UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3785
Fidelity Advisor Series I
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: |
December 31 |
|
|
Date of reporting period: |
June 30, 2013 |
Item 1. Reports to Stockholders
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Mid Cap II
Fund - Class A, Class T,
Class B and Class C
Semiannual Report
June 30, 2013
(Fidelity Cover Art)
Shareholder Expense Example |
An example of shareholder expenses. |
|
Investment Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
Investments |
A complete list of the fund's investments with their market values. |
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
|
Notes |
Notes to the financial statements. |
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. © 2013 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.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.
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2013 to June 30, 2013).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
|
Annualized |
Beginning |
Ending |
Expenses Paid |
Class A |
1.11% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,117.30 |
$ 5.83 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,019.29 |
$ 5.56 |
Class T |
1.33% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,116.40 |
$ 6.98 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.20 |
$ 6.66 |
Class B |
1.90% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,113.30 |
$ 9.96 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.37 |
$ 9.49 |
Class C |
1.86% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,113.00 |
$ 9.74 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.57 |
$ 9.30 |
Institutional Class |
.90% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,118.90 |
$ 4.73 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,020.33 |
$ 4.51 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Top Ten Stocks as of June 30, 2013 |
||
|
% of fund's |
% of fund's net assets |
Archer Daniels Midland Co. |
1.5 |
1.5 |
Kroger Co. |
1.4 |
1.5 |
FleetCor Technologies, Inc. |
1.2 |
1.2 |
HSN, Inc. |
1.1 |
1.5 |
Fiserv, Inc. |
1.1 |
2.1 |
Time Warner, Inc. |
1.1 |
1.5 |
Manpower, Inc. |
1.0 |
0.0 |
H&R Block, Inc. |
1.0 |
0.7 |
Southwest Airlines Co. |
0.9 |
0.6 |
Equifax, Inc. |
0.9 |
1.4 |
|
11.2 |
|
Top Five Market Sectors as of June 30, 2013 |
||
|
% of fund's |
% of fund's net assets |
Information Technology |
22.8 |
18.7 |
Consumer Discretionary |
20.8 |
28.3 |
Industrials |
16.3 |
12.6 |
Financials |
15.0 |
13.9 |
Health Care |
8.8 |
4.6 |
Asset Allocation (% of fund's net assets) |
|||||||
As of June 30, 2013 * |
As of December 31, 2012 ** |
||||||
Stocks 98.3% |
|
Stocks 99.9% |
|
||||
Bonds 0.0% |
|
Bonds 0.0%† |
|
||||
Short-Term |
|
Short-Term |
|
||||
* Foreign investments |
16.4% |
|
** Foreign investments |
19.5% |
|
† Amount represents less than 0.1% |
Semiannual Report
Showing Percentage of Net Assets
Common Stocks - 98.1% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 20.8% |
|||
Auto Components - 3.1% |
|||
Delphi Automotive PLC |
436,130 |
$ 22,107,430 |
|
Dorman Products, Inc. |
90,980 |
4,151,417 |
|
Gentex Corp. |
168,517 |
3,884,317 |
|
Johnson Controls, Inc. |
513,489 |
18,377,771 |
|
New Focus Auto Tech Holdings Ltd. (a) |
1,071,910 |
70,484 |
|
Standard Motor Products, Inc. |
376,449 |
12,927,259 |
|
Tenneco, Inc. (a) |
545,808 |
24,714,186 |
|
|
86,232,864 |
||
Automobiles - 0.5% |
|||
Harley-Davidson, Inc. |
211,984 |
11,620,963 |
|
Winnebago Industries, Inc. (a) |
100,650 |
2,112,644 |
|
|
13,733,607 |
||
Distributors - 0.0% |
|||
LKQ Corp. (a) |
37,139 |
956,329 |
|
Diversified Consumer Services - 2.5% |
|||
American Public Education, Inc. (a) |
261,205 |
9,706,378 |
|
DeVry, Inc. |
27,734 |
860,309 |
|
Grand Canyon Education, Inc. (a) |
714,161 |
23,017,409 |
|
H&R Block, Inc. |
982,895 |
27,275,336 |
|
Service Corp. International |
406,000 |
7,320,180 |
|
Universal Technical Institute, Inc. |
201,175 |
2,078,138 |
|
|
70,257,750 |
||
Hotels, Restaurants & Leisure - 3.0% |
|||
AFC Enterprises, Inc. (a) |
137,882 |
4,955,479 |
|
Bally Technologies, Inc. (a) |
21,979 |
1,240,055 |
|
Bloomin' Brands, Inc. |
141,521 |
3,521,042 |
|
Bravo Brio Restaurant Group, Inc. (a) |
211,430 |
3,767,683 |
|
Brinker International, Inc. |
296,173 |
11,678,101 |
|
Fiesta Restaurant Group, Inc. (a) |
32,891 |
1,131,121 |
|
Interval Leisure Group, Inc. |
126,707 |
2,524,003 |
|
Jubilant Foodworks Ltd. (a) |
29,257 |
513,655 |
|
Noodles & Co. |
2,500 |
91,875 |
|
Paddy Power PLC (Ireland) |
50,139 |
4,302,165 |
|
Panera Bread Co. Class A (a) |
819 |
152,285 |
|
Papa John's International, Inc. (a) |
155,453 |
10,161,963 |
|
Ruth's Hospitality Group, Inc. |
353,825 |
4,270,668 |
|
Texas Roadhouse, Inc. Class A |
341,896 |
8,554,238 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - continued |
|||
Hotels, Restaurants & Leisure - continued |
|||
The Cheesecake Factory, Inc. |
431,558 |
$ 18,077,965 |
|
Wyndham Worldwide Corp. |
130,696 |
7,479,732 |
|
|
82,422,030 |
||
Household Durables - 2.3% |
|||
ARNEST ONE Corp. |
395,100 |
7,743,383 |
|
Harman International Industries, Inc. |
191,606 |
10,385,045 |
|
Haseko Corp. (a) |
2,639,000 |
3,215,037 |
|
Jarden Corp. (a) |
502,947 |
22,003,931 |
|
Whirlpool Corp. |
173,515 |
19,843,175 |
|
|
63,190,571 |
||
Internet & Catalog Retail - 1.2% |
|||
HSN, Inc. |
582,806 |
31,308,338 |
|
TripAdvisor, Inc. (a) |
39,700 |
2,416,539 |
|
|
33,724,877 |
||
Leisure Equipment & Products - 0.1% |
|||
Polaris Industries, Inc. |
31,497 |
2,992,215 |
|
Media - 2.6% |
|||
Cinemark Holdings, Inc. |
195,169 |
5,449,118 |
|
Comcast Corp. Class A |
107,065 |
4,483,882 |
|
Discovery Communications, Inc. (a) |
318,159 |
24,565,056 |
|
KT Skylife Co. Ltd. |
148,430 |
4,898,293 |
|
Sinclair Broadcast Group, Inc. Class A |
25,015 |
734,941 |
|
Time Warner, Inc. |
529,604 |
30,621,703 |
|
|
70,752,993 |
||
Multiline Retail - 0.1% |
|||
Macy's, Inc. |
78,300 |
3,758,400 |
|
Specialty Retail - 4.1% |
|||
Aarons, Inc. Class A |
27,170 |
761,032 |
|
Asbury Automotive Group, Inc. (a) |
132,757 |
5,323,556 |
|
Ascena Retail Group, Inc. (a) |
65,900 |
1,149,955 |
|
Cabela's, Inc. Class A (a) |
29,817 |
1,930,949 |
|
CST Brands, Inc. (a)(d) |
495,717 |
15,273,041 |
|
Dick's Sporting Goods, Inc. |
79,600 |
3,984,776 |
|
Foot Locker, Inc. |
75,381 |
2,648,135 |
|
GNC Holdings, Inc. |
81,900 |
3,620,799 |
|
Group 1 Automotive, Inc. |
5,758 |
370,412 |
|
Guess?, Inc. |
120,112 |
3,727,075 |
|
Lithia Motors, Inc. Class A (sub. vtg.) |
378,333 |
20,168,932 |
|
Office Depot, Inc. (a)(d) |
780,937 |
3,022,226 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - continued |
|||
Specialty Retail - continued |
|||
Penske Automotive Group, Inc. |
15,818 |
$ 483,082 |
|
PetSmart, Inc. |
26,802 |
1,795,466 |
|
Rent-A-Center, Inc. |
127,043 |
4,770,465 |
|
Ross Stores, Inc. |
35,206 |
2,281,701 |
|
Signet Jewelers Ltd. |
222,152 |
14,979,709 |
|
Sonic Automotive, Inc. Class A (sub. vtg.) |
520,699 |
11,007,577 |
|
Staples, Inc. |
326,700 |
5,181,462 |
|
The Men's Wearhouse, Inc. |
103,003 |
3,898,664 |
|
TJX Companies, Inc. |
143,855 |
7,201,381 |
|
Tsutsumi Jewelry Co. Ltd. |
36,700 |
842,343 |
|
|
114,422,738 |
||
Textiles, Apparel & Luxury Goods - 1.3% |
|||
adidas AG |
78,500 |
8,495,206 |
|
Crocs, Inc. (a) |
202,600 |
3,342,900 |
|
G-III Apparel Group Ltd. (a) |
298,499 |
14,363,772 |
|
Page Industries Ltd. |
8,386 |
577,053 |
|
PVH Corp. |
64,142 |
8,020,957 |
|
|
34,799,888 |
||
TOTAL CONSUMER DISCRETIONARY |
577,244,262 |
||
CONSUMER STAPLES - 4.8% |
|||
Beverages - 0.2% |
|||
Dr. Pepper Snapple Group, Inc. |
135,946 |
6,244,000 |
|
Food & Staples Retailing - 1.4% |
|||
Kroger Co. |
1,116,748 |
38,572,476 |
|
Food Products - 2.6% |
|||
Archer Daniels Midland Co. |
1,232,598 |
41,797,386 |
|
Britannia Industries Ltd. |
82,351 |
932,748 |
|
ConAgra Foods, Inc. |
200,337 |
6,997,771 |
|
Ingredion, Inc. |
147,813 |
9,699,489 |
|
Lancaster Colony Corp. |
21,960 |
1,712,660 |
|
Post Holdings, Inc. (a) |
40,765 |
1,779,800 |
|
SunOpta, Inc. (a) |
352,900 |
2,677,705 |
|
Want Want China Holdings Ltd. |
5,470,000 |
7,701,394 |
|
|
73,298,953 |
||
Household Products - 0.6% |
|||
Energizer Holdings, Inc. |
111,502 |
11,207,066 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER STAPLES - continued |
|||
Household Products - continued |
|||
Jyothy Laboratories Ltd. |
268,500 |
$ 812,270 |
|
Spectrum Brands Holdings, Inc. |
58,433 |
3,323,085 |
|
|
15,342,421 |
||
TOTAL CONSUMER STAPLES |
133,457,850 |
||
ENERGY - 4.1% |
|||
Energy Equipment & Services - 1.7% |
|||
Dresser-Rand Group, Inc. (a) |
158,486 |
9,505,990 |
|
Ensco PLC Class A |
209,166 |
12,156,728 |
|
McDermott International, Inc. (a) |
348,872 |
2,853,773 |
|
Noble Corp. |
232,987 |
8,755,651 |
|
Oceaneering International, Inc. |
80,633 |
5,821,703 |
|
Oil States International, Inc. (a) |
51,526 |
4,773,369 |
|
TETRA Technologies, Inc. (a) |
159,352 |
1,634,952 |
|
Unit Corp. (a) |
41,764 |
1,778,311 |
|
|
47,280,477 |
||
Oil, Gas & Consumable Fuels - 2.4% |
|||
Apache Corp. |
35,196 |
2,950,481 |
|
Canadian Natural Resources Ltd. |
159,100 |
4,485,419 |
|
Continental Resources, Inc. (a) |
18,921 |
1,628,341 |
|
Denbury Resources, Inc. (a) |
341,668 |
5,917,690 |
|
Emerald Oil, Inc. warrants 2/4/16 (a) |
56,881 |
1 |
|
Energen Corp. |
146,765 |
7,669,939 |
|
Energy XXI (Bermuda) Ltd. |
105,353 |
2,336,730 |
|
Marathon Oil Corp. |
248,589 |
8,596,208 |
|
Marathon Petroleum Corp. |
117,053 |
8,317,786 |
|
Oasis Petroleum, Inc. (a) |
173,700 |
6,751,719 |
|
Phillips 66 |
54,960 |
3,237,694 |
|
Rosetta Resources, Inc. (a) |
161,309 |
6,858,859 |
|
Valero Energy Corp. |
60,320 |
2,097,326 |
|
Whiting Petroleum Corp. (a) |
115,116 |
5,305,696 |
|
|
66,153,889 |
||
TOTAL ENERGY |
113,434,366 |
||
FINANCIALS - 14.8% |
|||
Capital Markets - 4.8% |
|||
Affiliated Managers Group, Inc. (a) |
44,057 |
7,222,705 |
|
AllianceBernstein Holding LP |
666,877 |
13,884,379 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Capital Markets - continued |
|||
Ameriprise Financial, Inc. |
41,600 |
$ 3,364,608 |
|
BlackRock, Inc. Class A |
96,455 |
24,774,467 |
|
E*TRADE Financial Corp. (a) |
164,700 |
2,085,102 |
|
Invesco Ltd. |
745,437 |
23,704,897 |
|
Janus Capital Group, Inc. |
186,900 |
1,590,519 |
|
Marusan Securities Co. Ltd. |
356,000 |
2,175,986 |
|
Monex Group, Inc. |
12,735 |
4,598,523 |
|
SEI Investments Co. |
849,059 |
24,138,747 |
|
The Blackstone Group LP |
750,700 |
15,809,742 |
|
Virtus Investment Partners, Inc. (a) |
24,581 |
4,332,893 |
|
Waddell & Reed Financial, Inc. Class A |
89,900 |
3,910,650 |
|
Walter Investment Management Corp. (a) |
83,174 |
2,812,113 |
|
|
134,405,331 |
||
Commercial Banks - 3.8% |
|||
BB&T Corp. |
91,518 |
3,100,630 |
|
City National Corp. |
61,195 |
3,877,927 |
|
Comerica, Inc. |
290,200 |
11,558,666 |
|
Commerce Bancshares, Inc. |
236,610 |
10,306,732 |
|
Cullen/Frost Bankers, Inc. |
43,484 |
2,903,427 |
|
East West Bancorp, Inc. |
128,335 |
3,529,213 |
|
First Commonwealth Financial Corp. |
209,787 |
1,546,130 |
|
First Niagara Financial Group, Inc. |
1,172,537 |
11,807,448 |
|
Huntington Bancshares, Inc. |
2,627,116 |
20,701,674 |
|
IBERIABANK Corp. |
48,100 |
2,578,641 |
|
PrivateBancorp, Inc. |
495,948 |
10,519,057 |
|
SCBT Financial Corp. (d) |
20,077 |
1,011,680 |
|
Shinsei Bank Ltd. |
5,274,000 |
11,976,458 |
|
SunTrust Banks, Inc. |
256,871 |
8,109,417 |
|
Synovus Financial Corp. |
896,227 |
2,616,983 |
|
|
106,144,083 |
||
Consumer Finance - 2.1% |
|||
ACOM Co. Ltd. (a) |
123,860 |
3,940,314 |
|
American Express Co. |
102,500 |
7,662,900 |
|
Credit Acceptance Corp. (a) |
83,277 |
8,748,249 |
|
Credit Saison Co. Ltd. |
124,600 |
3,130,833 |
|
Discover Financial Services |
36,528 |
1,740,194 |
|
First Cash Financial Services, Inc. (a) |
27,559 |
1,356,178 |
|
Hitachi Capital Corp. |
217,200 |
4,292,273 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Consumer Finance - continued |
|||
Portfolio Recovery Associates, Inc. (a) |
83,754 |
$ 12,867,127 |
|
SLM Corp. |
599,915 |
13,714,057 |
|
|
57,452,125 |
||
Diversified Financial Services - 0.3% |
|||
CRISIL Ltd. |
45,808 |
854,019 |
|
ORIX Corp. |
398,200 |
5,434,124 |
|
The NASDAQ Stock Market, Inc. |
62,468 |
2,048,326 |
|
|
8,336,469 |
||
Insurance - 1.4% |
|||
Assured Guaranty Ltd. |
279,670 |
6,169,520 |
|
Hanover Insurance Group, Inc. |
89,375 |
4,373,119 |
|
Lincoln National Corp. |
61,945 |
2,259,134 |
|
Old Republic International Corp. |
931,900 |
11,993,553 |
|
Protective Life Corp. |
213,939 |
8,217,397 |
|
Reinsurance Group of America, Inc. |
93,985 |
6,495,303 |
|
|
39,508,026 |
||
Real Estate Investment Trusts - 0.3% |
|||
Coresite Realty Corp. |
173,846 |
5,530,041 |
|
Corrections Corp. of America |
38,039 |
1,288,381 |
|
Extra Space Storage, Inc. |
15,229 |
638,552 |
|
Kite Realty Group Trust |
227,829 |
1,373,809 |
|
|
8,830,783 |
||
Real Estate Management & Development - 1.5% |
|||
Altisource Asset Management Corp. (a) |
25,603 |
6,912,810 |
|
Altisource Portfolio Solutions SA |
131,452 |
12,367,004 |
|
Altisource Residential Corp. Class B (a) |
85,344 |
1,424,391 |
|
Jones Lang LaSalle, Inc. |
171,606 |
15,640,171 |
|
Wharf Holdings Ltd. |
632,000 |
5,312,807 |
|
|
41,657,183 |
||
Thrifts & Mortgage Finance - 0.6% |
|||
Nationstar Mortgage Holdings, Inc. (a)(d) |
323,980 |
12,129,811 |
|
Ocwen Financial Corp. (a) |
83,053 |
3,423,445 |
|
|
15,553,256 |
||
TOTAL FINANCIALS |
411,887,256 |
||
HEALTH CARE - 8.8% |
|||
Biotechnology - 2.0% |
|||
Amgen, Inc. |
71,700 |
7,073,922 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - continued |
|||
Biotechnology - continued |
|||
Biogen Idec, Inc. (a) |
11,300 |
$ 2,431,760 |
|
Celgene Corp. (a) |
41,685 |
4,873,393 |
|
InterMune, Inc. (a) |
119,399 |
1,148,618 |
|
Puma Biotechnology, Inc. (a) |
23,000 |
1,020,510 |
|
Regeneron Pharmaceuticals, Inc. (a) |
9,886 |
2,223,164 |
|
United Therapeutics Corp. (a) |
359,523 |
23,663,804 |
|
Vertex Pharmaceuticals, Inc. (a) |
161,806 |
12,923,445 |
|
|
55,358,616 |
||
Health Care Equipment & Supplies - 2.2% |
|||
Boston Scientific Corp. (a) |
2,451,349 |
22,724,005 |
|
Greatbatch, Inc. (a) |
147,053 |
4,821,868 |
|
Hill-Rom Holdings, Inc. |
136,123 |
4,584,623 |
|
Hologic, Inc. (a) |
31,479 |
607,545 |
|
St. Jude Medical, Inc. |
86,871 |
3,963,924 |
|
Stryker Corp. |
246,100 |
15,917,748 |
|
SurModics, Inc. (a) |
112,118 |
2,243,481 |
|
Trinity Biotech PLC sponsored ADR |
318,868 |
5,372,926 |
|
|
60,236,120 |
||
Health Care Providers & Services - 2.5% |
|||
AMN Healthcare Services, Inc. (a) |
608,020 |
8,706,846 |
|
Community Health Systems, Inc. |
287,237 |
13,465,671 |
|
HCA Holdings, Inc. |
283,378 |
10,218,611 |
|
Health Management Associates, Inc. Class A (a) |
623,651 |
9,803,794 |
|
Health Net, Inc. (a) |
71,200 |
2,265,584 |
|
Healthways, Inc. (a) |
158,819 |
2,760,274 |
|
Humana, Inc. |
4,512 |
380,723 |
|
Miraca Holdings, Inc. |
105,000 |
4,825,058 |
|
Omnicare, Inc. |
79,666 |
3,800,865 |
|
PharMerica Corp. (a) |
31,159 |
431,864 |
|
Team Health Holdings, Inc. (a) |
11,494 |
472,059 |
|
Tenet Healthcare Corp. (a) |
167,232 |
7,709,395 |
|
VCA Antech, Inc. (a) |
227,798 |
5,943,250 |
|
|
70,783,994 |
||
Life Sciences Tools & Services - 0.9% |
|||
Bruker BioSciences Corp. (a) |
394,251 |
6,367,154 |
|
Cambrex Corp. (a) |
88,764 |
1,240,033 |
|
Thermo Fisher Scientific, Inc. |
200,138 |
16,937,679 |
|
|
24,544,866 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - continued |
|||
Pharmaceuticals - 1.2% |
|||
Actavis, Inc. (a) |
111,100 |
$ 14,023,042 |
|
Cadila Healthcare Ltd. |
1 |
7 |
|
Hospira, Inc. (a) |
101,500 |
3,888,465 |
|
Jazz Pharmaceuticals PLC (a) |
76,505 |
5,258,189 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (a) |
131,200 |
11,312,367 |
|
|
34,482,070 |
||
TOTAL HEALTH CARE |
245,405,666 |
||
INDUSTRIALS - 16.3% |
|||
Aerospace & Defense - 1.0% |
|||
BE Aerospace, Inc. (a) |
102,700 |
6,478,316 |
|
Esterline Technologies Corp. (a) |
106,134 |
7,672,427 |
|
Hexcel Corp. (a) |
126,518 |
4,307,938 |
|
Precision Castparts Corp. |
7,300 |
1,649,873 |
|
Textron, Inc. |
127,900 |
3,331,795 |
|
Triumph Group, Inc. |
42,951 |
3,399,572 |
|
|
26,839,921 |
||
Air Freight & Logistics - 0.2% |
|||
Forward Air Corp. |
34,156 |
1,307,492 |
|
Hub Group, Inc. Class A (a) |
98,192 |
3,576,153 |
|
|
4,883,645 |
||
Airlines - 2.4% |
|||
Alaska Air Group, Inc. (a) |
142,979 |
7,434,908 |
|
Copa Holdings SA Class A |
118,332 |
15,515,692 |
|
Delta Air Lines, Inc. |
444,363 |
8,314,032 |
|
Ryanair Holdings PLC sponsored ADR |
98,830 |
5,092,710 |
|
Southwest Airlines Co. |
2,038,911 |
26,281,563 |
|
Spirit Airlines, Inc. (a) |
104,715 |
3,326,796 |
|
|
65,965,701 |
||
Building Products - 0.0% |
|||
Gibraltar Industries, Inc. (a) |
47,479 |
691,294 |
|
Commercial Services & Supplies - 1.1% |
|||
Copart, Inc. (a) |
86,655 |
2,668,974 |
|
Edenred SA |
19,134 |
585,286 |
|
G&K Services, Inc. Class A |
74,888 |
3,564,669 |
|
Mine Safety Appliances Co. |
16,700 |
777,385 |
|
Performant Financial Corp. |
68,087 |
789,128 |
|
Republic Services, Inc. |
309,684 |
10,510,675 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - continued |
|||
Commercial Services & Supplies - continued |
|||
Steelcase, Inc. Class A |
239,968 |
$ 3,498,733 |
|
UniFirst Corp. |
54,178 |
4,943,743 |
|
West Corp. |
75,100 |
1,662,714 |
|
|
29,001,307 |
||
Construction & Engineering - 1.3% |
|||
Dycom Industries, Inc. (a) |
146,534 |
3,390,797 |
|
Fluor Corp. |
304,097 |
18,035,993 |
|
Foster Wheeler AG (a) |
347,618 |
7,546,787 |
|
Tutor Perini Corp. (a) |
80,586 |
1,457,801 |
|
URS Corp. |
129,035 |
6,093,033 |
|
|
36,524,411 |
||
Electrical Equipment - 0.8% |
|||
AMETEK, Inc. |
58,264 |
2,464,567 |
|
EnerSys |
42,645 |
2,091,311 |
|
Generac Holdings, Inc. |
406,782 |
15,055,002 |
|
Roper Industries, Inc. |
18,020 |
2,238,444 |
|
|
21,849,324 |
||
Industrial Conglomerates - 0.7% |
|||
Carlisle Companies, Inc. |
267,576 |
16,672,661 |
|
Max India Ltd. |
969,288 |
3,256,305 |
|
|
19,928,966 |
||
Machinery - 2.4% |
|||
AGCO Corp. |
152,962 |
7,677,163 |
|
Crane Co. |
145,020 |
8,689,598 |
|
Harsco Corp. |
197,198 |
4,573,022 |
|
IDEX Corp. |
38,754 |
2,085,353 |
|
Ingersoll-Rand PLC |
459,072 |
25,487,677 |
|
Joy Global, Inc. |
14,800 |
718,244 |
|
Kitz Corp. |
74,700 |
371,608 |
|
Pentair Ltd. |
28,629 |
1,651,607 |
|
Snap-On, Inc. |
89,936 |
8,038,480 |
|
Terex Corp. (a) |
180,542 |
4,748,255 |
|
Woodward, Inc. |
76,919 |
3,076,760 |
|
|
67,117,767 |
||
Professional Services - 4.2% |
|||
Corporate Executive Board Co. |
134,335 |
8,492,659 |
|
Dun & Bradstreet Corp. |
208,290 |
20,297,861 |
|
Equifax, Inc. |
444,697 |
26,205,994 |
|
Insperity, Inc. |
71,663 |
2,171,389 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - continued |
|||
Professional Services - continued |
|||
Kelly Services, Inc. Class A (non-vtg.) |
277,518 |
$ 4,848,239 |
|
Manpower, Inc. |
503,114 |
27,570,647 |
|
Nielsen Holdings B.V. |
401,634 |
13,490,886 |
|
Randstad Holding NV |
81,600 |
3,345,761 |
|
Towers Watson & Co. |
87,844 |
7,197,937 |
|
TrueBlue, Inc. (a) |
199,146 |
4,192,023 |
|
|
117,813,396 |
||
Road & Rail - 1.7% |
|||
Con-way, Inc. |
499,287 |
19,452,222 |
|
Hertz Global Holdings, Inc. (a) |
851,140 |
21,108,272 |
|
Old Dominion Freight Lines, Inc. (a) |
85,686 |
3,566,251 |
|
Roadrunner Transportation Systems, Inc. (a) |
93,362 |
2,599,198 |
|
|
46,725,943 |
||
Trading Companies & Distributors - 0.5% |
|||
CAI International, Inc. (a) |
228,187 |
5,378,368 |
|
United Rentals, Inc. (a) |
192,841 |
9,624,694 |
|
|
15,003,062 |
||
TOTAL INDUSTRIALS |
452,344,737 |
||
INFORMATION TECHNOLOGY - 22.8% |
|||
Communications Equipment - 1.0% |
|||
Brocade Communications Systems, Inc. (a) |
1,191,422 |
6,862,591 |
|
Finisar Corp. (a) |
142,982 |
2,423,545 |
|
Juniper Networks, Inc. (a) |
841,090 |
16,241,448 |
|
Motorola Solutions, Inc. |
39,600 |
2,286,108 |
|
|
27,813,692 |
||
Computers & Peripherals - 0.9% |
|||
Cray, Inc. (a) |
175,295 |
3,442,794 |
|
Diebold, Inc. |
98,500 |
3,318,465 |
|
EMC Corp. |
503,181 |
11,885,135 |
|
Gemalto NV (d) |
16,748 |
1,516,410 |
|
NCR Corp. (a) |
147,657 |
4,871,204 |
|
|
25,034,008 |
||
Electronic Equipment & Components - 3.8% |
|||
Arrow Electronics, Inc. (a) |
479,693 |
19,115,766 |
|
Avnet, Inc. (a) |
278,357 |
9,352,795 |
|
Benchmark Electronics, Inc. (a) |
224,251 |
4,507,445 |
|
Flextronics International Ltd. (a) |
2,361,970 |
18,281,648 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Electronic Equipment & Components - continued |
|||
Jabil Circuit, Inc. |
729,692 |
$ 14,871,123 |
|
Plexus Corp. (a) |
13,789 |
412,153 |
|
TE Connectivity Ltd. |
525,542 |
23,933,183 |
|
Tech Data Corp. (a) |
120,633 |
5,680,608 |
|
Universal Display Corp. (a) |
36,651 |
1,030,260 |
|
Vishay Intertechnology, Inc. (a)(d) |
555,209 |
7,711,853 |
|
|
104,896,834 |
||
Internet Software & Services - 0.8% |
|||
Angie's List, Inc. (a) |
129,900 |
3,448,845 |
|
Mail.Ru Group Ltd. GDR (Reg. S) |
139,300 |
3,992,338 |
|
Web.com Group, Inc. (a) |
179,478 |
4,594,637 |
|
Yahoo!, Inc. (a) |
343,100 |
8,615,241 |
|
|
20,651,061 |
||
IT Services - 7.9% |
|||
Alliance Data Systems Corp. (a)(d) |
141,228 |
25,566,505 |
|
Computer Task Group, Inc. |
344,057 |
7,902,989 |
|
CoreLogic, Inc. (a) |
43,906 |
1,017,302 |
|
Euronet Worldwide, Inc. (a) |
429,567 |
13,686,005 |
|
Fidelity National Information Services, Inc. |
503,276 |
21,560,344 |
|
Fiserv, Inc. (a) |
351,442 |
30,719,545 |
|
FleetCor Technologies, Inc. (a) |
396,093 |
32,202,361 |
|
Gartner, Inc. Class A (a) |
205,180 |
11,693,208 |
|
Genpact Ltd. |
304,573 |
5,859,985 |
|
Heartland Payment Systems, Inc. |
133,325 |
4,966,356 |
|
Jack Henry & Associates, Inc. |
59,800 |
2,818,374 |
|
NeuStar, Inc. Class A (a) |
343,342 |
16,713,889 |
|
Sapient Corp. (a) |
922,329 |
12,045,617 |
|
Teletech Holdings, Inc. (a) |
598,529 |
14,023,534 |
|
Vantiv, Inc. (a) |
137,700 |
3,800,520 |
|
VeriFone Systems, Inc. (a) |
98,356 |
1,653,364 |
|
Visa, Inc. Class A |
77,086 |
14,087,467 |
|
|
220,317,365 |
||
Semiconductors & Semiconductor Equipment - 5.2% |
|||
ASML Holding NV |
58,491 |
4,626,638 |
|
Avago Technologies Ltd. |
298,448 |
11,155,986 |
|
Broadcom Corp. Class A |
328,589 |
11,093,165 |
|
Entegris, Inc. (a) |
278,432 |
2,614,476 |
|
Freescale Semiconductor Holdings I Ltd. (a)(d) |
1,287,980 |
17,452,129 |
|
Integrated Device Technology, Inc. (a) |
250,608 |
1,989,828 |
|
International Rectifier Corp. (a) |
158,648 |
3,322,089 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Semiconductors & Semiconductor Equipment - continued |
|||
KLA-Tencor Corp. |
103,706 |
$ 5,779,535 |
|
Lam Research Corp. (a) |
362,429 |
16,070,102 |
|
LSI Corp. (a) |
1,018,972 |
7,275,460 |
|
NVIDIA Corp. |
1,101,080 |
15,448,152 |
|
PDF Solutions, Inc. (a) |
417,470 |
7,693,972 |
|
PMC-Sierra, Inc. (a) |
808,190 |
5,132,007 |
|
Semtech Corp. (a) |
143,210 |
5,016,646 |
|
Skyworks Solutions, Inc. (a) |
868,456 |
19,010,502 |
|
SunEdison, Inc. (a) |
304,362 |
2,486,638 |
|
Taiwan Semiconductor Manufacturing Co. Ltd. |
1,395,000 |
5,050,203 |
|
Teradyne, Inc. (a) |
196,300 |
3,448,991 |
|
|
144,666,519 |
||
Software - 3.2% |
|||
Autodesk, Inc. (a) |
127,700 |
4,334,138 |
|
Compuware Corp. |
780,845 |
8,081,746 |
|
Electronic Arts, Inc. (a) |
904,410 |
20,774,298 |
|
Intuit, Inc. |
348,893 |
21,292,940 |
|
Mentor Graphics Corp. |
1,060,893 |
20,740,458 |
|
Symantec Corp. |
587,279 |
13,196,159 |
|
Take-Two Interactive Software, Inc. (a) |
75,501 |
1,130,250 |
|
|
89,549,989 |
||
TOTAL INFORMATION TECHNOLOGY |
632,929,468 |
||
MATERIALS - 5.5% |
|||
Chemicals - 2.7% |
|||
Albemarle Corp. |
216,042 |
13,457,256 |
|
Ashland, Inc. |
131,531 |
10,982,839 |
|
Axiall Corp. |
21,640 |
921,431 |
|
Berger Paints India Ltd. |
89,662 |
345,647 |
|
Cytec Industries, Inc. |
7,388 |
541,171 |
|
Eastman Chemical Co. |
14,848 |
1,039,508 |
|
FMC Corp. |
24,922 |
1,521,737 |
|
Landec Corp. (a) |
382,108 |
5,047,647 |
|
LyondellBasell Industries NV Class A |
261,914 |
17,354,422 |
|
Olin Corp. |
277,070 |
6,627,514 |
|
Pidilite Industries Ltd. (a) |
915,672 |
4,109,780 |
|
PolyOne Corp. |
297,083 |
7,361,717 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
MATERIALS - continued |
|||
Chemicals - continued |
|||
Valspar Corp. |
16,247 |
$ 1,050,693 |
|
W.R. Grace & Co. (a) |
60,686 |
5,100,051 |
|
|
75,461,413 |
||
Construction Materials - 0.0% |
|||
Eagle Materials, Inc. |
17,600 |
1,166,352 |
|
Containers & Packaging - 0.6% |
|||
Packaging Corp. of America |
68,300 |
3,343,968 |
|
Rock-Tenn Co. Class A |
122,500 |
12,235,300 |
|
|
15,579,268 |
||
Metals & Mining - 1.4% |
|||
Barrick Gold Corp. |
113,100 |
1,785,167 |
|
Compass Minerals International, Inc. |
20,402 |
1,724,581 |
|
Detour Gold Corp. (a) |
76,700 |
601,669 |
|
Goldcorp, Inc. |
294,700 |
7,319,163 |
|
IAMGOLD Corp. |
835,995 |
3,513,452 |
|
Kinross Gold Corp. |
461,800 |
2,366,741 |
|
New Gold, Inc. (a) |
977,900 |
6,332,128 |
|
Newmont Mining Corp. |
117,363 |
3,515,022 |
|
Osisko Mining Corp. (a) |
1,446,300 |
4,785,703 |
|
Royal Gold, Inc. |
90,073 |
3,790,272 |
|
Yamana Gold, Inc. |
217,016 |
2,069,669 |
|
|
37,803,567 |
||
Paper & Forest Products - 0.8% |
|||
Boise Cascade Co. |
193,090 |
4,906,417 |
|
International Paper Co. |
426,873 |
18,914,743 |
|
|
23,821,160 |
||
TOTAL MATERIALS |
153,831,760 |
||
UTILITIES - 0.2% |
|||
Gas Utilities - 0.2% |
|||
Towngas China Co. Ltd. |
562,000 |
559,388 |
|
UGI Corp. |
148,980 |
5,826,608 |
|
|
6,385,996 |
||
TOTAL COMMON STOCKS (Cost $2,305,089,694) |
|
||
Nonconvertible Preferred Stocks - 0.2% |
|||
Shares |
Value |
||
FINANCIALS - 0.2% |
|||
Consumer Finance - 0.1% |
|||
Ally Financial, Inc. 7.00% (e) |
2,423 |
$ 2,289,735 |
|
Diversified Financial Services - 0.1% |
|||
GMAC Capital Trust I Series 2, 8.125% |
140,930 |
3,671,227 |
|
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $4,669,047) |
|
||
Money Market Funds - 4.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.13% (b) |
82,478,882 |
82,478,882 |
|
Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c) |
46,641,321 |
46,641,321 |
|
TOTAL MONEY MARKET FUNDS (Cost $129,120,203) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $2,438,878,944) |
2,862,002,526 |
||
NET OTHER ASSETS (LIABILITIES) - (3.0)% |
(82,043,738) |
||
NET ASSETS - 100% |
$ 2,779,958,788 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,289,735 or 0.1% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 65,292 |
Fidelity Securities Lending Cash Central Fund |
141,472 |
Total |
$ 206,764 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2013, 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 in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 577,244,262 |
$ 565,443,499 |
$ 11,800,763 |
$ - |
Consumer Staples |
133,457,850 |
133,457,850 |
- |
- |
Energy |
113,434,366 |
113,434,365 |
1 |
- |
Financials |
417,848,218 |
380,009,972 |
37,838,246 |
- |
Health Care |
245,405,666 |
240,580,608 |
4,825,058 |
- |
Industrials |
452,344,737 |
451,973,129 |
371,608 |
- |
Information Technology |
632,929,468 |
627,879,265 |
5,050,203 |
- |
Materials |
153,831,760 |
153,831,760 |
- |
- |
Utilities |
6,385,996 |
6,385,996 |
- |
- |
Money Market Funds |
129,120,203 |
129,120,203 |
- |
- |
Total Investments in Securities: |
$ 2,862,002,526 |
$ 2,802,116,647 |
$ 59,885,879 |
$ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers |
Total |
Level 1 to Level 2 |
$ 0 |
Level 2 to Level 1 |
$ 83,042,185 |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows. (Unaudited) |
United States of America |
83.6% |
Bermuda |
2.4% |
Japan |
1.9% |
Canada |
1.8% |
Ireland |
1.7% |
Netherlands |
1.5% |
Switzerland |
1.5% |
Singapore |
1.1% |
Others (Individually Less Than 1%) |
4.5% |
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
June 30, 2013 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value (including securities loaned of $44,473,229) - See accompanying schedule: Unaffiliated issuers (cost $2,309,758,741) |
$ 2,732,882,323 |
|
Fidelity Central Funds (cost $129,120,203) |
129,120,203 |
|
Total Investments (cost $2,438,878,944) |
|
$ 2,862,002,526 |
Cash |
|
81,594 |
Foreign currency held at value (cost $1,031,586) |
|
1,031,671 |
Receivable for investments sold |
|
19,788,152 |
Receivable for fund shares sold |
|
4,234,805 |
Dividends receivable |
|
1,520,041 |
Interest receivable |
|
2,302 |
Distributions receivable from Fidelity Central Funds |
|
41,943 |
Other receivables |
|
68,185 |
Total assets |
|
2,888,771,219 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 56,301,264 |
|
Payable for fund shares redeemed |
3,206,178 |
|
Accrued management fee |
1,293,528 |
|
Distribution and service plan fees payable |
616,329 |
|
Other affiliated payables |
698,748 |
|
Other payables and accrued expenses |
55,063 |
|
Collateral on securities loaned, at value |
46,641,321 |
|
Total liabilities |
|
108,812,431 |
|
|
|
Net Assets |
|
$ 2,779,958,788 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 2,158,183,578 |
Undistributed net investment income |
|
3,098,836 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
195,553,337 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
423,123,037 |
Net Assets |
|
$ 2,779,958,788 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
June 30, 2013 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 19.23 |
|
|
|
Maximum offering price per share (100/94.25 of $19.23) |
|
$ 20.40 |
Class T: |
|
$ 18.99 |
|
|
|
Maximum offering price per share (100/96.50 of $18.99) |
|
$ 19.68 |
Class B: |
|
$ 18.18 |
|
|
|
Class C: |
|
$ 18.21 |
|
|
|
Institutional Class: |
|
$ 19.56 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
|
Six months ended June 30, 2013 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Dividends |
|
$ 18,335,503 |
Interest |
|
2,473 |
Income from Fidelity Central Funds |
|
206,764 |
Total income |
|
18,544,740 |
|
|
|
Expenses |
|
|
Management fee |
$ 7,605,278 |
|
Transfer agent fees |
3,704,044 |
|
Distribution and service plan fees |
3,686,047 |
|
Accounting and security lending fees |
408,297 |
|
Custodian fees and expenses |
55,419 |
|
Independent trustees' compensation |
8,210 |
|
Registration fees |
73,443 |
|
Audit |
56,338 |
|
Legal |
2,852 |
|
Interest |
711 |
|
Miscellaneous |
15,471 |
|
Total expenses before reductions |
15,616,110 |
|
Expense reductions |
(200,832) |
15,415,278 |
Net investment income (loss) |
|
3,129,462 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities: |
|
|
Unaffiliated issuers |
212,226,515 |
|
Foreign currency transactions |
14,884 |
|
Total net realized gain (loss) |
|
212,241,399 |
Change in net unrealized appreciation (depreciation) on: Investment securities |
82,073,318 |
|
Assets and liabilities in foreign currencies |
(3,479) |
|
Total change in net unrealized appreciation (depreciation) |
|
82,069,839 |
Net gain (loss) |
|
294,311,238 |
Net increase (decrease) in net assets resulting from operations |
|
$ 297,440,700 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended June 30,
2013 |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) |
$ 3,129,462 |
$ 10,906,709 |
Net realized gain (loss) |
212,241,399 |
233,160,212 |
Change in net unrealized appreciation (depreciation) |
82,069,839 |
142,230,013 |
Net increase (decrease) in net assets resulting |
297,440,700 |
386,296,934 |
Distributions to shareholders from net investment income |
- |
(1,913,985) |
Distributions to shareholders from net realized gain |
(34,338,579) |
(125,035,080) |
Total distributions |
(34,338,579) |
(126,949,065) |
Share transactions - net increase (decrease) |
(45,778,094) |
(729,148,287) |
Total increase (decrease) in net assets |
217,324,027 |
(469,800,418) |
|
|
|
Net Assets |
|
|
Beginning of period |
2,562,634,761 |
3,032,435,179 |
End of period (including undistributed net investment income of $3,098,836 and accumulated net investment loss of $30,626, respectively) |
$ 2,779,958,788 |
$ 2,562,634,761 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended June 30, 2013 |
Years ended December 31, |
||||
|
(Unaudited) |
2012 |
2011 |
2010 |
2009 |
2008 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 17.43 |
$ 16.02 |
$ 17.90 |
$ 14.17 |
$ 10.30 |
$ 17.05 |
Income from Investment |
|
|
|
|
|
|
Net investment income (loss) E |
.02 |
.07 |
(.05) |
(.02) |
- K |
.01 |
Net realized and unrealized gain (loss) |
2.02 |
2.22 |
(1.83) |
3.78 |
3.93 |
(6.68) |
Total from investment operations |
2.04 |
2.29 |
(1.88) |
3.76 |
3.93 |
(6.67) |
Distributions from net realized gain |
(.24) |
(.88) |
- |
(.03) |
(.06) |
(.08) |
Net asset value, end of period |
$ 19.23 |
$ 17.43 |
$ 16.02 |
$ 17.90 |
$ 14.17 |
$ 10.30 |
Total Return B, C, D |
11.73% |
14.41% |
(10.50)% |
26.56% |
38.17% |
(39.30)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions |
1.11% A |
1.15% |
1.16% |
1.16% |
1.18% |
1.22% |
Expenses net of fee waivers, if any |
1.11% A |
1.15% |
1.16% |
1.16% |
1.18% |
1.22% |
Expenses net of all reductions |
1.09% A |
1.13% |
1.15% |
1.15% |
1.17% |
1.21% |
Net investment income (loss) |
.26% A |
.38% |
(.27)% |
(.13)% |
-% H |
.04% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 958,446 |
$ 929,707 |
$ 1,323,551 |
$ 1,525,295 |
$ 790,594 |
$ 515,659 |
Portfolio turnover rate G |
135% A |
186% |
80% |
42% |
60% |
147% J |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Amount represents less than .01%.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J The portfolio turnover rate does not include the assets acquired in the merger.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended June 30, 2013 |
Years ended December 31, |
||||
|
(Unaudited) |
2012 |
2011 |
2010 |
2009 |
2008 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 17.23 |
$ 15.88 |
$ 17.79 |
$ 14.11 |
$ 10.26 |
$ 17.01 |
Income from Investment |
|
|
|
|
|
|
Net investment income (loss) E |
-J |
.03 |
(.08) |
(.05) |
(.03) |
(.03) |
Net realized and unrealized gain (loss) |
2.00 |
2.20 |
(1.83) |
3.76 |
3.91 |
(6.64) |
Total from investment operations |
2.00 |
2.23 |
(1.91) |
3.71 |
3.88 |
(6.67) |
Distributions from net realized gain |
(.24) |
(.88) |
- |
(.03) |
(.03) |
(.08) |
Net asset value, end of period |
$ 18.99 |
$ 17.23 |
$ 15.88 |
$ 17.79 |
$ 14.11 |
$ 10.26 |
Total Return B, C, D |
11.64% |
14.16% |
(10.74)% |
26.31% |
37.82% |
(39.39)% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions |
1.33% A |
1.35% |
1.35% |
1.37% |
1.42% |
1.43% |
Expenses net of fee waivers, if any |
1.33% A |
1.35% |
1.35% |
1.37% |
1.42% |
1.43% |
Expenses net of all reductions |
1.31% A |
1.33% |
1.34% |
1.37% |
1.41% |
1.42% |
Net investment income (loss) |
.04% A |
.18% |
(.46)% |
(.34)% |
(.23)% |
(.18)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 400,752 |
$ 388,598 |
$ 420,604 |
$ 523,899 |
$ 416,952 |
$ 311,520 |
Portfolio turnover rate G |
135% A |
186% |
80% |
42% |
60% |
147% I |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended June 30, 2013 |
Years ended December 31, |
||||
|
(Unaudited) |
2012 |
2011 |
2010 |
2009 |
2008 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 16.55 |
$ 15.37 |
$ 17.31 |
$ 13.81 |
$ 10.07 |
$ 16.79 |
Income from Investment |
|
|
|
|
|
|
Net investment income (loss) E |
(.05) |
(.06) |
(.17) |
(.13) |
(.09) |
(.10) |
Net realized and unrealized gain (loss) |
1.92 |
2.12 |
(1.77) |
3.66 |
3.83 |
(6.54) |
Total from investment operations |
1.87 |
2.06 |
(1.94) |
3.53 |
3.74 |
(6.64) |
Distributions from net realized gain |
(.24) |
(.88) |
- |
(.03) |
- |
(.08) |
Net asset value, end of period |
$ 18.18 |
$ 16.55 |
$ 15.37 |
$ 17.31 |
$ 13.81 |
$ 10.07 |
Total Return B, C, D |
11.33% |
13.52% |
(11.21)% |
25.58% |
37.14% |
(39.73)% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions |
1.90% A |
1.91% |
1.91% |
1.91% |
1.96% |
1.99% |
Expenses net of fee waivers, if any |
1.90% A |
1.91% |
1.91% |
1.91% |
1.96% |
1.99% |
Expenses net of all reductions |
1.89% A |
1.88% |
1.90% |
1.91% |
1.95% |
1.98% |
Net investment income (loss) |
(.54)% A |
(.38)% |
(1.02)% |
(.88)% |
(.78)% |
(.74)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 36,795 |
$ 43,996 |
$ 57,534 |
$ 83,330 |
$ 73,184 |
$ 57,954 |
Portfolio turnover rate G |
135% A |
186% |
80% |
42% |
60% |
147% I |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended June 30, 2013 |
Years ended December 31, |
||||
|
(Unaudited) |
2012 |
2011 |
2010 |
2009 |
2008 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 16.58 |
$ 15.39 |
$ 17.32 |
$ 13.81 |
$ 10.07 |
$ 16.80 |
Income from Investment |
|
|
|
|
|
|
Net investment income (loss) E |
(.04) |
(.06) |
(.17) |
(.13) |
(.09) |
(.10) |
Net realized and unrealized gain (loss) |
1.91 |
2.13 |
(1.76) |
3.67 |
3.83 |
(6.55) |
Total from investment operations |
1.87 |
2.07 |
(1.93) |
3.54 |
3.74 |
(6.65) |
Distributions from net realized gain |
(.24) |
(.88) |
- |
(.03) |
- |
(.08) |
Net asset value, end of period |
$ 18.21 |
$ 16.58 |
$ 15.39 |
$ 17.32 |
$ 13.81 |
$ 10.07 |
Total Return B, C, D |
11.30% |
13.57% |
(11.14)% |
25.65% |
37.14% |
(39.77)% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions |
1.86% A |
1.88% |
1.87% |
1.88% |
1.94% |
1.98% |
Expenses net of fee waivers, if any |
1.86% A |
1.88% |
1.87% |
1.88% |
1.94% |
1.98% |
Expenses net of all reductions |
1.85% A |
1.86% |
1.86% |
1.88% |
1.93% |
1.97% |
Net investment income (loss) |
(.49)% A |
(.35)% |
(.98)% |
(.85)% |
(.76)% |
(.73)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 252,463 |
$ 233,542 |
$ 258,215 |
$ 299,688 |
$ 217,164 |
$ 156,528 |
Portfolio turnover rate G |
135% A |
186% |
80% |
42% |
60% |
147% I |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended June 30, 2013 |
Years ended December 31, |
||||
|
(Unaudited) |
2012 |
2011 |
2010 |
2009 |
2008 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 17.70 |
$ 16.25 |
$ 18.12 |
$ 14.31 |
$ 10.39 |
$ 17.15 |
Income from Investment |
|
|
|
|
|
|
Net investment income (loss) D |
.05 |
.11 |
- I |
.02 |
.03 |
.04 |
Net realized and unrealized gain (loss) |
2.05 |
2.26 |
(1.87) |
3.82 |
3.98 |
(6.72) |
Total from investment operations |
2.10 |
2.37 |
(1.87) |
3.84 |
4.01 |
(6.68) |
Distributions from net investment income |
- |
(.04) |
- |
- |
- |
- |
Distributions from net realized gain |
(.24) |
(.88) |
- |
(.03) |
(.09) |
(.08) |
Total distributions |
(.24) |
(.92) |
- |
(.03) |
(.09) |
(.08) |
Net asset value, end of period |
$ 19.56 |
$ 17.70 |
$ 16.25 |
$ 18.12 |
$ 14.31 |
$ 10.39 |
Total Return B, C |
11.89% |
14.67% |
(10.32)% |
26.86% |
38.55% |
(39.13)% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions |
.90% A |
.90% |
.90% |
.90% |
.95% |
.97% |
Expenses net of fee waivers, if any |
.90% A |
.90% |
.90% |
.90% |
.95% |
.97% |
Expenses net of all reductions |
.88% A |
.88% |
.89% |
.90% |
.94% |
.96% |
Net investment income (loss) |
.47% A |
.63% |
(.02)% |
.13% |
.23% |
.28% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 1,131,503 |
$ 966,792 |
$ 972,531 |
$ 950,940 |
$ 535,875 |
$ 402,675 |
Portfolio turnover rate F |
135% A |
186% |
80% |
42% |
60% |
147% H |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H The portfolio turnover rate does not include the assets acquired in the merger.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended June 30, 2013 (Unaudited)
1. Organization.
Fidelity Advisor® Mid Cap II Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. In June 2013, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class Z on or about August 13, 2013. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2013, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
3. Significant Accounting Policies - continued
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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 dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, equity-debt classifications, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation |
$ 470,408,969 |
Gross unrealized depreciation |
(52,215,015) |
Net unrealized appreciation (depreciation) on securities and other investments |
$ 418,193,954 |
|
|
Tax cost |
$ 2,443,808,572 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2016 |
$ (6,808,536) |
The Fund acquired $6,808,536 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,702,134 per year.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,790,278,081 and $1,910,983,463, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .55% of the Fund's average net assets.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, 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 |
Service |
Total Fees |
Retained |
Class A |
-% |
.25% |
$ 1,213,646 |
$ 25,449 |
Class T |
.25% |
.25% |
1,015,890 |
16,318 |
Class B |
.75% |
.25% |
208,628 |
157,600 |
Class C |
.75% |
.25% |
1,247,883 |
102,079 |
|
|
|
$ 3,686,047 |
$ 301,446 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained |
Class A |
$ 90,131 |
Class T |
14,135 |
Class B* |
17,707 |
Class C* |
7,846 |
|
$ 129,819 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
|
Amount |
% of |
Class A |
$ 1,256,743 |
.26 |
Class T |
467,472 |
.23 |
Class B |
63,138 |
.30 |
Class C |
326,249 |
.26 |
Institutional Class |
1,590,442 |
.30 |
|
$ 3,704,044 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6,388 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender |
Average Loan |
Weighted Average Interest Rate |
Interest Expense |
Borrower |
$ 13,028,000 |
.39% |
$ 711 |
Semiannual Report
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3,564 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $141,472, including $1,114 from securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $200,806 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $26.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Institutional Class |
$ - |
$ 1,913,985 |
From net realized gain |
|
|
Class A |
$ 12,291,567 |
$ 45,477,477 |
Class T |
5,192,632 |
19,107,017 |
Class B |
597,799 |
2,284,191 |
Class C |
3,291,573 |
11,934,510 |
Institutional Class |
12,965,008 |
46,231,885 |
Total |
$ 34,338,579 |
$ 125,035,080 |
10. Share Transactions.
Transactions for each class of shares were as follows:
|
Shares |
Dollars |
||
|
Six months ended June 30, |
Year ended |
Six months ended June 30, |
Year ended |
Class A |
|
|
|
|
Shares sold |
3,871,114 |
13,667,395 |
$ 72,731,601 |
$ 238,850,934 |
Reinvestment of distributions |
627,449 |
2,506,427 |
11,620,373 |
42,859,902 |
Shares redeemed |
(8,006,236) |
(45,454,317) |
(150,205,098) |
(789,341,888) |
Net increase (decrease) |
(3,507,673) |
(29,280,495) |
$ (65,853,124) |
$ (507,631,052) |
Class T |
|
|
|
|
Shares sold |
1,832,666 |
3,527,446 |
$ 34,160,901 |
$ 61,068,430 |
Reinvestment of distributions |
269,479 |
1,072,407 |
4,934,161 |
18,134,396 |
Shares redeemed |
(3,550,681) |
(8,536,501) |
(66,012,073) |
(147,707,318) |
Net increase (decrease) |
(1,448,536) |
(3,936,648) |
$ (26,917,011) |
$ (68,504,492) |
Class B |
|
|
|
|
Shares sold |
24,786 |
46,541 |
$ 439,124 |
$ 777,999 |
Reinvestment of distributions |
31,707 |
130,661 |
556,766 |
2,123,240 |
Shares redeemed |
(690,607) |
(1,262,788) |
(12,290,811) |
(21,119,676) |
Net increase (decrease) |
(634,114) |
(1,085,586) |
$ (11,294,921) |
$ (18,218,437) |
Semiannual Report
10. Share Transactions - continued
|
Shares |
Dollars |
||
|
Six months ended June 30, |
Year ended |
Six months ended June 30, |
Year ended |
Class C |
|
|
|
|
Shares sold |
935,951 |
1,456,138 |
$ 16,661,160 |
$ 24,388,070 |
Reinvestment of distributions |
167,324 |
653,779 |
2,943,231 |
10,636,987 |
Shares redeemed |
(1,328,574) |
(4,803,300) |
(23,675,606) |
(80,054,915) |
Net increase (decrease) |
(225,299) |
(2,693,383) |
$ (4,071,215) |
$ (45,029,858) |
Institutional Class |
|
|
|
|
Shares sold |
8,861,253 |
14,326,778 |
$ 170,151,160 |
$ 254,086,166 |
Reinvestment of distributions |
629,730 |
2,506,041 |
11,851,280 |
43,613,938 |
Shares redeemed |
(6,252,434) |
(22,067,425) |
(119,644,263) |
(387,464,552) |
Net increase (decrease) |
3,238,549 |
(5,234,606) |
$ 62,358,177 |
$ (89,764,448) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Management & Research
Company (U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FMR Co., Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
(Fidelity Investment logo)(registered trademark)
AMP-USAN-0813 1.801445.108
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Mid Cap II
Fund - Institutional Class
Semiannual Report
June 30, 2013
(Fidelity Cover Art)
Shareholder Expense Example |
An example of shareholder expenses. |
|
Investment Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
Investments |
A complete list of the fund's investments with their market values. |
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net
assets, |
|
Notes |
Notes to the financial statements. |
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. © 2013 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.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.
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2013 to June 30, 2013).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
|
Annualized |
Beginning |
Ending |
Expenses Paid |
Class A |
1.11% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,117.30 |
$ 5.83 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,019.29 |
$ 5.56 |
Class T |
1.33% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,116.40 |
$ 6.98 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.20 |
$ 6.66 |
Class B |
1.90% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,113.30 |
$ 9.96 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.37 |
$ 9.49 |
Class C |
1.86% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,113.00 |
$ 9.74 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.57 |
$ 9.30 |
Institutional Class |
.90% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,118.90 |
$ 4.73 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,020.33 |
$ 4.51 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Top Ten Stocks as of June 30, 2013 |
||
|
% of fund's |
% of fund's net assets |
Archer Daniels Midland Co. |
1.5 |
1.5 |
Kroger Co. |
1.4 |
1.5 |
FleetCor Technologies, Inc. |
1.2 |
1.2 |
HSN, Inc. |
1.1 |
1.5 |
Fiserv, Inc. |
1.1 |
2.1 |
Time Warner, Inc. |
1.1 |
1.5 |
Manpower, Inc. |
1.0 |
0.0 |
H&R Block, Inc. |
1.0 |
0.7 |
Southwest Airlines Co. |
0.9 |
0.6 |
Equifax, Inc. |
0.9 |
1.4 |
|
11.2 |
|
Top Five Market Sectors as of June 30, 2013 |
||
|
% of fund's |
% of fund's net assets |
Information Technology |
22.8 |
18.7 |
Consumer Discretionary |
20.8 |
28.3 |
Industrials |
16.3 |
12.6 |
Financials |
15.0 |
13.9 |
Health Care |
8.8 |
4.6 |
Asset Allocation (% of fund's net assets) |
|||||||
As of June 30, 2013 * |
As of December 31, 2012 ** |
||||||
Stocks 98.3% |
|
Stocks 99.9% |
|
||||
Bonds 0.0% |
|
Bonds 0.0%† |
|
||||
Short-Term |
|
Short-Term |
|
||||
* Foreign investments |
16.4% |
|
** Foreign investments |
19.5% |
|
† Amount represents less than 0.1% |
Semiannual Report
Showing Percentage of Net Assets
Common Stocks - 98.1% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 20.8% |
|||
Auto Components - 3.1% |
|||
Delphi Automotive PLC |
436,130 |
$ 22,107,430 |
|
Dorman Products, Inc. |
90,980 |
4,151,417 |
|
Gentex Corp. |
168,517 |
3,884,317 |
|
Johnson Controls, Inc. |
513,489 |
18,377,771 |
|
New Focus Auto Tech Holdings Ltd. (a) |
1,071,910 |
70,484 |
|
Standard Motor Products, Inc. |
376,449 |
12,927,259 |
|
Tenneco, Inc. (a) |
545,808 |
24,714,186 |
|
|
86,232,864 |
||
Automobiles - 0.5% |
|||
Harley-Davidson, Inc. |
211,984 |
11,620,963 |
|
Winnebago Industries, Inc. (a) |
100,650 |
2,112,644 |
|
|
13,733,607 |
||
Distributors - 0.0% |
|||
LKQ Corp. (a) |
37,139 |
956,329 |
|
Diversified Consumer Services - 2.5% |
|||
American Public Education, Inc. (a) |
261,205 |
9,706,378 |
|
DeVry, Inc. |
27,734 |
860,309 |
|
Grand Canyon Education, Inc. (a) |
714,161 |
23,017,409 |
|
H&R Block, Inc. |
982,895 |
27,275,336 |
|
Service Corp. International |
406,000 |
7,320,180 |
|
Universal Technical Institute, Inc. |
201,175 |
2,078,138 |
|
|
70,257,750 |
||
Hotels, Restaurants & Leisure - 3.0% |
|||
AFC Enterprises, Inc. (a) |
137,882 |
4,955,479 |
|
Bally Technologies, Inc. (a) |
21,979 |
1,240,055 |
|
Bloomin' Brands, Inc. |
141,521 |
3,521,042 |
|
Bravo Brio Restaurant Group, Inc. (a) |
211,430 |
3,767,683 |
|
Brinker International, Inc. |
296,173 |
11,678,101 |
|
Fiesta Restaurant Group, Inc. (a) |
32,891 |
1,131,121 |
|
Interval Leisure Group, Inc. |
126,707 |
2,524,003 |
|
Jubilant Foodworks Ltd. (a) |
29,257 |
513,655 |
|
Noodles & Co. |
2,500 |
91,875 |
|
Paddy Power PLC (Ireland) |
50,139 |
4,302,165 |
|
Panera Bread Co. Class A (a) |
819 |
152,285 |
|
Papa John's International, Inc. (a) |
155,453 |
10,161,963 |
|
Ruth's Hospitality Group, Inc. |
353,825 |
4,270,668 |
|
Texas Roadhouse, Inc. Class A |
341,896 |
8,554,238 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - continued |
|||
Hotels, Restaurants & Leisure - continued |
|||
The Cheesecake Factory, Inc. |
431,558 |
$ 18,077,965 |
|
Wyndham Worldwide Corp. |
130,696 |
7,479,732 |
|
|
82,422,030 |
||
Household Durables - 2.3% |
|||
ARNEST ONE Corp. |
395,100 |
7,743,383 |
|
Harman International Industries, Inc. |
191,606 |
10,385,045 |
|
Haseko Corp. (a) |
2,639,000 |
3,215,037 |
|
Jarden Corp. (a) |
502,947 |
22,003,931 |
|
Whirlpool Corp. |
173,515 |
19,843,175 |
|
|
63,190,571 |
||
Internet & Catalog Retail - 1.2% |
|||
HSN, Inc. |
582,806 |
31,308,338 |
|
TripAdvisor, Inc. (a) |
39,700 |
2,416,539 |
|
|
33,724,877 |
||
Leisure Equipment & Products - 0.1% |
|||
Polaris Industries, Inc. |
31,497 |
2,992,215 |
|
Media - 2.6% |
|||
Cinemark Holdings, Inc. |
195,169 |
5,449,118 |
|
Comcast Corp. Class A |
107,065 |
4,483,882 |
|
Discovery Communications, Inc. (a) |
318,159 |
24,565,056 |
|
KT Skylife Co. Ltd. |
148,430 |
4,898,293 |
|
Sinclair Broadcast Group, Inc. Class A |
25,015 |
734,941 |
|
Time Warner, Inc. |
529,604 |
30,621,703 |
|
|
70,752,993 |
||
Multiline Retail - 0.1% |
|||
Macy's, Inc. |
78,300 |
3,758,400 |
|
Specialty Retail - 4.1% |
|||
Aarons, Inc. Class A |
27,170 |
761,032 |
|
Asbury Automotive Group, Inc. (a) |
132,757 |
5,323,556 |
|
Ascena Retail Group, Inc. (a) |
65,900 |
1,149,955 |
|
Cabela's, Inc. Class A (a) |
29,817 |
1,930,949 |
|
CST Brands, Inc. (a)(d) |
495,717 |
15,273,041 |
|
Dick's Sporting Goods, Inc. |
79,600 |
3,984,776 |
|
Foot Locker, Inc. |
75,381 |
2,648,135 |
|
GNC Holdings, Inc. |
81,900 |
3,620,799 |
|
Group 1 Automotive, Inc. |
5,758 |
370,412 |
|
Guess?, Inc. |
120,112 |
3,727,075 |
|
Lithia Motors, Inc. Class A (sub. vtg.) |
378,333 |
20,168,932 |
|
Office Depot, Inc. (a)(d) |
780,937 |
3,022,226 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - continued |
|||
Specialty Retail - continued |
|||
Penske Automotive Group, Inc. |
15,818 |
$ 483,082 |
|
PetSmart, Inc. |
26,802 |
1,795,466 |
|
Rent-A-Center, Inc. |
127,043 |
4,770,465 |
|
Ross Stores, Inc. |
35,206 |
2,281,701 |
|
Signet Jewelers Ltd. |
222,152 |
14,979,709 |
|
Sonic Automotive, Inc. Class A (sub. vtg.) |
520,699 |
11,007,577 |
|
Staples, Inc. |
326,700 |
5,181,462 |
|
The Men's Wearhouse, Inc. |
103,003 |
3,898,664 |
|
TJX Companies, Inc. |
143,855 |
7,201,381 |
|
Tsutsumi Jewelry Co. Ltd. |
36,700 |
842,343 |
|
|
114,422,738 |
||
Textiles, Apparel & Luxury Goods - 1.3% |
|||
adidas AG |
78,500 |
8,495,206 |
|
Crocs, Inc. (a) |
202,600 |
3,342,900 |
|
G-III Apparel Group Ltd. (a) |
298,499 |
14,363,772 |
|
Page Industries Ltd. |
8,386 |
577,053 |
|
PVH Corp. |
64,142 |
8,020,957 |
|
|
34,799,888 |
||
TOTAL CONSUMER DISCRETIONARY |
577,244,262 |
||
CONSUMER STAPLES - 4.8% |
|||
Beverages - 0.2% |
|||
Dr. Pepper Snapple Group, Inc. |
135,946 |
6,244,000 |
|
Food & Staples Retailing - 1.4% |
|||
Kroger Co. |
1,116,748 |
38,572,476 |
|
Food Products - 2.6% |
|||
Archer Daniels Midland Co. |
1,232,598 |
41,797,386 |
|
Britannia Industries Ltd. |
82,351 |
932,748 |
|
ConAgra Foods, Inc. |
200,337 |
6,997,771 |
|
Ingredion, Inc. |
147,813 |
9,699,489 |
|
Lancaster Colony Corp. |
21,960 |
1,712,660 |
|
Post Holdings, Inc. (a) |
40,765 |
1,779,800 |
|
SunOpta, Inc. (a) |
352,900 |
2,677,705 |
|
Want Want China Holdings Ltd. |
5,470,000 |
7,701,394 |
|
|
73,298,953 |
||
Household Products - 0.6% |
|||
Energizer Holdings, Inc. |
111,502 |
11,207,066 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER STAPLES - continued |
|||
Household Products - continued |
|||
Jyothy Laboratories Ltd. |
268,500 |
$ 812,270 |
|
Spectrum Brands Holdings, Inc. |
58,433 |
3,323,085 |
|
|
15,342,421 |
||
TOTAL CONSUMER STAPLES |
133,457,850 |
||
ENERGY - 4.1% |
|||
Energy Equipment & Services - 1.7% |
|||
Dresser-Rand Group, Inc. (a) |
158,486 |
9,505,990 |
|
Ensco PLC Class A |
209,166 |
12,156,728 |
|
McDermott International, Inc. (a) |
348,872 |
2,853,773 |
|
Noble Corp. |
232,987 |
8,755,651 |
|
Oceaneering International, Inc. |
80,633 |
5,821,703 |
|
Oil States International, Inc. (a) |
51,526 |
4,773,369 |
|
TETRA Technologies, Inc. (a) |
159,352 |
1,634,952 |
|
Unit Corp. (a) |
41,764 |
1,778,311 |
|
|
47,280,477 |
||
Oil, Gas & Consumable Fuels - 2.4% |
|||
Apache Corp. |
35,196 |
2,950,481 |
|
Canadian Natural Resources Ltd. |
159,100 |
4,485,419 |
|
Continental Resources, Inc. (a) |
18,921 |
1,628,341 |
|
Denbury Resources, Inc. (a) |
341,668 |
5,917,690 |
|
Emerald Oil, Inc. warrants 2/4/16 (a) |
56,881 |
1 |
|
Energen Corp. |
146,765 |
7,669,939 |
|
Energy XXI (Bermuda) Ltd. |
105,353 |
2,336,730 |
|
Marathon Oil Corp. |
248,589 |
8,596,208 |
|
Marathon Petroleum Corp. |
117,053 |
8,317,786 |
|
Oasis Petroleum, Inc. (a) |
173,700 |
6,751,719 |
|
Phillips 66 |
54,960 |
3,237,694 |
|
Rosetta Resources, Inc. (a) |
161,309 |
6,858,859 |
|
Valero Energy Corp. |
60,320 |
2,097,326 |
|
Whiting Petroleum Corp. (a) |
115,116 |
5,305,696 |
|
|
66,153,889 |
||
TOTAL ENERGY |
113,434,366 |
||
FINANCIALS - 14.8% |
|||
Capital Markets - 4.8% |
|||
Affiliated Managers Group, Inc. (a) |
44,057 |
7,222,705 |
|
AllianceBernstein Holding LP |
666,877 |
13,884,379 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Capital Markets - continued |
|||
Ameriprise Financial, Inc. |
41,600 |
$ 3,364,608 |
|
BlackRock, Inc. Class A |
96,455 |
24,774,467 |
|
E*TRADE Financial Corp. (a) |
164,700 |
2,085,102 |
|
Invesco Ltd. |
745,437 |
23,704,897 |
|
Janus Capital Group, Inc. |
186,900 |
1,590,519 |
|
Marusan Securities Co. Ltd. |
356,000 |
2,175,986 |
|
Monex Group, Inc. |
12,735 |
4,598,523 |
|
SEI Investments Co. |
849,059 |
24,138,747 |
|
The Blackstone Group LP |
750,700 |
15,809,742 |
|
Virtus Investment Partners, Inc. (a) |
24,581 |
4,332,893 |
|
Waddell & Reed Financial, Inc. Class A |
89,900 |
3,910,650 |
|
Walter Investment Management Corp. (a) |
83,174 |
2,812,113 |
|
|
134,405,331 |
||
Commercial Banks - 3.8% |
|||
BB&T Corp. |
91,518 |
3,100,630 |
|
City National Corp. |
61,195 |
3,877,927 |
|
Comerica, Inc. |
290,200 |
11,558,666 |
|
Commerce Bancshares, Inc. |
236,610 |
10,306,732 |
|
Cullen/Frost Bankers, Inc. |
43,484 |
2,903,427 |
|
East West Bancorp, Inc. |
128,335 |
3,529,213 |
|
First Commonwealth Financial Corp. |
209,787 |
1,546,130 |
|
First Niagara Financial Group, Inc. |
1,172,537 |
11,807,448 |
|
Huntington Bancshares, Inc. |
2,627,116 |
20,701,674 |
|
IBERIABANK Corp. |
48,100 |
2,578,641 |
|
PrivateBancorp, Inc. |
495,948 |
10,519,057 |
|
SCBT Financial Corp. (d) |
20,077 |
1,011,680 |
|
Shinsei Bank Ltd. |
5,274,000 |
11,976,458 |
|
SunTrust Banks, Inc. |
256,871 |
8,109,417 |
|
Synovus Financial Corp. |
896,227 |
2,616,983 |
|
|
106,144,083 |
||
Consumer Finance - 2.1% |
|||
ACOM Co. Ltd. (a) |
123,860 |
3,940,314 |
|
American Express Co. |
102,500 |
7,662,900 |
|
Credit Acceptance Corp. (a) |
83,277 |
8,748,249 |
|
Credit Saison Co. Ltd. |
124,600 |
3,130,833 |
|
Discover Financial Services |
36,528 |
1,740,194 |
|
First Cash Financial Services, Inc. (a) |
27,559 |
1,356,178 |
|
Hitachi Capital Corp. |
217,200 |
4,292,273 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Consumer Finance - continued |
|||
Portfolio Recovery Associates, Inc. (a) |
83,754 |
$ 12,867,127 |
|
SLM Corp. |
599,915 |
13,714,057 |
|
|
57,452,125 |
||
Diversified Financial Services - 0.3% |
|||
CRISIL Ltd. |
45,808 |
854,019 |
|
ORIX Corp. |
398,200 |
5,434,124 |
|
The NASDAQ Stock Market, Inc. |
62,468 |
2,048,326 |
|
|
8,336,469 |
||
Insurance - 1.4% |
|||
Assured Guaranty Ltd. |
279,670 |
6,169,520 |
|
Hanover Insurance Group, Inc. |
89,375 |
4,373,119 |
|
Lincoln National Corp. |
61,945 |
2,259,134 |
|
Old Republic International Corp. |
931,900 |
11,993,553 |
|
Protective Life Corp. |
213,939 |
8,217,397 |
|
Reinsurance Group of America, Inc. |
93,985 |
6,495,303 |
|
|
39,508,026 |
||
Real Estate Investment Trusts - 0.3% |
|||
Coresite Realty Corp. |
173,846 |
5,530,041 |
|
Corrections Corp. of America |
38,039 |
1,288,381 |
|
Extra Space Storage, Inc. |
15,229 |
638,552 |
|
Kite Realty Group Trust |
227,829 |
1,373,809 |
|
|
8,830,783 |
||
Real Estate Management & Development - 1.5% |
|||
Altisource Asset Management Corp. (a) |
25,603 |
6,912,810 |
|
Altisource Portfolio Solutions SA |
131,452 |
12,367,004 |
|
Altisource Residential Corp. Class B (a) |
85,344 |
1,424,391 |
|
Jones Lang LaSalle, Inc. |
171,606 |
15,640,171 |
|
Wharf Holdings Ltd. |
632,000 |
5,312,807 |
|
|
41,657,183 |
||
Thrifts & Mortgage Finance - 0.6% |
|||
Nationstar Mortgage Holdings, Inc. (a)(d) |
323,980 |
12,129,811 |
|
Ocwen Financial Corp. (a) |
83,053 |
3,423,445 |
|
|
15,553,256 |
||
TOTAL FINANCIALS |
411,887,256 |
||
HEALTH CARE - 8.8% |
|||
Biotechnology - 2.0% |
|||
Amgen, Inc. |
71,700 |
7,073,922 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - continued |
|||
Biotechnology - continued |
|||
Biogen Idec, Inc. (a) |
11,300 |
$ 2,431,760 |
|
Celgene Corp. (a) |
41,685 |
4,873,393 |
|
InterMune, Inc. (a) |
119,399 |
1,148,618 |
|
Puma Biotechnology, Inc. (a) |
23,000 |
1,020,510 |
|
Regeneron Pharmaceuticals, Inc. (a) |
9,886 |
2,223,164 |
|
United Therapeutics Corp. (a) |
359,523 |
23,663,804 |
|
Vertex Pharmaceuticals, Inc. (a) |
161,806 |
12,923,445 |
|
|
55,358,616 |
||
Health Care Equipment & Supplies - 2.2% |
|||
Boston Scientific Corp. (a) |
2,451,349 |
22,724,005 |
|
Greatbatch, Inc. (a) |
147,053 |
4,821,868 |
|
Hill-Rom Holdings, Inc. |
136,123 |
4,584,623 |
|
Hologic, Inc. (a) |
31,479 |
607,545 |
|
St. Jude Medical, Inc. |
86,871 |
3,963,924 |
|
Stryker Corp. |
246,100 |
15,917,748 |
|
SurModics, Inc. (a) |
112,118 |
2,243,481 |
|
Trinity Biotech PLC sponsored ADR |
318,868 |
5,372,926 |
|
|
60,236,120 |
||
Health Care Providers & Services - 2.5% |
|||
AMN Healthcare Services, Inc. (a) |
608,020 |
8,706,846 |
|
Community Health Systems, Inc. |
287,237 |
13,465,671 |
|
HCA Holdings, Inc. |
283,378 |
10,218,611 |
|
Health Management Associates, Inc. Class A (a) |
623,651 |
9,803,794 |
|
Health Net, Inc. (a) |
71,200 |
2,265,584 |
|
Healthways, Inc. (a) |
158,819 |
2,760,274 |
|
Humana, Inc. |
4,512 |
380,723 |
|
Miraca Holdings, Inc. |
105,000 |
4,825,058 |
|
Omnicare, Inc. |
79,666 |
3,800,865 |
|
PharMerica Corp. (a) |
31,159 |
431,864 |
|
Team Health Holdings, Inc. (a) |
11,494 |
472,059 |
|
Tenet Healthcare Corp. (a) |
167,232 |
7,709,395 |
|
VCA Antech, Inc. (a) |
227,798 |
5,943,250 |
|
|
70,783,994 |
||
Life Sciences Tools & Services - 0.9% |
|||
Bruker BioSciences Corp. (a) |
394,251 |
6,367,154 |
|
Cambrex Corp. (a) |
88,764 |
1,240,033 |
|
Thermo Fisher Scientific, Inc. |
200,138 |
16,937,679 |
|
|
24,544,866 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - continued |
|||
Pharmaceuticals - 1.2% |
|||
Actavis, Inc. (a) |
111,100 |
$ 14,023,042 |
|
Cadila Healthcare Ltd. |
1 |
7 |
|
Hospira, Inc. (a) |
101,500 |
3,888,465 |
|
Jazz Pharmaceuticals PLC (a) |
76,505 |
5,258,189 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (a) |
131,200 |
11,312,367 |
|
|
34,482,070 |
||
TOTAL HEALTH CARE |
245,405,666 |
||
INDUSTRIALS - 16.3% |
|||
Aerospace & Defense - 1.0% |
|||
BE Aerospace, Inc. (a) |
102,700 |
6,478,316 |
|
Esterline Technologies Corp. (a) |
106,134 |
7,672,427 |
|
Hexcel Corp. (a) |
126,518 |
4,307,938 |
|
Precision Castparts Corp. |
7,300 |
1,649,873 |
|
Textron, Inc. |
127,900 |
3,331,795 |
|
Triumph Group, Inc. |
42,951 |
3,399,572 |
|
|
26,839,921 |
||
Air Freight & Logistics - 0.2% |
|||
Forward Air Corp. |
34,156 |
1,307,492 |
|
Hub Group, Inc. Class A (a) |
98,192 |
3,576,153 |
|
|
4,883,645 |
||
Airlines - 2.4% |
|||
Alaska Air Group, Inc. (a) |
142,979 |
7,434,908 |
|
Copa Holdings SA Class A |
118,332 |
15,515,692 |
|
Delta Air Lines, Inc. |
444,363 |
8,314,032 |
|
Ryanair Holdings PLC sponsored ADR |
98,830 |
5,092,710 |
|
Southwest Airlines Co. |
2,038,911 |
26,281,563 |
|
Spirit Airlines, Inc. (a) |
104,715 |
3,326,796 |
|
|
65,965,701 |
||
Building Products - 0.0% |
|||
Gibraltar Industries, Inc. (a) |
47,479 |
691,294 |
|
Commercial Services & Supplies - 1.1% |
|||
Copart, Inc. (a) |
86,655 |
2,668,974 |
|
Edenred SA |
19,134 |
585,286 |
|
G&K Services, Inc. Class A |
74,888 |
3,564,669 |
|
Mine Safety Appliances Co. |
16,700 |
777,385 |
|
Performant Financial Corp. |
68,087 |
789,128 |
|
Republic Services, Inc. |
309,684 |
10,510,675 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - continued |
|||
Commercial Services & Supplies - continued |
|||
Steelcase, Inc. Class A |
239,968 |
$ 3,498,733 |
|
UniFirst Corp. |
54,178 |
4,943,743 |
|
West Corp. |
75,100 |
1,662,714 |
|
|
29,001,307 |
||
Construction & Engineering - 1.3% |
|||
Dycom Industries, Inc. (a) |
146,534 |
3,390,797 |
|
Fluor Corp. |
304,097 |
18,035,993 |
|
Foster Wheeler AG (a) |
347,618 |
7,546,787 |
|
Tutor Perini Corp. (a) |
80,586 |
1,457,801 |
|
URS Corp. |
129,035 |
6,093,033 |
|
|
36,524,411 |
||
Electrical Equipment - 0.8% |
|||
AMETEK, Inc. |
58,264 |
2,464,567 |
|
EnerSys |
42,645 |
2,091,311 |
|
Generac Holdings, Inc. |
406,782 |
15,055,002 |
|
Roper Industries, Inc. |
18,020 |
2,238,444 |
|
|
21,849,324 |
||
Industrial Conglomerates - 0.7% |
|||
Carlisle Companies, Inc. |
267,576 |
16,672,661 |
|
Max India Ltd. |
969,288 |
3,256,305 |
|
|
19,928,966 |
||
Machinery - 2.4% |
|||
AGCO Corp. |
152,962 |
7,677,163 |
|
Crane Co. |
145,020 |
8,689,598 |
|
Harsco Corp. |
197,198 |
4,573,022 |
|
IDEX Corp. |
38,754 |
2,085,353 |
|
Ingersoll-Rand PLC |
459,072 |
25,487,677 |
|
Joy Global, Inc. |
14,800 |
718,244 |
|
Kitz Corp. |
74,700 |
371,608 |
|
Pentair Ltd. |
28,629 |
1,651,607 |
|
Snap-On, Inc. |
89,936 |
8,038,480 |
|
Terex Corp. (a) |
180,542 |
4,748,255 |
|
Woodward, Inc. |
76,919 |
3,076,760 |
|
|
67,117,767 |
||
Professional Services - 4.2% |
|||
Corporate Executive Board Co. |
134,335 |
8,492,659 |
|
Dun & Bradstreet Corp. |
208,290 |
20,297,861 |
|
Equifax, Inc. |
444,697 |
26,205,994 |
|
Insperity, Inc. |
71,663 |
2,171,389 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - continued |
|||
Professional Services - continued |
|||
Kelly Services, Inc. Class A (non-vtg.) |
277,518 |
$ 4,848,239 |
|
Manpower, Inc. |
503,114 |
27,570,647 |
|
Nielsen Holdings B.V. |
401,634 |
13,490,886 |
|
Randstad Holding NV |
81,600 |
3,345,761 |
|
Towers Watson & Co. |
87,844 |
7,197,937 |
|
TrueBlue, Inc. (a) |
199,146 |
4,192,023 |
|
|
117,813,396 |
||
Road & Rail - 1.7% |
|||
Con-way, Inc. |
499,287 |
19,452,222 |
|
Hertz Global Holdings, Inc. (a) |
851,140 |
21,108,272 |
|
Old Dominion Freight Lines, Inc. (a) |
85,686 |
3,566,251 |
|
Roadrunner Transportation Systems, Inc. (a) |
93,362 |
2,599,198 |
|
|
46,725,943 |
||
Trading Companies & Distributors - 0.5% |
|||
CAI International, Inc. (a) |
228,187 |
5,378,368 |
|
United Rentals, Inc. (a) |
192,841 |
9,624,694 |
|
|
15,003,062 |
||
TOTAL INDUSTRIALS |
452,344,737 |
||
INFORMATION TECHNOLOGY - 22.8% |
|||
Communications Equipment - 1.0% |
|||
Brocade Communications Systems, Inc. (a) |
1,191,422 |
6,862,591 |
|
Finisar Corp. (a) |
142,982 |
2,423,545 |
|
Juniper Networks, Inc. (a) |
841,090 |
16,241,448 |
|
Motorola Solutions, Inc. |
39,600 |
2,286,108 |
|
|
27,813,692 |
||
Computers & Peripherals - 0.9% |
|||
Cray, Inc. (a) |
175,295 |
3,442,794 |
|
Diebold, Inc. |
98,500 |
3,318,465 |
|
EMC Corp. |
503,181 |
11,885,135 |
|
Gemalto NV (d) |
16,748 |
1,516,410 |
|
NCR Corp. (a) |
147,657 |
4,871,204 |
|
|
25,034,008 |
||
Electronic Equipment & Components - 3.8% |
|||
Arrow Electronics, Inc. (a) |
479,693 |
19,115,766 |
|
Avnet, Inc. (a) |
278,357 |
9,352,795 |
|
Benchmark Electronics, Inc. (a) |
224,251 |
4,507,445 |
|
Flextronics International Ltd. (a) |
2,361,970 |
18,281,648 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Electronic Equipment & Components - continued |
|||
Jabil Circuit, Inc. |
729,692 |
$ 14,871,123 |
|
Plexus Corp. (a) |
13,789 |
412,153 |
|
TE Connectivity Ltd. |
525,542 |
23,933,183 |
|
Tech Data Corp. (a) |
120,633 |
5,680,608 |
|
Universal Display Corp. (a) |
36,651 |
1,030,260 |
|
Vishay Intertechnology, Inc. (a)(d) |
555,209 |
7,711,853 |
|
|
104,896,834 |
||
Internet Software & Services - 0.8% |
|||
Angie's List, Inc. (a) |
129,900 |
3,448,845 |
|
Mail.Ru Group Ltd. GDR (Reg. S) |
139,300 |
3,992,338 |
|
Web.com Group, Inc. (a) |
179,478 |
4,594,637 |
|
Yahoo!, Inc. (a) |
343,100 |
8,615,241 |
|
|
20,651,061 |
||
IT Services - 7.9% |
|||
Alliance Data Systems Corp. (a)(d) |
141,228 |
25,566,505 |
|
Computer Task Group, Inc. |
344,057 |
7,902,989 |
|
CoreLogic, Inc. (a) |
43,906 |
1,017,302 |
|
Euronet Worldwide, Inc. (a) |
429,567 |
13,686,005 |
|
Fidelity National Information Services, Inc. |
503,276 |
21,560,344 |
|
Fiserv, Inc. (a) |
351,442 |
30,719,545 |
|
FleetCor Technologies, Inc. (a) |
396,093 |
32,202,361 |
|
Gartner, Inc. Class A (a) |
205,180 |
11,693,208 |
|
Genpact Ltd. |
304,573 |
5,859,985 |
|
Heartland Payment Systems, Inc. |
133,325 |
4,966,356 |
|
Jack Henry & Associates, Inc. |
59,800 |
2,818,374 |
|
NeuStar, Inc. Class A (a) |
343,342 |
16,713,889 |
|
Sapient Corp. (a) |
922,329 |
12,045,617 |
|
Teletech Holdings, Inc. (a) |
598,529 |
14,023,534 |
|
Vantiv, Inc. (a) |
137,700 |
3,800,520 |
|
VeriFone Systems, Inc. (a) |
98,356 |
1,653,364 |
|
Visa, Inc. Class A |
77,086 |
14,087,467 |
|
|
220,317,365 |
||
Semiconductors & Semiconductor Equipment - 5.2% |
|||
ASML Holding NV |
58,491 |
4,626,638 |
|
Avago Technologies Ltd. |
298,448 |
11,155,986 |
|
Broadcom Corp. Class A |
328,589 |
11,093,165 |
|
Entegris, Inc. (a) |
278,432 |
2,614,476 |
|
Freescale Semiconductor Holdings I Ltd. (a)(d) |
1,287,980 |
17,452,129 |
|
Integrated Device Technology, Inc. (a) |
250,608 |
1,989,828 |
|
International Rectifier Corp. (a) |
158,648 |
3,322,089 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Semiconductors & Semiconductor Equipment - continued |
|||
KLA-Tencor Corp. |
103,706 |
$ 5,779,535 |
|
Lam Research Corp. (a) |
362,429 |
16,070,102 |
|
LSI Corp. (a) |
1,018,972 |
7,275,460 |
|
NVIDIA Corp. |
1,101,080 |
15,448,152 |
|
PDF Solutions, Inc. (a) |
417,470 |
7,693,972 |
|
PMC-Sierra, Inc. (a) |
808,190 |
5,132,007 |
|
Semtech Corp. (a) |
143,210 |
5,016,646 |
|
Skyworks Solutions, Inc. (a) |
868,456 |
19,010,502 |
|
SunEdison, Inc. (a) |
304,362 |
2,486,638 |
|
Taiwan Semiconductor Manufacturing Co. Ltd. |
1,395,000 |
5,050,203 |
|
Teradyne, Inc. (a) |
196,300 |
3,448,991 |
|
|
144,666,519 |
||
Software - 3.2% |
|||
Autodesk, Inc. (a) |
127,700 |
4,334,138 |
|
Compuware Corp. |
780,845 |
8,081,746 |
|
Electronic Arts, Inc. (a) |
904,410 |
20,774,298 |
|
Intuit, Inc. |
348,893 |
21,292,940 |
|
Mentor Graphics Corp. |
1,060,893 |
20,740,458 |
|
Symantec Corp. |
587,279 |
13,196,159 |
|
Take-Two Interactive Software, Inc. (a) |
75,501 |
1,130,250 |
|
|
89,549,989 |
||
TOTAL INFORMATION TECHNOLOGY |
632,929,468 |
||
MATERIALS - 5.5% |
|||
Chemicals - 2.7% |
|||
Albemarle Corp. |
216,042 |
13,457,256 |
|
Ashland, Inc. |
131,531 |
10,982,839 |
|
Axiall Corp. |
21,640 |
921,431 |
|
Berger Paints India Ltd. |
89,662 |
345,647 |
|
Cytec Industries, Inc. |
7,388 |
541,171 |
|
Eastman Chemical Co. |
14,848 |
1,039,508 |
|
FMC Corp. |
24,922 |
1,521,737 |
|
Landec Corp. (a) |
382,108 |
5,047,647 |
|
LyondellBasell Industries NV Class A |
261,914 |
17,354,422 |
|
Olin Corp. |
277,070 |
6,627,514 |
|
Pidilite Industries Ltd. (a) |
915,672 |
4,109,780 |
|
PolyOne Corp. |
297,083 |
7,361,717 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
MATERIALS - continued |
|||
Chemicals - continued |
|||
Valspar Corp. |
16,247 |
$ 1,050,693 |
|
W.R. Grace & Co. (a) |
60,686 |
5,100,051 |
|
|
75,461,413 |
||
Construction Materials - 0.0% |
|||
Eagle Materials, Inc. |
17,600 |
1,166,352 |
|
Containers & Packaging - 0.6% |
|||
Packaging Corp. of America |
68,300 |
3,343,968 |
|
Rock-Tenn Co. Class A |
122,500 |
12,235,300 |
|
|
15,579,268 |
||
Metals & Mining - 1.4% |
|||
Barrick Gold Corp. |
113,100 |
1,785,167 |
|
Compass Minerals International, Inc. |
20,402 |
1,724,581 |
|
Detour Gold Corp. (a) |
76,700 |
601,669 |
|
Goldcorp, Inc. |
294,700 |
7,319,163 |
|
IAMGOLD Corp. |
835,995 |
3,513,452 |
|
Kinross Gold Corp. |
461,800 |
2,366,741 |
|
New Gold, Inc. (a) |
977,900 |
6,332,128 |
|
Newmont Mining Corp. |
117,363 |
3,515,022 |
|
Osisko Mining Corp. (a) |
1,446,300 |
4,785,703 |
|
Royal Gold, Inc. |
90,073 |
3,790,272 |
|
Yamana Gold, Inc. |
217,016 |
2,069,669 |
|
|
37,803,567 |
||
Paper & Forest Products - 0.8% |
|||
Boise Cascade Co. |
193,090 |
4,906,417 |
|
International Paper Co. |
426,873 |
18,914,743 |
|
|
23,821,160 |
||
TOTAL MATERIALS |
153,831,760 |
||
UTILITIES - 0.2% |
|||
Gas Utilities - 0.2% |
|||
Towngas China Co. Ltd. |
562,000 |
559,388 |
|
UGI Corp. |
148,980 |
5,826,608 |
|
|
6,385,996 |
||
TOTAL COMMON STOCKS (Cost $2,305,089,694) |
|
||
Nonconvertible Preferred Stocks - 0.2% |
|||
Shares |
Value |
||
FINANCIALS - 0.2% |
|||
Consumer Finance - 0.1% |
|||
Ally Financial, Inc. 7.00% (e) |
2,423 |
$ 2,289,735 |
|
Diversified Financial Services - 0.1% |
|||
GMAC Capital Trust I Series 2, 8.125% |
140,930 |
3,671,227 |
|
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $4,669,047) |
|
||
Money Market Funds - 4.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.13% (b) |
82,478,882 |
82,478,882 |
|
Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c) |
46,641,321 |
46,641,321 |
|
TOTAL MONEY MARKET FUNDS (Cost $129,120,203) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $2,438,878,944) |
2,862,002,526 |
||
NET OTHER ASSETS (LIABILITIES) - (3.0)% |
(82,043,738) |
||
NET ASSETS - 100% |
$ 2,779,958,788 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,289,735 or 0.1% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 65,292 |
Fidelity Securities Lending Cash Central Fund |
141,472 |
Total |
$ 206,764 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2013, 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 in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 577,244,262 |
$ 565,443,499 |
$ 11,800,763 |
$ - |
Consumer Staples |
133,457,850 |
133,457,850 |
- |
- |
Energy |
113,434,366 |
113,434,365 |
1 |
- |
Financials |
417,848,218 |
380,009,972 |
37,838,246 |
- |
Health Care |
245,405,666 |
240,580,608 |
4,825,058 |
- |
Industrials |
452,344,737 |
451,973,129 |
371,608 |
- |
Information Technology |
632,929,468 |
627,879,265 |
5,050,203 |
- |
Materials |
153,831,760 |
153,831,760 |
- |
- |
Utilities |
6,385,996 |
6,385,996 |
- |
- |
Money Market Funds |
129,120,203 |
129,120,203 |
- |
- |
Total Investments in Securities: |
$ 2,862,002,526 |
$ 2,802,116,647 |
$ 59,885,879 |
$ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers |
Total |
Level 1 to Level 2 |
$ 0 |
Level 2 to Level 1 |
$ 83,042,185 |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows. (Unaudited) |
United States of America |
83.6% |
Bermuda |
2.4% |
Japan |
1.9% |
Canada |
1.8% |
Ireland |
1.7% |
Netherlands |
1.5% |
Switzerland |
1.5% |
Singapore |
1.1% |
Others (Individually Less Than 1%) |
4.5% |
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
June 30, 2013 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value (including securities loaned of $44,473,229) - See accompanying schedule: Unaffiliated issuers (cost $2,309,758,741) |
$ 2,732,882,323 |
|
Fidelity Central Funds (cost $129,120,203) |
129,120,203 |
|
Total Investments (cost $2,438,878,944) |
|
$ 2,862,002,526 |
Cash |
|
81,594 |
Foreign currency held at value (cost $1,031,586) |
|
1,031,671 |
Receivable for investments sold |
|
19,788,152 |
Receivable for fund shares sold |
|
4,234,805 |
Dividends receivable |
|
1,520,041 |
Interest receivable |
|
2,302 |
Distributions receivable from Fidelity Central Funds |
|
41,943 |
Other receivables |
|
68,185 |
Total assets |
|
2,888,771,219 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 56,301,264 |
|
Payable for fund shares redeemed |
3,206,178 |
|
Accrued management fee |
1,293,528 |
|
Distribution and service plan fees payable |
616,329 |
|
Other affiliated payables |
698,748 |
|
Other payables and accrued expenses |
55,063 |
|
Collateral on securities loaned, at value |
46,641,321 |
|
Total liabilities |
|
108,812,431 |
|
|
|
Net Assets |
|
$ 2,779,958,788 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 2,158,183,578 |
Undistributed net investment income |
|
3,098,836 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
195,553,337 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
423,123,037 |
Net Assets |
|
$ 2,779,958,788 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
June 30, 2013 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 19.23 |
|
|
|
Maximum offering price per share (100/94.25 of $19.23) |
|
$ 20.40 |
Class T: |
|
$ 18.99 |
|
|
|
Maximum offering price per share (100/96.50 of $18.99) |
|
$ 19.68 |
Class B: |
|
$ 18.18 |
|
|
|
Class C: |
|
$ 18.21 |
|
|
|
Institutional Class: |
|
$ 19.56 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
|
Six months ended June 30, 2013 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Dividends |
|
$ 18,335,503 |
Interest |
|
2,473 |
Income from Fidelity Central Funds |
|
206,764 |
Total income |
|
18,544,740 |
|
|
|
Expenses |
|
|
Management fee |
$ 7,605,278 |
|
Transfer agent fees |
3,704,044 |
|
Distribution and service plan fees |
3,686,047 |
|
Accounting and security lending fees |
408,297 |
|
Custodian fees and expenses |
55,419 |
|
Independent trustees' compensation |
8,210 |
|
Registration fees |
73,443 |
|
Audit |
56,338 |
|
Legal |
2,852 |
|
Interest |
711 |
|
Miscellaneous |
15,471 |
|
Total expenses before reductions |
15,616,110 |
|
Expense reductions |
(200,832) |
15,415,278 |
Net investment income (loss) |
|
3,129,462 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities: |
|
|
Unaffiliated issuers |
212,226,515 |
|
Foreign currency transactions |
14,884 |
|
Total net realized gain (loss) |
|
212,241,399 |
Change in net unrealized appreciation (depreciation) on: Investment securities |
82,073,318 |
|
Assets and liabilities in foreign currencies |
(3,479) |
|
Total change in net unrealized appreciation (depreciation) |
|
82,069,839 |
Net gain (loss) |
|
294,311,238 |
Net increase (decrease) in net assets resulting from operations |
|
$ 297,440,700 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended June 30,
2013 |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) |
$ 3,129,462 |
$ 10,906,709 |
Net realized gain (loss) |
212,241,399 |
233,160,212 |
Change in net unrealized appreciation (depreciation) |
82,069,839 |
142,230,013 |
Net increase (decrease) in net assets resulting |
297,440,700 |
386,296,934 |
Distributions to shareholders from net investment income |
- |
(1,913,985) |
Distributions to shareholders from net realized gain |
(34,338,579) |
(125,035,080) |
Total distributions |
(34,338,579) |
(126,949,065) |
Share transactions - net increase (decrease) |
(45,778,094) |
(729,148,287) |
Total increase (decrease) in net assets |
217,324,027 |
(469,800,418) |
|
|
|
Net Assets |
|
|
Beginning of period |
2,562,634,761 |
3,032,435,179 |
End of period (including undistributed net investment income of $3,098,836 and accumulated net investment loss of $30,626, respectively) |
$ 2,779,958,788 |
$ 2,562,634,761 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended June 30, 2013 |
Years ended December 31, |
||||
|
(Unaudited) |
2012 |
2011 |
2010 |
2009 |
2008 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 17.43 |
$ 16.02 |
$ 17.90 |
$ 14.17 |
$ 10.30 |
$ 17.05 |
Income from Investment |
|
|
|
|
|
|
Net investment income (loss) E |
.02 |
.07 |
(.05) |
(.02) |
- K |
.01 |
Net realized and unrealized gain (loss) |
2.02 |
2.22 |
(1.83) |
3.78 |
3.93 |
(6.68) |
Total from investment operations |
2.04 |
2.29 |
(1.88) |
3.76 |
3.93 |
(6.67) |
Distributions from net realized gain |
(.24) |
(.88) |
- |
(.03) |
(.06) |
(.08) |
Net asset value, end of period |
$ 19.23 |
$ 17.43 |
$ 16.02 |
$ 17.90 |
$ 14.17 |
$ 10.30 |
Total Return B, C, D |
11.73% |
14.41% |
(10.50)% |
26.56% |
38.17% |
(39.30)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions |
1.11% A |
1.15% |
1.16% |
1.16% |
1.18% |
1.22% |
Expenses net of fee waivers, if any |
1.11% A |
1.15% |
1.16% |
1.16% |
1.18% |
1.22% |
Expenses net of all reductions |
1.09% A |
1.13% |
1.15% |
1.15% |
1.17% |
1.21% |
Net investment income (loss) |
.26% A |
.38% |
(.27)% |
(.13)% |
-% H |
.04% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 958,446 |
$ 929,707 |
$ 1,323,551 |
$ 1,525,295 |
$ 790,594 |
$ 515,659 |
Portfolio turnover rate G |
135% A |
186% |
80% |
42% |
60% |
147% J |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Amount represents less than .01%.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J The portfolio turnover rate does not include the assets acquired in the merger.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended June 30, 2013 |
Years ended December 31, |
||||
|
(Unaudited) |
2012 |
2011 |
2010 |
2009 |
2008 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 17.23 |
$ 15.88 |
$ 17.79 |
$ 14.11 |
$ 10.26 |
$ 17.01 |
Income from Investment |
|
|
|
|
|
|
Net investment income (loss) E |
-J |
.03 |
(.08) |
(.05) |
(.03) |
(.03) |
Net realized and unrealized gain (loss) |
2.00 |
2.20 |
(1.83) |
3.76 |
3.91 |
(6.64) |
Total from investment operations |
2.00 |
2.23 |
(1.91) |
3.71 |
3.88 |
(6.67) |
Distributions from net realized gain |
(.24) |
(.88) |
- |
(.03) |
(.03) |
(.08) |
Net asset value, end of period |
$ 18.99 |
$ 17.23 |
$ 15.88 |
$ 17.79 |
$ 14.11 |
$ 10.26 |
Total Return B, C, D |
11.64% |
14.16% |
(10.74)% |
26.31% |
37.82% |
(39.39)% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions |
1.33% A |
1.35% |
1.35% |
1.37% |
1.42% |
1.43% |
Expenses net of fee waivers, if any |
1.33% A |
1.35% |
1.35% |
1.37% |
1.42% |
1.43% |
Expenses net of all reductions |
1.31% A |
1.33% |
1.34% |
1.37% |
1.41% |
1.42% |
Net investment income (loss) |
.04% A |
.18% |
(.46)% |
(.34)% |
(.23)% |
(.18)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 400,752 |
$ 388,598 |
$ 420,604 |
$ 523,899 |
$ 416,952 |
$ 311,520 |
Portfolio turnover rate G |
135% A |
186% |
80% |
42% |
60% |
147% I |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended June 30, 2013 |
Years ended December 31, |
||||
|
(Unaudited) |
2012 |
2011 |
2010 |
2009 |
2008 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 16.55 |
$ 15.37 |
$ 17.31 |
$ 13.81 |
$ 10.07 |
$ 16.79 |
Income from Investment |
|
|
|
|
|
|
Net investment income (loss) E |
(.05) |
(.06) |
(.17) |
(.13) |
(.09) |
(.10) |
Net realized and unrealized gain (loss) |
1.92 |
2.12 |
(1.77) |
3.66 |
3.83 |
(6.54) |
Total from investment operations |
1.87 |
2.06 |
(1.94) |
3.53 |
3.74 |
(6.64) |
Distributions from net realized gain |
(.24) |
(.88) |
- |
(.03) |
- |
(.08) |
Net asset value, end of period |
$ 18.18 |
$ 16.55 |
$ 15.37 |
$ 17.31 |
$ 13.81 |
$ 10.07 |
Total Return B, C, D |
11.33% |
13.52% |
(11.21)% |
25.58% |
37.14% |
(39.73)% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions |
1.90% A |
1.91% |
1.91% |
1.91% |
1.96% |
1.99% |
Expenses net of fee waivers, if any |
1.90% A |
1.91% |
1.91% |
1.91% |
1.96% |
1.99% |
Expenses net of all reductions |
1.89% A |
1.88% |
1.90% |
1.91% |
1.95% |
1.98% |
Net investment income (loss) |
(.54)% A |
(.38)% |
(1.02)% |
(.88)% |
(.78)% |
(.74)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 36,795 |
$ 43,996 |
$ 57,534 |
$ 83,330 |
$ 73,184 |
$ 57,954 |
Portfolio turnover rate G |
135% A |
186% |
80% |
42% |
60% |
147% I |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended June 30, 2013 |
Years ended December 31, |
||||
|
(Unaudited) |
2012 |
2011 |
2010 |
2009 |
2008 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 16.58 |
$ 15.39 |
$ 17.32 |
$ 13.81 |
$ 10.07 |
$ 16.80 |
Income from Investment |
|
|
|
|
|
|
Net investment income (loss) E |
(.04) |
(.06) |
(.17) |
(.13) |
(.09) |
(.10) |
Net realized and unrealized gain (loss) |
1.91 |
2.13 |
(1.76) |
3.67 |
3.83 |
(6.55) |
Total from investment operations |
1.87 |
2.07 |
(1.93) |
3.54 |
3.74 |
(6.65) |
Distributions from net realized gain |
(.24) |
(.88) |
- |
(.03) |
- |
(.08) |
Net asset value, end of period |
$ 18.21 |
$ 16.58 |
$ 15.39 |
$ 17.32 |
$ 13.81 |
$ 10.07 |
Total Return B, C, D |
11.30% |
13.57% |
(11.14)% |
25.65% |
37.14% |
(39.77)% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions |
1.86% A |
1.88% |
1.87% |
1.88% |
1.94% |
1.98% |
Expenses net of fee waivers, if any |
1.86% A |
1.88% |
1.87% |
1.88% |
1.94% |
1.98% |
Expenses net of all reductions |
1.85% A |
1.86% |
1.86% |
1.88% |
1.93% |
1.97% |
Net investment income (loss) |
(.49)% A |
(.35)% |
(.98)% |
(.85)% |
(.76)% |
(.73)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 252,463 |
$ 233,542 |
$ 258,215 |
$ 299,688 |
$ 217,164 |
$ 156,528 |
Portfolio turnover rate G |
135% A |
186% |
80% |
42% |
60% |
147% I |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended June 30, 2013 |
Years ended December 31, |
||||
|
(Unaudited) |
2012 |
2011 |
2010 |
2009 |
2008 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 17.70 |
$ 16.25 |
$ 18.12 |
$ 14.31 |
$ 10.39 |
$ 17.15 |
Income from Investment |
|
|
|
|
|
|
Net investment income (loss) D |
.05 |
.11 |
- I |
.02 |
.03 |
.04 |
Net realized and unrealized gain (loss) |
2.05 |
2.26 |
(1.87) |
3.82 |
3.98 |
(6.72) |
Total from investment operations |
2.10 |
2.37 |
(1.87) |
3.84 |
4.01 |
(6.68) |
Distributions from net investment income |
- |
(.04) |
- |
- |
- |
- |
Distributions from net realized gain |
(.24) |
(.88) |
- |
(.03) |
(.09) |
(.08) |
Total distributions |
(.24) |
(.92) |
- |
(.03) |
(.09) |
(.08) |
Net asset value, end of period |
$ 19.56 |
$ 17.70 |
$ 16.25 |
$ 18.12 |
$ 14.31 |
$ 10.39 |
Total Return B, C |
11.89% |
14.67% |
(10.32)% |
26.86% |
38.55% |
(39.13)% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions |
.90% A |
.90% |
.90% |
.90% |
.95% |
.97% |
Expenses net of fee waivers, if any |
.90% A |
.90% |
.90% |
.90% |
.95% |
.97% |
Expenses net of all reductions |
.88% A |
.88% |
.89% |
.90% |
.94% |
.96% |
Net investment income (loss) |
.47% A |
.63% |
(.02)% |
.13% |
.23% |
.28% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 1,131,503 |
$ 966,792 |
$ 972,531 |
$ 950,940 |
$ 535,875 |
$ 402,675 |
Portfolio turnover rate F |
135% A |
186% |
80% |
42% |
60% |
147% H |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H The portfolio turnover rate does not include the assets acquired in the merger.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended June 30, 2013 (Unaudited)
1. Organization.
Fidelity Advisor® Mid Cap II Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. In June 2013, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class Z on or about August 13, 2013. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2013, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
3. Significant Accounting Policies - continued
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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 dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, equity-debt classifications, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation |
$ 470,408,969 |
Gross unrealized depreciation |
(52,215,015) |
Net unrealized appreciation (depreciation) on securities and other investments |
$ 418,193,954 |
|
|
Tax cost |
$ 2,443,808,572 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2016 |
$ (6,808,536) |
The Fund acquired $6,808,536 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,702,134 per year.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,790,278,081 and $1,910,983,463, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .55% of the Fund's average net assets.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, 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 |
Service |
Total Fees |
Retained |
Class A |
-% |
.25% |
$ 1,213,646 |
$ 25,449 |
Class T |
.25% |
.25% |
1,015,890 |
16,318 |
Class B |
.75% |
.25% |
208,628 |
157,600 |
Class C |
.75% |
.25% |
1,247,883 |
102,079 |
|
|
|
$ 3,686,047 |
$ 301,446 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained |
Class A |
$ 90,131 |
Class T |
14,135 |
Class B* |
17,707 |
Class C* |
7,846 |
|
$ 129,819 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
|
Amount |
% of |
Class A |
$ 1,256,743 |
.26 |
Class T |
467,472 |
.23 |
Class B |
63,138 |
.30 |
Class C |
326,249 |
.26 |
Institutional Class |
1,590,442 |
.30 |
|
$ 3,704,044 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6,388 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender |
Average Loan |
Weighted Average Interest Rate |
Interest Expense |
Borrower |
$ 13,028,000 |
.39% |
$ 711 |
Semiannual Report
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3,564 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $141,472, including $1,114 from securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $200,806 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $26.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Institutional Class |
$ - |
$ 1,913,985 |
From net realized gain |
|
|
Class A |
$ 12,291,567 |
$ 45,477,477 |
Class T |
5,192,632 |
19,107,017 |
Class B |
597,799 |
2,284,191 |
Class C |
3,291,573 |
11,934,510 |
Institutional Class |
12,965,008 |
46,231,885 |
Total |
$ 34,338,579 |
$ 125,035,080 |
10. Share Transactions.
Transactions for each class of shares were as follows:
|
Shares |
Dollars |
||
|
Six months ended June 30, |
Year ended |
Six months ended June 30, |
Year ended |
Class A |
|
|
|
|
Shares sold |
3,871,114 |
13,667,395 |
$ 72,731,601 |
$ 238,850,934 |
Reinvestment of distributions |
627,449 |
2,506,427 |
11,620,373 |
42,859,902 |
Shares redeemed |
(8,006,236) |
(45,454,317) |
(150,205,098) |
(789,341,888) |
Net increase (decrease) |
(3,507,673) |
(29,280,495) |
$ (65,853,124) |
$ (507,631,052) |
Class T |
|
|
|
|
Shares sold |
1,832,666 |
3,527,446 |
$ 34,160,901 |
$ 61,068,430 |
Reinvestment of distributions |
269,479 |
1,072,407 |
4,934,161 |
18,134,396 |
Shares redeemed |
(3,550,681) |
(8,536,501) |
(66,012,073) |
(147,707,318) |
Net increase (decrease) |
(1,448,536) |
(3,936,648) |
$ (26,917,011) |
$ (68,504,492) |
Class B |
|
|
|
|
Shares sold |
24,786 |
46,541 |
$ 439,124 |
$ 777,999 |
Reinvestment of distributions |
31,707 |
130,661 |
556,766 |
2,123,240 |
Shares redeemed |
(690,607) |
(1,262,788) |
(12,290,811) |
(21,119,676) |
Net increase (decrease) |
(634,114) |
(1,085,586) |
$ (11,294,921) |
$ (18,218,437) |
Semiannual Report
10. Share Transactions - continued
|
Shares |
Dollars |
||
|
Six months ended June 30, |
Year ended |
Six months ended June 30, |
Year ended |
Class C |
|
|
|
|
Shares sold |
935,951 |
1,456,138 |
$ 16,661,160 |
$ 24,388,070 |
Reinvestment of distributions |
167,324 |
653,779 |
2,943,231 |
10,636,987 |
Shares redeemed |
(1,328,574) |
(4,803,300) |
(23,675,606) |
(80,054,915) |
Net increase (decrease) |
(225,299) |
(2,693,383) |
$ (4,071,215) |
$ (45,029,858) |
Institutional Class |
|
|
|
|
Shares sold |
8,861,253 |
14,326,778 |
$ 170,151,160 |
$ 254,086,166 |
Reinvestment of distributions |
629,730 |
2,506,041 |
11,851,280 |
43,613,938 |
Shares redeemed |
(6,252,434) |
(22,067,425) |
(119,644,263) |
(387,464,552) |
Net increase (decrease) |
3,238,549 |
(5,234,606) |
$ 62,358,177 |
$ (89,764,448) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FMR Co., Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
(Fidelity Investment logo)(registered trademark)
AMPI-USAN-0813 1.801447.108
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series I's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) |
(1) |
Not applicable. |
(a) |
(2) |
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) |
(3) |
Not applicable. |
(b) |
|
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Advisor Series I
By: |
/s/Kenneth B. Robins |
|
Kenneth B. Robins |
|
President and Treasurer |
|
|
Date: |
August 23, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/Kenneth B. Robins |
|
Kenneth B. Robins |
|
President and Treasurer |
|
|
Date: |
August 23, 2013 |
By: |
/s/Christine Reynolds |
|
Christine Reynolds |
|
Chief Financial Officer |
|
|
Date: |
August 23, 2013 |
Exhibit EX-99.CERT
I, Kenneth B. Robins, certify that:
1. I have reviewed this report on Form N-CSR of Fidelity Advisor Series I;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 23, 2013
/s/Kenneth B. Robins |
Kenneth B. Robins |
President and Treasurer |
I, Christine Reynolds, certify that:
1. I have reviewed this report on Form N-CSR of Fidelity Advisor Series I;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 23, 2013
/s/Christine Reynolds |
Christine Reynolds |
Chief Financial Officer |
Exhibit EX-99.906CERT
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)
In connection with the attached Report of Fidelity Advisor Series I (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:
1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.
Dated: August 23, 2013
/s/Kenneth B. Robins |
Kenneth B. Robins |
President and Treasurer |
Dated: August 23, 2013
/s/Christine Reynolds |
Christine Reynolds |
Chief Financial Officer |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.
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end
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end