707 |
TOTAL INFORMATION TECHNOLOGY | | | 11,999,713 |
| MATERIALS - 2.3% | | | |
| Chemicals - 1.7% | | | |
| CF Industries Holdings, Inc. | | 23,305 | 1,858,108 |
| Nutrien Ltd. | | 30,286 | 1,775,062 |
| | | | 3,633,170 |
| Containers & Packaging - 0.6% | | | |
| Crown Holdings, Inc. | | 15,962 | 1,343,841 |
TOTAL MATERIALS | | | 4,977,011 |
| REAL ESTATE - 1.1% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.1% | | | |
| Crown Castle, Inc. | | 13,835 | 1,418,088 |
| Simon Property Group, Inc. | | 5,700 | 862,467 |
| | | | 2,280,555 |
| UTILITIES - 6.3% | | | |
| Electric Utilities - 4.6% | | | |
| Edison International | | 35,347 | 2,716,417 |
| NextEra Energy, Inc. | | 17,068 | 1,365,781 |
| PG&E Corp. | | 263,919 | 4,893,058 |
| Southern Co. | | 8,870 | 710,842 |
| | | | 9,686,098 |
| Independent Power and Renewable Electricity Producers - 0.6% | | | |
| The AES Corp. | | 59,806 | 1,291,212 |
| Multi-Utilities - 1.1% | | | |
| National Grid PLC | | 77,333 | 876,182 |
| National Grid PLC rights 6/10/24 (a) | | 22,555 | 56,628 |
| Sempra | | 17,331 | 1,335,007 |
| | | | 2,267,817 |
TOTAL UTILITIES | | | 13,245,127 |
| TOTAL COMMON STOCKS (Cost $163,298,119) | | | 205,500,450 |
| | | | |
| Nonconvertible Preferred Stocks - 1.1% |
| | | Shares | Value ($) |
| INFORMATION TECHNOLOGY - 1.1% | | | |
| Technology Hardware, Storage & Peripherals - 1.1% | | | |
Samsung Electronics Co. Ltd. (Cost $2,344,042) | | 55,362 | 2,418,606 |
| | | | |
| Money Market Funds - 1.2% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (b) (Cost $2,466,778) | | 2,466,285 | 2,466,778 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $168,108,939) | 210,385,834 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | 823,503 |
| NET ASSETS - 100.0% | 211,209,337 |
| | |
Legend
| (b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 2,706,128 | 23,829,520 | 24,068,857 | 69,637 | (13) | - | 2,466,778 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | - | 1,711,492 | 1,711,491 | 116 | - | (1) | - | 0.0% |
| Total | 2,706,128 | 25,541,012 | 25,780,348 | 69,753 | (13) | (1) | 2,466,778 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 10,931,084 | 10,931,084 | - | - |
Consumer Discretionary | 9,059,381 | 8,587,018 | 472,363 | - |
Consumer Staples | 23,800,565 | 20,935,993 | 2,864,572 | - |
Energy | 19,391,610 | 19,391,610 | - | - |
Financials | 52,021,791 | 52,021,791 | - | - |
Health Care | 33,907,793 | 32,386,870 | 1,520,923 | - |
Industrials | 23,885,820 | 18,018,599 | 5,867,221 | - |
Information Technology | 14,418,319 | 10,647,547 | 3,770,772 | - |
Materials | 4,977,011 | 4,977,011 | - | - |
Real Estate | 2,280,555 | 2,280,555 | - | - |
Utilities | 13,245,127 | 12,312,317 | 932,810 | - |
|
| Money Market Funds | 2,466,778 | 2,466,778 | - | - |
| Total Investments in Securities: | 210,385,834 | 194,957,173 | 15,428,661 | - |
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $165,642,161) | $ | 207,919,056 | | |
Fidelity Central Funds (cost $2,466,778) | | 2,466,778 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $168,108,939) | | | $ | 210,385,834 |
| Foreign currency held at value (cost $21,147) | | | | 22,070 |
| Receivable for investments sold | | | | 452,149 |
| Receivable for fund shares sold | | | | 122,899 |
| Dividends receivable | | | | 304,846 |
| Reclaims receivable | | | | 107,335 |
| Distributions receivable from Fidelity Central Funds | | | | 9,359 |
| Prepaid expenses | | | | 37 |
Total assets | | | | 211,404,529 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 9,431 | | |
| Accrued management fee | | 100,465 | | |
| Distribution and service plan fees payable | | 48,138 | | |
| Audit fee payable | | 28,984 | | |
| Other payables and accrued expenses | | 8,174 | | |
| Total liabilities | | | | 195,192 |
| Net Assets | | | $ | 211,209,337 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 161,250,521 |
| Total accumulated earnings (loss) | | | | 49,958,816 |
| Net Assets | | | $ | 211,209,337 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($117,513,302 ÷ 4,990,130 shares)(a) | | | $ | 23.55 |
| Maximum offering price per share (100/94.25 of $23.55) | | | $ | 24.99 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($30,985,279 ÷ 1,315,212 shares)(a) | | | $ | 23.56 |
| Maximum offering price per share (100/96.50 of $23.56) | | | $ | 24.41 |
| Class C : | | | | |
Net Asset Value and offering price per share ($13,030,752 ÷ 567,707 shares)(a) | | | $ | 22.95 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($36,735,135 ÷ 1,516,018 shares) | | | $ | 24.23 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($12,944,869 ÷ 538,100 shares) | | | $ | 24.06 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| Statement of Operations |
| | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 2,417,612 |
| Income from Fidelity Central Funds (including $116 from security lending) | | | | 69,753 |
| Total income | | | | 2,487,365 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 635,865 | | |
| Performance adjustment | | (68,281) | | |
| Transfer agent fees | | 88,856 | | |
| Distribution and service plan fees | | 288,443 | | |
| Accounting fees | | 18,513 | | |
| Custodian fees and expenses | | 9,625 | | |
| Independent trustees' fees and expenses | | 479 | | |
| Registration fees | | 66,752 | | |
| Audit | | 33,536 | | |
| Legal | | 2,769 | | |
| Miscellaneous | | 3,149 | | |
| Total expenses before reductions | | 1,079,706 | | |
| Expense reductions | | (10,134) | | |
| Total expenses after reductions | | | | 1,069,572 |
| Net Investment income (loss) | | | | 1,417,793 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 6,859,453 | | |
| Fidelity Central Funds | | (13) | | |
| Foreign currency transactions | | (1,926) | | |
| Total net realized gain (loss) | | | | 6,857,514 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 9,440,380 | | |
| Fidelity Central Funds | | (1) | | |
| Assets and liabilities in foreign currencies | | (2,384) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 9,437,995 |
| Net gain (loss) | | | | 16,295,509 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 17,713,302 |
| Statement of Changes in Net Assets |
| |
| | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 1,417,793 | $ | 2,664,817 |
| Net realized gain (loss) | | 6,857,514 | | 5,124,506 |
| Change in net unrealized appreciation (depreciation) | | 9,437,995 | | (14,274,163) |
| Net increase (decrease) in net assets resulting from operations | | 17,713,302 | | (6,484,840) |
| Distributions to shareholders | | (6,994,111) | | (3,783,745) |
| | | | | |
| Share transactions - net increase (decrease) | | (6,332,549) | | (24,978,755) |
| Total increase (decrease) in net assets | | 4,386,642 | | (35,247,340) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 206,822,695 | | 242,070,035 |
| End of period | $ | 211,209,337 | $ | 206,822,695 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Equity Value Fund Class A |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 22.39 | $ | 23.31 | $ | 22.52 | $ | 18.87 | $ | 18.81 | $ | 18.77 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .16 | | .27 | | .20 | | .16 | | .24 C | | .26 |
| Net realized and unrealized gain (loss) | | 1.77 | | (.83) | | 1.30 | | 3.69 | | .80 | | 1.25 |
| Total from investment operations | | 1.93 | | (.56) | | 1.50 | | 3.85 | | 1.04 | | 1.51 |
| Distributions from net investment income | | (.30) | | (.19) | | (.11) | | (.20) | | (.45) | | (.28) |
| Distributions from net realized gain | | (.47) | | (.17) | | (.60) | | - | | (.53) | | (1.19) |
| Total distributions | | (.77) | | (.36) | | (.71) | | (.20) | | (.98) | | (1.47) |
| Net asset value, end of period | $ | 23.55 | $ | 22.39 | $ | 23.31 | $ | 22.52 | $ | 18.87 | $ | 18.81 |
Total Return D,E,F | | | | (2.38)% | | 6.63% | | 20.58% | | 5.68% | | 9.75% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | 1.02% I | | 1.14% | | 1.19% | | 1.14% | | 1.11% | | 1.00% |
| Expenses net of fee waivers, if any | | | | 1.13% | | 1.15% | | 1.14% | | 1.10% | | 1.00% |
| Expenses net of all reductions | | 1.01% I | | 1.13% | | 1.15% | | 1.14% | | 1.09% | | .99% |
| Net investment income (loss) | | 1.36% I | | 1.24% | | .90% | | .73% | | 1.44% C | | 1.47% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 117,513 | $ | 110,910 | $ | 117,379 | $ | 96,669 | $ | 67,291 | $ | 71,916 |
Portfolio turnover rate J | | | | 29% | | 40% | | 35% | | 75% | | 43% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.08%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Equity Value Fund Class M |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 22.37 | $ | 23.28 | $ | 22.50 | $ | 18.85 | $ | 18.79 | $ | 18.73 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .13 | | .22 | | .14 | | .11 | | .20 C | | .21 |
| Net realized and unrealized gain (loss) | | 1.78 | | (.83) | | 1.29 | | 3.69 | | .79 | | 1.26 |
| Total from investment operations | | 1.91 | | (.61) | | 1.43 | | 3.80 | | .99 | | 1.47 |
| Distributions from net investment income | | (.25) | | (.13) | | (.05) | | (.15) | | (.40) | | (.23) |
| Distributions from net realized gain | | (.47) | | (.17) | | (.60) | | - | | (.53) | | (1.19) |
| Total distributions | | (.72) | | (.30) | | (.65) | | (.15) | | (.93) | | (1.41) D |
| Net asset value, end of period | $ | 23.56 | $ | 22.37 | $ | 23.28 | $ | 22.50 | $ | 18.85 | $ | 18.79 |
Total Return E,F,G | | | | (2.60)% | | 6.32% | | 20.31% | | 5.37% | | 9.51% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.26% J | | 1.38% | | 1.44% | | 1.39% | | 1.37% | | 1.26% |
| Expenses net of fee waivers, if any | | | | 1.38% | | 1.40% | | 1.38% | | 1.36% | | 1.26% |
| Expenses net of all reductions | | 1.25% J | | 1.37% | | 1.40% | | 1.38% | | 1.35% | | 1.26% |
| Net investment income (loss) | | 1.11% J | | .99% | | .65% | | .48% | | 1.19% C | | 1.21% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 30,985 | $ | 30,938 | $ | 33,509 | $ | 31,217 | $ | 25,905 | $ | 28,791 |
Portfolio turnover rate K | | | | 29% | | 40% | | 35% | | 75% | | 43% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .83%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Equity Value Fund Class C |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 21.73 | $ | 22.65 | $ | 21.89 | $ | 18.33 | $ | 18.29 | $ | 18.25 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .07 | | .10 | | .03 | | (.01) | | .10 C | | .12 |
| Net realized and unrealized gain (loss) | | 1.72 | | (.80) | | 1.25 | | 3.61 | | .76 | | 1.24 |
| Total from investment operations | | 1.79 | | (.70) | | 1.28 | | 3.60 | | .86 | | 1.36 |
| Distributions from net investment income | | (.10) | | (.05) | | - | | (.04) | | (.29) | | (.13) |
| Distributions from net realized gain | | (.47) | | (.17) | | (.52) | | - | | (.53) | | (1.19) |
| Total distributions | | (.57) | | (.22) | | (.52) | | (.04) | | (.82) | | (1.32) |
| Net asset value, end of period | $ | 22.95 | $ | 21.73 | $ | 22.65 | $ | 21.89 | $ | 18.33 | $ | 18.29 |
Total Return D,E,F | | | | (3.10)% | | 5.81% | | 19.67% | | 4.78% | | 8.95% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | 1.78% I | | 1.94% | | 1.98% | | 1.93% | | 1.91% | | 1.79% |
| Expenses net of fee waivers, if any | | | | 1.90% | | 1.90% | | 1.93% | | 1.90% | | 1.79% |
| Expenses net of all reductions | | 1.77% I | | 1.90% | | 1.90% | | 1.93% | | 1.89% | | 1.79% |
| Net investment income (loss) | | .59% I | | .47% | | .15% | | (.06)% | | .64% C | | .68% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 13,031 | $ | 13,766 | $ | 17,461 | $ | 14,096 | $ | 11,555 | $ | 15,819 |
Portfolio turnover rate J | | | | 29% | | 40% | | 35% | | 75% | | 43% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Equity Value Fund Class I |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 23.04 | $ | 23.96 | $ | 23.14 | $ | 19.39 | $ | 19.16 | $ | 19.09 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .19 | | .34 | | .26 | | .22 | | .30 C | | .31 |
| Net realized and unrealized gain (loss) | | 1.83 | | (.84) | | 1.33 | | 3.79 | | .81 | | 1.28 |
| Total from investment operations | | 2.02 | | (.50) | | 1.59 | | 4.01 | | 1.11 | | 1.59 |
| Distributions from net investment income | | (.35) | | (.25) | | (.18) | | (.26) | | (.35) | | (.34) |
| Distributions from net realized gain | | (.47) | | (.17) | | (.60) | | - | | (.53) | | (1.19) |
| Total distributions | | (.83) D | | (.42) | | (.77) D | | (.26) | | (.88) | | (1.52) D |
| Net asset value, end of period | $ | 24.23 | $ | 23.04 | $ | 23.96 | $ | 23.14 | $ | 19.39 | $ | 19.16 |
Total Return E,F | | | | (2.09)% | | 6.86% | | 20.93% | | 5.95% | | 10.12% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .75% I | | .88% | | .94% | | .90% | | .77% | | .72% |
| Expenses net of fee waivers, if any | | | | .88% | | .90% | | .90% | | .76% | | .72% |
| Expenses net of all reductions | | .74% I | | .88% | | .90% | | .90% | | .75% | | .72% |
| Net investment income (loss) | | 1.63% I | | 1.49% | | 1.15% | | .97% | | 1.78% C | | 1.75% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 36,735 | $ | 35,934 | $ | 52,405 | $ | 51,171 | $ | 16,291 | $ | 18,538 |
Portfolio turnover rate J | | | | 29% | | 40% | | 35% | | 75% | | 43% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.42%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Equity Value Fund Class Z |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 22.90 | $ | 23.82 | $ | 23.00 | $ | 19.26 | $ | 19.18 | $ | 19.12 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .21 | | .37 | | .30 | | .26 | | .32 C | | .33 |
| Net realized and unrealized gain (loss) | | 1.81 | | (.84) | | 1.32 | | 3.75 | | .82 | | 1.28 |
| Total from investment operations | | 2.02 | | (.47) | | 1.62 | | 4.01 | | 1.14 | | 1.61 |
| Distributions from net investment income | | (.39) | | (.28) | | (.20) | | (.27) | | (.52) | | (.37) |
| Distributions from net realized gain | | (.47) | | (.17) | | (.60) | | - | | (.53) | | (1.19) |
| Total distributions | | (.86) | | (.45) | | (.80) | | (.27) | | (1.06) D | | (1.55) D |
| Net asset value, end of period | $ | 24.06 | $ | 22.90 | $ | 23.82 | $ | 23.00 | $ | 19.26 | $ | 19.18 |
Total Return E,F | | | | (1.96)% | | 7.02% | | 21.07% | | 6.09% | | 10.27% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .60% I | | .75% | | .79% | | .74% | | .70% | | .58% |
| Expenses net of fee waivers, if any | | | | .74% | | .75% | | .74% | | .69% | | .58% |
| Expenses net of all reductions | | .59% I | | .74% | | .75% | | .74% | | .68% | | .58% |
| Net investment income (loss) | | 1.78% I | | 1.63% | | 1.30% | | 1.12% | | 1.86% C | | 1.89% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 12,945 | $ | 15,274 | $ | 21,317 | $ | 35,306 | $ | 2,606 | $ | 3,852 |
Portfolio turnover rate J | | | | 29% | | 40% | | 35% | | 75% | | 43% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.50%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
1. Organization.
Fidelity Advisor Equity Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $48,025,193 |
Gross unrealized depreciation | (5,918,311) |
Net unrealized appreciation (depreciation) | $42,106,882 |
Tax cost | $168,278,952 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
Fidelity Advisor Equity Value Fund | 30,984,984 | 41,465,401 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .70 |
| Class M | .70 |
| Class C | .72 |
| Class I | .68 |
| Class Z | .56 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .70 |
| Class M | .70 |
| Class C | .72 |
| Class I | .68 |
| Class Z | .56 |
| | |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Equity Value Fund | Russell 3000 Value Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.06) %.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 142,525 | 2,430 |
Class M | .25% | .25% | 78,444 | 1,004 |
| Class C | .75% | .25% | 67,474 | 7,247 |
| | | | 288,443 | 10,681 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
Class A | 18,542 |
Class M | 832 |
Class CA | 265 |
| | 19,639 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| | % of Class-Level Average Net Assets |
Class A | .1822 |
Class M | .1766 |
Class C | .2000 |
Class I | .1657 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | Amount ($) | % of Class-Level Average Net Assets |
Class A | 51,322 | .18 |
Class M | 13,959 | .18 |
Class C | 6,839 | .20 |
Class I | 14,992 | .17 |
Class Z | 1,744 | .04 |
| Total | 88,856 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Equity Value Fund | .0353 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Advisor Equity Value Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Equity Value Fund | 400 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
Fidelity Advisor Equity Value Fund | 1,895,190 | 7,361,594 | 674,248 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Fidelity Advisor Equity Value Fund | Amount ($) |
| | 196 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Equity Value Fund | 13 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $764.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9,370.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Equity Value Fund | | |
| Distributions to shareholders | | |
| Class A | $3,749,589 | $1,831,872 |
| Class M | 985,374 | 434,839 |
| Class C | 348,269 | 171,624 |
| Class I | 1,280,447 | 936,668 |
| Class Z | 630,432 | 408,742 |
| Total | $6,994,111 | $3,783,745 |
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 May 31, 2024 | Year ended November 30, 2023 | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Equity Value Fund | | | | |
| Class A | | | | |
Shares sold | 386,075 | 785,862 | $8,878,770 | $17,424,123 |
| Reinvestment of distributions | 160,908 | 79,706 | 3,610,788 | 1,767,079 |
| Shares redeemed | (510,751) | (948,277) | (11,702,136) | (20,950,026) |
| Net increase (decrease) | 36,232 | (82,709) | $787,422 | $(1,758,824) |
| Class M | | | | |
Shares sold | 44,147 | 99,039 | $1,020,866 | $2,185,687 |
| Reinvestment of distributions | 43,178 | 19,273 | 970,200 | 427,869 |
| Shares redeemed | (154,929) | (174,626) | (3,544,701) | (3,872,905) |
| Net increase (decrease) | (67,604) | (56,314) | $(1,553,635) | $(1,259,349) |
| Class C | | | | |
Shares sold | 36,292 | 134,070 | $808,664 | $2,891,489 |
| Reinvestment of distributions | 14,166 | 7,175 | 310,792 | 155,486 |
| Shares redeemed | (116,321) | (278,632) | (2,603,302) | (5,991,560) |
| Net increase (decrease) | (65,863) | (137,387) | $(1,483,846) | $(2,944,585) |
| Class I | | | | |
Shares sold | 215,669 | 497,498 | $5,102,852 | $11,370,113 |
| Reinvestment of distributions | 51,615 | 37,937 | 1,190,250 | 863,451 |
| Shares redeemed | (311,000) | (1,162,451) | (7,325,825) | (26,274,605) |
| Net increase (decrease) | (43,716) | (627,016) | $(1,032,723) | $(14,041,041) |
| Class Z | | | | |
Shares sold | 148,557 | 439,775 | $3,453,101 | $10,048,100 |
| Reinvestment of distributions | 22,924 | 15,951 | 524,502 | 360,343 |
| Shares redeemed | (300,439) | (683,473) | (7,027,370) | (15,383,399) |
| Net increase (decrease) | (128,958) | (227,747) | $(3,049,767) | $(4,974,956) |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Equity Value Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Equity Value Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended February 29, 2024, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered a pro forma management fee rate for Class I as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Class I of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Class I of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Class I of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked above the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023. The Board noted that the fund has a management fee structure that covers expenses for services beyond portfolio management and further noted that Fidelity believes that total expense ratio comparisons are more useful in this context.
The Board considered that, in general, various factors can affect total expense ratios. The Board noted that, although Class I is categorized by Lipper as an institutional class, Class I has no investment minimum, unlike most other funds and classes categorized as institutional. As a result, FMR believes Class I is generally more comparable to retail funds and classes. The Board considered that, when compared to retail funds and classes, Class I would not be above the similar sales load structure growth competitive median for 2023.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, and Class Z of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.15%, 1.40%, 1.90%, 0.90%, and 0.75% through March 31, 2025.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of Class I as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.759108.123
AEV-SANN-0724
Fidelity® Real Estate High Income Fund
Semi-Annual Report
May 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-617-563-7644 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Real Estate High Income Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Nonconvertible Bonds - 5.1% |
| | | Principal Amount (a) | Value ($) |
| Homebuilders/Real Estate - 4.9% | | | |
| American Homes 4 Rent LP 5.5% 2/1/34 | | 4,900,000 | 4,797,465 |
| American Tower Corp.: | | | |
| 4.05% 3/15/32 | | 1,785,000 | 1,618,012 |
| 5.45% 2/15/34 | | 1,100,000 | 1,086,298 |
| 5.65% 3/15/33 | | 2,000,000 | 2,004,224 |
| Essex Portfolio LP 5.5% 4/1/34 | | 2,574,000 | 2,529,053 |
| Extra Space Storage LP 5.4% 2/1/34 | | 1,545,000 | 1,502,574 |
| Invitation Homes Operating Partnership LP: | | | |
| 4.15% 4/15/32 | | 540,000 | 491,418 |
| 5.5% 8/15/33 | | 2,455,000 | 2,423,257 |
| NNN (REIT), Inc. 5.6% 10/15/33 | | 2,485,000 | 2,474,144 |
| Safehold Operating Partnership LP 6.1% 4/1/34 | | 2,792,000 | 2,767,393 |
| Sun Communities Operating LP: | | | |
| 4.2% 4/15/32 | | 450,000 | 401,522 |
| 5.7% 1/15/33 | | 3,390,000 | 3,336,431 |
| Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 10.5% 2/15/28 (b) | | 1,635,000 | 1,635,265 |
TOTAL HOMEBUILDERS/REAL ESTATE | | | 27,067,056 |
| Hotels - 0.2% | | | |
| Times Square Hotel Trust 8.528% 8/1/26 (b) | | 987,582 | 981,745 |
| TOTAL NONCONVERTIBLE BONDS (Cost $27,934,373) | | | 28,048,801 |
| | | | |
| Asset-Backed Securities - 3.0% |
| | | Principal Amount (a) | Value ($) |
| American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/52 (b)(c)(d)(e) | | 2,499,133 | 25 |
| Capital Trust RE CDO Ltd. Series 2005-1A: | | | |
| Class D, CME Term SOFR 1 Month Index + 1.610% 6.9299% 3/20/50 (b)(c)(e)(f) | | 750,000 | 0 |
| Class E, CME Term SOFR 1 Month Index + 2.210% 7.5299% 3/20/50 (b)(c)(e)(f) | | 2,670,000 | 0 |
| Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (b)(e) | | 3,000,000 | 0 |
| Crest Ltd. Series 2004-1A Class H1, 3 month U.S. LIBOR + 3.690% 8.9627% (b)(c)(e)(f)(g) | | 3,078,262 | 0 |
| Cyrusone Data Centers Issuer I Series 2024-3A Class A2, 4.65% 5/20/49 (b) | | 2,400,000 | 2,158,821 |
| Home Partners of America Trust: | | | |
| Series 2019-2 Class F, 3.866% 10/19/39 (b) | | 2,025,476 | 1,808,291 |
| Series 2021-1 Class F, 3.325% 9/17/41 (b) | | 884,495 | 702,298 |
| Series 2021-2 Class G, 4.505% 12/17/26 (b) | | 5,320,161 | 4,713,827 |
| Series 2021-3 Class F, 4.242% 1/17/41 (b) | | 1,212,172 | 1,037,616 |
| Retained Vantage Data Ctrs Iss Series 2023-2A Class A2, 5.05% 9/15/48 (b) | | 1,250,000 | 1,166,623 |
| Taberna Preferred Funding VI Ltd. Series 2006-6A Class F1, CME Term SOFR 3 Month Index + 4.760% 10.0892% (b)(c)(e)(f)(g) | | 6,779,583 | 1 |
| Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/38 (b) | | 672,000 | 608,159 |
| VB-S1 Issuer LLC Series 2024-1A: | | | |
| Class D, 6.644% 5/15/54 (b) | | 1,800,000 | 1,800,025 |
| Class F, 8.871% 5/15/54 (b) | | 2,300,000 | 2,310,779 |
| TOTAL ASSET-BACKED SECURITIES (Cost $27,952,979) | | | 16,306,465 |
| | | | |
| Collateralized Mortgage Obligations - 0.5% |
| | | Principal Amount (a) | Value ($) |
| Private Sponsor - 0.5% | | | |
| COMM Mortgage Trust Series 2015-LC19 Class C, 4.2118% 2/10/48 (c) | | 3,167,000 | 2,942,292 |
| Countrywide Home Loans, Inc. Series 2003-R1 Class 2B4, 3.3614% 2/25/43 (b)(c) | | 25,581 | 2,901 |
TOTAL PRIVATE SPONSOR | | | 2,945,193 |
| U.S. Government Agency - 0.0% | | | |
| Fannie Mae REMIC Trust: | | | |
| Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.6788% 2/25/42 (b)(c)(e) | | 20,367 | 8,639 |
| Series 2002-W6 subordinate REMIC pass thru certificates, Class 3B4, 4.4917% 1/25/42 (b)(c)(e) | | 17,765 | 1,530 |
| Series 2003-W10 subordinate REMIC pass thru certificates: | | | |
Class 2B4, 3.8775% 6/25/43 (b)(c)(e) | | 71,784 | 22,267 |
Class 2B5, 3.8775% 6/25/43 (b)(c)(e) | | 7,561 | 425 |
TOTAL U.S. GOVERNMENT AGENCY | | | 32,861 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,911,096) | | | 2,978,054 |
| | | | |
| Commercial Mortgage Securities - 89.6% |
| | | Principal Amount (a) | Value ($) |
| BAMLL Commercial Mortgage Securities Trust Series 2015-200P Class F, 3.5958% 4/14/33 (b)(c) | | 2,588,000 | 2,436,318 |
| BANK sequential payer: | | | |
| Series 2021-BN35 Class A5, 2.285% 6/15/64 | | 2,650,000 | 2,155,255 |
| Series 2022-BNK39 Class A4, 2.928% 2/15/55 | | 1,895,000 | 1,601,208 |
| Series 2022-BNK42: | | | |
Class D, 2.5% 6/15/55 (b) | | 1,664,000 | 1,097,225 |
Class E, 2.5% 6/15/55 (b) | | 1,302,000 | 775,048 |
| Series 2022-BNK42, Class A5, 4.493% 6/15/55 (c) | | 2,326,000 | 2,180,519 |
| Bank sequential payer Series 2023-BNK46 Class A4, 5.745% 8/15/56 | | 2,458,000 | 2,502,293 |
| BANK: | | | |
| Series 2017-BNK4 Class D, 3.357% 5/15/50 (b) | | 2,308,000 | 1,582,253 |
| Series 2017-BNK8 Class E, 2.8% 11/15/50 (b) | | 2,625,000 | 1,011,181 |
| Series 2018-BN10: | | | |
Class B, 4.078% 2/15/61 (c) | | 1,035,000 | 940,733 |
Class C, 4.163% 2/15/61 (c) | | 2,936,000 | 2,613,480 |
| Series 2019-BN22 Class D, 2.5% 11/15/62 (b) | | 2,465,000 | 1,721,575 |
| Series 2020-BN27 Class D, 2.5% 4/15/63 (b)(e) | | 921,000 | 624,466 |
| Series 2020-BN28: | | | |
Class A/S, 2.14% 3/15/63 | | 717,000 | 574,811 |
Class E, 2.5% 3/15/63 (b) | | 903,000 | 569,673 |
| Series 2020-BN30 Class MCDG, 2.9182% 12/15/53 (c)(e) | | 3,921,000 | 1,602,434 |
| Series 2021-BN33 Class B, 2.893% 5/15/64 | | 903,000 | 733,176 |
| Series 2022-BNK43 Class D, 3% 8/15/55 (b) | | 2,614,000 | 1,749,105 |
| Series 2022-BNK44: | | | |
Class A/S, 5.7448% 11/15/55 (c) | | 1,225,000 | 1,219,811 |
Class C, 5.7448% 11/15/55 (c) | | 5,014,000 | 4,601,786 |
| Series 2023-BNK45 Class B, 6.148% 2/15/56 (c) | | 1,330,000 | 1,329,923 |
| Bank Series 2023-BNK46 Class B, 6.7736% 8/15/56 (c) | | 1,675,000 | 1,734,123 |
| Bank of America Commercial Mortgage Trust Series 2016-UB10 Class D, 3% 7/15/49 (b) | | 726,000 | 594,314 |
| Bank5 2023-5Yr4 Series 2023-5YR4 Class C, 7.5344% 12/15/56 (c) | | 1,034,000 | 1,078,637 |
| BBCMS Mortgage Trust: | | | |
| sequential payer: | | | |
Series 2020-C8 Class E, 2.25% 10/15/53 (b) | | 3,013,000 | 1,711,757 |
Series 2022-C14 Class A5, 2.946% 2/15/55 | | 3,302,000 | 2,791,369 |
Series 2022-C17: | | | |
| Class A5, 4.441% 9/15/55 | | 2,719,000 | 2,544,691 |
| Class D, 2.5% 9/15/55 (b) | | 1,200,000 | 748,213 |
Series 2022-C18 Class A5, 5.71% 12/15/55 | | 3,150,000 | 3,208,713 |
Series 2023-C19 Class A5, 5.451% 4/15/56 | | 2,015,000 | 2,016,350 |
Series 2023-C20 Class A5, 5.576% 7/15/56 | | 1,690,000 | 1,710,004 |
Series 2023-C21 Class A/S, 6.2964% 9/15/56 (c) | | 1,196,000 | 1,241,242 |
Series 2023-C22 Class C, 7.1259% 11/15/56 (c) | | 2,851,000 | 3,000,942 |
Series 2024-C26 Class C, 6% 5/15/57 | | 475,000 | 462,303 |
| Series 2016-ETC Class D, 3.6089% 8/14/36 (b)(c) | | 1,749,000 | 1,464,269 |
| Series 2019-C5 Class D, 2.5% 11/15/52 (b) | | 726,000 | 534,087 |
| Series 2020-C7: | | | |
Class A/S, 2.444% 4/15/53 | | 225,000 | 185,117 |
Class B, 3.152% 4/15/53 | | 853,000 | 687,389 |
| Series 2022-C15, Class A5, 3.662% 4/15/55 | | 3,015,000 | 2,659,077 |
| Series 2022-C16 Class A5, 4.6% 6/15/55 | | 4,573,000 | 4,328,685 |
| Series 2022-C17 Class B, 4.889% 9/15/55 | | 1,491,000 | 1,364,162 |
| Series 2022-C18, Class B, 6.1492% 12/15/55 (c) | | 1,890,000 | 1,883,156 |
| Series 2023 C19 Class B, 6.3323% 4/15/56 (c) | | 1,080,000 | 1,084,801 |
| Series 2023-C21 Class C, 6.2964% 9/15/56 (c) | | 2,386,000 | 2,361,952 |
| Bbcms Mtg Trust 2024-C24 sequential payer Series 2024-C24: | | | |
| Class B, 5.718% 2/15/57 | | 681,000 | 668,299 |
| Class C, 6% 2/15/57 | | 292,000 | 284,333 |
| Benchmark 2024-V5 Mortgage Trust sequential payer Series 2024-V5: | | | |
| Class B, 6.0594% 1/10/57 (c) | | 702,000 | 697,372 |
| Class C, 6.9726% 1/10/57 (c) | | 856,000 | 871,359 |
| Benchmark Mortgage Trust: | | | |
| sequential payer: | | | |
Series 2019-B14: | | | |
| Class 225D, 3.2943% 12/15/62 (b)(c) | | 1,680,000 | 33,949 |
| Class 225E, 3.2943% 12/15/62 (b)(c) | | 1,132,000 | 11,104 |
Series 2021-B29, Class A5, 2.3879% 9/15/54 | | 2,055,000 | 1,678,092 |
Series 2022-B33 Class A5, 3.4582% 3/15/55 | | 2,477,000 | 2,169,198 |
Series 2023-B39 Class A5, 5.7536% 7/15/56 | | 2,714,000 | 2,778,274 |
Series 2023-C5 Class A5, 5.7653% 6/15/56 | | 1,463,000 | 1,497,400 |
| Series 2018-B7 Class D, 3% 5/15/53 (b)(c) | | 833,000 | 584,148 |
| Series 2019-B12 Class B, 3.5702% 8/15/52 | | 1,186,000 | 998,430 |
| Series 2020-B18: | | | |
Class AGNG, 4.3885% 7/15/53 (b)(c) | | 4,074,000 | 3,641,558 |
Class D, 2.25% 7/15/53 (b) | | 1,500,000 | 934,602 |
| Series 2020-B21: | | | |
Class A/S, 2.2543% 12/17/53 | | 662,000 | 528,116 |
Class D, 2% 12/17/53 (b)(e) | | 1,638,000 | 1,021,087 |
| Series 2020-IG3 Class 825E, 3.0763% 9/15/48 (b)(c) | | 3,049,000 | 2,132,670 |
| Series 2021-B25: | | | |
Class 300D, 2.9942% 4/15/54 (b)(c) | | 6,055,000 | 2,708,646 |
Class 300E, 3.094% 4/15/54 (b)(c) | | 1,113,000 | 388,023 |
| Series 2022 B37 Class B, 5.7507% 11/15/55 (c) | | 980,000 | 953,274 |
| Series 2022-B35 Class D, 2.5% 5/15/55 (b) | | 3,003,000 | 1,883,156 |
| Series 2022-B36: | | | |
Class A/S, 4.9505% 7/15/55 | | 1,190,000 | 1,094,251 |
Class D, 2.5% 7/15/55 (b) | | 1,872,000 | 1,103,066 |
| Series 2022-B37 Class C, 5.9424% 11/15/55 (c) | | 2,090,000 | 1,792,230 |
| Series 2023 B38 Class B, 6.2446% 4/15/56 (c) | | 1,351,000 | 1,340,173 |
| Series 2023-B39 Class C, 6.5744% 7/15/56 (c) | | 1,859,000 | 1,862,294 |
| Series 2023-V4: | | | |
Class B, 7.4604% 11/15/56 (c) | | 1,075,000 | 1,128,157 |
Class C, 7.4604% 11/15/56 (c) | | 1,075,000 | 1,105,405 |
| BMO 2024-5C3 Mortgage Trust Series 2024-5C3: | | | |
| Class B, 6.5567% 2/15/57 (c) | | 944,000 | 952,383 |
| Class C, 6.8592% 2/15/57 (c) | | 249,000 | 250,907 |
| BMO Mortgage Trust: | | | |
| sequential payer Series 2022-C1 Class A5, 3.374% 2/15/55 | | 3,142,000 | 2,736,573 |
| Series 2022-C1: | | | |
Class 360D, 3.9387% 2/17/55 (b)(c) | | 1,638,000 | 1,028,232 |
Class 360E, 3.9387% 2/17/55 (b)(c) | | 1,970,000 | 1,188,395 |
| Series 2023-C4: | | | |
Class B, 5.396% 2/15/56 (c) | | 1,186,000 | 1,160,492 |
Class C, 5.8631% 2/15/56 (c) | | 2,468,000 | 2,418,065 |
| Series 2023-C6 Class A/S, 6.5504% 9/15/56 (c) | | 1,229,000 | 1,284,609 |
| Bx 2024 Vlt4 floater Series 2024-VLT4 Class E, 8.519% 7/15/29 (b)(c) | | 2,250,000 | 2,244,375 |
| BX Commercial Mortgage Trust: | | | |
| floater: | | | |
Series 2020-VKNG: | | | |
| Class F, CME Term SOFR 1 Month Index + 2.860% 8.1815% 10/15/37 (b)(c)(f) | | 950,600 | 933,025 |
| Class G, CME Term SOFR 1 Month Index + 3.360% 8.6815% 10/15/37 (b)(c)(f) | | 1,258,600 | 1,225,514 |
Series 2021-LBA: | | | |
| Class EJV, CME Term SOFR 1 Month Index + 2.110% 7.4315% 2/15/36 (b)(c)(f) | | 2,000,000 | 1,970,000 |
| Class FJV, CME Term SOFR 1 Month Index + 2.510% 7.8315% 2/15/36 (b)(c)(f) | | 458,000 | 440,921 |
| Class GJV, CME Term SOFR 1 Month Index + 3.110% 8.4315% 2/15/36 (b)(c)(f) | | 1,033,000 | 987,076 |
Series 2021-MC Class G, CME Term SOFR 1 Month Index + 3.200% 8.5183% 4/15/34 (b)(c)(f) | | 1,572,000 | 1,327,979 |
Series 2021-PAC Class G, CME Term SOFR 1 Month Index + 3.060% 8.3776% 10/15/36 (b)(c)(f) | | 3,192,000 | 3,101,545 |
Series 2021-SOAR: | | | |
| Class G, CME Term SOFR 1 Month Index + 2.910% 8.2315% 6/15/38 (b)(c)(f) | | 3,857,646 | 3,823,892 |
| Class J, CME Term SOFR 1 Month Index + 3.860% 9.1815% 6/15/38 (b)(c)(f) | | 2,630,213 | 2,598,851 |
Series 2021-VINO: | | | |
| Class F, CME Term SOFR 1 Month Index + 2.910% 8.2338% 5/15/38 (b)(c)(f) | | 2,470,698 | 2,445,991 |
| Class G, CME Term SOFR 1 Month Index + 4.060% 9.3838% 5/15/38 (b)(c)(f) | | 3,600,428 | 3,560,108 |
Series 2021-VOLT: | | | |
| Class D, CME Term SOFR 1 Month Index + 1.760% 7.0813% 9/15/36 (b)(c)(f) | | 1,000,000 | 990,625 |
| Class F, CME Term SOFR 1 Month Index + 2.510% 7.8313% 9/15/36 (b)(c)(f) | | 1,677,000 | 1,662,326 |
| Class G, CME Term SOFR 1 Month Index + 2.960% 8.2813% 9/15/36 (b)(c)(f) | | 5,615,000 | 5,530,775 |
Series 2022-LBA6 Class F, CME Term SOFR 1 Month Index + 3.350% 8.6668% 1/15/39 (b)(c)(f) | | 4,315,000 | 4,276,977 |
Series 2023-VLT3 Class C, CME Term SOFR 1 Month Index + 3.430% 8.7548% 11/15/28 (b)(c)(f) | | 1,000,000 | 1,001,921 |
Series 2024-MF Class E, CME Term SOFR 1 Month Index + 3.730% 9.0551% 2/15/39 (b)(c)(f) | | 1,831,000 | 1,834,215 |
Series 2024-WPT Class E, CME Term SOFR 1 Month Index + 3.580% 8.9052% 3/15/34 (b)(c)(f) | | 1,775,000 | 1,770,535 |
Series 2024-XL5 Class E, CME Term SOFR 1 Month Index + 3.680% 9.0051% 3/15/41 (b)(c)(f) | | 5,105,623 | 5,079,118 |
| Series 2019-OC11 Class E, 3.944% 12/9/41 (b)(c) | | 14,678,000 | 12,311,491 |
| Series 2020-VIVA: | | | |
Class D, 3.5488% 3/11/44 (b)(c) | | 9,422,000 | 7,983,865 |
Class E, 3.5488% 3/11/44 (b)(c) | | 8,563,000 | 7,042,283 |
| BX Commercial Mortgage Trust 2024-Xl4 floater Series 2024-XL4 Class E, CME Term SOFR 1 Month Index + 4.180% 9.5049% 2/15/39 (b)(c)(f) | | 1,969,914 | 1,972,672 |
| BX Commercial Mtg Trust floater Series 2024-MDHS Class E, CME Term SOFR 1 Month Index + 3.680% 9.0383% 5/15/41 (b)(c)(f) | | 3,150,000 | 3,157,875 |
| Bx Commercial Mtg Trust 2024-King floater Series 2024-KING Class E, CME Term SOFR 1 Month Index + 3.680% 8.988% 5/15/34 (b)(c)(f) | | 5,350,000 | 5,336,364 |
| BX Trust floater: | | | |
| Series 2021-ACNT Class G, CME Term SOFR 1 Month Index + 3.400% 8.7265% 11/15/38 (b)(c)(f) | | 2,396,618 | 2,351,768 |
| Series 2021-MFM1: | | | |
Class F, CME Term SOFR 1 Month Index + 3.110% 8.4315% 1/15/34 (b)(c)(f) | | 639,062 | 629,459 |
Class G, CME Term SOFR 1 Month Index + 4.010% 9.3315% 1/15/34 (b)(c)(f) | | 319,531 | 312,070 |
| Series 2024-CNYN Class E, CME Term SOFR 1 Month Index + 3.680% 9.0054% 4/15/29 (b)(c)(f) | | 4,461,000 | 4,473,375 |
| Series 2024-VLT4 Class F, CME Term SOFR 1 Month Index + 3.930% 9.2679% 7/15/29 (b)(c)(f) | | 5,450,000 | 5,436,375 |
| BXP Trust Series 2021-601L Class E, 2.7755% 1/15/44 (b)(c) | | 709,000 | 427,311 |
| CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, CME Term SOFR 1 Month Index + 3.540% 8.864% 12/15/37 (b)(c)(f) | | 8,968,000 | 8,844,145 |
| CD Mortgage Trust: | | | |
| Series 2017-CD3 Class D, 3.25% 2/10/50 (b)(e) | | 4,073,000 | 1,525,830 |
| Series 2017-CD4 Class D, 3.3% 5/10/50 (b) | | 356,070 | 281,573 |
| Series 2019-CD4 Class C, 4.3497% 5/10/50 (c) | | 1,920,000 | 1,697,118 |
| Citigroup Commercial Mortgage Trust: | | | |
| Series 2020-420K: | | | |
Class D, 3.3118% 11/10/42 (b)(c) | | 536,000 | 446,119 |
Class E, 3.3118% 11/10/42 (b)(c) | | 3,345,000 | 2,716,679 |
| Series 2022-GC48 Class D, 2.5% 6/15/55 (b) | | 3,129,000 | 1,886,958 |
| Series 2023-PRM3: | | | |
Class C, 6.3597% 7/10/28 (b)(c) | | 454,000 | 451,310 |
Class D, 6.3597% 7/10/28 (b)(c) | | 1,383,000 | 1,328,484 |
| Series 2023-SMRT Class D, 5.8524% 10/12/40 (b)(c) | | 2,611,000 | 2,511,277 |
| COMM Mortgage Trust: | | | |
| floater Series 2018-HCLV Class G, CME Term SOFR 1 Month Index + 5.350% 10.6693% 9/15/33 (b)(c)(f) | | 1,487,000 | 575,792 |
| sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (b) | | 2,840,000 | 2,563,064 |
| Series 2012-CR1: | | | |
Class D, 5.1372% 5/15/45 (b)(c) | | 2,176,571 | 1,682,490 |
Class G, 2.462% 5/15/45 (b) | | 793,734 | 10,932 |
| Series 2014-CR17 Class E, 4.756% 5/10/47 (b)(c) | | 589,000 | 454,642 |
| Series 2014-CR20: | | | |
Class AM, 3.938% 11/10/47 | | 299,000 | 291,378 |
Class C, 4.4458% 11/10/47 (c) | | 1,000,000 | 974,717 |
| Series 2015-3BP Class F, 3.2384% 2/10/35 (b)(c) | | 4,405,000 | 3,515,918 |
| Series 2015-DC1 Class C, 4.2741% 2/10/48 (c) | | 1,000,000 | 915,190 |
| Series 2015-LC19 Class B, 3.829% 2/10/48 | | 192,000 | 180,962 |
| COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (b) | | 1,146,000 | 891,073 |
| Commercial Mortgage Trust Series 2016-CD2 Class D, 2.7267% 11/10/49 (c) | | 1,680,000 | 883,818 |
| CPT Mortgage Trust sequential payer Series 2019-CPT: | | | |
| Class E, 2.9968% 11/13/39 (b)(c) | | 2,205,000 | 1,555,423 |
| Class F, 2.9968% 11/13/39 (b)(c) | | 2,772,000 | 1,728,251 |
| Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, CME Term SOFR 1 Month Index + 4.330% 9.6481% 6/15/34 (b)(e)(f) | | 2,561,600 | 816,716 |
| Credit Suisse Mortgage Trust Series 2021-BRIT Class A, CME Term SOFR 1 Month Index + 3.570% 8.8907% 5/9/25 (b)(c)(f) | | 3,136,168 | 3,001,391 |
| CSAIL Commercial Mortgage Trust: | | | |
| Series 2017-C8 Class C, 4.2637% 6/15/50 (c) | | 1,435,000 | 1,153,637 |
| Series 2019-C18 Class A/S, 3.3214% 12/15/52 | | 921,000 | 785,904 |
| CSMC Series 2019-UVIL Class E, 3.2833% 12/15/41 (b)(c) | | 5,161,000 | 4,001,820 |
| DBGS Mortgage Trust: | | | |
| Series 2018-C1 Class C, 4.6474% 10/15/51 (c) | | 777,000 | 656,085 |
| Series 2019-1735 Class F, 4.1946% 4/10/37 (b)(c) | | 1,000,000 | 561,311 |
| DC Office Trust Series 2019-MTC Class E, 3.072% 9/15/45 (b)(c) | | 1,029,000 | 561,871 |
| Dk Trust 2024-Spbx floater Series 2024-SPBX Class E, CME Term SOFR 1 Month Index + 4.000% 9.3168% 3/15/34 (b)(c)(f) | | 2,463,000 | 2,461,469 |
| DTP Commercial Mortgage Trust 2023-Ste2 sequential payer Series 2023-STE2: | | | |
| Class D, 6.7308% 1/15/41 (b)(c) | | 4,760,000 | 4,700,794 |
| Class E, 5.7759% 1/15/41 (b)(c) | | 769,000 | 698,956 |
| ELP Commercial Mortgage Trust floater Series 2021-ELP: | | | |
| Class G, CME Term SOFR 1 Month Index + 3.230% 8.5475% 11/15/38 (b)(c)(f) | | 1,248,547 | 1,212,012 |
| Class J, CME Term SOFR 1 Month Index + 3.720% 9.0464% 11/15/38 (b)(c)(f) | | 4,564,687 | 4,363,164 |
| FS Commercial Mortgage Trust Series 2023-4SZN: | | | |
| Class C, 8.1209% 11/10/39 (b)(c) | | 2,568,000 | 2,644,450 |
| Class D, 9.0801% 11/10/39 (b)(c) | | 594,000 | 614,454 |
| GS Mortgage Securities Trust: | | | |
| sequential payer Series 2023-SHIP: | | | |
Class D, 6.0706% 9/10/38 (b)(c) | | 1,969,000 | 1,921,419 |
Class E, 7.4336% 9/10/38 (b)(c) | | 3,235,000 | 3,197,044 |
| Series 2010-C1 Class B, 5.148% 8/10/43 (b) | | 80,032 | 79,816 |
| Series 2011-GC5: | | | |
Class D, 5.1513% 8/10/44 (b)(c) | | 1,929,752 | 917,739 |
Class E, 5.1513% 8/10/44 (b)(c)(e) | | 2,432,000 | 274,448 |
Class F, 4.5% 8/10/44 (b)(e) | | 4,308,000 | 12,924 |
| Series 2012-GCJ9 Class D, 4.6009% 11/10/45 (b)(c) | | 3,489,883 | 3,175,794 |
| Series 2016-GS2 Class D, 2.753% 5/10/49 (b) | | 2,058,050 | 1,733,813 |
| Series 2019-GC38 Class D, 3% 2/10/52 (b) | | 1,667,000 | 1,292,104 |
| Series 2019-GC39 Class D, 3% 5/10/52 (b) | | 2,830,000 | 1,605,096 |
| Series 2019-GC42: | | | |
Class C, 3.7009% 9/10/52 (c) | | 1,931,000 | 1,530,401 |
Class D, 2.8% 9/10/52 (b) | | 2,307,000 | 1,567,904 |
| Series 2019-GS5 Class C, 4.299% 3/10/50 (c) | | 2,499,000 | 1,759,837 |
| Series 2020-GC45 Class SWD, 3.2185% 12/13/39 (b)(c) | | 1,764,000 | 1,336,875 |
| Series 2020-GC47 Class D, 3.4532% 5/12/53 (b)(c) | | 756,000 | 515,673 |
| Hilton U.S.A. Trust Series 2016-HHV: | | | |
| Class E, 4.1935% 11/5/38 (b)(c) | | 5,078,000 | 4,742,154 |
| Class F, 4.1935% 11/5/38 (b)(c) | | 6,517,000 | 6,018,646 |
| Home Partners of America Trust Series 2019-1: | | | |
| Class E, 3.604% 9/17/39 (b) | | 1,250,850 | 1,139,484 |
| Class F, 4.101% 9/17/39 (b) | | 202,965 | 182,614 |
| Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (b) | | 2,083,000 | 1,939,074 |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C32 Class C, 4.6535% 11/15/48 (c) | | 1,500,000 | 881,550 |
| JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.3786% 12/15/49 (b)(c) | | 2,418,000 | 1,711,693 |
| JPMDB Commercial Mortgage Securities Trust: | | | |
| Series 2018-C8 Class D, 3.259% 6/15/51 (b)(c) | | 1,171,000 | 813,138 |
| Series 2019-COR6 Class D, 2.5% 11/13/52 (b) | | 1,354,000 | 680,718 |
| Series 2020-COR7 Class D, 1.75% 5/13/53 (b)(e) | | 1,535,000 | 665,594 |
| JPMorgan Chase Commercial Mortgage Securities Trust: | | | |
| sequential payer Series 2019-OSB: | | | |
Class A, 3.3973% 6/5/39 (b) | | 1,696,000 | 1,511,011 |
Class D, 3.7828% 6/5/39 (b)(c) | | 984,000 | 829,264 |
| Series 2011-C3: | | | |
Class E, 5.5253% 2/15/46 (b)(c)(e) | | 3,008,000 | 1,231,265 |
Class G, 4.409% 2/15/46 (b)(c) | | 1,082,000 | 124,376 |
Class H, 4.409% 2/15/46 (b)(c)(e) | | 2,622,000 | 181,272 |
| Series 2012-CBX: | | | |
Class E, 4.6896% 6/15/45 (b)(c) | | 2,962,493 | 2,666,244 |
Class F, 4% 6/15/45 (b)(e) | | 3,743,000 | 3,106,690 |
Class G 4% 6/15/45 (b)(e) | | 4,129,000 | 2,708,624 |
| Series 2013-LC11: | | | |
Class D, 4.1581% 4/15/46 (c) | | 3,677,000 | 1,634,684 |
Class E, 3.25% 4/15/46 (b)(c) | | 104,000 | 25,484 |
Class F, 3.25% 4/15/46 (b)(c)(e) | | 5,894,000 | 208,648 |
| Series 2014-DSTY: | | | |
Class D, 3.8046% 6/10/27 (b)(c)(e) | | 3,213,000 | 8,047 |
Class E, 3.8046% 6/10/27 (b)(c)(e) | | 4,232,000 | 10,322 |
| Series 2018-AON Class F, 4.6132% 7/5/31 (b)(c) | | 2,150,000 | 464,010 |
| Series 2019-OSB Class E, 3.7828% 6/5/39 (b)(c) | | 3,019,000 | 2,494,997 |
| Series 2020-NNN: | | | |
Class EFX, 3.972% 1/16/37 (b) | | 2,771,000 | 1,468,630 |
Class FFX, 4.6254% 1/16/37 (b) | | 2,388,000 | 1,026,840 |
Class GFX, 4.6882% 1/16/37 (b)(c) | | 942,000 | 301,440 |
| KNDR Trust floater Series 2021-KIND Class F, CME Term SOFR 1 Month Index + 4.060% 9.3845% 8/15/38 (b)(c)(f) | | 4,435,575 | 4,188,414 |
| LBA Trust floater Series 2024-BOLT: | | | |
| Class E, CME Term SOFR 1 Month Index + 3.680% 8.986% 6/15/26 (b)(c)(f) | | 1,000,000 | 997,428 |
| Class F, CME Term SOFR 1 Month Index + 4.430% 9.7848% 6/15/26 (b)(c)(f) | | 1,450,000 | 1,446,272 |
| Market Mortgage Trust Series 2020-525M Class F, 2.9406% 2/12/40 (b)(c) | | 1,976,000 | 992,635 |
| Merit floater Series 2021-STOR: | | | |
| Class F, CME Term SOFR 1 Month Index + 2.310% 7.6315% 7/15/38 (b)(c)(f) | | 585,000 | 580,247 |
| Class G, CME Term SOFR 1 Month Index + 2.860% 8.1815% 7/15/38 (b)(c)(f) | | 735,000 | 729,488 |
| Class J, CME Term SOFR 1 Month Index + 4.060% 9.3815% 7/15/38 (b)(c)(f) | | 1,847,000 | 1,826,361 |
| MHC Commercial Mortgage Trust floater Series 2021-MHC: | | | |
| Class F, CME Term SOFR 1 Month Index + 2.710% 8.0324% 4/15/38 (b)(c)(f) | | 1,090,540 | 1,083,042 |
| Class G, CME Term SOFR 1 Month Index + 3.310% 8.6324% 4/15/38 (b)(c)(f) | | 9,395,419 | 9,330,825 |
| MHP Commercial Mortgage Trust floater Series 2022-MHIL: | | | |
| Class E, CME Term SOFR 1 Month Index + 2.610% 7.9274% 1/15/27 (b)(c)(f) | | 911,614 | 904,777 |
| Class G, CME Term SOFR 1 Month Index + 3.950% 9.2743% 1/15/27 (b)(c)(f) | | 2,144,116 | 2,133,320 |
| Mira Trust 2023-Mile sequential payer Series 2023-MILE Class B, 7.2026% 6/10/38 (b) | | 1,012,000 | 1,012,664 |
| MOFT Trust Series 2020-ABC: | | | |
| Class D, 3.4767% 2/10/42 (b)(c) | | 1,144,000 | 600,293 |
| Class E, 3.4767% 2/10/42 (b)(c) | | 841,000 | 341,022 |
| Morgan Stanley BAML Trust: | | | |
| sequential payer Series 2014-C18 Class 300E, 4.6896% 8/15/31 | | 1,666,000 | 952,938 |
| Series 2012-C6 Class D, 4.3894% 11/15/45 (b)(c) | | 3,633,000 | 2,930,405 |
| Series 2012-C6, Class F, 4.3894% 11/15/45 (b)(c)(e) | | 1,575,000 | 456,750 |
| Series 2013-C13 Class E, 5.0562% 11/15/46 (b)(c) | | 841,832 | 757,649 |
| Series 2013-C9: | | | |
Class D, 3.8131% 5/15/46 (b)(c) | | 3,000,000 | 2,525,479 |
Class E, 3.8131% 5/15/46 (b)(c) | | 1,594,370 | 1,056,681 |
| Series 2017-C33 Class D, 3.356% 5/15/50 (b) | | 2,932,000 | 2,345,026 |
| Morgan Stanley Capital I Trust: | | | |
| sequential payer: | | | |
Series 2021-L5 Class A4, 2.728% 5/15/54 | | 3,744,000 | 3,147,900 |
Series 2024-BPR2 Class A, 7.291% 5/5/29 (b) | | 1,340,000 | 1,352,138 |
| Series 2011-C2: | | | |
Class D, 5.2113% 6/15/44 (b)(c) | | 2,931,741 | 2,815,937 |
Class F, 5.2113% 6/15/44 (b)(c) | | 3,015,000 | 1,749,303 |
| Series 2011-C3: | | | |
Class E, 4.9433% 7/15/49 (b)(c) | | 848,416 | 824,040 |
Class F, 4.9433% 7/15/49 (b)(c) | | 984,000 | 886,152 |
Class G, 4.9433% 7/15/49 (b)(c) | | 3,536,800 | 3,077,827 |
| Series 2012-C4 Class D, 5.1638% 3/15/45 (b)(c) | | 635,221 | 589,168 |
| Series 2015-MS1: | | | |
Class B, 4.023% 5/15/48 (c) | | 428,000 | 402,226 |
Class C, 4.023% 5/15/48 (c) | | 270,000 | 234,841 |
Class D, 4.023% 5/15/48 (b)(c) | | 2,150,000 | 1,498,080 |
| Series 2017 H1 Class B, 4.075% 6/15/50 | | 1,000,000 | 907,862 |
| Series 2017-H1: | | | |
Class C, 4.281% 6/15/50 | | 808,000 | 716,542 |
Class D, 2.546% 6/15/50 (b) | | 5,262,000 | 4,125,017 |
| Series 2017-HR2 Class D, 2.73% 12/15/50 | | 2,645,000 | 2,136,164 |
| Series 2018-MP Class E, 4.276% 7/11/40 (b)(c) | | 3,059,000 | 2,019,386 |
| Series 2020-CNP Class D, 2.4276% 4/5/42 (b)(c) | | 1,043,000 | 672,527 |
| MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (b)(c) | | 1,014,000 | 814,591 |
| MSWF Commercial Mortgage Trust sequential payer: | | | |
| Series 2023-1: | | | |
Class A5, 5.752% 5/15/56 | | 1,899,000 | 1,935,179 |
Class C, 6.6828% 5/15/56 (c) | | 1,266,000 | 1,296,719 |
| Series 2023-2: | | | |
Class B, 6.8762% 12/15/56 (c) | | 1,070,000 | 1,126,837 |
Class C, 7.0182% 12/15/56 (c) | | 834,000 | 858,458 |
Class D, 4% 12/15/56 (b) | | 351,000 | 253,559 |
| Natixis Commercial Mortgage Securities Trust: | | | |
| floater Series 2018-FL1 Class WAN2, CME Term SOFR 1 Month Index + 3.790% 9.1138% 6/15/35 (b)(c)(e)(f) | | 222,000 | 11,100 |
| Series 2019-10K: | | | |
Class E, 4.1346% 5/15/39 (b)(c) | | 2,293,000 | 1,953,638 |
Class F, 4.1346% 5/15/39 (b)(c) | | 3,014,000 | 2,319,764 |
| Series 2020-2PAC: | | | |
Class AMZ2, 3.5% 1/15/37 (b)(c) | | 1,754,950 | 1,426,629 |
Class AMZ3, 3.5% 1/15/37 (b)(c) | | 822,675 | 595,877 |
| Open Trust 2023-Air sequential payer Series 2023-AIR Class D, CME Term SOFR 1 Month Index + 6.680% 12.0005% 10/15/28 (b)(c)(f) | | 2,374,195 | 2,383,105 |
| OPG Trust floater Series 2021-PORT: | | | |
| Class G, CME Term SOFR 1 Month Index + 2.510% 7.8295% 10/15/36 (b)(c)(f) | | 865,800 | 856,601 |
| Class J, CME Term SOFR 1 Month Index + 3.460% 8.7775% 10/15/36 (b)(c)(f) | | 1,438,450 | 1,394,138 |
| PKHL Commercial Mortgage Trust floater Series 2021-MF: | | | |
| Class F, CME Term SOFR 1 Month Index + 3.460% 8.7815% 7/15/38 (b)(c)(f) | | 2,225,000 | 1,444,848 |
| Class NR, CME Term SOFR 1 Month Index + 6.110% 11.4315% 7/15/38 (b)(c)(e)(f) | | 631,000 | 297,180 |
| Prima Capital Ltd. floater Series 2021-9A Class C, CME Term SOFR 1 Month Index + 2.460% 7.7833% 12/15/37 (b)(c)(f) | | 572,370 | 551,110 |
| Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (b) | | 1,282,724 | 1,295,297 |
| SG Commercial Mortgage Securities Trust: | | | |
| Series 2019-PREZ Class F, 3.4771% 9/15/39 (b)(c) | | 3,206,000 | 2,365,500 |
| Series 2020-COVE Class F, 3.7276% 3/15/37 (b)(c) | | 3,855,000 | 3,480,270 |
| SOHO Trust Series 2021-SOHO Class D, 2.6966% 8/10/38 (b)(c) | | 2,499,000 | 1,410,170 |
| SREIT Trust floater: | | | |
| Series 2021-IND Class G, CME Term SOFR 1 Month Index + 3.380% 8.6973% 10/15/38 (b)(c)(f) | | 3,339,000 | 3,222,136 |
| Series 2021-MFP Class G, CME Term SOFR 1 Month Index + 3.080% 8.4051% 11/15/38 (b)(c)(f) | | 2,870,589 | 2,841,883 |
| Series 2021-MFP2: | | | |
Class G, CME Term SOFR 1 Month Index + 3.080% 8.399% 11/15/36 (b)(c)(f) | | 3,024,000 | 2,932,150 |
Class J, CME Term SOFR 1 Month Index + 4.020% 9.347% 11/15/36 (b)(c)(f) | | 1,803,000 | 1,760,496 |
| STWD Trust floater sequential payer Series 2021-LIH: | | | |
| Class F, CME Term SOFR 1 Month Index + 3.660% 8.982% 11/15/36 (b)(c)(f) | | 3,319,000 | 3,183,605 |
| Class G, CME Term SOFR 1 Month Index + 4.310% 9.631% 11/15/36 (b)(c)(f) | | 1,134,000 | 1,083,402 |
| TPGI Trust floater Series 2021-DGWD: | | | |
| Class F, CME Term SOFR 1 Month Index + 3.110% 8.4345% 6/15/26 (b)(c)(f) | | 854,400 | 852,798 |
| Class G, CME Term SOFR 1 Month Index + 3.960% 9.2845% 6/15/26 (b)(c)(f) | | 806,400 | 805,367 |
| UBS Commercial Mortgage Trust: | | | |
| Series 2012-C1: | | | |
Class E, 5% 5/10/45 (b)(c) | | 1,432,663 | 1,310,585 |
Class F, 5% 5/10/45 (b)(c)(e) | | 2,484,000 | 353,970 |
| Series 2018-C8 Class C, 4.6838% 2/15/51 (c) | | 756,000 | 638,944 |
| UBS-BAMLL Trust: | | | |
| Series 12-WRM Class D, 4.238% 6/10/30 (b)(c) | | 2,090,000 | 1,702,096 |
| Series 2012-WRM Class C, 4.238% 6/10/30 (b)(c) | | 890,000 | 792,100 |
| VASA Trust: | | | |
| floater Series 2021-VASA Class G, CME Term SOFR 1 Month Index + 5.110% 10.4315% 7/15/39 (b)(c)(e)(f) | | 693,000 | 313,968 |
| floater sequential payer Series 2021-VASA Class F, CME Term SOFR 1 Month Index + 4.010% 9.3315% 7/15/39 (b)(c)(f) | | 3,009,000 | 1,543,787 |
| VMC Finance Ltd. floater Series 2021-HT1 Class B, CME Term SOFR 1 Month Index + 4.610% 9.9346% 1/18/37 (b)(c)(f) | | 3,000,000 | 2,865,820 |
| Wells Fargo Commercial Mortgage Trust: | | | |
| floater Series 2021-SAVE: | | | |
Class D, CME Term SOFR 1 Month Index + 2.610% 7.9315% 2/15/40 (b)(c)(f) | | 1,000,000 | 982,552 |
Class E, CME Term SOFR 1 Month Index + 3.760% 9.0815% 2/15/40 (b)(c)(f) | | 450,400 | 438,014 |
| sequential payer: | | | |
Series 2020-C57 Class D, 2.5% 8/15/53 (b) | | 2,108,000 | 1,514,781 |
Series 2021-C60 Class A4, 2.342% 8/15/54 | | 2,703,000 | 2,210,856 |
| Series 2015-NXS4 Class D, 3.6844% 12/15/48 (c) | | 1,834,000 | 1,633,711 |
| Series 2016-BNK1 Class D, 3% 8/15/49 (b) | | 1,526,000 | 613,908 |
| Series 2016-NXS6 Class D, 3.059% 11/15/49 (b) | | 1,250,000 | 1,050,822 |
| Series 2018-C44 Class D, 3% 5/15/51 (b) | | 3,949,000 | 2,756,293 |
| Series 2019-AA Class D, 3.514% 10/15/52 | | 1,459,000 | 1,273,449 |
| Series 2019-C49: | | | |
Class B, 4.546% 3/15/52 | | 450,000 | 418,083 |
Class C, 4.866% 3/15/52 (c) | | 3,863,000 | 3,526,630 |
| Series 2021-C60 Class D, 2.5% 8/15/54 (b) | | 761,000 | 522,373 |
| WF-RBS Commercial Mortgage Trust: | | | |
| sequential payer Series 2011-C4I Class G, 5% 6/15/44 (c)(e) | | 1,252,600 | 109,503 |
| Series 2011-C3 Class D, 5.8545% 3/15/44 (b)(c)(e) | | 1,284,756 | 491,419 |
| Series 2011-C4: | | | |
Class D, 4.9783% 6/15/44 (b)(c) | | 1,616,000 | 1,356,636 |
Class E, 4.9783% 6/15/44 (b)(c) | | 1,274,000 | 1,005,442 |
| Series 2013-C11 Class E, 4.0608% 3/15/45 (b)(c) | | 4,999,000 | 3,105,849 |
| Series 2013-C13 Class D, 4.0083% 5/15/45 (b)(c) | | 1,396,513 | 1,192,622 |
| Series 2013-C16 Class D, 4.6144% 9/15/46 (b)(c) | | 406,551 | 374,027 |
| WFCM: | | | |
| Series 2022-C62 Class D, 2.5% 4/15/55 (b) | | 2,352,000 | 1,426,324 |
| Series 2022-C62, Class A4, 4% 4/15/55 | | 2,074,000 | 1,877,820 |
| Worldwide Plaza Trust Series 2017-WWP Class F, 3.5955% 11/10/36 (b)(c) | | 1,695,000 | 114,728 |
| WP Glimcher Mall Trust Series 2015-WPG: | | | |
| Class PR1, 3.516% 6/5/35 (b)(c)(e) | | 1,638,000 | 1,302,979 |
| Class PR2, 3.516% 6/5/35 (b)(c)(e) | | 4,354,000 | 3,352,816 |
| TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $569,670,083) | | | 495,283,342 |
| | | | |
| Common Stocks - 0.0% |
| | | Shares | Value ($) |
| Technology - 0.0% | | | |
Cyxtera Technologies, Inc. Class A (e)(h) (Cost $919,192) | | 92,200 | 1 |
| | | | |
| Bank Loan Obligations - 1.1% |
| | | Principal Amount (a) | Value ($) |
| Diversified Financial Services - 1.1% | | | |
| Agellan Portfolio 9% 8/7/25 (e)(i) | | 908,000 | 908,000 |
| MHP Commercial Mortgage Trust U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 10.3168% 1/9/25 (c)(e)(f)(i) | | 4,558,038 | 4,375,716 |
| Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 9.8777% 1/21/27 (c)(e)(f)(i) | | 1,032,615 | 1,032,615 |
| | | | |
| TOTAL BANK LOAN OBLIGATIONS (Cost $6,497,747) | | | 6,316,331 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (a) | Value ($) |
| Homebuilders/Real Estate - 0.0% | | | |
Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (b)(e) (Cost $2,796,600) | | 3,100,000 | 31 |
| | | | |
| Money Market Funds - 2.3% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (j) (Cost $12,416,402) | | 12,413,919 | 12,416,402 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.6% (Cost $651,098,472) | 561,349,427 |
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (8,805,305) |
| NET ASSETS - 100.0% | 552,544,122 |
| | |
Legend
| (a) | Amount is stated in United States dollars unless otherwise noted. |
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $388,844,839 or 70.4% of net assets. |
| (c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (d) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
| (f) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
| (g) | Non-income producing - Security is in default. |
| (i) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
| (j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 16,918,483 | 120,945,705 | 125,448,014 | 333,971 | 228 | - | 12,416,402 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 59,900 | 519 | 60,419 | 351 | - | - | - | 0.0% |
| Total | 16,978,383 | 120,946,224 | 125,508,433 | 334,322 | 228 | - | 12,416,402 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Information Technology | 1 | - | - | 1 |
|
| Corporate Bonds | 28,048,801 | - | 28,048,801 | - |
|
| Asset-Backed Securities | 16,306,465 | - | 16,306,439 | 26 |
|
| Collateralized Mortgage Obligations | 2,978,054 | - | 2,945,193 | 32,861 |
|
| Commercial Mortgage Securities | 495,283,342 | - | 474,115,164 | 21,168,178 |
|
| Bank Loan Obligations | 6,316,331 | - | - | 6,316,331 |
|
| Preferred Securities | 31 | - | - | 31 |
|
| Money Market Funds | 12,416,402 | 12,416,402 | - | - |
| Total Investments in Securities: | 561,349,427 | 12,416,402 | 521,415,597 | 27,517,428 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Bank Loan Obligations | | | |
| Beginning Balance | $ | 7,894,771 | |
| Net Realized Gain (Loss) on Investment Securities | | (11,130,675) | |
| Net Unrealized Gain (Loss) on Investment Securities | | 9,552,087 | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | 148 | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 6,316,331 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2024 | $ | 91,013 | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 39,273 | |
| Net Realized Gain (Loss) on Investment Securities | | 4,098 | |
| Net Unrealized Gain (Loss) on Investment Securities | | (8,454) | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (6,913) | |
| Amortization/Accretion | | 4,906 | |
| Transfers into Level 3 | | 9 | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 32,919 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2024 | $ | (8,454) | |
| Commercial Mortgage Securities | | | |
| Beginning Balance | $ | 33,436,562 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | 3,320,453 | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | (178,818) | |
| Transfers into Level 3 | | 10,321,697 | |
| Transfers out of Level 3 | | (25,731,716) | |
| Ending Balance | $ | 21,168,178 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2024 | $ | 3,320,453 | |
| The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $638,682,070) | $ | 548,933,025 | | |
Fidelity Central Funds (cost $12,416,402) | | 12,416,402 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $651,098,472) | | | $ | 561,349,427 |
| Cash | | | | 7,641 |
| Receivable for investments sold | | | | 756 |
| Interest receivable | | | | 2,766,991 |
| Distributions receivable from Fidelity Central Funds | | | | 66,331 |
| Prepaid expenses | | | | 104 |
Total assets | | | | 564,191,250 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 10,124,477 | | |
| Distributions payable | | 1,094,173 | | |
| Accrued management fee | | 326,990 | | |
| Other payables and accrued expenses | | 101,488 | | |
| Total liabilities | | | | 11,647,128 |
| Net Assets | | | $ | 552,544,122 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 736,133,318 |
| Total accumulated earnings (loss) | | | | (183,589,196) |
| Net Assets | | | $ | 552,544,122 |
Net Asset Value, offering price and redemption price per share ($552,544,122 ÷ 78,364,032 shares) | | | $ | 7.05 |
| Statement of Operations |
| | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Interest | | | $ | 17,385,403 |
| Income from Fidelity Central Funds (including $351 from security lending) | | | | 334,322 |
| Total income | | | | 17,719,725 |
| Expenses | | | | |
| Management fee | $ | 1,840,318 | | |
| Transfer agent fees | | 19,052 | | |
| Accounting fees | | 50,302 | | |
| Custodian fees and expenses | | 2,400 | | |
| Independent trustees' fees and expenses | | 1,203 | | |
| Audit | | 92,930 | | |
| Legal | | 198 | | |
| Miscellaneous | | 2,868 | | |
| Total expenses before reductions | | 2,009,271 | | |
| Expense reductions | | (13,790) | | |
| Total expenses after reductions | | | | 1,995,481 |
| Net Investment income (loss) | | | | 15,724,244 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (9,212,929) | | |
| Fidelity Central Funds | | 228 | | |
| Total net realized gain (loss) | | | | (9,212,701) |
| Change in net unrealized appreciation (depreciation) on investment securities | | | | 42,711,493 |
| Net gain (loss) | | | | 33,498,792 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 49,223,036 |
| Statement of Changes in Net Assets |
| |
| | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 15,724,244 | $ | 38,526,384 |
| Net realized gain (loss) | | (9,212,701) | | (52,783,174) |
| Change in net unrealized appreciation (depreciation) | | 42,711,493 | | (2,181,571) |
| Net increase (decrease) in net assets resulting from operations | | 49,223,036 | | (16,438,361) |
| Distributions to shareholders | | (15,673,331) | | (35,594,064) |
| Distributions to shareholders from tax return of capital | | - | | (596,734) |
| | | | | |
| Total Distributions | | (15,673,331) | | (36,190,798) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 33,425,000 | | 139,500 |
| Reinvestment of distributions | | 8,491,093 | | 30,125,106 |
| Cost of shares redeemed | | (40,000,000) | | (182,770,119) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 1,916,093 | | (152,505,513) |
| Total increase (decrease) in net assets | | 35,465,798 | | (205,134,672) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 517,078,324 | | 722,212,996 |
| End of period | $ | 552,544,122 | $ | 517,078,324 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 4,736,393 | | 21,270 |
| Issued in reinvestment of distributions | | 1,219,908 | | 4,386,440 |
| Redeemed | | (5,930,104) | | (26,753,543) |
| Net increase (decrease) | | 26,197 | | (22,345,833) |
| | | | | |
Financial Highlights
Fidelity® Real Estate High Income Fund |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 6.60 | $ | 7.17 | $ | 8.24 | $ | 7.80 | $ | 8.77 | $ | 8.44 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .209 | | .423 | | .345 | | .305 | | .341 | | .418 |
| Net realized and unrealized gain (loss) | | .486 | | (.594) | | (1.059) | | .469 | | (.972) | | .338 |
| Total from investment operations | | .695 | | (.171) | | (.714) | | .774 | | (.631) | | .756 |
| Distributions from net investment income | | (.245) | | (.392) | | (.324) | | (.334) | | (.339) | | (.426) |
| Distributions from tax return of capital | | - | | (.007) | | (.032) | | - | | - | | - |
| Total distributions | | (.245) | | (.399) | | (.356) | | (.334) | | (.339) | | (.426) |
| Net asset value, end of period | $ | 7.05 | $ | 6.60 | $ | 7.17 | $ | 8.24 | $ | 7.80 | $ | 8.77 |
Total Return C,D | | | | (2.44)% | | (8.84)% | | 10.07% | | (7.06)% | | 9.15% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
| Expenses before reductions | | .77% G | | .78% | | .78% | | .78% | | .79% | | .80% |
| Expenses net of fee waivers, if any | | | | .78% | | .78% | | .78% | | .79% | | .80% |
| Expenses net of all reductions | | .77% G | | .78% | | .78% | | .78% | | .79% | | .79% |
| Net investment income (loss) | | 6.05% G | | 6.13% | | 4.48% | | 3.74% | | 4.41% | | 4.83% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 552,544 | $ | 517,078 | $ | 722,213 | $ | 945,943 | $ | 757,024 | $ | 821,523 |
Portfolio turnover rate H | | | | 32% | | 16% | | 22% | | 27% | | 26% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
1. Organization.
Fidelity Real Estate High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
The Fund attempts to obtain prices from one or more third party pricing services or brokers. For certain securities, independent prices may be unavailable, unreliable or limited to a single third party pricing service or broker, and the values reflected may differ from the amount that would be realized if the securities were sold.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
| Equities | $1 | Recovery value | Recovery value | $0.00 | Increase |
| Bank Loan Obligations | $6,316,331 | Discounted cash flow | Yield | 9.5% - 11.9% / 11.2% | Decrease |
| Commercial Mortgage Securities | $21,168,178 | Indicative market price | Evaluated bid | $0.24 - $83.00 / $58.51 | Increase |
| Asset-Backed Securities | $26 | Recovery value | Recovery value | $0.00 | Increase |
| | | Indicative market price | Evaluated bid | $0.00 | Increase |
| Preferred Securities | $31 | Recovery value | Recovery value | $0.00 | Increase |
| Collateralized Mortgage Obligations | $32,861 | Indicative market price | Evaluated bid | $5.62 - $42.42 / $32.64 | Increase |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to passive foreign investment companies (PFIC), market discount, controlled foreign corporations, tax return of capital distribution and capital loss carryforwards.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $7,803,589 |
| Gross unrealized depreciation | (95,973,527) |
| Net unrealized appreciation (depreciation) | $(88,169,938) |
| Tax cost | $649,519,365 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(11,068,368) |
Long-term | (70,193,033) |
| Total capital loss carryforward | $(81,261,401) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Real Estate High Income Fund | 104,975,759 | 93,451,181 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Fidelity Real Estate High Income Fund | .72 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Fidelity Real Estate High Income Fund | .72 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .70%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Prior to March 1, 2024, FIIOC received an asset-based fee of .02% of the Fund's average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Real Estate High Income Fund | 0.0396 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Real Estate High Income Fund | .04 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Real Estate High Income Fund | 489 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Real Estate High Income Fund | 35 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,736.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $12,054.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, certain otherwise unaffiliated shareholders were owners of record of more than 50% of the outstanding shares as follows:
| Fund | Number of Unaffiliated Shareholders | Unaffiliated Shareholders % |
Fidelity Real Estate High Income Fund | 3 | 70% |
10. Credit and Liquidity Risk.
The Fund invests a significant portion of its assets in below investment grade securities with contractual cash flows, such as asset backed securities, collateralized mortgage obligations and commercial mortgage backed securities. As these securities have a higher degree of sensitivity to changes in economic conditions, including real estate values, the risk of default is higher, and the liquidity and/or value of such securities may be adversely affected.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Real Estate High Income Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund into a single fee based on tiered schedules and subject to a maximum rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Real Estate High Income Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with a fee based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the management fee, the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the fund's pro forma management fee rate as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the mapped group for the 12-month period ended September 30, 2023 and above the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and above the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
The Board considered that the fund is a specialized institutional product with a $1 million investment minimum that, unlike the majority of funds in its peer group, primarily invests in lower quality commercial mortgage-backed securities and other real estate-related investments, which require significant proprietary research and investment expertise. The Board noted that FMR has not identified any other publicly available competitor open-end funds that are comparable to the fund.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.723505.125
REHI-SANN-0724
Fidelity Advisor® Series Small Cap Fund
Semi-Annual Report
May 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Series Small Cap Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.3% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 2.4% | | | |
| Entertainment - 0.1% | | | |
| Vivid Seats, Inc. Class A (a) | | 98,898 | 499,435 |
| Interactive Media & Services - 1.3% | | | |
| Cars.com, Inc. (a) | | 202,800 | 4,102,644 |
| Ziff Davis, Inc. (a) | | 32,384 | 1,865,642 |
| | | | 5,968,286 |
| Media - 0.6% | | | |
| TechTarget, Inc. (a) | | 85,600 | 2,586,832 |
| Wireless Telecommunication Services - 0.4% | | | |
| Gogo, Inc. (a)(b) | | 154,200 | 1,632,207 |
TOTAL COMMUNICATION SERVICES | | | 10,686,760 |
| CONSUMER DISCRETIONARY - 12.7% | | | |
| Automobile Components - 2.7% | | | |
| Adient PLC (a) | | 115,100 | 3,250,424 |
| Patrick Industries, Inc. | | 73,281 | 8,398,003 |
| | | | 11,648,427 |
| Diversified Consumer Services - 0.3% | | | |
| Laureate Education, Inc. | | 75,544 | 1,183,019 |
| Hotels, Restaurants & Leisure - 1.1% | | | |
| Brinker International, Inc. (a) | | 66,900 | 4,725,147 |
| Household Durables - 2.4% | | | |
| Installed Building Products, Inc. | | 7,200 | 1,525,248 |
| Lovesac (a) | | 48,024 | 1,349,955 |
| SharkNinja, Inc. | | 61,104 | 4,681,788 |
| Skyline Champion Corp. (a) | | 44,591 | 3,103,980 |
| | | | 10,660,971 |
| Leisure Products - 1.2% | | | |
| BRP, Inc. | | 45,400 | 2,836,688 |
| Brunswick Corp. | | 30,200 | 2,492,406 |
| | | | 5,329,094 |
| Specialty Retail - 3.6% | | | |
| Academy Sports & Outdoors, Inc. | | 32,350 | 1,866,272 |
| Boot Barn Holdings, Inc. (a) | | 32,600 | 3,877,118 |
| Murphy U.S.A., Inc. | | 13,700 | 6,010,875 |
| Valvoline, Inc. (a) | | 101,100 | 4,104,660 |
| | | | 15,858,925 |
| Textiles, Apparel & Luxury Goods - 1.4% | | | |
| Crocs, Inc. (a) | | 38,582 | 6,004,902 |
TOTAL CONSUMER DISCRETIONARY | | | 55,410,485 |
| CONSUMER STAPLES - 4.1% | | | |
| Beverages - 0.7% | | | |
| The Vita Coco Co., Inc. (a) | | 111,800 | 3,254,498 |
| Consumer Staples Distribution & Retail - 2.7% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 54,120 | 4,766,348 |
| Performance Food Group Co. (a) | | 38,600 | 2,686,560 |
| Sprouts Farmers Market LLC (a) | | 52,100 | 4,114,858 |
| | | | 11,567,766 |
| Food Products - 0.7% | | | |
| Nomad Foods Ltd. | | 172,253 | 3,024,763 |
TOTAL CONSUMER STAPLES | | | 17,847,027 |
| ENERGY - 6.1% | | | |
| Energy Equipment & Services - 4.4% | | | |
| Cactus, Inc. | | 104,300 | 5,355,805 |
| Championx Corp. | | 139,200 | 4,540,704 |
| Liberty Energy, Inc. Class A | | 261,500 | 6,456,435 |
| TechnipFMC PLC | | 105,700 | 2,768,283 |
| | | | 19,121,227 |
| Oil, Gas & Consumable Fuels - 1.7% | | | |
| Antero Resources Corp. (a) | | 157,200 | 5,601,036 |
| Hess Midstream LP | | 54,699 | 1,900,790 |
| | | | 7,501,826 |
TOTAL ENERGY | | | 26,623,053 |
| FINANCIALS - 14.1% | | | |
| Banks - 5.1% | | | |
| ConnectOne Bancorp, Inc. | | 235,876 | 4,396,729 |
| First Interstate Bancsystem, Inc. | | 134,400 | 3,566,976 |
| Independent Bank Group, Inc. | | 101,534 | 4,674,625 |
| Metropolitan Bank Holding Corp. (a) | | 56,529 | 2,377,044 |
| Pinnacle Financial Partners, Inc. | | 56,800 | 4,516,168 |
| Trico Bancshares | | 73,500 | 2,798,880 |
| | | | 22,330,422 |
| Capital Markets - 4.0% | | | |
| Houlihan Lokey | | 34,000 | 4,601,900 |
| Lazard, Inc. Class A | | 80,000 | 3,218,400 |
| Patria Investments Ltd. | | 189,600 | 2,464,800 |
| Stifel Financial Corp. | | 39,400 | 3,189,430 |
| TMX Group Ltd. | | 139,900 | 3,754,754 |
| | | | 17,229,284 |
| Consumer Finance - 0.6% | | | |
| PROG Holdings, Inc. | | 69,008 | 2,607,812 |
| Financial Services - 1.3% | | | |
| Essent Group Ltd. | | 101,300 | 5,743,710 |
| Insurance - 3.1% | | | |
| Old Republic International Corp. | | 89,300 | 2,837,954 |
| Primerica, Inc. | | 26,300 | 5,940,907 |
| Selective Insurance Group, Inc. | | 40,127 | 3,916,796 |
| Stewart Information Services Corp. | | 11,429 | 723,570 |
| | | | 13,419,227 |
TOTAL FINANCIALS | | | 61,330,455 |
| HEALTH CARE - 13.6% | | | |
| Biotechnology - 4.8% | | | |
| Allogene Therapeutics, Inc. (a) | | 159,300 | 398,250 |
| Arcellx, Inc. (a) | | 16,700 | 868,400 |
| Astria Therapeutics, Inc. (a) | | 53,200 | 503,804 |
| Blueprint Medicines Corp. (a) | | 13,900 | 1,467,284 |
| Celldex Therapeutics, Inc. (a) | | 20,177 | 671,894 |
| Cogent Biosciences, Inc. (a) | | 96,384 | 772,036 |
| Crinetics Pharmaceuticals, Inc. (a) | | 25,000 | 1,110,250 |
| Cytokinetics, Inc. (a) | | 36,300 | 1,760,913 |
| Insmed, Inc. (a) | | 44,900 | 2,471,745 |
| Keros Therapeutics, Inc. (a) | | 23,100 | 1,082,697 |
| Legend Biotech Corp. ADR (a) | | 16,500 | 660,165 |
| Madrigal Pharmaceuticals, Inc. (a)(b) | | 3,000 | 708,480 |
| Merus BV (a) | | 11,400 | 606,936 |
| Scholar Rock Holding Corp. (a) | | 44,400 | 416,916 |
| Tyra Biosciences, Inc. (a) | | 40,300 | 653,666 |
| Vaxcyte, Inc. (a) | | 35,900 | 2,522,693 |
| Viking Therapeutics, Inc. (a) | | 34,200 | 2,129,292 |
| Viridian Therapeutics, Inc. (a) | | 31,700 | 378,815 |
| Xenon Pharmaceuticals, Inc. (a) | | 32,600 | 1,241,082 |
| Zentalis Pharmaceuticals, Inc. (a) | | 34,130 | 405,464 |
| | | | 20,830,782 |
| Health Care Equipment & Supplies - 3.6% | | | |
| Haemonetics Corp. (a) | | 31,200 | 2,623,296 |
| Masimo Corp. (a) | | 15,400 | 1,917,300 |
| Merit Medical Systems, Inc. (a) | | 37,900 | 3,075,585 |
| Pulmonx Corp. (a) | | 185,700 | 1,346,325 |
| RxSight, Inc. (a) | | 31,100 | 1,818,417 |
| TransMedics Group, Inc. (a) | | 35,300 | 4,814,920 |
| | | | 15,595,843 |
| Health Care Providers & Services - 4.4% | | | |
| Acadia Healthcare Co., Inc. (a) | | 70,500 | 4,856,745 |
| Chemed Corp. | | 7,800 | 4,324,086 |
| Option Care Health, Inc. (a) | | 68,166 | 2,032,710 |
| PACS Group, Inc. (a) | | 36,700 | 1,115,680 |
| Pennant Group, Inc. (a) | | 31,630 | 744,570 |
| The Ensign Group, Inc. | | 51,700 | 6,268,108 |
| | | | 19,341,899 |
| Life Sciences Tools & Services - 0.3% | | | |
| Maravai LifeSciences Holdings, Inc. Class A (a) | | 149,500 | 1,296,165 |
| Pharmaceuticals - 0.5% | | | |
| Edgewise Therapeutics, Inc. (a) | | 40,800 | 698,904 |
| Intra-Cellular Therapies, Inc. (a) | | 20,600 | 1,385,144 |
| | | | 2,084,048 |
TOTAL HEALTH CARE | | | 59,148,737 |
| INDUSTRIALS - 18.6% | | | |
| Aerospace & Defense - 0.0% | | | |
| Loar Holdings, Inc. (a)(b) | | 400 | 22,788 |
| Building Products - 2.3% | | | |
| AAON, Inc. | | 36,200 | 2,716,810 |
| CSW Industrials, Inc. | | 11,685 | 2,971,028 |
| Simpson Manufacturing Co. Ltd. | | 25,400 | 4,214,368 |
| | | | 9,902,206 |
| Construction & Engineering - 2.7% | | | |
| EMCOR Group, Inc. | | 15,700 | 6,101,962 |
| Sterling Construction Co., Inc. (a) | | 45,200 | 5,553,724 |
| | | | 11,655,686 |
| Electrical Equipment - 2.8% | | | |
| Array Technologies, Inc. (a)(b) | | 169,088 | 2,397,668 |
| Atkore, Inc. (b) | | 17,800 | 2,708,270 |
| Nextracker, Inc. Class A (a) | | 77,700 | 4,286,709 |
| Thermon Group Holdings, Inc. (a) | | 82,800 | 2,795,328 |
| | | | 12,187,975 |
| Ground Transportation - 1.3% | | | |
| ArcBest Corp. | | 15,745 | 1,661,412 |
| TFI International, Inc. | | 29,900 | 3,955,172 |
| | | | 5,616,584 |
| Machinery - 1.3% | | | |
| Terex Corp. | | 95,500 | 5,698,485 |
| Professional Services - 2.6% | | | |
| Concentrix Corp. | | 27,513 | 1,687,372 |
| ExlService Holdings, Inc. (a) | | 146,048 | 4,360,993 |
| KBR, Inc. | | 85,167 | 5,592,065 |
| | | | 11,640,430 |
| Trading Companies & Distributors - 5.6% | | | |
| Applied Industrial Technologies, Inc. | | 21,600 | 4,168,800 |
| Beacon Roofing Supply, Inc. (a) | | 41,600 | 4,037,696 |
| FTAI Aviation Ltd. | | 81,100 | 6,838,352 |
| GMS, Inc. (a) | | 49,400 | 4,641,624 |
| Rush Enterprises, Inc. Class A | | 105,998 | 4,783,690 |
| | | | 24,470,162 |
TOTAL INDUSTRIALS | | | 81,194,316 |
| INFORMATION TECHNOLOGY - 15.4% | | | |
| Electronic Equipment, Instruments & Components - 6.9% | | | |
| Advanced Energy Industries, Inc. | | 43,300 | 4,651,719 |
| Fabrinet (a) | | 36,400 | 8,718,894 |
| Insight Enterprises, Inc. (a) | | 38,498 | 7,526,359 |
| Napco Security Technologies, Inc. | | 59,782 | 2,968,176 |
| TD SYNNEX Corp. | | 46,113 | 6,033,425 |
| | | | 29,898,573 |
| IT Services - 2.2% | | | |
| ASGN, Inc. (a) | | 46,700 | 4,385,597 |
| Endava PLC ADR (a) | | 47,401 | 1,276,983 |
| Wix.com Ltd. (a) | | 23,900 | 3,850,290 |
| | | | 9,512,870 |
| Semiconductors & Semiconductor Equipment - 3.9% | | | |
| AEHR Test Systems (a)(b) | | 42,900 | 493,779 |
| Allegro MicroSystems LLC (a) | | 115,900 | 3,493,226 |
| Diodes, Inc. (a) | | 53,658 | 3,977,668 |
| MACOM Technology Solutions Holdings, Inc. (a) | | 52,200 | 5,279,508 |
| Nova Ltd. (a) | | 18,272 | 3,812,453 |
| | | | 17,056,634 |
| Software - 2.4% | | | |
| Five9, Inc. (a) | | 32,900 | 1,538,404 |
| Intapp, Inc. (a)(b) | | 62,519 | 2,244,432 |
| PROS Holdings, Inc. (a) | | 55,300 | 1,630,244 |
| Rapid7, Inc. (a) | | 34,000 | 1,228,760 |
| Tenable Holdings, Inc. (a) | | 95,600 | 4,033,364 |
| | | | 10,675,204 |
TOTAL INFORMATION TECHNOLOGY | | | 67,143,281 |
| MATERIALS - 7.2% | | | |
| Chemicals - 2.5% | | | |
| Element Solutions, Inc. | | 206,100 | 4,952,583 |
| Hawkins, Inc. | | 17,300 | 1,510,636 |
| The Chemours Co. LLC | | 59,300 | 1,471,826 |
| Tronox Holdings PLC | | 142,300 | 2,818,963 |
| | | | 10,754,008 |
| Construction Materials - 1.3% | | | |
| Eagle Materials, Inc. | | 23,800 | 5,530,882 |
| Metals & Mining - 3.4% | | | |
| Commercial Metals Co. | | 129,300 | 7,282,176 |
| Constellium NV (a) | | 353,900 | 7,669,013 |
| | | | 14,951,189 |
TOTAL MATERIALS | | | 31,236,079 |
| REAL ESTATE - 4.0% | | | |
| Equity Real Estate Investment Trusts (REITs) - 3.3% | | | |
| Essential Properties Realty Trust, Inc. (b) | | 191,692 | 5,133,512 |
| Lamar Advertising Co. Class A | | 52,700 | 6,224,397 |
| Urban Edge Properties | | 184,200 | 3,265,866 |
| | | | 14,623,775 |
| Real Estate Management & Development - 0.7% | | | |
| Colliers International Group, Inc. | | 26,100 | 2,926,639 |
TOTAL REAL ESTATE | | | 17,550,414 |
| UTILITIES - 1.1% | | | |
| Gas Utilities - 1.1% | | | |
| Brookfield Infrastructure Corp. A Shares | | 139,657 | 4,811,184 |
| TOTAL COMMON STOCKS (Cost $309,415,581) | | | 432,981,791 |
| | | | |
| Money Market Funds - 4.6% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 2,850,733 | 2,851,303 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 17,254,334 | 17,256,060 |
| TOTAL MONEY MARKET FUNDS (Cost $20,107,363) | | | 20,107,363 |
| | | | |
| Equity Funds - 0.3% |
| | | Shares | Value ($) |
| Small Blend Funds - 0.3% | | | |
iShares Russell 2000 Index ETF (b) (Cost $1,173,495) | | 6,780 | 1,395,121 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 104.2% (Cost $330,696,439) | 454,484,275 |
NET OTHER ASSETS (LIABILITIES) - (4.2)% | (18,412,017) |
| NET ASSETS - 100.0% | 436,072,258 |
| | |
Security Type Abbreviations
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 4,018,838 | 45,025,016 | 46,192,387 | 107,372 | (164) | - | 2,851,303 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 8,318,910 | 74,976,619 | 66,039,469 | 4,822 | - | - | 17,256,060 | 0.1% |
| Total | 12,337,748 | 120,001,635 | 112,231,856 | 112,194 | (164) | - | 20,107,363 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 10,686,760 | 10,686,760 | - | - |
Consumer Discretionary | 55,410,485 | 55,410,485 | - | - |
Consumer Staples | 17,847,027 | 17,847,027 | - | - |
Energy | 26,623,053 | 26,623,053 | - | - |
Financials | 61,330,455 | 61,330,455 | - | - |
Health Care | 59,148,737 | 59,148,737 | - | - |
Industrials | 81,194,316 | 81,194,316 | - | - |
Information Technology | 67,143,281 | 67,143,281 | - | - |
Materials | 31,236,079 | 31,236,079 | - | - |
Real Estate | 17,550,414 | 17,550,414 | - | - |
Utilities | 4,811,184 | 4,811,184 | - | - |
|
| Money Market Funds | 20,107,363 | 20,107,363 | - | - |
|
| Equity Funds | 1,395,121 | 1,395,121 | - | - |
| Total Investments in Securities: | 454,484,275 | 454,484,275 | - | - |
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $16,979,429) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $310,589,076) | $ | 434,376,912 | | |
Fidelity Central Funds (cost $20,107,363) | | 20,107,363 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $330,696,439) | | | $ | 454,484,275 |
| Cash | | | | 2,359 |
| Foreign currency held at value (cost $397,164) | | | | 394,750 |
| Receivable for investments sold | | | | 2,196,373 |
| Receivable for fund shares sold | | | | 9,948 |
| Dividends receivable | | | | 307,984 |
| Distributions receivable from Fidelity Central Funds | | | | 14,625 |
| Receivable from investment adviser for expense reductions | | | | 9,354 |
Total assets | | | | 457,419,668 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 27,388 | | |
| Payable for fund shares redeemed | | 4,055,617 | | |
| Other payables and accrued expenses | | 8,855 | | |
| Collateral on securities loaned | | 17,255,550 | | |
| Total liabilities | | | | 21,347,410 |
| Net Assets | | | $ | 436,072,258 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 291,014,957 |
| Total accumulated earnings (loss) | | | | 145,057,301 |
| Net Assets | | | $ | 436,072,258 |
Net Asset Value, offering price and redemption price per share ($436,072,258 ÷ 33,371,890 shares) | | | $ | 13.07 |
| Statement of Operations |
| | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 1,919,597 |
| Interest | | | | 982 |
| Income from Fidelity Central Funds (including $4,822 from security lending) | | | | 112,194 |
| Total income | | | | 2,032,773 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 21,511 | | |
| Independent trustees' fees and expenses | | 946 | | |
| Legal | | 1,031 | | |
| Interest | | 8,258 | | |
| Miscellaneous | | 25 | | |
| Total expenses before reductions | | 31,771 | | |
| Expense reductions | | (16,180) | | |
| Total expenses after reductions | | | | 15,591 |
| Net Investment income (loss) | | | | 2,017,182 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 23,377,242 | | |
| Fidelity Central Funds | | (164) | | |
| Foreign currency transactions | | (922) | | |
| Total net realized gain (loss) | | | | 23,376,156 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 52,567,861 | | |
| Assets and liabilities in foreign currencies | | (9,078) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 52,558,783 |
| Net gain (loss) | | | | 75,934,939 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 77,952,121 |
| Statement of Changes in Net Assets |
| |
| | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 2,017,182 | $ | 3,709,239 |
| Net realized gain (loss) | | 23,376,156 | | 13,558,563 |
| Change in net unrealized appreciation (depreciation) | | 52,558,783 | | (5,211,618) |
| Net increase (decrease) in net assets resulting from operations | | 77,952,121 | | 12,056,184 |
| Distributions to shareholders | | (16,299,236) | | (34,872,065) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 27,307,471 | | 80,869,900 |
| Reinvestment of distributions | | 16,299,236 | | 34,872,065 |
| Cost of shares redeemed | | (75,861,282) | | (93,134,248) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (32,254,575) | | 22,607,717 |
| Total increase (decrease) in net assets | | 29,398,310 | | (208,164) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 406,673,948 | | 406,882,112 |
| End of period | $ | 436,072,258 | $ | 406,673,948 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 2,218,011 | | 7,324,557 |
| Issued in reinvestment of distributions | | 1,401,482 | | 3,216,980 |
| Redeemed | | (6,161,057) | | (8,100,778) |
| Net increase (decrease) | | (2,541,564) | | 2,440,759 |
| | | | | |
Financial Highlights
Fidelity Advisor® Series Small Cap Fund |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.32 | $ | 12.16 | $ | 17.04 | $ | 12.88 | $ | 11.72 | $ | 11.41 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | .10 | | .11 | | .11 | | .09 | | .09 |
| Net realized and unrealized gain (loss) | | 2.15 | | .11 | | (1.91) | | 4.49 | | 1.42 | | 1.32 |
| Total from investment operations | | 2.21 | | .21 | | (1.80) | | 4.60 | | 1.51 | | 1.41 |
| Distributions from net investment income | | (.12) | | (.11) | | (.12) | | (.12) | | (.07) | | (.11) C |
| Distributions from net realized gain | | (.34) | | (.94) | | (2.97) | | (.32) | | (.28) | | (.99) C |
| Total distributions | | (.46) | | (1.05) | | (3.08) D | | (.44) | | (.35) | | (1.10) |
| Net asset value, end of period | $ | 13.07 | $ | 11.32 | $ | 12.16 | $ | 17.04 | $ | 12.88 | $ | 11.72 |
Total Return E,F | | | | 2.11% | | (13.01)% | | 36.69% | | 13.21% | | 15.27% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .01% I,J | | .01% | | .01% | | .01% | | .01% | | .01% |
| Expenses net of fee waivers, if any | | | | .01% | | -% K | | -% K | | .01% | | .01% |
| Expenses net of all reductions | | .01% I,J | | .01% | | -% K | | -% K | | .01% | | .01% |
| Net investment income (loss) | | .95% I,J | | .93% | | .92% | | .68% | | .85% | | .89% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 436,072 | $ | 406,674 | $ | 406,882 | $ | 508,445 | $ | 467,212 | $ | 469,471 |
Portfolio turnover rate L | | | | 40% | | 57% | | 51% | | 58% | | 76% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JProxy expenses are not annualized.
KAmount represents less than .005%.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
1. Organization.
Fidelity Advisor Series Small Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $142,622,266 |
| Gross unrealized depreciation | (20,558,277) |
| Net unrealized appreciation (depreciation) | $122,063,989 |
| Tax cost | $332,420,286 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Series Small Cap Fund | 85,663,170 | 125,159,073 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Series Small Cap Fund | 2,920 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Advisor Series Small Cap Fund | Borrower | 7,468,286 | 5.58% | 8,102 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Series Small Cap Fund | 5,639,411 | 8,734,007 | 1,426,376 |
Sub-Advisory Arrangements. Effective March 1, 2024, each Fund's sub-advisory agreements with Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Series Small Cap Fund | 503 | - | - |
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
| | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Advisor Series Small Cap Fund | 966,000 | 5.83% | 156 |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through March 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $16,180.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Series Small Cap Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with Fidelity Management & Research (Hong Kong) Limited (FMR H.K.) and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR H.K. and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Series Small Cap Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through March 31, 2027.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.967944.110
AXS5-SANN-0724
Fidelity Advisor® Equity Income Fund
Semi-Annual Report
May 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Equity Income Fund
Schedule of Investments May 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.4% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 6.1% | | | |
| Diversified Telecommunication Services - 2.4% | | | |
| Quebecor, Inc. Class B (sub. vtg.) | | 237,200 | 5,003 |
| Verizon Communications, Inc. | | 920,290 | 37,870 |
| | | | 42,873 |
| Media - 3.7% | | | |
| Comcast Corp. Class A | | 1,161,600 | 46,499 |
| Omnicom Group, Inc. | | 99,100 | 9,212 |
| WPP PLC | | 997,600 | 10,442 |
| | | | 66,153 |
TOTAL COMMUNICATION SERVICES | | | 109,026 |
| CONSUMER DISCRETIONARY - 3.9% | | | |
| Automobile Components - 0.7% | | | |
| Lear Corp. | | 105,400 | 13,212 |
| Broadline Retail - 0.6% | | | |
| eBay, Inc. | | 218,900 | 11,869 |
| Distributors - 0.5% | | | |
| LKQ Corp. | | 207,100 | 8,912 |
| Household Durables - 0.4% | | | |
| Whirlpool Corp. (a) | | 70,400 | 6,549 |
| Specialty Retail - 0.5% | | | |
| Lowe's Companies, Inc. | | 38,300 | 8,475 |
| Textiles, Apparel & Luxury Goods - 1.2% | | | |
| Tapestry, Inc. | | 496,700 | 21,601 |
TOTAL CONSUMER DISCRETIONARY | | | 70,618 |
| CONSUMER STAPLES - 10.9% | | | |
| Beverages - 5.2% | | | |
| Carlsberg A/S Series B | | 79,200 | 10,745 |
| Coca-Cola Europacific Partners PLC | | 317,600 | 23,410 |
| Diageo PLC | | 371,600 | 12,511 |
| Keurig Dr. Pepper, Inc. | | 822,800 | 28,181 |
| The Coca-Cola Co. (b) | | 290,300 | 18,269 |
| | | | 93,116 |
| Consumer Staples Distribution & Retail - 1.3% | | | |
| Albertsons Companies, Inc. | | 490,600 | 10,126 |
| Sysco Corp. | | 195,700 | 14,251 |
| | | | 24,377 |
| Food Products - 0.5% | | | |
| Tyson Foods, Inc. Class A | | 145,400 | 8,324 |
| Household Products - 0.7% | | | |
| Reckitt Benckiser Group PLC | | 237,300 | 13,581 |
| Personal Care Products - 3.2% | | | |
| Kenvue, Inc. | | 1,246,205 | 24,052 |
| Unilever PLC sponsored ADR | | 610,800 | 33,441 |
| | | | 57,493 |
TOTAL CONSUMER STAPLES | | | 196,891 |
| ENERGY - 8.2% | | | |
| Oil, Gas & Consumable Fuels - 8.2% | | | |
| Enterprise Products Partners LP | | 884,100 | 25,197 |
| Exxon Mobil Corp. (b) | | 493,200 | 57,831 |
| Imperial Oil Ltd. | | 61,500 | 4,345 |
| Parkland Corp. | | 252,400 | 7,283 |
| Shell PLC ADR | | 489,200 | 35,604 |
| TotalEnergies SE | | 238,900 | 17,503 |
| | | | 147,763 |
| FINANCIALS - 19.9% | | | |
| Banks - 10.9% | | | |
| Bank of America Corp. | | 725,000 | 28,993 |
| Cullen/Frost Bankers, Inc. | | 66,300 | 6,735 |
| East West Bancorp, Inc. | | 136,100 | 10,097 |
| Huntington Bancshares, Inc. | | 771,400 | 10,738 |
| KBC Group NV | | 125,200 | 9,143 |
| KeyCorp | | 382,600 | 5,498 |
| M&T Bank Corp. | | 241,900 | 36,672 |
| PNC Financial Services Group, Inc. | | 79,600 | 12,528 |
| U.S. Bancorp (a) | | 770,400 | 31,240 |
| Wells Fargo & Co. (b) | | 742,550 | 44,494 |
| | | | 196,138 |
| Capital Markets - 2.7% | | | |
| Bank of New York Mellon Corp. | | 436,400 | 26,014 |
| CME Group, Inc. (b) | | 38,900 | 7,896 |
| Northern Trust Corp. | | 161,600 | 13,613 |
| | | | 47,523 |
| Financial Services - 3.0% | | | |
| Fidelity National Information Services, Inc. | | 232,000 | 17,604 |
| Global Payments, Inc. | | 245,300 | 24,984 |
| Visa, Inc. Class A | | 42,100 | 11,471 |
| | | | 54,059 |
| Insurance - 3.3% | | | |
| Chubb Ltd. | | 129,884 | 35,175 |
| First American Financial Corp. | | 122,200 | 6,792 |
| The Travelers Companies, Inc. | | 80,400 | 17,342 |
| | | | 59,309 |
TOTAL FINANCIALS | | | 357,029 |
| HEALTH CARE - 17.2% | | | |
| Biotechnology - 1.4% | | | |
| Gilead Sciences, Inc. (a) | | 375,200 | 24,114 |
| Health Care Equipment & Supplies - 0.6% | | | |
| Baxter International, Inc. | | 276,600 | 9,429 |
| Solventum Corp. | | 31,775 | 1,886 |
| | | | 11,315 |
| Health Care Providers & Services - 4.4% | | | |
| Cigna Group | | 75,400 | 25,984 |
| Elevance Health, Inc. (b) | | 61,400 | 33,063 |
| UnitedHealth Group, Inc. | | 39,400 | 19,518 |
| | | | 78,565 |
| Pharmaceuticals - 10.8% | | | |
| Bristol-Myers Squibb Co. | | 543,200 | 22,320 |
| GSK PLC sponsored ADR | | 483,900 | 21,664 |
| Johnson & Johnson | | 346,071 | 50,758 |
| Merck & Co., Inc. (b) | | 348,000 | 43,688 |
| Organon & Co. | | 422,530 | 9,013 |
| Roche Holding AG (participation certificate) | | 87,800 | 22,417 |
| Royalty Pharma PLC | | 473,000 | 12,965 |
| Sanofi SA sponsored ADR | | 234,300 | 11,488 |
| | | | 194,313 |
TOTAL HEALTH CARE | | | 308,307 |
| INDUSTRIALS - 8.8% | | | |
| Aerospace & Defense - 2.2% | | | |
| General Dynamics Corp. (b) | | 80,300 | 24,072 |
| Lockheed Martin Corp. | | 34,300 | 16,133 |
| | | | 40,205 |
| Air Freight & Logistics - 0.3% | | | |
| FedEx Corp. | | 21,484 | 5,456 |
| Construction & Engineering - 0.4% | | | |
| VINCI SA | | 57,000 | 7,113 |
| Electrical Equipment - 0.9% | | | |
| Regal Rexnord Corp. | | 107,100 | 16,016 |
| Industrial Conglomerates - 0.7% | | | |
| 3M Co. | | 120,700 | 12,087 |
| Machinery - 1.4% | | | |
| Allison Transmission Holdings, Inc. | | 155,100 | 11,758 |
| Parker Hannifin Corp. (b) | | 25,100 | 13,341 |
| | | | 25,099 |
| Professional Services - 2.9% | | | |
| Concentrix Corp. | | 119,600 | 7,335 |
| Genpact Ltd. | | 426,800 | 14,110 |
| ManpowerGroup, Inc. | | 115,600 | 8,626 |
| SS&C Technologies Holdings, Inc. | | 355,500 | 22,059 |
| | | | 52,130 |
TOTAL INDUSTRIALS | | | 158,106 |
| INFORMATION TECHNOLOGY - 6.4% | | | |
| Communications Equipment - 1.6% | | | |
| Cisco Systems, Inc. | | 635,153 | 29,535 |
| IT Services - 2.1% | | | |
| Amdocs Ltd. | | 279,422 | 22,074 |
| Capgemini SA | | 77,000 | 15,600 |
| | | | 37,674 |
| Semiconductors & Semiconductor Equipment - 1.7% | | | |
| Microchip Technology, Inc. | | 117,250 | 11,400 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 124,900 | 18,865 |
| | | | 30,265 |
| Software - 1.0% | | | |
| Gen Digital, Inc. | | 373,200 | 9,267 |
| Microsoft Corp. (b) | | 19,500 | 8,095 |
| | | | 17,362 |
TOTAL INFORMATION TECHNOLOGY | | | 114,836 |
| MATERIALS - 3.9% | | | |
| Chemicals - 1.6% | | | |
| Celanese Corp. Class A | | 29,800 | 4,531 |
| CF Industries Holdings, Inc. | | 198,900 | 15,858 |
| Olin Corp. | | 161,500 | 8,682 |
| | | | 29,071 |
| Construction Materials - 0.3% | | | |
| Eagle Materials, Inc. | | 19,200 | 4,462 |
| Containers & Packaging - 2.0% | | | |
| Berry Global Group, Inc. | | 226,000 | 13,533 |
| Crown Holdings, Inc. | | 212,100 | 17,857 |
| Sonoco Products Co. | | 86,600 | 5,315 |
| | | | 36,705 |
TOTAL MATERIALS | | | 70,238 |
| REAL ESTATE - 4.8% | | | |
| Equity Real Estate Investment Trusts (REITs) - 4.8% | | | |
| Alexandria Real Estate Equities, Inc. | | 50,200 | 5,974 |
| American Tower Corp. | | 100,700 | 19,711 |
| COPT Defense Properties (SBI) | | 581,400 | 14,343 |
| Crown Castle, Inc. | | 185,600 | 19,024 |
| Gaming & Leisure Properties | | 200,400 | 8,998 |
| Public Storage | | 33,700 | 9,228 |
| Realty Income Corp. | | 175,900 | 9,333 |
| | | | 86,611 |
| UTILITIES - 8.3% | | | |
| Electric Utilities - 6.5% | | | |
| American Electric Power Co., Inc. | | 128,400 | 11,588 |
| Duke Energy Corp. | | 291,000 | 30,139 |
| Edison International | | 96,864 | 7,444 |
| Eversource Energy | | 162,300 | 9,613 |
| Exelon Corp. | | 322,500 | 12,110 |
| FirstEnergy Corp. | | 631,200 | 25,412 |
| PG&E Corp. | | 506,500 | 9,391 |
| Portland General Electric Co. | | 108,200 | 4,821 |
| PPL Corp. | | 216,100 | 6,338 |
| | | | 116,856 |
| Multi-Utilities - 1.8% | | | |
| Sempra | | 420,200 | 32,368 |
TOTAL UTILITIES | | | 149,224 |
| TOTAL COMMON STOCKS (Cost $1,477,042) | | | 1,768,649 |
| | | | |
| Money Market Funds - 1.6% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 5.39% (c) | | 24,248,957 | 24,254 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 3,698,580 | 3,699 |
| TOTAL MONEY MARKET FUNDS (Cost $27,953) | | | 27,953 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $1,504,995) | 1,796,602 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | 177 |
| NET ASSETS - 100.0% | 1,796,779 |
| | |
| Written Options |
| | Counterparty | Number of Contracts | Notional Amount ($) (000s) | Exercise Price ($) | Expiration Date | Value ($) (000s) |
| Call Options | | | | | | |
| CME Group, Inc. Class A | Chicago Board Options Exchange | 92 | 1,867 | 230.00 | 09/20/24 | (15) |
| Elevance Health, Inc. | Chicago Board Options Exchange | 116 | 6,246 | 550.00 | 06/21/24 | (57) |
| Exxon Mobil Corp. | Chicago Board Options Exchange | 728 | 8,537 | 130.00 | 07/19/24 | (21) |
| General Dynamics Corp. | Chicago Board Options Exchange | 159 | 4,766 | 290.00 | 06/21/24 | (186) |
| Merck & Co., Inc. | Chicago Board Options Exchange | 509 | 6,390 | 135.00 | 06/21/24 | (9) |
| Microsoft Corp. | Chicago Board Options Exchange | 45 | 1,868 | 450.00 | 09/20/24 | (40) |
| Parker Hannifin Corp. | Chicago Board Options Exchange | 68 | 3,614 | 620.00 | 08/16/24 | (13) |
| The Coca-Cola Co. | Chicago Board Options Exchange | 858 | 5,399 | 62.50 | 06/21/24 | (84) |
| The Coca-Cola Co. | Chicago Board Options Exchange | 278 | 1,749 | 62.50 | 07/19/24 | (37) |
| Wells Fargo & Co. | Chicago Board Options Exchange | 1,850 | 11,085 | 62.50 | 06/21/24 | (63) |
| | | | | | | |
| TOTAL WRITTEN OPTIONS | | | | | | (525) |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (b) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $51,521,000. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 32,020 | 147,504 | 155,270 | 746 | - | - | 24,254 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 7,825 | 46,485 | 50,611 | 2 | - | - | 3,699 | 0.0% |
| Total | 39,845 | 193,989 | 205,881 | 748 | - | - | 27,953 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 109,026 | 98,584 | 10,442 | - |
Consumer Discretionary | 70,618 | 70,618 | - | - |
Consumer Staples | 196,891 | 160,054 | 36,837 | - |
Energy | 147,763 | 130,260 | 17,503 | - |
Financials | 357,029 | 347,886 | 9,143 | - |
Health Care | 308,307 | 285,890 | 22,417 | - |
Industrials | 158,106 | 150,993 | 7,113 | - |
Information Technology | 114,836 | 99,236 | 15,600 | - |
Materials | 70,238 | 70,238 | - | - |
Real Estate | 86,611 | 86,611 | - | - |
Utilities | 149,224 | 149,224 | - | - |
|
| Money Market Funds | 27,953 | 27,953 | - | - |
| Total Investments in Securities: | 1,796,602 | 1,677,547 | 119,055 | - |
Derivative Instruments: Liabilities | | | | |
Written Options | (525) | (525) | - | - |
| Total Liabilities | (525) | (525) | - | - |
| Total Derivative Instruments: | (525) | (525) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| (Amounts in thousands) | Asset ($) | Liability ($) |
| Equity Risk | | |
Written Options (a) | 0 | (525) |
| Total Equity Risk | 0 | (525) |
| Total Value of Derivatives | 0 | (525) |
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | May 31, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $3,716) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,477,042) | $ | 1,768,649 | | |
Fidelity Central Funds (cost $27,953) | | 27,953 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,504,995) | | | $ | 1,796,602 |
| Foreign currency held at value (cost $242) | | | | 242 |
| Receivable for investments sold | | | | 3,194 |
| Receivable for fund shares sold | | | | 343 |
| Dividends receivable | | | | 5,237 |
| Distributions receivable from Fidelity Central Funds | | | | 129 |
| Other receivables | | | | 23 |
Total assets | | | | 1,805,770 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 2,882 | | |
| Payable for fund shares redeemed | | 498 | | |
| Accrued management fee | | 874 | | |
| Distribution and service plan fees payable | | 439 | | |
| Written options, at value (premium received $890) | | 525 | | |
| Other payables and accrued expenses | | 74 | | |
| Collateral on securities loaned | | 3,699 | | |
| Total liabilities | | | | 8,991 |
| Net Assets | | | $ | 1,796,779 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,424,378 |
| Total accumulated earnings (loss) | | | | 372,401 |
| Net Assets | | | $ | 1,796,779 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($787,074 ÷ 23,788 shares)(a) | | | $ | 33.09 |
| Maximum offering price per share (100/94.25 of $33.09) | | | $ | 35.11 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($554,438 ÷ 16,153 shares)(a) | | | $ | 34.32 |
| Maximum offering price per share (100/96.50 of $34.32) | | | $ | 35.56 |
| Class C : | | | | |
Net Asset Value and offering price per share ($51,581 ÷ 1,533 shares)(a)(b) | | | $ | 33.64 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($336,463 ÷ 9,466 shares)(b) | | | $ | 35.55 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($67,223 ÷ 1,894 shares) | | | $ | 35.49 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares. |
| Statement of Operations |
| Amounts in thousands | | | | Six months ended May 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 26,811 |
| Income from Fidelity Central Funds (including $2 from security lending) | | | | 748 |
| Total income | | | | 27,559 |
| Expenses | | | | |
| Management fee | $ | 4,507 | | |
| Transfer agent fees | | 749 | | |
| Distribution and service plan fees | | 2,597 | | |
| Accounting fees | | 121 | | |
| Custodian fees and expenses | | 23 | | |
| Independent trustees' fees and expenses | | 4 | | |
| Registration fees | | 50 | | |
| Audit | | 32 | | |
| Legal | | 2 | | |
| Interest | | 18 | | |
| Miscellaneous | | 17 | | |
| Total expenses before reductions | | 8,120 | | |
| Expense reductions | | (82) | | |
| Total expenses after reductions | | | | 8,038 |
| Net Investment income (loss) | | | | 19,521 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 70,004 | | |
| Foreign currency transactions | | 18 | | |
| Written options | | 1,005 | | |
| Total net realized gain (loss) | | | | 71,027 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 116,152 | | |
| Assets and liabilities in foreign currencies | | (13) | | |
| Written options | | 387 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 116,526 |
| Net gain (loss) | | | | 187,553 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 207,074 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended May 31, 2024 (Unaudited) | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 19,521 | $ | 41,473 |
| Net realized gain (loss) | | 71,027 | | 47,960 |
| Change in net unrealized appreciation (depreciation) | | 116,526 | | (47,655) |
| Net increase (decrease) in net assets resulting from operations | | 207,074 | | 41,778 |
| Distributions to shareholders | | (66,674) | | (103,407) |
| | | | | |
| Share transactions - net increase (decrease) | | (150,624) | | 11,415 |
| Total increase (decrease) in net assets | | (10,224) | | (50,214) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,807,003 | | 1,857,217 |
| End of period | $ | 1,796,779 | $ | 1,807,003 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Equity Income Fund Class A |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 30.62 | $ | 31.78 | $ | 32.34 | $ | 27.88 | $ | 30.22 | $ | 31.53 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .35 | | .69 | | .61 | | .58 | | .65 | | .67 |
| Net realized and unrealized gain (loss) | | 3.30 | | (.04) | | 2.32 | | 4.53 | | (.67) | | 2.08 |
| Total from investment operations | | 3.65 | | .65 | | 2.93 | | 5.11 | | (.02) | | 2.75 |
| Distributions from net investment income | | (.39) | | (.64) | | (.58) | | (.65) | | (.66) | | (.65) |
| Distributions from net realized gain | | (.80) | | (1.17) | | (2.91) | | - C | | (1.67) | | (3.41) |
| Total distributions | | (1.18) D | | (1.81) | | (3.49) | | (.65) | | (2.32) D | | (4.06) |
| Net asset value, end of period | $ | 33.09 | $ | 30.62 | $ | 31.78 | $ | 32.34 | $ | 27.88 | $ | 30.22 |
Total Return E,F,G | | | | 2.34% | | 9.34% | | 18.46% | | .02% | | 11.73% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .88% J | | .89% | | .89% | | .90% | | .92% | | .93% |
| Expenses net of fee waivers, if any | | | | .89% | | .89% | | .89% | | .92% | | .92% |
| Expenses net of all reductions | | .87% J | | .89% | | .89% | | .89% | | .92% | | .92% |
| Net investment income (loss) | | 2.21% J | | 2.30% | | 1.98% | | 1.80% | | 2.51% | | 2.37% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 787 | $ | 721 | $ | 741 | $ | 675 | $ | 591 | $ | 660 |
Portfolio turnover rate K | | | | 47% | | 47% | | 48% | | 65% | | 48% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Equity Income Fund Class M |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 31.72 | $ | 32.84 | $ | 33.30 | $ | 28.69 | $ | 31.02 | $ | 32.24 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .33 | | .64 | | .56 | | .52 | | .60 | | .62 |
| Net realized and unrealized gain (loss) | | 3.41 | | (.03) | | 2.38 | | 4.66 | | (.68) | | 2.15 |
| Total from investment operations | | 3.74 | | .61 | | 2.94 | | 5.18 | | (.08) | | 2.77 |
| Distributions from net investment income | | (.34) | | (.56) | | (.49) | | (.57) | | (.59) | | (.58) |
| Distributions from net realized gain | | (.80) | | (1.17) | | (2.91) | | - C | | (1.67) | | (3.41) |
| Total distributions | | (1.14) | | (1.73) | | (3.40) | | (.57) | | (2.25) D | | (3.99) |
| Net asset value, end of period | $ | 34.32 | $ | 31.72 | $ | 32.84 | $ | 33.30 | $ | 28.69 | $ | 31.02 |
Total Return E,F,G | | | | 2.12% | | 9.08% | | 18.16% | | (.22)% | | 11.46% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.12% J | | 1.13% | | 1.13% | | 1.14% | | 1.16% | | 1.16% |
| Expenses net of fee waivers, if any | | | | 1.13% | | 1.13% | | 1.13% | | 1.16% | | 1.16% |
| Expenses net of all reductions | | 1.11% J | | 1.13% | | 1.13% | | 1.13% | | 1.15% | | 1.16% |
| Net investment income (loss) | | 1.97% J | | 2.06% | | 1.74% | | 1.56% | | 2.28% | | 2.14% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 554 | $ | 524 | $ | 571 | $ | 555 | $ | 534 | $ | 642 |
Portfolio turnover rate K | | | | 47% | | 47% | | 48% | | 65% | | 48% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Equity Income Fund Class C |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 31.11 | $ | 32.23 | $ | 32.75 | $ | 28.21 | $ | 30.52 | $ | 31.73 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .24 | | .46 | | .37 | | .32 | | .45 | | .45 |
| Net realized and unrealized gain (loss) | | 3.34 | | (.02) | | 2.35 | | 4.60 | | (.66) | | 2.12 |
| Total from investment operations | | 3.58 | | .44 | | 2.72 | | 4.92 | | (.21) | | 2.57 |
| Distributions from net investment income | | (.26) | | (.39) | | (.32) | | (.37) | | (.43) | | (.37) |
| Distributions from net realized gain | | (.80) | | (1.17) | | (2.91) | | - C | | (1.67) | | (3.41) |
| Total distributions | | (1.05) D | | (1.56) | | (3.24) D | | (.38) D | | (2.10) | | (3.78) |
| Net asset value, end of period | $ | 33.64 | $ | 31.11 | $ | 32.23 | $ | 32.75 | $ | 28.21 | $ | 30.52 |
Total Return E,F,G | | | | 1.57% | | 8.46% | | 17.51% | | (.77)% | | 10.86% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.64% J | | 1.68% | | 1.68% | | 1.70% | | 1.72% | | 1.72% |
| Expenses net of fee waivers, if any | | | | 1.67% | | 1.68% | | 1.69% | | 1.72% | | 1.71% |
| Expenses net of all reductions | | 1.63% J | | 1.67% | | 1.68% | | 1.69% | | 1.72% | | 1.71% |
| Net investment income (loss) | | 1.44% J | | 1.52% | | 1.19% | | 1.00% | | 1.71% | | 1.58% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 52 | $ | 51 | $ | 68 | $ | 52 | $ | 63 | $ | 84 |
Portfolio turnover rate K | | | | 47% | | 47% | | 48% | | 65% | | 48% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Equity Income Fund Class I |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 32.81 | $ | 33.91 | $ | 34.28 | $ | 29.51 | $ | 31.85 | $ | 32.99 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .42 | | .82 | | .73 | | .70 | | .75 | | .78 |
| Net realized and unrealized gain (loss) | | 3.54 | | (.04) | | 2.47 | | 4.80 | | (.70) | | 2.21 |
| Total from investment operations | | 3.96 | | .78 | | 3.20 | | 5.50 | | .05 | | 2.99 |
| Distributions from net investment income | | (.42) | | (.71) | | (.65) | | (.73) | | (.72) | | (.72) |
| Distributions from net realized gain | | (.80) | | (1.17) | | (2.91) | | - C | | (1.67) | | (3.41) |
| Total distributions | | (1.22) | | (1.88) | | (3.57) D | | (.73) | | (2.39) | | (4.13) |
| Net asset value, end of period | $ | 35.55 | $ | 32.81 | $ | 33.91 | $ | 34.28 | $ | 29.51 | $ | 31.85 |
Total Return E,F | | | | 2.60% | | 9.62% | | 18.75% | | .27% | | 12.00% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .63% I | | .65% | | .65% | | .65% | | .67% | | .67% |
| Expenses net of fee waivers, if any | | | | .65% | | .65% | | .65% | | .67% | | .67% |
| Expenses net of all reductions | | .62% I | | .64% | | .65% | | .65% | | .66% | | .67% |
| Net investment income (loss) | | 2.46% I | | 2.54% | | 2.22% | | 2.05% | | 2.77% | | 2.63% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 336 | $ | 368 | $ | 359 | $ | 244 | $ | 178 | $ | 227 |
Portfolio turnover rate J | | | | 47% | | 47% | | 48% | | 65% | | 48% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Equity Income Fund Class Z |
| |
| | Six months ended (Unaudited) May 31, 2024 | | Years ended November 30, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 32.76 | $ | 33.86 | $ | 34.24 | $ | 29.48 | $ | 31.82 | $ | 32.96 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .45 | | .86 | | .77 | | .75 | | .79 | | .82 |
| Net realized and unrealized gain (loss) | | 3.52 | | (.03) | | 2.46 | | 4.78 | | (.70) | | 2.21 |
| Total from investment operations | | 3.97 | | .83 | | 3.23 | | 5.53 | | .09 | | 3.03 |
| Distributions from net investment income | | (.45) | | (.76) | | (.70) | | (.77) | | (.76) | | (.77) |
| Distributions from net realized gain | | (.80) | | (1.17) | | (2.91) | | - C | | (1.67) | | (3.41) |
| Total distributions | | (1.24) D | | (1.93) | | (3.61) | | (.77) | | (2.43) | | (4.17) D |
| Net asset value, end of period | $ | 35.49 | $ | 32.76 | $ | 33.86 | $ | 34.24 | $ | 29.48 | $ | 31.82 |
Total Return E,F | | | | 2.75% | | 9.77% | | 18.89% | | .43% | | 12.18% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .46% I | | .51% | | .51% | | .51% | | .53% | | .53% |
| Expenses net of fee waivers, if any | | | | .50% | | .51% | | .51% | | .52% | | .53% |
| Expenses net of all reductions | | .45% I | | .50% | | .51% | | .51% | | .52% | | .52% |
| Net investment income (loss) | | 2.63% I | | 2.69% | | 2.36% | | 2.18% | | 2.91% | | 2.77% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 67 | $ | 143 | $ | 117 | $ | 35 | $ | 26 | $ | 27 |
Portfolio turnover rate J | | | | 47% | | 47% | | 48% | | 65% | | 48% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
(Unaudited)For the period ended May 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Equity Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z shares are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Advisor Equity Income Fund | $22 |
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.
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 foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $347,174 |
| Gross unrealized depreciation | (56,602) |
| Net unrealized appreciation (depreciation) | $290,572 |
| Tax cost | $1,506,395 |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.
Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.
Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period unless an average contracts amount is presented.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Equity Income Fund | 333,645 | 517,642 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .59 |
| Class M | .58 |
| Class C | .62 |
| Class I | .60 |
| Class Z | .46 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .59 |
| Class M | .58 |
| Class C | .60 |
| Class I | .60 |
| Class Z | .46 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .42%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | -% | .25% | 960 | 15 |
| Class M | .25% | .25% | 1,377 | 2 |
| Class C | .75% | .25% | 260 | 25 |
| | | | 2,597 | 42 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 49 |
| Class M | 4 |
Class CA | 1 |
| | 54 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| | % of Class-Level Average Net Assets |
| Class A | .1733 |
| Class M | .1645 |
| Class C | .2000 |
| Class I | .1823 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | Amount ($) | % of Class-Level Average Net AssetsA |
| Class A | 327 | .17 |
| Class M | 225 | .17 |
| Class C | 26 | .20 |
| Class I | 161 | .18 |
| Class Z | 10 | .04 |
| | 749 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Equity Income Fund | .0270 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Advisor Equity Income Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Equity Income Fund | 10 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Advisor Equity Income Fund | Borrower | 38,781 | 5.58% | 18 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Advisor Equity Income Fund | 34,852 | 64,723 | 9,892 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Equity Income Fund | 2 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Advisor Equity Income Fund | -A | - | - |
A Amount represents less than five hundred dollars.
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $81.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Equity Income Fund | | |
| Distributions to shareholders | | |
| Class A | $27,716 | $42,683 |
| Class M | 18,650 | 29,792 |
| Class C | 1,669 | 3,243 |
| Class I | 13,460 | 20,598 |
| Class Z | 5,179 | 7,091 |
Total | $66,674 | $103,407 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Six months ended May 31, 2024 | Year ended November 30, 2023 | Six months ended May 31, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Equity Income Fund | | | | |
| Class A | | | | |
| Shares sold | 1,042 | 2,279 | $33,511 | $68,819 |
| Reinvestment of distributions | 848 | 1,379 | 26,508 | 40,735 |
| Shares redeemed | (1,654) | (3,435) | (53,076) | (103,441) |
| Net increase (decrease) | 236 | 223 | $6,943 | $6,113 |
| Class M | | | | |
| Shares sold | 524 | 1,149 | $17,401 | $35,935 |
| Reinvestment of distributions | 563 | 955 | 18,243 | 29,202 |
| Shares redeemed | (1,465) | (2,966) | (48,760) | (92,623) |
| Net increase (decrease) | (378) | (862) | $(13,116) | $(27,486) |
| Class C | | | | |
| Shares sold | 120 | 318 | $3,951 | $9,791 |
| Reinvestment of distributions | 52 | 107 | 1,636 | 3,202 |
| Shares redeemed | (268) | (919) | (8,749) | (28,147) |
| Net increase (decrease) | (96) | (494) | $(3,162) | $(15,154) |
| Class I | | | | |
| Shares sold | 743 | 2,502 | $25,532 | $80,562 |
| Reinvestment of distributions | 381 | 615 | 12,766 | 19,428 |
| Shares redeemed | (2,865) | (2,500) | (97,195) | (80,714) |
| Net increase (decrease) | (1,741) | 617 | $(58,897) | $19,276 |
| Class Z | | | | |
| Shares sold | 364 | 2,114 | $12,423 | $67,614 |
| Reinvestment of distributions | 136 | 201 | 4,557 | 6,342 |
| Shares redeemed | (2,967) | (1,415) | (99,372) | (45,290) |
| Net increase (decrease) | (2,467) | 900 | $(82,392) | $28,666 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts
Fidelity Advisor Equity Income Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Equity Income Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered a pro forma management fee rate for Class I as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Class I of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Class I of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Class I of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.704674.126
EPI-SANN-0724
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series I’s Board of Trustees.
Item 16.
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 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Advisor Series I
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By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |
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Date: | July 23, 2024 |
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.
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By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |
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Date: | July 23, 2024 |
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By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer (Principal Financial Officer) |
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Date: | July 23, 2024 |
