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: |
November 30 |
|
|
|
|
Date of reporting period: |
May 31, 2014 |
This report on Form N-CSR relates solely to the Registrant's Fidelity Advisor Equity Value Fund, Fidelity Advisor Growth Opportunities Fund, Fidelity Advisor Growth & Income Fund, Fidelity Advisor Large Cap Fund and Fidelity Advisor Small Cap Fund series (each, a "Fund" and collectively, the "Funds").
Item 1. Reports to Stockholders
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Equity Value
Fund - Institutional Class
Semiannual Report
May 31, 2014
(Fidelity Cover Art)
Contents
|
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) website 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. © 2014 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
Shareholder Expense Example
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 (December 1, 2013 to May 31, 2014).
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 |
1.25% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,088.40 |
$ 6.51 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.70 |
$ 6.29 |
|
Class T |
1.50% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,086.60 |
$ 7.80 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,017.45 |
$ 7.54 |
|
Class B |
2.00% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,083.60 |
$ 10.39 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,014.96 |
$ 10.05 |
|
Class C |
2.00% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,083.50 |
$ 10.39 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,014.96 |
$ 10.05 |
|
Institutional Class |
.96% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,089.50 |
$ 5.00 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,020.14 |
$ 4.84 |
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 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
JPMorgan Chase & Co. |
3.8 |
4.3 |
|
Chevron Corp. |
3.5 |
3.9 |
|
Johnson & Johnson |
3.4 |
0.0 |
|
Wells Fargo & Co. |
3.2 |
3.4 |
|
Berkshire Hathaway, Inc. Class B |
3.2 |
2.8 |
|
Apple, Inc. |
2.4 |
2.3 |
|
Exxon Mobil Corp. |
2.4 |
2.8 |
|
Cisco Systems, Inc. |
2.3 |
2.1 |
|
U.S. Bancorp |
2.3 |
2.6 |
|
Verizon Communications, Inc. |
2.2 |
0.0 |
|
|
28.7 |
|
|
Top Five Market Sectors as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Financials |
27.4 |
27.1 |
|
Health Care |
16.7 |
17.2 |
|
Information Technology |
15.3 |
14.0 |
|
Energy |
10.1 |
12.8 |
|
Consumer Staples |
8.1 |
8.4 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2014 * |
As of November 30, 2013 ** |
||||||
 |
Stocks 98.0% |
|
|
Stocks 98.0% |
|
||
 |
Convertible Securities 0.0% |
|
 |
Convertible Securities 0.7% |
|
||
 |
Short-Term Investments and Net Other Assets (Liabilities) 2.0% |
|
|
Short-Term Investments and Net Other Assets (Liabilities) 1.3% |
|
||
|
* Foreign investments |
13.6% |
|
** Foreign investments |
17.7% |
|
||
Semiannual Report
Investments May 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 96.5% |
|||
|
Shares |
Value |
||
|
CONSUMER DISCRETIONARY - 7.4% |
|||
|
Auto Components - 0.9% |
|||
|
Hyundai Mobis |
3,074 |
$ 867,358 |
|
|
Diversified Consumer Services - 0.3% |
|||
|
Steiner Leisure Ltd. (a) |
6,932 |
278,528 |
|
|
Media - 1.8% |
|||
|
John Wiley & Sons, Inc. Class A |
9,315 |
510,276 |
|
|
Viacom, Inc. Class B (non-vtg.) |
15,400 |
1,314,082 |
|
|
|
1,824,358 |
||
|
Multiline Retail - 1.5% |
|||
|
Macy's, Inc. |
19,547 |
1,170,670 |
|
|
Target Corp. |
6,200 |
351,912 |
|
|
|
1,522,582 |
||
|
Specialty Retail - 2.4% |
|||
|
AutoZone, Inc. (a) |
1,515 |
806,738 |
|
|
Bed Bath & Beyond, Inc. (a) |
18,400 |
1,119,640 |
|
|
Express, Inc. (a) |
14,400 |
181,584 |
|
|
GNC Holdings, Inc. |
6,700 |
247,364 |
|
|
|
2,355,326 |
||
|
Textiles, Apparel & Luxury Goods - 0.5% |
|||
|
Coach, Inc. |
11,465 |
466,740 |
|
|
TOTAL CONSUMER DISCRETIONARY |
7,314,892 |
||
|
CONSUMER STAPLES - 8.1% |
|||
|
Beverages - 1.2% |
|||
|
C&C Group PLC |
88,155 |
540,758 |
|
|
Molson Coors Brewing Co. Class B |
10,300 |
677,019 |
|
|
|
1,217,777 |
||
|
Food & Staples Retailing - 3.9% |
|||
|
CVS Caremark Corp. |
24,500 |
1,918,840 |
|
|
Kroger Co. |
20,796 |
992,801 |
|
|
Wal-Mart Stores, Inc. |
12,300 |
944,271 |
|
|
|
3,855,912 |
||
|
Food Products - 0.9% |
|||
|
The J.M. Smucker Co. |
8,279 |
849,425 |
|
|
Household Products - 0.5% |
|||
|
Central Garden & Pet Co. Class A (non-vtg.) (a) |
54,541 |
434,146 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
CONSUMER STAPLES - continued |
|||
|
Tobacco - 1.6% |
|||
|
British American Tobacco PLC sponsored ADR |
4,355 |
$ 528,087 |
|
|
Lorillard, Inc. |
17,000 |
1,056,890 |
|
|
|
1,584,977 |
||
|
TOTAL CONSUMER STAPLES |
7,942,237 |
||
|
ENERGY - 10.1% |
|||
|
Energy Equipment & Services - 0.8% |
|||
|
National Oilwell Varco, Inc. |
9,900 |
810,513 |
|
|
Oil, Gas & Consumable Fuels - 9.3% |
|||
|
Chevron Corp. |
28,697 |
3,523,705 |
|
|
Exxon Mobil Corp. |
23,272 |
2,339,534 |
|
|
Marathon Petroleum Corp. |
10,100 |
902,839 |
|
|
Phillips 66 Co. |
12,600 |
1,068,354 |
|
|
Suncor Energy, Inc. |
22,400 |
862,079 |
|
|
Woodside Petroleum Ltd. |
12,617 |
495,161 |
|
|
|
9,191,672 |
||
|
TOTAL ENERGY |
10,002,185 |
||
|
FINANCIALS - 27.4% |
|||
|
Banks - 10.1% |
|||
|
JPMorgan Chase & Co. |
67,552 |
3,753,863 |
|
|
SunTrust Banks, Inc. |
19,700 |
754,904 |
|
|
U.S. Bancorp |
53,366 |
2,251,512 |
|
|
Wells Fargo & Co. |
63,332 |
3,215,999 |
|
|
|
9,976,278 |
||
|
Capital Markets - 1.6% |
|||
|
East Capital Explorer AB (a) |
13,008 |
114,685 |
|
|
Fortress Investment Group LLC |
34,700 |
246,370 |
|
|
GP Investments Ltd. Class A (depositary receipt) (a) |
246,400 |
461,938 |
|
|
MLP AG |
66,188 |
458,339 |
|
|
The Blackstone Group LP |
9,400 |
292,152 |
|
|
|
1,573,484 |
||
|
Consumer Finance - 2.6% |
|||
|
American Express Co. |
10,500 |
960,750 |
|
|
Capital One Financial Corp. |
20,818 |
1,642,332 |
|
|
|
2,603,082 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
FINANCIALS - continued |
|||
|
Diversified Financial Services - 3.2% |
|||
|
Berkshire Hathaway, Inc. Class B (a) |
24,269 |
$ 3,114,683 |
|
|
Insurance - 6.0% |
|||
|
ACE Ltd. |
10,800 |
1,120,068 |
|
|
Allied World Assurance Co. Holdings Ltd. |
12,000 |
450,000 |
|
|
Allstate Corp. |
17,800 |
1,037,028 |
|
|
Everest Re Group Ltd. |
5,096 |
815,462 |
|
|
Fidelity National Financial, Inc. Class A |
26,480 |
882,843 |
|
|
Prudential PLC |
22,258 |
517,763 |
|
|
The Travelers Companies, Inc. |
11,687 |
1,092,150 |
|
|
|
5,915,314 |
||
|
Real Estate Investment Trusts - 3.9% |
|||
|
American Capital Agency Corp. |
54,701 |
1,298,055 |
|
|
Annaly Capital Management, Inc. |
111,605 |
1,315,823 |
|
|
MFA Financial, Inc. |
156,236 |
1,285,822 |
|
|
|
3,899,700 |
||
|
TOTAL FINANCIALS |
27,082,541 |
||
|
HEALTH CARE - 16.7% |
|||
|
Biotechnology - 1.7% |
|||
|
Amgen, Inc. |
14,400 |
1,670,256 |
|
|
Health Care Equipment & Supplies - 1.1% |
|||
|
Medtronic, Inc. |
17,800 |
1,086,334 |
|
|
Health Care Providers & Services - 6.7% |
|||
|
Cigna Corp. |
16,362 |
1,468,980 |
|
|
Express Scripts Holding Co. (a) |
21,699 |
1,550,828 |
|
|
Humana, Inc. |
5,750 |
715,645 |
|
|
Select Medical Holdings Corp. |
64,121 |
971,433 |
|
|
UnitedHealth Group, Inc. |
24,000 |
1,911,120 |
|
|
|
6,618,006 |
||
|
Pharmaceuticals - 7.2% |
|||
|
GlaxoSmithKline PLC sponsored ADR (d) |
19,924 |
1,074,701 |
|
|
Johnson & Johnson |
32,992 |
3,347,368 |
|
|
Mylan, Inc. (a) |
10,705 |
533,537 |
|
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
42,632 |
2,152,490 |
|
|
|
7,108,096 |
||
|
TOTAL HEALTH CARE |
16,482,692 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
INDUSTRIALS - 4.7% |
|||
|
Machinery - 2.3% |
|||
|
Deere & Co. |
10,210 |
$ 930,846 |
|
|
Global Brass & Copper Holdings, Inc. |
22,951 |
369,970 |
|
|
Valmont Industries, Inc. |
6,200 |
960,690 |
|
|
|
2,261,506 |
||
|
Professional Services - 2.4% |
|||
|
Dun & Bradstreet Corp. |
18,535 |
1,913,739 |
|
|
VSE Corp. |
7,900 |
489,089 |
|
|
|
2,402,828 |
||
|
TOTAL INDUSTRIALS |
4,664,334 |
||
|
INFORMATION TECHNOLOGY - 13.8% |
|||
|
Communications Equipment - 2.3% |
|||
|
Cisco Systems, Inc. |
93,782 |
2,308,913 |
|
|
Electronic Equipment & Components - 0.5% |
|||
|
TE Connectivity Ltd. |
8,498 |
505,291 |
|
|
IT Services - 3.5% |
|||
|
Amdocs Ltd. |
15,457 |
743,791 |
|
|
Fiserv, Inc. (a) |
14,800 |
889,628 |
|
|
IBM Corp. |
6,540 |
1,205,714 |
|
|
The Western Union Co. |
35,200 |
569,184 |
|
|
|
3,408,317 |
||
|
Software - 3.0% |
|||
|
Microsoft Corp. |
35,800 |
1,465,652 |
|
|
Oracle Corp. |
34,487 |
1,449,144 |
|
|
|
2,914,796 |
||
|
Technology Hardware, Storage & Peripherals - 4.5% |
|||
|
Apple, Inc. |
3,700 |
2,342,100 |
|
|
EMC Corp. |
48,200 |
1,280,192 |
|
|
Hewlett-Packard Co. |
24,939 |
835,457 |
|
|
|
4,457,749 |
||
|
TOTAL INFORMATION TECHNOLOGY |
13,595,066 |
||
|
MATERIALS - 2.5% |
|||
|
Chemicals - 1.6% |
|||
|
Agrium, Inc. |
8,000 |
718,325 |
|
|
CF Industries Holdings, Inc. |
3,655 |
889,298 |
|
|
|
1,607,623 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
MATERIALS - continued |
|||
|
Containers & Packaging - 0.6% |
|||
|
Ball Corp. |
9,600 |
$ 579,456 |
|
|
Paper & Forest Products - 0.3% |
|||
|
Schweitzer-Mauduit International, Inc. |
5,800 |
241,744 |
|
|
TOTAL MATERIALS |
2,428,823 |
||
|
TELECOMMUNICATION SERVICES - 2.2% |
|||
|
Diversified Telecommunication Services - 2.2% |
|||
|
Verizon Communications, Inc. |
44,000 |
2,198,240 |
|
|
UTILITIES - 3.6% |
|||
|
Electric Utilities - 2.9% |
|||
|
American Electric Power Co., Inc. |
21,900 |
1,168,365 |
|
|
Edison International |
19,593 |
1,080,358 |
|
|
Xcel Energy, Inc. |
21,500 |
661,340 |
|
|
|
2,910,063 |
||
|
Multi-Utilities - 0.7% |
|||
|
CMS Energy Corp. |
22,500 |
669,375 |
|
|
TOTAL UTILITIES |
3,579,438 |
||
|
TOTAL COMMON STOCKS (Cost $78,655,111) |
|
||
|
Nonconvertible Preferred Stocks - 1.5% |
|||
|
|
|
|
|
|
INFORMATION TECHNOLOGY - 1.5% |
|||
|
Semiconductors & Semiconductor Equipment - 1.5% |
|||
|
Samsung Electronics Co. Ltd. (Cost $1,324,654) |
1,380 |
|
|
|
Money Market Funds - 4.5% |
|||
|
Shares |
Value |
||
|
Fidelity Cash Central Fund, 0.10% (b) |
3,738,457 |
$ 3,738,457 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
660,450 |
660,450 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $4,398,907) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $84,378,672) |
101,186,034 |
||
|
NET OTHER ASSETS (LIABILITIES) - (2.5)% |
(2,486,924) |
||
|
NET ASSETS - 100% |
$ 98,699,110 |
||
|
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. |
|
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 |
$ 1,410 |
|
Fidelity Securities Lending Cash Central Fund |
805 |
|
Total |
$ 2,215 |
|
Other Information |
|
The following is a summary of the inputs used, as of May 31, 2014, 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 table 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 |
$ 7,314,892 |
$ 7,314,892 |
$ - |
$ - |
|
Consumer Staples |
7,942,237 |
7,942,237 |
- |
- |
|
Energy |
10,002,185 |
10,002,185 |
- |
- |
|
Financials |
27,082,541 |
26,564,778 |
517,763 |
- |
|
Health Care |
16,482,692 |
16,482,692 |
- |
- |
|
Industrials |
4,664,334 |
4,664,334 |
- |
- |
|
Information Technology |
15,091,745 |
15,091,745 |
- |
- |
|
Materials |
2,428,823 |
2,428,823 |
- |
- |
|
Telecommunication Services |
2,198,240 |
2,198,240 |
- |
- |
|
Utilities |
3,579,438 |
3,579,438 |
- |
- |
|
Money Market Funds |
4,398,907 |
4,398,907 |
- |
- |
|
Total Investments in Securities: |
$ 101,186,034 |
$ 100,668,271 |
$ 517,763 |
$ - |
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
|
United States of America |
86.4% |
|
Korea (South) |
2.4% |
|
Israel |
2.2% |
|
United Kingdom |
2.1% |
|
Switzerland |
2.1% |
|
Canada |
1.6% |
|
Bermuda |
1.3% |
|
Others (Individually Less Than 1%) |
1.9% |
|
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
|
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including securities loaned of $641,886) - See accompanying schedule: Unaffiliated issuers (cost $79,979,765) |
$ 96,787,127 |
|
|
Fidelity Central Funds (cost $4,398,907) |
4,398,907 |
|
|
Total Investments (cost $84,378,672) |
|
$ 101,186,034 |
|
Cash |
|
49,593 |
|
Receivable for investments sold |
|
1,820 |
|
Receivable for fund shares sold |
|
73,141 |
|
Dividends receivable |
|
220,588 |
|
Distributions receivable from Fidelity Central Funds |
|
400 |
|
Prepaid expenses |
|
34 |
|
Other receivables |
|
189 |
|
Total assets |
|
101,531,799 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 1,802,948 |
|
|
Payable for fund shares redeemed |
229,130 |
|
|
Accrued management fee |
49,721 |
|
|
Distribution and service plan fees payable |
36,864 |
|
|
Other affiliated payables |
22,012 |
|
|
Other payables and accrued expenses |
31,564 |
|
|
Collateral on securities loaned, at value |
660,450 |
|
|
Total liabilities |
|
2,832,689 |
|
|
|
|
|
Net Assets |
|
$ 98,699,110 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 93,057,637 |
|
Undistributed net investment income |
|
400,340 |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
(11,566,252) |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
16,807,385 |
|
Net Assets |
|
$ 98,699,110 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
|
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 15.04 |
|
|
|
|
|
Maximum offering price per share (100/94.25 of $15.04) |
|
$ 15.96 |
|
Class T: |
|
$ 15.02 |
|
|
|
|
|
Maximum offering price per share (100/96.50 of $15.02) |
|
$ 15.56 |
|
Class B: |
|
$ 14.91 |
|
|
|
|
|
Class C: |
|
$ 14.74 |
|
|
|
|
|
|
|
|
|
Institutional Class: |
|
$ 15.26 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
|
|
Six months ended May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Investment Income |
|
|
|
Dividends |
|
$ 1,010,993 |
|
Interest |
|
8,460 |
|
Income from Fidelity Central Funds |
|
2,215 |
|
Total income |
|
1,021,668 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 245,889 |
|
|
Performance adjustment |
(6,108) |
|
|
Transfer agent fees |
111,541 |
|
|
Distribution and service plan fees |
202,367 |
|
|
Accounting and security lending fees |
17,400 |
|
|
Custodian fees and expenses |
6,821 |
|
|
Independent trustees' compensation |
172 |
|
|
Registration fees |
57,551 |
|
|
Audit |
30,757 |
|
|
Legal |
194 |
|
|
Miscellaneous |
395 |
|
|
Total expenses before reductions |
666,979 |
|
|
Expense reductions |
(19,121) |
647,858 |
|
Net investment income (loss) |
|
373,810 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
7,178,905 |
|
|
Foreign currency transactions |
(2,789) |
|
|
Total net realized gain (loss) |
|
7,176,116 |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
48,080 |
|
|
Assets and liabilities in foreign currencies |
(65) |
|
|
Total change in net unrealized appreciation (depreciation) |
|
48,015 |
|
Net gain (loss) |
|
7,224,131 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ 7,597,941 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
|
Six months ended May 31, 2014 |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 373,810 |
$ 635,621 |
|
Net realized gain (loss) |
7,176,116 |
10,296,440 |
|
Change in net unrealized appreciation (depreciation) |
48,015 |
9,888,493 |
|
Net increase (decrease) in net assets resulting |
7,597,941 |
20,820,554 |
|
Distributions to shareholders from net investment income |
(521,742) |
(666,191) |
|
Share transactions - net increase (decrease) |
6,503,486 |
581,153 |
|
Total increase (decrease) in net assets |
13,579,685 |
20,735,516 |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
85,119,425 |
64,383,909 |
|
End of period (including undistributed net investment income of $400,340 and undistributed net investment income of $548,272, respectively) |
$ 98,699,110 |
$ 85,119,425 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.93 |
$ 10.60 |
$ 9.09 |
$ 8.85 |
$ 8.07 |
$ 6.70 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.07 |
.13 |
.12 |
.06 |
.07H |
.06 |
|
Net realized and unrealized gain (loss) |
1.15 |
3.33 |
1.44 |
.27 |
.77 |
1.42 |
|
Total from investment operations |
1.22 |
3.46 |
1.56 |
.33 |
.84 |
1.48 |
|
Distributions from net investment income |
(.11) |
(.13) |
(.05) |
(.09) |
(.06) |
(.11) |
|
Net asset value, end of period |
$ 15.04 |
$ 13.93 |
$ 10.60 |
$ 9.09 |
$ 8.85 |
$ 8.07 |
|
Total Return B, C, D |
8.84% |
33.09% |
17.27% |
3.72% |
10.42% |
22.49% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
1.29% A |
1.22% |
1.30% |
1.27% |
1.28% |
1.33% |
|
Expenses net of fee waivers, if any |
1.25% A |
1.22% |
1.25% |
1.25% |
1.25% |
1.25% |
|
Expenses net of all reductions |
1.25% A |
1.20% |
1.25% |
1.25% |
1.25% |
1.24% |
|
Net investment income (loss) |
1.04% A |
1.07% |
1.20% |
.59% |
.83% H |
.89% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 45,394 |
$ 39,538 |
$ 29,282 |
$ 27,910 |
$ 34,244 |
$ 36,306 |
|
Portfolio turnover rate G |
73% A |
68% |
77% |
65% |
103% |
135% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .20%.
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.90 |
$ 10.57 |
$ 9.06 |
$ 8.81 |
$ 8.04 |
$ 6.67 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.06 |
.10 |
.09 |
.03 |
.05H |
.04 |
|
Net realized and unrealized gain (loss) |
1.14 |
3.34 |
1.44 |
.28 |
.76 |
1.42 |
|
Total from investment operations |
1.20 |
3.44 |
1.53 |
.31 |
.81 |
1.46 |
|
Distributions from net investment income |
(.08) |
(.11) |
(.02) |
(.06) |
(.04) |
(.09) |
|
Net asset value, end of period |
$ 15.02 |
$ 13.90 |
$ 10.57 |
$ 9.06 |
$ 8.81 |
$ 8.04 |
|
Total Return B, C, D |
8.66% |
32.82% |
16.94% |
3.53% |
10.06% |
22.12% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
1.55% A |
1.48% |
1.55% |
1.53% |
1.54% |
1.59% |
|
Expenses net of fee waivers, if any |
1.50% A |
1.48% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Expenses net of all reductions |
1.50% A |
1.46% |
1.50% |
1.50% |
1.49% |
1.49% |
|
Net investment income (loss) |
.79% A |
.81% |
.95% |
.34% |
.58% H |
.64% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 30,255 |
$ 27,241 |
$ 21,212 |
$ 21,319 |
$ 25,208 |
$ 29,288 |
|
Portfolio turnover rate G |
73% A |
68% |
77% |
65% |
103% |
135% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.05)%.
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.76 |
$ 10.45 |
$ 8.98 |
$ 8.73 |
$ 7.96 |
$ 6.57 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.02 |
.04 |
.04 |
(.01) |
.01H |
.01 |
|
Net realized and unrealized gain (loss) |
1.13 |
3.31 |
1.43 |
.27 |
.76 |
1.40 |
|
Total from investment operations |
1.15 |
3.35 |
1.47 |
.26 |
.77 |
1.41 |
|
Distributions from net investment income |
- |
(.04) |
- |
(.01) |
- |
(.02) |
|
Net asset value, end of period |
$ 14.91 |
$ 13.76 |
$ 10.45 |
$ 8.98 |
$ 8.73 |
$ 7.96 |
|
Total Return B, C, D |
8.36% |
32.13% |
16.37% |
2.96% |
9.67% |
21.46% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
2.09% A |
1.99% |
2.06% |
2.02% |
2.03% |
2.08% |
|
Expenses net of fee waivers, if any |
2.00% A |
1.99% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expenses net of all reductions |
2.00% A |
1.97% |
2.00% |
2.00% |
1.99% |
1.99% |
|
Net investment income (loss) |
.29% A |
.30% |
.45% |
(.16)% |
.08% H |
.14% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 2,839 |
$ 2,886 |
$ 2,981 |
$ 3,884 |
$ 5,478 |
$ 7,007 |
|
Portfolio turnover rate G |
73% A |
68% |
77% |
65% |
103% |
135% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.55)%.
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.63 |
$ 10.37 |
$ 8.91 |
$ 8.67 |
$ 7.91 |
$ 6.55 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.02 |
.04 |
.04 |
(.01) |
.01H |
.01 |
|
Net realized and unrealized gain (loss) |
1.12 |
3.28 |
1.42 |
.27 |
.75 |
1.39 |
|
Total from investment operations |
1.14 |
3.32 |
1.46 |
.26 |
.76 |
1.40 |
|
Distributions from net investment income |
(.03) |
(.06) |
- |
(.02) |
- J |
(.04) |
|
Net asset value, end of period |
$ 14.74 |
$ 13.63 |
$ 10.37 |
$ 8.91 |
$ 8.67 |
$ 7.91 |
|
Total Return B, C, D |
8.35% |
32.16% |
16.39% |
2.95% |
9.64% |
21.46% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
2.05% A |
1.97% |
2.05% |
2.02% |
2.03% |
2.08% |
|
Expenses net of fee waivers, if any |
2.00% A |
1.97% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expenses net of all reductions |
2.00% A |
1.96% |
2.00% |
2.00% |
1.99% |
1.99% |
|
Net investment income (loss) |
.29% A |
.32% |
.45% |
(.16)% |
.08% H |
.14% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 16,008 |
$ 12,329 |
$ 8,785 |
$ 8,922 |
$ 10,265 |
$ 11,556 |
|
Portfolio turnover rate G |
73% A |
68% |
77% |
65% |
103% |
135% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.55)%.
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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 14.16 |
$ 10.75 |
$ 9.22 |
$ 8.97 |
$ 8.18 |
$ 6.80 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) D |
.10 |
.17 |
.15 |
.08 |
.09G |
.08 |
|
Net realized and unrealized gain (loss) |
1.15 |
3.39 |
1.45 |
.29 |
.78 |
1.43 |
|
Total from investment operations |
1.25 |
3.56 |
1.60 |
.37 |
.87 |
1.51 |
|
Distributions from net investment income |
(.15) |
(.15) |
(.07) |
(.12) |
(.08) |
(.13) |
|
Net asset value, end of period |
$ 15.26 |
$ 14.16 |
$ 10.75 |
$ 9.22 |
$ 8.97 |
$ 8.18 |
|
Total Return B, C |
8.95% |
33.61% |
17.49% |
4.05% |
10.65% |
22.71% |
|
Ratios to Average Net Assets E, H |
|
|
|
|
|
|
|
Expenses before reductions |
.96% A |
.89% |
.96% |
1.01% |
1.03% |
1.08% |
|
Expenses net of fee waivers, if any |
.96% A |
.89% |
.96% |
1.00% |
1.00% |
1.00% |
|
Expenses net of all reductions |
.96% A |
.87% |
.96% |
1.00% |
1.00% |
1.00% |
|
Net investment income (loss) |
1.32% A |
1.40% |
1.49% |
.84% |
1.08% G |
1.14% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 4,203 |
$ 3,126 |
$ 2,123 |
$ 3,381 |
$ 6,617 |
$ 6,168 |
|
Portfolio turnover rate F |
73% A |
68% |
77% |
65% |
103% |
135% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .45%.
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2014 (Unaudited)
1. Organization.
Fidelity Advisor® Equity Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class 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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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
Semiannual Report
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fidelity Management & Research Company (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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
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 daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, capital loss carryforwards, loss deferred due to wash sales and excise tax regulations.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
|
Gross unrealized appreciation |
$ 16,915,534 |
|
Gross unrealized depreciation |
(507,483) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 16,408,051 |
|
|
|
|
Tax cost |
$ 84,777,983 |
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 prior fiscal period end and is subject to adjustment.
|
Fiscal year of expiration |
|
|
2017 |
$ (18,333,795) |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $37,485,159 and $31,897,467, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the Russell 3000® Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .54% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
|
Distribution |
Service |
Total Fees |
Retained |
|
Class A |
-% |
.25% |
$ 52,102 |
$ 919 |
|
Class T |
.25% |
.25% |
69,640 |
436 |
|
Class B |
.75% |
.25% |
14,181 |
10,662 |
|
Class C |
.75% |
.25% |
66,444 |
9,101 |
|
|
|
|
$ 202,367 |
$ 21,118 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
|
|
Retained |
|
Class A |
$ 13,554 |
|
Class T |
2,872 |
|
Class B* |
309 |
|
Class C* |
580 |
|
|
$ 17,315 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Class A |
$ 51,216 |
.25 |
|
Class T |
35,793 |
.26 |
|
Class B |
4,286 |
.30 |
|
Class C |
17,075 |
.26 |
|
Institutional Class |
3,171 |
.17 |
|
|
$ 111,541 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. 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 $1,223 for the period.
Semiannual Report
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $79 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. 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 $805. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions - continued
The following classes were in reimbursement during the period:
|
|
Expense |
Reimbursement |
|
|
|
|
|
Class A |
1.25% |
$ 7,684 |
|
Class T |
1.50% |
6,583 |
|
Class B |
2.00% |
1,317 |
|
Class C |
2.00% |
3,181 |
|
|
|
$ 18,765 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $355 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 $1.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended |
Year ended |
|
From net investment income |
|
|
|
Class A |
$ 313,844 |
$ 368,863 |
|
Class T |
150,475 |
207,812 |
|
Class B |
- |
10,127 |
|
Class C |
23,680 |
48,842 |
|
Institutional Class |
33,743 |
30,547 |
|
Total |
$ 521,742 |
$ 666,191 |
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class A |
|
|
|
|
|
Shares sold |
451,567 |
583,952 |
$ 6,481,617 |
$ 7,135,653 |
|
Reinvestment of distributions |
21,597 |
32,284 |
293,073 |
339,948 |
|
Shares redeemed |
(291,908) |
(541,866) |
(4,199,120) |
(6,484,059) |
|
Net increase (decrease) |
181,256 |
74,370 |
$ 2,575,570 |
$ 991,542 |
|
Class T |
|
|
|
|
|
Shares sold |
279,120 |
369,830 |
$ 4,015,237 |
$ 4,472,830 |
|
Reinvestment of distributions |
10,805 |
19,297 |
146,522 |
203,195 |
|
Shares redeemed |
(235,289) |
(436,241) |
(3,342,574) |
(5,247,116) |
|
Net increase (decrease) |
54,636 |
(47,114) |
$ 819,185 |
$ (571,091) |
|
Class B |
|
|
|
|
|
Shares sold |
16,418 |
6,153 |
$ 234,341 |
$ 75,269 |
|
Reinvestment of distributions |
- |
894 |
- |
9,368 |
|
Shares redeemed |
(35,742) |
(82,657) |
(508,295) |
(973,124) |
|
Net increase (decrease) |
(19,324) |
(75,610) |
$ (273,954) |
$ (888,487) |
|
Class C |
|
|
|
|
|
Shares sold |
241,359 |
203,559 |
$ 3,433,383 |
$ 2,446,409 |
|
Reinvestment of distributions |
1,582 |
4,183 |
21,115 |
43,420 |
|
Shares redeemed |
(61,764) |
(150,316) |
(862,518) |
(1,733,957) |
|
Net increase (decrease) |
181,177 |
57,426 |
$ 2,591,980 |
$ 755,872 |
|
Institutional Class |
|
|
|
|
|
Shares sold |
90,529 |
65,871 |
$ 1,316,191 |
$ 815,361 |
|
Reinvestment of distributions |
2,352 |
2,690 |
32,366 |
28,699 |
|
Shares redeemed |
(38,210) |
(45,258) |
(557,852) |
(550,743) |
|
Net increase (decrease) |
54,671 |
23,303 |
$ 790,705 |
$ 293,317 |
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
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research (Hong Kong) Limited
Fidelity Management & Research (Japan) 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
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AEVI-USAN-0714 1.786788.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Equity Value
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
May 31, 2014
(Fidelity Cover Art)
Contents
|
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. © 2014 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
Shareholder Expense Example
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 (December 1, 2013 to May 31, 2014).
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 |
1.25% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,088.40 |
$ 6.51 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.70 |
$ 6.29 |
|
Class T |
1.50% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,086.60 |
$ 7.80 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,017.45 |
$ 7.54 |
|
Class B |
2.00% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,083.60 |
$ 10.39 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,014.96 |
$ 10.05 |
|
Class C |
2.00% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,083.50 |
$ 10.39 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,014.96 |
$ 10.05 |
|
Institutional Class |
.96% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,089.50 |
$ 5.00 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,020.14 |
$ 4.84 |
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 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
JPMorgan Chase & Co. |
3.8 |
4.3 |
|
Chevron Corp. |
3.5 |
3.9 |
|
Johnson & Johnson |
3.4 |
0.0 |
|
Wells Fargo & Co. |
3.2 |
3.4 |
|
Berkshire Hathaway, Inc. Class B |
3.2 |
2.8 |
|
Apple, Inc. |
2.4 |
2.3 |
|
Exxon Mobil Corp. |
2.4 |
2.8 |
|
Cisco Systems, Inc. |
2.3 |
2.1 |
|
U.S. Bancorp |
2.3 |
2.6 |
|
Verizon Communications, Inc. |
2.2 |
0.0 |
|
|
28.7 |
|
|
Top Five Market Sectors as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Financials |
27.4 |
27.1 |
|
Health Care |
16.7 |
17.2 |
|
Information Technology |
15.3 |
14.0 |
|
Energy |
10.1 |
12.8 |
|
Consumer Staples |
8.1 |
8.4 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2014 * |
As of November 30, 2013 ** |
||||||
 |
Stocks 98.0% |
|
|
Stocks 98.0% |
|
||
 |
Convertible Securities 0.0% |
|
 |
Convertible Securities 0.7% |
|
||
 |
Short-Term Investments and Net Other Assets (Liabilities) 2.0% |
|
|
Short-Term Investments and Net Other Assets (Liabilities) 1.3% |
|
||
|
* Foreign investments |
13.6% |
|
** Foreign investments |
17.7% |
|
||
Semiannual Report
Investments May 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 96.5% |
|||
|
Shares |
Value |
||
|
CONSUMER DISCRETIONARY - 7.4% |
|||
|
Auto Components - 0.9% |
|||
|
Hyundai Mobis |
3,074 |
$ 867,358 |
|
|
Diversified Consumer Services - 0.3% |
|||
|
Steiner Leisure Ltd. (a) |
6,932 |
278,528 |
|
|
Media - 1.8% |
|||
|
John Wiley & Sons, Inc. Class A |
9,315 |
510,276 |
|
|
Viacom, Inc. Class B (non-vtg.) |
15,400 |
1,314,082 |
|
|
|
1,824,358 |
||
|
Multiline Retail - 1.5% |
|||
|
Macy's, Inc. |
19,547 |
1,170,670 |
|
|
Target Corp. |
6,200 |
351,912 |
|
|
|
1,522,582 |
||
|
Specialty Retail - 2.4% |
|||
|
AutoZone, Inc. (a) |
1,515 |
806,738 |
|
|
Bed Bath & Beyond, Inc. (a) |
18,400 |
1,119,640 |
|
|
Express, Inc. (a) |
14,400 |
181,584 |
|
|
GNC Holdings, Inc. |
6,700 |
247,364 |
|
|
|
2,355,326 |
||
|
Textiles, Apparel & Luxury Goods - 0.5% |
|||
|
Coach, Inc. |
11,465 |
466,740 |
|
|
TOTAL CONSUMER DISCRETIONARY |
7,314,892 |
||
|
CONSUMER STAPLES - 8.1% |
|||
|
Beverages - 1.2% |
|||
|
C&C Group PLC |
88,155 |
540,758 |
|
|
Molson Coors Brewing Co. Class B |
10,300 |
677,019 |
|
|
|
1,217,777 |
||
|
Food & Staples Retailing - 3.9% |
|||
|
CVS Caremark Corp. |
24,500 |
1,918,840 |
|
|
Kroger Co. |
20,796 |
992,801 |
|
|
Wal-Mart Stores, Inc. |
12,300 |
944,271 |
|
|
|
3,855,912 |
||
|
Food Products - 0.9% |
|||
|
The J.M. Smucker Co. |
8,279 |
849,425 |
|
|
Household Products - 0.5% |
|||
|
Central Garden & Pet Co. Class A (non-vtg.) (a) |
54,541 |
434,146 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
CONSUMER STAPLES - continued |
|||
|
Tobacco - 1.6% |
|||
|
British American Tobacco PLC sponsored ADR |
4,355 |
$ 528,087 |
|
|
Lorillard, Inc. |
17,000 |
1,056,890 |
|
|
|
1,584,977 |
||
|
TOTAL CONSUMER STAPLES |
7,942,237 |
||
|
ENERGY - 10.1% |
|||
|
Energy Equipment & Services - 0.8% |
|||
|
National Oilwell Varco, Inc. |
9,900 |
810,513 |
|
|
Oil, Gas & Consumable Fuels - 9.3% |
|||
|
Chevron Corp. |
28,697 |
3,523,705 |
|
|
Exxon Mobil Corp. |
23,272 |
2,339,534 |
|
|
Marathon Petroleum Corp. |
10,100 |
902,839 |
|
|
Phillips 66 Co. |
12,600 |
1,068,354 |
|
|
Suncor Energy, Inc. |
22,400 |
862,079 |
|
|
Woodside Petroleum Ltd. |
12,617 |
495,161 |
|
|
|
9,191,672 |
||
|
TOTAL ENERGY |
10,002,185 |
||
|
FINANCIALS - 27.4% |
|||
|
Banks - 10.1% |
|||
|
JPMorgan Chase & Co. |
67,552 |
3,753,863 |
|
|
SunTrust Banks, Inc. |
19,700 |
754,904 |
|
|
U.S. Bancorp |
53,366 |
2,251,512 |
|
|
Wells Fargo & Co. |
63,332 |
3,215,999 |
|
|
|
9,976,278 |
||
|
Capital Markets - 1.6% |
|||
|
East Capital Explorer AB (a) |
13,008 |
114,685 |
|
|
Fortress Investment Group LLC |
34,700 |
246,370 |
|
|
GP Investments Ltd. Class A (depositary receipt) (a) |
246,400 |
461,938 |
|
|
MLP AG |
66,188 |
458,339 |
|
|
The Blackstone Group LP |
9,400 |
292,152 |
|
|
|
1,573,484 |
||
|
Consumer Finance - 2.6% |
|||
|
American Express Co. |
10,500 |
960,750 |
|
|
Capital One Financial Corp. |
20,818 |
1,642,332 |
|
|
|
2,603,082 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
FINANCIALS - continued |
|||
|
Diversified Financial Services - 3.2% |
|||
|
Berkshire Hathaway, Inc. Class B (a) |
24,269 |
$ 3,114,683 |
|
|
Insurance - 6.0% |
|||
|
ACE Ltd. |
10,800 |
1,120,068 |
|
|
Allied World Assurance Co. Holdings Ltd. |
12,000 |
450,000 |
|
|
Allstate Corp. |
17,800 |
1,037,028 |
|
|
Everest Re Group Ltd. |
5,096 |
815,462 |
|
|
Fidelity National Financial, Inc. Class A |
26,480 |
882,843 |
|
|
Prudential PLC |
22,258 |
517,763 |
|
|
The Travelers Companies, Inc. |
11,687 |
1,092,150 |
|
|
|
5,915,314 |
||
|
Real Estate Investment Trusts - 3.9% |
|||
|
American Capital Agency Corp. |
54,701 |
1,298,055 |
|
|
Annaly Capital Management, Inc. |
111,605 |
1,315,823 |
|
|
MFA Financial, Inc. |
156,236 |
1,285,822 |
|
|
|
3,899,700 |
||
|
TOTAL FINANCIALS |
27,082,541 |
||
|
HEALTH CARE - 16.7% |
|||
|
Biotechnology - 1.7% |
|||
|
Amgen, Inc. |
14,400 |
1,670,256 |
|
|
Health Care Equipment & Supplies - 1.1% |
|||
|
Medtronic, Inc. |
17,800 |
1,086,334 |
|
|
Health Care Providers & Services - 6.7% |
|||
|
Cigna Corp. |
16,362 |
1,468,980 |
|
|
Express Scripts Holding Co. (a) |
21,699 |
1,550,828 |
|
|
Humana, Inc. |
5,750 |
715,645 |
|
|
Select Medical Holdings Corp. |
64,121 |
971,433 |
|
|
UnitedHealth Group, Inc. |
24,000 |
1,911,120 |
|
|
|
6,618,006 |
||
|
Pharmaceuticals - 7.2% |
|||
|
GlaxoSmithKline PLC sponsored ADR (d) |
19,924 |
1,074,701 |
|
|
Johnson & Johnson |
32,992 |
3,347,368 |
|
|
Mylan, Inc. (a) |
10,705 |
533,537 |
|
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
42,632 |
2,152,490 |
|
|
|
7,108,096 |
||
|
TOTAL HEALTH CARE |
16,482,692 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
INDUSTRIALS - 4.7% |
|||
|
Machinery - 2.3% |
|||
|
Deere & Co. |
10,210 |
$ 930,846 |
|
|
Global Brass & Copper Holdings, Inc. |
22,951 |
369,970 |
|
|
Valmont Industries, Inc. |
6,200 |
960,690 |
|
|
|
2,261,506 |
||
|
Professional Services - 2.4% |
|||
|
Dun & Bradstreet Corp. |
18,535 |
1,913,739 |
|
|
VSE Corp. |
7,900 |
489,089 |
|
|
|
2,402,828 |
||
|
TOTAL INDUSTRIALS |
4,664,334 |
||
|
INFORMATION TECHNOLOGY - 13.8% |
|||
|
Communications Equipment - 2.3% |
|||
|
Cisco Systems, Inc. |
93,782 |
2,308,913 |
|
|
Electronic Equipment & Components - 0.5% |
|||
|
TE Connectivity Ltd. |
8,498 |
505,291 |
|
|
IT Services - 3.5% |
|||
|
Amdocs Ltd. |
15,457 |
743,791 |
|
|
Fiserv, Inc. (a) |
14,800 |
889,628 |
|
|
IBM Corp. |
6,540 |
1,205,714 |
|
|
The Western Union Co. |
35,200 |
569,184 |
|
|
|
3,408,317 |
||
|
Software - 3.0% |
|||
|
Microsoft Corp. |
35,800 |
1,465,652 |
|
|
Oracle Corp. |
34,487 |
1,449,144 |
|
|
|
2,914,796 |
||
|
Technology Hardware, Storage & Peripherals - 4.5% |
|||
|
Apple, Inc. |
3,700 |
2,342,100 |
|
|
EMC Corp. |
48,200 |
1,280,192 |
|
|
Hewlett-Packard Co. |
24,939 |
835,457 |
|
|
|
4,457,749 |
||
|
TOTAL INFORMATION TECHNOLOGY |
13,595,066 |
||
|
MATERIALS - 2.5% |
|||
|
Chemicals - 1.6% |
|||
|
Agrium, Inc. |
8,000 |
718,325 |
|
|
CF Industries Holdings, Inc. |
3,655 |
889,298 |
|
|
|
1,607,623 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
MATERIALS - continued |
|||
|
Containers & Packaging - 0.6% |
|||
|
Ball Corp. |
9,600 |
$ 579,456 |
|
|
Paper & Forest Products - 0.3% |
|||
|
Schweitzer-Mauduit International, Inc. |
5,800 |
241,744 |
|
|
TOTAL MATERIALS |
2,428,823 |
||
|
TELECOMMUNICATION SERVICES - 2.2% |
|||
|
Diversified Telecommunication Services - 2.2% |
|||
|
Verizon Communications, Inc. |
44,000 |
2,198,240 |
|
|
UTILITIES - 3.6% |
|||
|
Electric Utilities - 2.9% |
|||
|
American Electric Power Co., Inc. |
21,900 |
1,168,365 |
|
|
Edison International |
19,593 |
1,080,358 |
|
|
Xcel Energy, Inc. |
21,500 |
661,340 |
|
|
|
2,910,063 |
||
|
Multi-Utilities - 0.7% |
|||
|
CMS Energy Corp. |
22,500 |
669,375 |
|
|
TOTAL UTILITIES |
3,579,438 |
||
|
TOTAL COMMON STOCKS (Cost $78,655,111) |
|
||
|
Nonconvertible Preferred Stocks - 1.5% |
|||
|
|
|
|
|
|
INFORMATION TECHNOLOGY - 1.5% |
|||
|
Semiconductors & Semiconductor Equipment - 1.5% |
|||
|
Samsung Electronics Co. Ltd. (Cost $1,324,654) |
1,380 |
|
|
|
Money Market Funds - 4.5% |
|||
|
Shares |
Value |
||
|
Fidelity Cash Central Fund, 0.10% (b) |
3,738,457 |
$ 3,738,457 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
660,450 |
660,450 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $4,398,907) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $84,378,672) |
101,186,034 |
||
|
NET OTHER ASSETS (LIABILITIES) - (2.5)% |
(2,486,924) |
||
|
NET ASSETS - 100% |
$ 98,699,110 |
||
|
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. |
|
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 |
$ 1,410 |
|
Fidelity Securities Lending Cash Central Fund |
805 |
|
Total |
$ 2,215 |
|
Other Information |
|
The following is a summary of the inputs used, as of May 31, 2014, 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 table 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 |
$ 7,314,892 |
$ 7,314,892 |
$ - |
$ - |
|
Consumer Staples |
7,942,237 |
7,942,237 |
- |
- |
|
Energy |
10,002,185 |
10,002,185 |
- |
- |
|
Financials |
27,082,541 |
26,564,778 |
517,763 |
- |
|
Health Care |
16,482,692 |
16,482,692 |
- |
- |
|
Industrials |
4,664,334 |
4,664,334 |
- |
- |
|
Information Technology |
15,091,745 |
15,091,745 |
- |
- |
|
Materials |
2,428,823 |
2,428,823 |
- |
- |
|
Telecommunication Services |
2,198,240 |
2,198,240 |
- |
- |
|
Utilities |
3,579,438 |
3,579,438 |
- |
- |
|
Money Market Funds |
4,398,907 |
4,398,907 |
- |
- |
|
Total Investments in Securities: |
$ 101,186,034 |
$ 100,668,271 |
$ 517,763 |
$ - |
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
|
United States of America |
86.4% |
|
Korea (South) |
2.4% |
|
Israel |
2.2% |
|
United Kingdom |
2.1% |
|
Switzerland |
2.1% |
|
Canada |
1.6% |
|
Bermuda |
1.3% |
|
Others (Individually Less Than 1%) |
1.9% |
|
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
|
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including securities loaned of $641,886) - See accompanying schedule: Unaffiliated issuers (cost $79,979,765) |
$ 96,787,127 |
|
|
Fidelity Central Funds (cost $4,398,907) |
4,398,907 |
|
|
Total Investments (cost $84,378,672) |
|
$ 101,186,034 |
|
Cash |
|
49,593 |
|
Receivable for investments sold |
|
1,820 |
|
Receivable for fund shares sold |
|
73,141 |
|
Dividends receivable |
|
220,588 |
|
Distributions receivable from Fidelity Central Funds |
|
400 |
|
Prepaid expenses |
|
34 |
|
Other receivables |
|
189 |
|
Total assets |
|
101,531,799 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 1,802,948 |
|
|
Payable for fund shares redeemed |
229,130 |
|
|
Accrued management fee |
49,721 |
|
|
Distribution and service plan fees payable |
36,864 |
|
|
Other affiliated payables |
22,012 |
|
|
Other payables and accrued expenses |
31,564 |
|
|
Collateral on securities loaned, at value |
660,450 |
|
|
Total liabilities |
|
2,832,689 |
|
|
|
|
|
Net Assets |
|
$ 98,699,110 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 93,057,637 |
|
Undistributed net investment income |
|
400,340 |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
(11,566,252) |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
16,807,385 |
|
Net Assets |
|
$ 98,699,110 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
|
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 15.04 |
|
|
|
|
|
Maximum offering price per share (100/94.25 of $15.04) |
|
$ 15.96 |
|
Class T: |
|
$ 15.02 |
|
|
|
|
|
Maximum offering price per share (100/96.50 of $15.02) |
|
$ 15.56 |
|
Class B: |
|
$ 14.91 |
|
|
|
|
|
Class C: |
|
$ 14.74 |
|
|
|
|
|
|
|
|
|
Institutional Class: |
|
$ 15.26 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
|
|
Six months ended May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Investment Income |
|
|
|
Dividends |
|
$ 1,010,993 |
|
Interest |
|
8,460 |
|
Income from Fidelity Central Funds |
|
2,215 |
|
Total income |
|
1,021,668 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 245,889 |
|
|
Performance adjustment |
(6,108) |
|
|
Transfer agent fees |
111,541 |
|
|
Distribution and service plan fees |
202,367 |
|
|
Accounting and security lending fees |
17,400 |
|
|
Custodian fees and expenses |
6,821 |
|
|
Independent trustees' compensation |
172 |
|
|
Registration fees |
57,551 |
|
|
Audit |
30,757 |
|
|
Legal |
194 |
|
|
Miscellaneous |
395 |
|
|
Total expenses before reductions |
666,979 |
|
|
Expense reductions |
(19,121) |
647,858 |
|
Net investment income (loss) |
|
373,810 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
7,178,905 |
|
|
Foreign currency transactions |
(2,789) |
|
|
Total net realized gain (loss) |
|
7,176,116 |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
48,080 |
|
|
Assets and liabilities in foreign currencies |
(65) |
|
|
Total change in net unrealized appreciation (depreciation) |
|
48,015 |
|
Net gain (loss) |
|
7,224,131 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ 7,597,941 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
|
Six months ended May 31, 2014 |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 373,810 |
$ 635,621 |
|
Net realized gain (loss) |
7,176,116 |
10,296,440 |
|
Change in net unrealized appreciation (depreciation) |
48,015 |
9,888,493 |
|
Net increase (decrease) in net assets resulting |
7,597,941 |
20,820,554 |
|
Distributions to shareholders from net investment income |
(521,742) |
(666,191) |
|
Share transactions - net increase (decrease) |
6,503,486 |
581,153 |
|
Total increase (decrease) in net assets |
13,579,685 |
20,735,516 |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
85,119,425 |
64,383,909 |
|
End of period (including undistributed net investment income of $400,340 and undistributed net investment income of $548,272, respectively) |
$ 98,699,110 |
$ 85,119,425 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.93 |
$ 10.60 |
$ 9.09 |
$ 8.85 |
$ 8.07 |
$ 6.70 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.07 |
.13 |
.12 |
.06 |
.07H |
.06 |
|
Net realized and unrealized gain (loss) |
1.15 |
3.33 |
1.44 |
.27 |
.77 |
1.42 |
|
Total from investment operations |
1.22 |
3.46 |
1.56 |
.33 |
.84 |
1.48 |
|
Distributions from net investment income |
(.11) |
(.13) |
(.05) |
(.09) |
(.06) |
(.11) |
|
Net asset value, end of period |
$ 15.04 |
$ 13.93 |
$ 10.60 |
$ 9.09 |
$ 8.85 |
$ 8.07 |
|
Total Return B, C, D |
8.84% |
33.09% |
17.27% |
3.72% |
10.42% |
22.49% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
1.29% A |
1.22% |
1.30% |
1.27% |
1.28% |
1.33% |
|
Expenses net of fee waivers, if any |
1.25% A |
1.22% |
1.25% |
1.25% |
1.25% |
1.25% |
|
Expenses net of all reductions |
1.25% A |
1.20% |
1.25% |
1.25% |
1.25% |
1.24% |
|
Net investment income (loss) |
1.04% A |
1.07% |
1.20% |
.59% |
.83% H |
.89% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 45,394 |
$ 39,538 |
$ 29,282 |
$ 27,910 |
$ 34,244 |
$ 36,306 |
|
Portfolio turnover rate G |
73% A |
68% |
77% |
65% |
103% |
135% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .20%.
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.90 |
$ 10.57 |
$ 9.06 |
$ 8.81 |
$ 8.04 |
$ 6.67 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.06 |
.10 |
.09 |
.03 |
.05H |
.04 |
|
Net realized and unrealized gain (loss) |
1.14 |
3.34 |
1.44 |
.28 |
.76 |
1.42 |
|
Total from investment operations |
1.20 |
3.44 |
1.53 |
.31 |
.81 |
1.46 |
|
Distributions from net investment income |
(.08) |
(.11) |
(.02) |
(.06) |
(.04) |
(.09) |
|
Net asset value, end of period |
$ 15.02 |
$ 13.90 |
$ 10.57 |
$ 9.06 |
$ 8.81 |
$ 8.04 |
|
Total Return B, C, D |
8.66% |
32.82% |
16.94% |
3.53% |
10.06% |
22.12% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
1.55% A |
1.48% |
1.55% |
1.53% |
1.54% |
1.59% |
|
Expenses net of fee waivers, if any |
1.50% A |
1.48% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Expenses net of all reductions |
1.50% A |
1.46% |
1.50% |
1.50% |
1.49% |
1.49% |
|
Net investment income (loss) |
.79% A |
.81% |
.95% |
.34% |
.58% H |
.64% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 30,255 |
$ 27,241 |
$ 21,212 |
$ 21,319 |
$ 25,208 |
$ 29,288 |
|
Portfolio turnover rate G |
73% A |
68% |
77% |
65% |
103% |
135% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.05)%.
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.76 |
$ 10.45 |
$ 8.98 |
$ 8.73 |
$ 7.96 |
$ 6.57 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.02 |
.04 |
.04 |
(.01) |
.01H |
.01 |
|
Net realized and unrealized gain (loss) |
1.13 |
3.31 |
1.43 |
.27 |
.76 |
1.40 |
|
Total from investment operations |
1.15 |
3.35 |
1.47 |
.26 |
.77 |
1.41 |
|
Distributions from net investment income |
- |
(.04) |
- |
(.01) |
- |
(.02) |
|
Net asset value, end of period |
$ 14.91 |
$ 13.76 |
$ 10.45 |
$ 8.98 |
$ 8.73 |
$ 7.96 |
|
Total Return B, C, D |
8.36% |
32.13% |
16.37% |
2.96% |
9.67% |
21.46% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
2.09% A |
1.99% |
2.06% |
2.02% |
2.03% |
2.08% |
|
Expenses net of fee waivers, if any |
2.00% A |
1.99% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expenses net of all reductions |
2.00% A |
1.97% |
2.00% |
2.00% |
1.99% |
1.99% |
|
Net investment income (loss) |
.29% A |
.30% |
.45% |
(.16)% |
.08% H |
.14% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 2,839 |
$ 2,886 |
$ 2,981 |
$ 3,884 |
$ 5,478 |
$ 7,007 |
|
Portfolio turnover rate G |
73% A |
68% |
77% |
65% |
103% |
135% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.55)%.
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.63 |
$ 10.37 |
$ 8.91 |
$ 8.67 |
$ 7.91 |
$ 6.55 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.02 |
.04 |
.04 |
(.01) |
.01H |
.01 |
|
Net realized and unrealized gain (loss) |
1.12 |
3.28 |
1.42 |
.27 |
.75 |
1.39 |
|
Total from investment operations |
1.14 |
3.32 |
1.46 |
.26 |
.76 |
1.40 |
|
Distributions from net investment income |
(.03) |
(.06) |
- |
(.02) |
- J |
(.04) |
|
Net asset value, end of period |
$ 14.74 |
$ 13.63 |
$ 10.37 |
$ 8.91 |
$ 8.67 |
$ 7.91 |
|
Total Return B, C, D |
8.35% |
32.16% |
16.39% |
2.95% |
9.64% |
21.46% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
2.05% A |
1.97% |
2.05% |
2.02% |
2.03% |
2.08% |
|
Expenses net of fee waivers, if any |
2.00% A |
1.97% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expenses net of all reductions |
2.00% A |
1.96% |
2.00% |
2.00% |
1.99% |
1.99% |
|
Net investment income (loss) |
.29% A |
.32% |
.45% |
(.16)% |
.08% H |
.14% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 16,008 |
$ 12,329 |
$ 8,785 |
$ 8,922 |
$ 10,265 |
$ 11,556 |
|
Portfolio turnover rate G |
73% A |
68% |
77% |
65% |
103% |
135% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.55)%.
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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 14.16 |
$ 10.75 |
$ 9.22 |
$ 8.97 |
$ 8.18 |
$ 6.80 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) D |
.10 |
.17 |
.15 |
.08 |
.09G |
.08 |
|
Net realized and unrealized gain (loss) |
1.15 |
3.39 |
1.45 |
.29 |
.78 |
1.43 |
|
Total from investment operations |
1.25 |
3.56 |
1.60 |
.37 |
.87 |
1.51 |
|
Distributions from net investment income |
(.15) |
(.15) |
(.07) |
(.12) |
(.08) |
(.13) |
|
Net asset value, end of period |
$ 15.26 |
$ 14.16 |
$ 10.75 |
$ 9.22 |
$ 8.97 |
$ 8.18 |
|
Total Return B, C |
8.95% |
33.61% |
17.49% |
4.05% |
10.65% |
22.71% |
|
Ratios to Average Net Assets E, H |
|
|
|
|
|
|
|
Expenses before reductions |
.96% A |
.89% |
.96% |
1.01% |
1.03% |
1.08% |
|
Expenses net of fee waivers, if any |
.96% A |
.89% |
.96% |
1.00% |
1.00% |
1.00% |
|
Expenses net of all reductions |
.96% A |
.87% |
.96% |
1.00% |
1.00% |
1.00% |
|
Net investment income (loss) |
1.32% A |
1.40% |
1.49% |
.84% |
1.08% G |
1.14% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 4,203 |
$ 3,126 |
$ 2,123 |
$ 3,381 |
$ 6,617 |
$ 6,168 |
|
Portfolio turnover rate F |
73% A |
68% |
77% |
65% |
103% |
135% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .45%.
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2014 (Unaudited)
1. Organization.
Fidelity Advisor® Equity Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class 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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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
Semiannual Report
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fidelity Management & Research Company (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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
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 daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, capital loss carryforwards, loss deferred due to wash sales and excise tax regulations.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
|
Gross unrealized appreciation |
$ 16,915,534 |
|
Gross unrealized depreciation |
(507,483) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 16,408,051 |
|
|
|
|
Tax cost |
$ 84,777,983 |
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 prior fiscal period end and is subject to adjustment.
|
Fiscal year of expiration |
|
|
2017 |
$ (18,333,795) |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $37,485,159 and $31,897,467, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the Russell 3000® Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .54% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
|
Distribution |
Service |
Total Fees |
Retained |
|
Class A |
-% |
.25% |
$ 52,102 |
$ 919 |
|
Class T |
.25% |
.25% |
69,640 |
436 |
|
Class B |
.75% |
.25% |
14,181 |
10,662 |
|
Class C |
.75% |
.25% |
66,444 |
9,101 |
|
|
|
|
$ 202,367 |
$ 21,118 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
|
|
Retained |
|
Class A |
$ 13,554 |
|
Class T |
2,872 |
|
Class B* |
309 |
|
Class C* |
580 |
|
|
$ 17,315 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Class A |
$ 51,216 |
.25 |
|
Class T |
35,793 |
.26 |
|
Class B |
4,286 |
.30 |
|
Class C |
17,075 |
.26 |
|
Institutional Class |
3,171 |
.17 |
|
|
$ 111,541 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. 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 $1,223 for the period.
Semiannual Report
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $79 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. 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 $805. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions - continued
The following classes were in reimbursement during the period:
|
|
Expense |
Reimbursement |
|
|
|
|
|
Class A |
1.25% |
$ 7,684 |
|
Class T |
1.50% |
6,583 |
|
Class B |
2.00% |
1,317 |
|
Class C |
2.00% |
3,181 |
|
|
|
$ 18,765 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $355 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 $1.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended |
Year ended |
|
From net investment income |
|
|
|
Class A |
$ 313,844 |
$ 368,863 |
|
Class T |
150,475 |
207,812 |
|
Class B |
- |
10,127 |
|
Class C |
23,680 |
48,842 |
|
Institutional Class |
33,743 |
30,547 |
|
Total |
$ 521,742 |
$ 666,191 |
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class A |
|
|
|
|
|
Shares sold |
451,567 |
583,952 |
$ 6,481,617 |
$ 7,135,653 |
|
Reinvestment of distributions |
21,597 |
32,284 |
293,073 |
339,948 |
|
Shares redeemed |
(291,908) |
(541,866) |
(4,199,120) |
(6,484,059) |
|
Net increase (decrease) |
181,256 |
74,370 |
$ 2,575,570 |
$ 991,542 |
|
Class T |
|
|
|
|
|
Shares sold |
279,120 |
369,830 |
$ 4,015,237 |
$ 4,472,830 |
|
Reinvestment of distributions |
10,805 |
19,297 |
146,522 |
203,195 |
|
Shares redeemed |
(235,289) |
(436,241) |
(3,342,574) |
(5,247,116) |
|
Net increase (decrease) |
54,636 |
(47,114) |
$ 819,185 |
$ (571,091) |
|
Class B |
|
|
|
|
|
Shares sold |
16,418 |
6,153 |
$ 234,341 |
$ 75,269 |
|
Reinvestment of distributions |
- |
894 |
- |
9,368 |
|
Shares redeemed |
(35,742) |
(82,657) |
(508,295) |
(973,124) |
|
Net increase (decrease) |
(19,324) |
(75,610) |
$ (273,954) |
$ (888,487) |
|
Class C |
|
|
|
|
|
Shares sold |
241,359 |
203,559 |
$ 3,433,383 |
$ 2,446,409 |
|
Reinvestment of distributions |
1,582 |
4,183 |
21,115 |
43,420 |
|
Shares redeemed |
(61,764) |
(150,316) |
(862,518) |
(1,733,957) |
|
Net increase (decrease) |
181,177 |
57,426 |
$ 2,591,980 |
$ 755,872 |
|
Institutional Class |
|
|
|
|
|
Shares sold |
90,529 |
65,871 |
$ 1,316,191 |
$ 815,361 |
|
Reinvestment of distributions |
2,352 |
2,690 |
32,366 |
28,699 |
|
Shares redeemed |
(38,210) |
(45,258) |
(557,852) |
(550,743) |
|
Net increase (decrease) |
54,671 |
23,303 |
$ 790,705 |
$ 293,317 |
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
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research (Hong Kong) Limited
Fidelity Management & Research (Japan) 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
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AEV-USAN-0714 1.786787.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Growth & Income
Fund - Institutional Class
Semiannual Report
May 31, 2014
(Fidelity Cover Art)
Contents
|
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. © 2014 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
Shareholder Expense Example
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 (December 1, 2013 to May 31, 2014).
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 |
1.02% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,059.20 |
$ 5.24 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,019.85 |
$ 5.14 |
|
Class T |
1.25% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,058.00 |
$ 6.41 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.70 |
$ 6.29 |
|
Class B |
1.84% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,055.00 |
$ 9.43 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.76 |
$ 9.25 |
|
Class C |
1.75% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,055.60 |
$ 8.97 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,016.21 |
$ 8.80 |
|
Institutional Class |
.71% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,061.30 |
$ 3.65 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.39 |
$ 3.58 |
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 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
JPMorgan Chase & Co. |
4.0 |
3.8 |
|
Apple, Inc. |
3.7 |
3.9 |
|
Microsoft Corp. |
3.2 |
2.9 |
|
General Electric Co. |
3.1 |
3.0 |
|
Chevron Corp. |
2.7 |
2.4 |
|
Citigroup, Inc. |
2.1 |
2.1 |
|
Verizon Communications, Inc. |
2.0 |
1.3 |
|
Target Corp. |
1.9 |
1.7 |
|
Procter & Gamble Co. |
1.9 |
2.0 |
|
Comcast Corp. Class A (special) (non-vtg.) |
1.8 |
1.7 |
|
|
26.4 |
|
|
Top Five Market Sectors as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Financials |
19.0 |
19.2 |
|
Information Technology |
18.9 |
18.5 |
|
Consumer Staples |
13.0 |
12.0 |
|
Energy |
11.4 |
11.8 |
|
Industrials |
11.4 |
11.2 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2014* |
As of November 30, 2013** |
||||||
 |
Stocks 98.8% |
|
|
Stocks 98.9% |
|
||
 |
Convertible |
|
|
Convertible |
|
||
 |
Other Investments 0.0%† |
|
 |
Other Investments 0.0% |
|
||
 |
Short-Term |
|
|
Short-Term |
|
||
|
* Foreign investments |
13.4% |
|
** Foreign investments |
13.3% |
|
||
† Amount represents less than 0.1%
Semiannual Report
Investments May 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 98.8% |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER DISCRETIONARY - 9.3% |
|||
|
Diversified Consumer Services - 0.3% |
|||
|
H&R Block, Inc. |
58,726 |
$ 1,749 |
|
|
Hotels, Restaurants & Leisure - 1.9% |
|||
|
Darden Restaurants, Inc. |
36,500 |
1,829 |
|
|
McDonald's Corp. |
44,545 |
4,518 |
|
|
Yum! Brands, Inc. |
63,061 |
4,875 |
|
|
|
11,222 |
||
|
Household Durables - 0.0% |
|||
|
Tupperware Brands Corp. |
3,300 |
276 |
|
|
Media - 3.6% |
|||
|
Comcast Corp. Class A (special) (non-vtg.) |
208,529 |
10,810 |
|
|
Lamar Advertising Co. Class A |
2,400 |
118 |
|
|
Scripps Networks Interactive, Inc. Class A |
5,572 |
426 |
|
|
Sinclair Broadcast Group, Inc. Class A |
60,927 |
1,802 |
|
|
Time Warner, Inc. |
114,713 |
8,010 |
|
|
|
21,166 |
||
|
Multiline Retail - 1.9% |
|||
|
Target Corp. |
199,599 |
11,329 |
|
|
Specialty Retail - 1.5% |
|||
|
Lewis Group Ltd. |
37,336 |
234 |
|
|
Lowe's Companies, Inc. |
166,057 |
7,818 |
|
|
Staples, Inc. |
51,229 |
576 |
|
|
|
8,628 |
||
|
Textiles, Apparel & Luxury Goods - 0.1% |
|||
|
adidas AG |
7,000 |
751 |
|
|
TOTAL CONSUMER DISCRETIONARY |
55,121 |
||
|
CONSUMER STAPLES - 13.0% |
|||
|
Beverages - 3.7% |
|||
|
Diageo PLC |
61,900 |
1,993 |
|
|
Molson Coors Brewing Co. Class B |
25,697 |
1,689 |
|
|
PepsiCo, Inc. |
59,343 |
5,242 |
|
|
Pernod Ricard SA |
5,400 |
662 |
|
|
Remy Cointreau SA |
5,300 |
491 |
|
|
SABMiller PLC |
43,800 |
2,431 |
|
|
The Coca-Cola Co. |
233,194 |
9,540 |
|
|
|
22,048 |
||
|
Food & Staples Retailing - 1.9% |
|||
|
CVS Caremark Corp. |
47,451 |
3,716 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER STAPLES - continued |
|||
|
Food & Staples Retailing - continued |
|||
|
Kroger Co. |
41,600 |
$ 1,986 |
|
|
Walgreen Co. |
77,482 |
5,572 |
|
|
|
11,274 |
||
|
Food Products - 0.7% |
|||
|
Kellogg Co. |
49,202 |
3,394 |
|
|
Mead Johnson Nutrition Co. Class A |
8,400 |
752 |
|
|
|
4,146 |
||
|
Household Products - 2.0% |
|||
|
Procter & Gamble Co. |
137,535 |
11,111 |
|
|
Svenska Cellulosa AB (SCA) (B Shares) |
28,805 |
801 |
|
|
|
11,912 |
||
|
Tobacco - 4.7% |
|||
|
British American Tobacco PLC sponsored ADR |
88,276 |
10,704 |
|
|
Lorillard, Inc. |
130,925 |
8,140 |
|
|
Philip Morris International, Inc. |
69,338 |
6,139 |
|
|
Reynolds American, Inc. |
46,000 |
2,743 |
|
|
|
27,726 |
||
|
TOTAL CONSUMER STAPLES |
77,106 |
||
|
ENERGY - 11.2% |
|||
|
Energy Equipment & Services - 1.0% |
|||
|
Ensco PLC Class A |
34,941 |
1,840 |
|
|
National Oilwell Varco, Inc. |
3,900 |
319 |
|
|
Oceaneering International, Inc. |
8,000 |
576 |
|
|
Schlumberger Ltd. |
33,334 |
3,468 |
|
|
|
6,203 |
||
|
Oil, Gas & Consumable Fuels - 10.2% |
|||
|
Access Midstream Partners LP |
21,029 |
1,325 |
|
|
Apache Corp. |
49,841 |
4,646 |
|
|
Atlas Pipeline Partners LP |
41,675 |
1,359 |
|
|
BG Group PLC |
262,360 |
5,370 |
|
|
Canadian Natural Resources Ltd. |
80,350 |
3,270 |
|
|
Chevron Corp. |
128,063 |
15,725 |
|
|
Eni SpA |
21,800 |
555 |
|
|
EQT Midstream Partners LP |
9,200 |
756 |
|
|
Exxon Mobil Corp. |
17,782 |
1,788 |
|
|
Imperial Oil Ltd. |
62,700 |
3,087 |
|
|
Magellan Midstream Partners LP |
1,554 |
127 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
ENERGY - continued |
|||
|
Oil, Gas & Consumable Fuels - continued |
|||
|
Markwest Energy Partners LP |
56,205 |
$ 3,482 |
|
|
MPLX LP |
6,403 |
366 |
|
|
Occidental Petroleum Corp. |
72,329 |
7,210 |
|
|
Peabody Energy Corp. |
32,400 |
524 |
|
|
PrairieSky Royalty Ltd. |
2,400 |
80 |
|
|
Suncor Energy, Inc. |
144,990 |
5,580 |
|
|
The Williams Companies, Inc. |
96,531 |
4,533 |
|
|
Western Gas Partners LP |
8,200 |
590 |
|
|
|
60,373 |
||
|
TOTAL ENERGY |
66,576 |
||
|
FINANCIALS - 19.0% |
|||
|
Banks - 11.4% |
|||
|
Bank of America Corp. |
551,042 |
8,343 |
|
|
Citigroup, Inc. |
265,722 |
12,640 |
|
|
JPMorgan Chase & Co. |
427,343 |
23,744 |
|
|
M&T Bank Corp. |
7,872 |
955 |
|
|
PNC Financial Services Group, Inc. |
49,416 |
4,214 |
|
|
Standard Chartered PLC (United Kingdom) |
256,634 |
5,775 |
|
|
SunTrust Banks, Inc. |
14,235 |
545 |
|
|
U.S. Bancorp |
119,130 |
5,026 |
|
|
Wells Fargo & Co. |
132,850 |
6,746 |
|
|
|
67,988 |
||
|
Capital Markets - 4.1% |
|||
|
Apollo Investment Corp. |
20,268 |
170 |
|
|
Ares Capital Corp. |
25,465 |
439 |
|
|
BlackRock, Inc. Class A |
2,000 |
610 |
|
|
Carlyle Group LP |
14,800 |
458 |
|
|
Charles Schwab Corp. |
194,613 |
4,906 |
|
|
Greenhill & Co., Inc. |
1,900 |
94 |
|
|
Invesco Ltd. |
13,400 |
492 |
|
|
KKR & Co. LP |
158,013 |
3,592 |
|
|
Morgan Stanley |
112,030 |
3,457 |
|
|
Northern Trust Corp. |
58,840 |
3,554 |
|
|
State Street Corp. |
90,670 |
5,918 |
|
|
The Blackstone Group LP |
29,300 |
911 |
|
|
|
24,601 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
FINANCIALS - continued |
|||
|
Diversified Financial Services - 0.7% |
|||
|
IntercontinentalExchange Group, Inc. |
12,439 |
$ 2,443 |
|
|
TPG Specialty Lending, Inc. |
66,400 |
1,407 |
|
|
|
3,850 |
||
|
Insurance - 1.7% |
|||
|
Arthur J. Gallagher & Co. |
16,319 |
748 |
|
|
Brown & Brown, Inc. |
10,040 |
303 |
|
|
Marsh & McLennan Companies, Inc. |
27,966 |
1,406 |
|
|
MetLife, Inc. |
131,187 |
6,681 |
|
|
MetLife, Inc. unit |
25,700 |
760 |
|
|
Ping An Insurance (Group) Co. of China Ltd. (H Shares) |
3,500 |
27 |
|
|
|
9,925 |
||
|
Real Estate Investment Trusts - 0.7% |
|||
|
Altisource Residential Corp. Class B |
10,400 |
290 |
|
|
CBL & Associates Properties, Inc. |
80,296 |
1,511 |
|
|
First Potomac Realty Trust |
15,672 |
205 |
|
|
Sun Communities, Inc. |
46,446 |
2,249 |
|
|
|
4,255 |
||
|
Real Estate Management & Development - 0.2% |
|||
|
Beazer Pre-Owned Rental Homes, Inc. (a)(h) |
67,500 |
1,258 |
|
|
Thrifts & Mortgage Finance - 0.2% |
|||
|
Radian Group, Inc. |
91,090 |
1,314 |
|
|
TOTAL FINANCIALS |
113,191 |
||
|
HEALTH CARE - 10.5% |
|||
|
Biotechnology - 1.2% |
|||
|
Amgen, Inc. |
50,592 |
5,868 |
|
|
Biogen Idec, Inc. (a) |
2,900 |
926 |
|
|
Intercept Pharmaceuticals, Inc. (a) |
1,300 |
308 |
|
|
|
7,102 |
||
|
Health Care Equipment & Supplies - 1.7% |
|||
|
Abbott Laboratories |
39,226 |
1,569 |
|
|
Ansell Ltd. |
20,366 |
365 |
|
|
Covidien PLC |
3,700 |
271 |
|
|
ResMed, Inc. (e) |
25,804 |
1,292 |
|
|
St. Jude Medical, Inc. |
24,893 |
1,616 |
|
|
Steris Corp. |
6,700 |
359 |
|
|
Stryker Corp. |
23,359 |
1,974 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
HEALTH CARE - continued |
|||
|
Health Care Equipment & Supplies - continued |
|||
|
The Cooper Companies, Inc. |
6,751 |
$ 871 |
|
|
Zimmer Holdings, Inc. |
14,890 |
1,554 |
|
|
|
9,871 |
||
|
Health Care Providers & Services - 1.9% |
|||
|
Fresenius Medical Care AG & Co. KGaA |
9,600 |
636 |
|
|
McKesson Corp. |
21,233 |
4,027 |
|
|
Patterson Companies, Inc. |
25,000 |
979 |
|
|
Quest Diagnostics, Inc. |
41,652 |
2,495 |
|
|
UnitedHealth Group, Inc. |
41,336 |
3,292 |
|
|
|
11,429 |
||
|
Health Care Technology - 0.1% |
|||
|
Quality Systems, Inc. |
29,839 |
465 |
|
|
Life Sciences Tools & Services - 0.0% |
|||
|
Lonza Group AG |
2,973 |
320 |
|
|
Pharmaceuticals - 5.6% |
|||
|
AbbVie, Inc. |
56,160 |
3,051 |
|
|
Astellas Pharma, Inc. |
59,100 |
760 |
|
|
GlaxoSmithKline PLC sponsored ADR (e) |
106,909 |
5,767 |
|
|
Johnson & Johnson |
88,901 |
9,020 |
|
|
Merck & Co., Inc. |
74,518 |
4,312 |
|
|
Novartis AG sponsored ADR |
39,001 |
3,512 |
|
|
Sanofi SA |
17,949 |
1,919 |
|
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
78,674 |
3,972 |
|
|
Zoetis, Inc. Class A |
34,000 |
1,044 |
|
|
|
33,357 |
||
|
TOTAL HEALTH CARE |
62,544 |
||
|
INDUSTRIALS - 11.4% |
|||
|
Aerospace & Defense - 2.1% |
|||
|
Meggitt PLC |
166,009 |
1,348 |
|
|
Rolls-Royce Group PLC |
68,650 |
1,197 |
|
|
The Boeing Co. |
44,794 |
6,058 |
|
|
United Technologies Corp. |
30,631 |
3,560 |
|
|
|
12,163 |
||
|
Air Freight & Logistics - 1.7% |
|||
|
C.H. Robinson Worldwide, Inc. |
35,326 |
2,115 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INDUSTRIALS - continued |
|||
|
Air Freight & Logistics - continued |
|||
|
PostNL NV (a) |
58,600 |
$ 287 |
|
|
United Parcel Service, Inc. Class B |
73,879 |
7,675 |
|
|
|
10,077 |
||
|
Airlines - 0.0% |
|||
|
Copa Holdings SA Class A |
900 |
129 |
|
|
Commercial Services & Supplies - 0.3% |
|||
|
ADT Corp. |
13,183 |
424 |
|
|
KAR Auction Services, Inc. |
39,200 |
1,197 |
|
|
Ritchie Brothers Auctioneers, Inc. |
1,700 |
39 |
|
|
|
1,660 |
||
|
Electrical Equipment - 0.4% |
|||
|
General Cable Corp. |
18,509 |
472 |
|
|
Hubbell, Inc. Class B |
17,212 |
2,014 |
|
|
|
2,486 |
||
|
Industrial Conglomerates - 3.1% |
|||
|
General Electric Co. |
693,493 |
18,579 |
|
|
Machinery - 0.3% |
|||
|
Ingersoll-Rand PLC |
26,524 |
1,587 |
|
|
Stanley Black & Decker, Inc. |
2,600 |
227 |
|
|
|
1,814 |
||
|
Professional Services - 0.5% |
|||
|
Acacia Research Corp. |
39,864 |
643 |
|
|
Amadeus Fire AG |
2,843 |
242 |
|
|
Bureau Veritas SA |
62,918 |
1,897 |
|
|
Exova Group Ltd. PLC (a) |
60,100 |
247 |
|
|
|
3,029 |
||
|
Road & Rail - 2.3% |
|||
|
CSX Corp. |
195,733 |
5,755 |
|
|
J.B. Hunt Transport Services, Inc. |
45,620 |
3,543 |
|
|
Kansas City Southern |
7,200 |
774 |
|
|
Norfolk Southern Corp. |
28,108 |
2,832 |
|
|
TransForce, Inc. |
25,500 |
557 |
|
|
|
13,461 |
||
|
Trading Companies & Distributors - 0.7% |
|||
|
Beijer (G&L) AG Series B |
4,689 |
105 |
|
|
Brenntag AG |
1,722 |
322 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INDUSTRIALS - continued |
|||
|
Trading Companies & Distributors - continued |
|||
|
W.W. Grainger, Inc. |
7,873 |
$ 2,034 |
|
|
Watsco, Inc. |
15,864 |
1,596 |
|
|
|
4,057 |
||
|
TOTAL INDUSTRIALS |
67,455 |
||
|
INFORMATION TECHNOLOGY - 18.9% |
|||
|
Communications Equipment - 2.5% |
|||
|
Cisco Systems, Inc. |
376,971 |
9,281 |
|
|
QUALCOMM, Inc. |
66,513 |
5,351 |
|
|
|
14,632 |
||
|
Internet Software & Services - 2.8% |
|||
|
Google, Inc.: |
|
|
|
|
Class A (a) |
13,058 |
7,465 |
|
|
Class C (a) |
11,958 |
6,708 |
|
|
Yahoo!, Inc. (a) |
77,292 |
2,678 |
|
|
|
16,851 |
||
|
IT Services - 4.9% |
|||
|
Amadeus IT Holding SA Class A |
1,400 |
62 |
|
|
Cognizant Technology Solutions Corp. Class A (a) |
51,320 |
2,495 |
|
|
Computer Sciences Corp. |
39,019 |
2,454 |
|
|
Fidelity National Information Services, Inc. |
30,038 |
1,627 |
|
|
IBM Corp. |
10,300 |
1,899 |
|
|
MasterCard, Inc. Class A |
72,990 |
5,580 |
|
|
Paychex, Inc. |
175,209 |
7,203 |
|
|
Quindell PLC |
1,398,500 |
486 |
|
|
The Western Union Co. |
101,161 |
1,636 |
|
|
Visa, Inc. Class A |
27,035 |
5,808 |
|
|
|
29,250 |
||
|
Semiconductors & Semiconductor Equipment - 1.4% |
|||
|
Applied Materials, Inc. |
163,293 |
3,297 |
|
|
Broadcom Corp. Class A |
110,636 |
3,526 |
|
|
Maxim Integrated Products, Inc. |
35,486 |
1,215 |
|
|
|
8,038 |
||
|
Software - 3.3% |
|||
|
Microsoft Corp. |
458,873 |
18,786 |
|
|
Oracle Corp. |
16,484 |
693 |
|
|
|
19,479 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Technology Hardware, Storage & Peripherals - 4.0% |
|||
|
Apple, Inc. |
34,554 |
$ 21,873 |
|
|
EMC Corp. |
79,930 |
2,123 |
|
|
|
23,996 |
||
|
TOTAL INFORMATION TECHNOLOGY |
112,246 |
||
|
MATERIALS - 3.3% |
|||
|
Chemicals - 2.9% |
|||
|
Airgas, Inc. |
28,852 |
3,068 |
|
|
E.I. du Pont de Nemours & Co. |
28,831 |
1,998 |
|
|
FMC Corp. |
18,829 |
1,442 |
|
|
Johnson Matthey PLC |
6,400 |
345 |
|
|
Monsanto Co. |
44,601 |
5,435 |
|
|
Potash Corp. of Saskatchewan, Inc. |
19,900 |
722 |
|
|
Royal DSM NV (e) |
15,813 |
1,140 |
|
|
Syngenta AG (Switzerland) |
6,998 |
2,694 |
|
|
Tronox Ltd. Class A |
16,351 |
434 |
|
|
|
17,278 |
||
|
Metals & Mining - 0.4% |
|||
|
Freeport-McMoRan Copper & Gold, Inc. |
69,300 |
2,360 |
|
|
SunCoke Energy Partners LP |
8,410 |
241 |
|
|
|
2,601 |
||
|
TOTAL MATERIALS |
19,879 |
||
|
TELECOMMUNICATION SERVICES - 2.0% |
|||
|
Diversified Telecommunication Services - 2.0% |
|||
|
Verizon Communications, Inc. |
237,109 |
11,846 |
|
|
UTILITIES - 0.2% |
|||
|
Electric Utilities - 0.1% |
|||
|
ITC Holdings Corp. |
14,323 |
524 |
|
|
Multi-Utilities - 0.1% |
|||
|
Sempra Energy |
7,400 |
743 |
|
|
TOTAL UTILITIES |
1,267 |
||
|
TOTAL COMMON STOCKS (Cost $458,616) |
|
||
|
Preferred Stocks - 0.8% |
|||
|
Shares |
Value (000s) |
||
|
Convertible Preferred Stocks - 0.8% |
|||
|
CONSUMER DISCRETIONARY - 0.0% |
|||
|
Leisure Products - 0.0% |
|||
|
NJOY, Inc. Series D (h) |
5,350 |
$ 91 |
|
|
HEALTH CARE - 0.8% |
|||
|
Health Care Equipment & Supplies - 0.8% |
|||
|
Alere, Inc. 3.00% |
14,654 |
4,601 |
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS |
4,692 |
||
|
Nonconvertible Preferred Stocks - 0.0% |
|||
|
INDUSTRIALS - 0.0% |
|||
|
Aerospace & Defense - 0.0% |
|||
|
Rolls-Royce Group PLC (C Shares) |
7,698,300 |
13 |
|
|
TOTAL PREFERRED STOCKS (Cost $4,169) |
|
||
|
Convertible Bonds - 0.2% |
||||
|
|
Principal |
|
||
|
ENERGY - 0.2% |
||||
|
Oil, Gas & Consumable Fuels - 0.2% |
||||
|
Amyris, Inc. 3% 2/27/17 |
|
$ 772 |
629 |
|
|
Peabody Energy Corp. 4.75% 12/15/41 |
|
590 |
459 |
|
|
|
1,088 |
|||
|
TOTAL CONVERTIBLE BONDS (Cost $1,231) |
|
|||
|
Preferred Securities - 0.0% |
||||
|
|
|
|
|
|
|
FINANCIALS - 0.0% |
||||
|
Diversified Financial Services - 0.0% |
||||
|
Baggot Securities Ltd. 10.24% (f)(g) (Cost $353) |
EUR |
230 |
|
|
|
Money Market Funds - 1.2% |
|||
|
Shares |
Value (000s) |
||
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
7,000,105 |
$ 7,000 |
|
|
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $471,369) |
600,376 |
||
|
NET OTHER ASSETS (LIABILITIES) - (1.0)% |
(5,911) |
||
|
NET ASSETS - 100% |
$ 594,465 |
||
|
Currency Abbreviations |
||
|
EUR |
- |
European Monetary Unit |
|
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) Amount is stated in United States dollars unless otherwise noted. |
|
(e) Security or a portion of the security is on loan at period end. |
|
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $352,000 or 0.0% of net assets. |
|
(g) Security is perpetual in nature with no stated maturity date. |
|
(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,348,000 or 0.2% of net assets. |
|
Additional information on each restricted holding is as follows: |
|
Security |
Acquisition Date |
Acquisition Cost (000s) |
|
Beazer Pre-Owned Rental Homes, Inc. |
5/3/12 - 10/23/12 |
$ 1,350 |
|
NJOY, Inc. |
2/14/14 |
$ 91 |
|
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 |
$ -* |
|
Fidelity Securities Lending Cash Central Fund |
27 |
|
Total |
$ 27 |
|
* Amount represents less than $1,000 |
|
Other Information |
|
The following is a summary of the inputs used, as of May 31, 2014, 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 table 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 |
$ 55,212 |
$ 55,121 |
$ - |
$ 91 |
|
Consumer Staples |
77,106 |
75,113 |
1,993 |
- |
|
Energy |
66,576 |
66,021 |
555 |
- |
|
Financials |
113,191 |
111,173 |
760 |
1,258 |
|
Health Care |
67,145 |
63,830 |
3,315 |
- |
|
Industrials |
67,468 |
67,468 |
- |
- |
|
Information Technology |
112,246 |
112,246 |
- |
- |
|
Materials |
19,879 |
17,185 |
2,694 |
- |
|
Telecommunication Services |
11,846 |
11,846 |
- |
- |
|
Utilities |
1,267 |
1,267 |
- |
- |
|
Corporate Bonds |
1,088 |
- |
1,088 |
- |
|
Preferred Securities |
352 |
- |
352 |
- |
|
Money Market Funds |
7,000 |
7,000 |
- |
- |
|
Total Investments in Securities: |
$ 600,376 |
$ 588,270 |
$ 10,757 |
$ 1,349 |
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
|
United States of America |
86.6% |
|
United Kingdom |
6.5% |
|
Canada |
2.2% |
|
Switzerland |
1.1% |
|
Others (Individually Less Than 1%) |
3.6% |
|
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including securities loaned of $6,810) - See accompanying schedule: Unaffiliated issuers (cost $464,369) |
$ 593,376 |
|
|
Fidelity Central Funds (cost $7,000) |
7,000 |
|
|
Total Investments (cost $471,369) |
|
$ 600,376 |
|
Receivable for investments sold |
|
3,805 |
|
Receivable for fund shares sold |
|
434 |
|
Dividends receivable |
|
1,331 |
|
Interest receivable |
|
17 |
|
Distributions receivable from Fidelity Central Funds |
|
10 |
|
Total assets |
|
605,973 |
|
|
|
|
|
Liabilities |
|
|
|
Payable to custodian bank |
$ 888 |
|
|
Payable for investments purchased |
2,173 |
|
|
Payable for fund shares redeemed |
838 |
|
|
Accrued management fee |
220 |
|
|
Distribution and service plan fees payable |
217 |
|
|
Other affiliated payables |
127 |
|
|
Other payables and accrued expenses |
45 |
|
|
Collateral on securities loaned, at value |
7,000 |
|
|
Total liabilities |
|
11,508 |
|
|
|
|
|
Net Assets |
|
$ 594,465 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 443,529 |
|
Undistributed net investment income |
|
3,812 |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
18,114 |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
129,010 |
|
Net Assets |
|
$ 594,465 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 27.09 |
|
|
|
|
|
Maximum offering price per share (100/94.25 of $27.09) |
|
$ 28.74 |
|
Class T: |
|
$ 27.09 |
|
|
|
|
|
Maximum offering price per share (100/96.50 of $27.09) |
|
$ 28.07 |
|
Class B: |
|
$ 25.91 |
|
|
|
|
|
Class C: |
|
$ 25.84 |
|
|
|
|
|
Institutional Class: |
|
$ 27.54 |
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
Statement of Operations
|
Amounts in thousands Six months ended May 31, 2014 (Unaudited) |
||
|
|
|
|
|
Investment Income |
|
|
|
Dividends |
|
$ 7,242 |
|
Interest |
|
29 |
|
Income from Fidelity Central Funds |
|
27 |
|
Total income |
|
7,298 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 1,304 |
|
|
Transfer agent fees |
653 |
|
|
Distribution and service plan fees |
1,289 |
|
|
Accounting and security lending fees |
109 |
|
|
Custodian fees and expenses |
33 |
|
|
Independent trustees' compensation |
1 |
|
|
Registration fees |
48 |
|
|
Audit |
44 |
|
|
Legal |
2 |
|
|
Miscellaneous |
3 |
|
|
Total expenses before reductions |
3,486 |
|
|
Expense reductions |
(3) |
3,483 |
|
Net investment income (loss) |
|
3,815 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
22,100 |
|
|
Foreign currency transactions |
(5) |
|
|
Total net realized gain (loss) |
|
22,095 |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
7,074 |
|
|
Assets and liabilities in foreign currencies |
2 |
|
|
Total change in net unrealized appreciation (depreciation) |
|
7,076 |
|
Net gain (loss) |
|
29,171 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ 32,986 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
Amounts in thousands |
Six months ended May 31, 2014 |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 3,815 |
$ 14,973 |
|
Net realized gain (loss) |
22,095 |
296,421 |
|
Change in net unrealized appreciation (depreciation) |
7,076 |
(64,394) |
|
Net increase (decrease) in net assets resulting from operations |
32,986 |
247,000 |
|
Distributions to shareholders from net investment income |
(1,555) |
(2,542) |
|
Distributions to shareholders from net realized gain |
(4,023) |
- |
|
Total distributions |
(5,578) |
(2,542) |
|
Share transactions - net increase (decrease) |
(12,381) |
(1,114,198) |
|
Total increase (decrease) in net assets |
15,027 |
(869,740) |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
579,438 |
1,449,178 |
|
End of period (including undistributed net investment income of $3,812 and undistributed net investment income of $1,552, respectively) |
$ 594,465 |
$ 579,438 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 25.87 |
$ 19.67 |
$ 17.00 |
$ 16.05 |
$ 14.67 |
$ 11.96 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.20 |
.37 |
.33 |
.21 |
.04 |
.08 |
|
Net realized and unrealized gain (loss) |
1.31 |
5.88 |
2.90 |
.78 |
1.41 |
2.75 |
|
Total from investment operations |
1.51 |
6.25 |
3.23 |
.99 |
1.45 |
2.83 |
|
Distributions from net investment income |
(.11) |
(.05) |
(.53) |
(.04) |
(.07) |
(.12) |
|
Distributions from net realized gain |
(.18) |
- |
(.03) |
- |
- |
- |
|
Total distributions |
(.29) |
(.05) |
(.56) |
(.04) |
(.07) |
(.12) |
|
Net asset value, end of period |
$ 27.09 |
$ 25.87 |
$ 19.67 |
$ 17.00 |
$ 16.05 |
$ 14.67 |
|
Total Return B, C, D |
5.92% |
31.86% |
19.20% |
6.17% |
9.90% |
23.96% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.02%A |
1.02% |
1.05% |
1.06% |
1.05% |
1.09% |
|
Expenses net of fee waivers, if any |
1.02%A |
1.02% |
1.05% |
1.06% |
1.05% |
1.09% |
|
Expenses net of all reductions |
1.02%A |
1.00% |
1.04% |
1.05% |
1.05% |
1.08% |
|
Net investment income (loss) |
1.51% A |
1.61% |
1.75% |
1.22% |
.26% |
.60% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 269 |
$ 255 |
$ 183 |
$ 170 |
$ 232 |
$ 252 |
|
Portfolio turnover rateG |
48% A |
48% |
57% |
123% |
102% |
117% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 25.84 |
$ 19.68 |
$ 16.97 |
$ 16.02 |
$ 14.64 |
$ 11.90 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.16 |
.32 |
.29 |
.17 |
- I |
.04 |
|
Net realized and unrealized gain (loss) |
1.32 |
5.89 |
2.89 |
.78 |
1.41 |
2.75 |
|
Total from investment operations |
1.48 |
6.21 |
3.18 |
.95 |
1.41 |
2.79 |
|
Distributions from net investment income |
(.05) |
(.05) |
(.44) |
- |
(.03) |
(.05) |
|
Distributions from net realized gain |
(.18) |
- |
(.03) |
- |
- |
- |
|
Total distributions |
(.23) |
(.05) |
(.47) |
- |
(.03) |
(.05) |
|
Net asset value, end of period |
$ 27.09 |
$ 25.84 |
$ 19.68 |
$ 16.97 |
$ 16.02 |
$ 14.64 |
|
Total Return B, C, D |
5.80% |
31.62% |
18.93% |
5.93% |
9.63% |
23.57% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.25%A |
1.25% |
1.27% |
1.29% |
1.31% |
1.34% |
|
Expenses net of fee waivers, if any |
1.25%A |
1.25% |
1.27% |
1.29% |
1.31% |
1.34% |
|
Expenses net of all reductions |
1.25%A |
1.23% |
1.26% |
1.28% |
1.30% |
1.34% |
|
Net investment income (loss) |
1.27% A |
1.38% |
1.53% |
.99% |
.01% |
.35% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 215 |
$ 214 |
$ 166 |
$ 158 |
$ 178 |
$ 201 |
|
Portfolio turnover rate G |
48% A |
48% |
57% |
123% |
102% |
117% |
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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 24.74 |
$ 18.95 |
$ 16.24 |
$ 15.41 |
$ 14.13 |
$ 11.49 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.09 |
.18 |
.18 |
.08 |
(.07) |
(.02) |
|
Net realized and unrealized gain (loss) |
1.26 |
5.65 |
2.78 |
.75 |
1.35 |
2.66 |
|
Total from investment operations |
1.35 |
5.83 |
2.96 |
.83 |
1.28 |
2.64 |
|
Distributions from net investment income |
- |
(.04) |
(.22) |
- |
- |
- |
|
Distributions from net realized gain |
(.18) |
- |
(.03) |
- |
- |
- |
|
Total distributions |
(.18) |
(.04) |
(.25) |
- |
- |
- |
|
Net asset value, end of period |
$ 25.91 |
$ 24.74 |
$ 18.95 |
$ 16.24 |
$ 15.41 |
$ 14.13 |
|
Total Return B, C, D |
5.50% |
30.81% |
18.31% |
5.39% |
9.06% |
22.98% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.84%A |
1.81% |
1.81% |
1.81% |
1.82% |
1.85% |
|
Expenses net of fee waivers, if any |
1.84%A |
1.81% |
1.81% |
1.81% |
1.82% |
1.85% |
|
Expenses net of all reductions |
1.84%A |
1.80% |
1.81% |
1.80% |
1.81% |
1.84% |
|
Net investment income (loss) |
.69% A |
.82% |
.99% |
.47% |
(.51)% |
(.16)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 10 |
$ 12 |
$ 11 |
$ 13 |
$ 19 |
$ 27 |
|
Portfolio turnover rate G |
48% A |
48% |
57% |
123% |
102% |
117% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 24.66 |
$ 18.87 |
$ 16.23 |
$ 15.39 |
$ 14.12 |
$ 11.47 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.10 |
.19 |
.19 |
.08 |
(.07) |
(.02) |
|
Net realized and unrealized gain (loss) |
1.26 |
5.64 |
2.77 |
.76 |
1.34 |
2.67 |
|
Total from investment operations |
1.36 |
5.83 |
2.96 |
.84 |
1.27 |
2.65 |
|
Distributions from net investment income |
- |
(.04) |
(.29) |
- |
- |
- |
|
Distributions from net realized gain |
(.18) |
- |
(.03) |
- |
- |
- |
|
Total distributions |
(.18) |
(.04) |
(.32) |
- |
- |
- |
|
Net asset value, end of period |
$ 25.84 |
$ 24.66 |
$ 18.87 |
$ 16.23 |
$ 15.39 |
$ 14.12 |
|
Total Return B, C, D |
5.56% |
30.95% |
18.33% |
5.46% |
8.99% |
23.10% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.75% A |
1.74% |
1.76% |
1.78% |
1.80% |
1.84% |
|
Expenses net of fee waivers, if any |
1.75% A |
1.74% |
1.76% |
1.78% |
1.80% |
1.84% |
|
Expenses net of all reductions |
1.75% A |
1.73% |
1.76% |
1.77% |
1.80% |
1.83% |
|
Net investment income (loss) |
.78% A |
.89% |
1.04% |
.50% |
(.49)% |
(.15)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 80 |
$ 74 |
$ 58 |
$ 53 |
$ 58 |
$ 63 |
|
Portfolio turnover rate G |
48% A |
48% |
57% |
123% |
102% |
117% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 26.13 |
$ 19.79 |
$ 17.16 |
$ 16.19 |
$ 14.80 |
$ 12.07 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) D |
.24 |
.43 |
.40 |
.27 |
.09 |
.12 |
|
Net realized and unrealized gain (loss) |
1.35 |
5.97 |
2.91 |
.79 |
1.41 |
2.78 |
|
Total from investment operations |
1.59 |
6.40 |
3.31 |
1.06 |
1.50 |
2.90 |
|
Distributions from net investment income |
- |
(.06) |
(.65) |
(.09) |
(.11) |
(.17) |
|
Distributions from net realized gain |
(.18) |
- |
(.03) |
- |
- |
- |
|
Total distributions |
(.18) |
(.06) |
(.68) |
(.09) |
(.11) |
(.17) |
|
Net asset value, end of period |
$ 27.54 |
$ 26.13 |
$ 19.79 |
$ 17.16 |
$ 16.19 |
$ 14.80 |
|
Total Return B, C |
6.13% |
32.41% |
19.59% |
6.56% |
10.23% |
24.36% |
|
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
|
Expenses before reductions |
.71% A |
.70% |
.71% |
.72% |
.73% |
.77% |
|
Expenses net of fee waivers, if any |
.71% A |
.70% |
.71% |
.72% |
.73% |
.77% |
|
Expenses net of all reductions |
.71% A |
.68% |
.70% |
.71% |
.72% |
.77% |
|
Net investment income (loss) |
1.82% A |
1.93% |
2.09% |
1.56% |
.59% |
.92% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 21 |
$ 24 |
$ 1,031 |
$ 1,017 |
$ 870 |
$ 1,017 |
|
Portfolio turnover rate F |
48% A |
48% |
57% |
123% |
102% |
117% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor® Growth & Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class 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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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
Semiannual Report
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fidelity Management & Research Company (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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and 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. For equity securities, including restricted securities, where observable inputs are
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, 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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, market discount, redemptions in kind, partnerships, equity-debt classifications, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
|
Gross unrealized appreciation |
$ 131,869 |
|
Gross unrealized depreciation |
(5,807) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 126,062 |
|
|
|
|
Tax cost |
$ 474,314 |
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 prior fiscal period end and is subject to adjustment.
|
Fiscal year of expiration |
|
|
2016 |
$ (1,206) |
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.
Semiannual Report
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $139,382 and $153,894, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .45% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services.
For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
|
Distribution |
Service |
Total Fees |
Retained |
|
Class A |
-% |
.25% |
$ 323 |
$ 8 |
|
Class T |
.25% |
.25% |
527 |
7 |
|
Class B |
.75% |
.25% |
53 |
40 |
|
Class C |
.75% |
.25% |
386 |
44 |
|
|
|
|
$ 1,289 |
$ 99 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
|
|
Retained |
|
Class A |
$ 30 |
|
Class T |
11 |
|
Class B* |
3 |
|
Class C* |
2 |
|
|
$ 46 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Class A |
$ 304 |
.23 |
|
Class T |
232 |
.22 |
|
Class B |
16 |
.30 |
|
Class C |
82 |
.21 |
|
Institutional Class |
19 |
.17 |
|
|
$ 653 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. 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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions - continued
(depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1 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. The value of securities loaned to FCM at period end was $250. 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 $27, including $4 from securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3 for the period.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended |
Year ended |
|
From net investment income |
|
|
|
Class A |
$ 1,111 |
$ 483 |
|
Class T |
444 |
402 |
|
Class B |
- |
21 |
|
Class C |
- |
120 |
|
Institutional Class |
- |
1,516 |
|
Total |
$ 1,555 |
$ 2,542 |
|
From net realized gain |
|
|
|
Class A |
$ 1,766 |
$ - |
|
Class T |
1,470 |
- |
|
Class B |
82 |
- |
|
Class C |
550 |
- |
|
Institutional Class |
155 |
- |
|
Total |
$ 4,023 |
$ - |
10. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class A |
|
|
|
|
|
Shares sold |
727 |
2,156 |
$ 18,840 |
$ 49,371 |
|
Reinvestment of distributions |
102 |
22 |
2,583 |
431 |
|
Shares redeemed |
(756) |
(1,607) |
(19,637) |
(36,195) |
|
Net increase (decrease) |
73 |
571 |
$ 1,786 |
$ 13,607 |
|
Class T |
|
|
|
|
|
Shares sold |
307 |
1,319 |
$ 7,964 |
$ 30,032 |
|
Reinvestment of distributions |
73 |
19 |
1,855 |
386 |
|
Shares redeemed |
(748) |
(1,489) |
(19,402) |
(33,603) |
|
Net increase (decrease) |
(368) |
(151) |
$ (9,583) |
$ (3,185) |
Semiannual Report
10. Share Transactions - continued
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class B |
|
|
|
|
|
Shares sold |
7 |
84 |
$ 164 |
$ 1,875 |
|
Reinvestment of distributions |
3 |
1 |
76 |
19 |
|
Shares redeemed |
(98) |
(200) |
(2,447) |
(4,324) |
|
Net increase (decrease) |
(88) |
(115) |
$ (2,207) |
$ (2,430) |
|
Class C |
|
|
|
|
|
Shares sold |
329 |
483 |
$ 8,125 |
$ 10,663 |
|
Reinvestment of distributions |
19 |
5 |
475 |
103 |
|
Shares redeemed |
(281) |
(547) |
(6,952) |
(11,826) |
|
Net increase (decrease) |
67 |
(59) |
$ 1,648 |
$ (1,060) |
|
Institutional Class |
|
|
|
|
|
Shares sold |
126 |
3,091 |
$ 3,316 |
$ 67,555 |
|
Reinvestment of distributions |
5 |
75 |
137 |
1,511 |
|
Shares redeemed |
(283) |
(54,343)A |
(7,478) |
(1,190,196)A |
|
Net increase (decrease) |
(152) |
(51,177) |
$ (4,025) |
$ (1,121,130) |
A Amount includes in-kind redemptions.
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
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research (Japan) Inc.
Fidelity Management & Research (Hong Kong) Limited
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
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
AGAII-USAN-0714 1.786792.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Growth & Income
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
May 31, 2014
(Fidelity Cover Art)
Contents
|
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. © 2014 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
Shareholder Expense Example
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 (December 1, 2013 to May 31, 2014).
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 |
1.02% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,059.20 |
$ 5.24 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,019.85 |
$ 5.14 |
|
Class T |
1.25% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,058.00 |
$ 6.41 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.70 |
$ 6.29 |
|
Class B |
1.84% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,055.00 |
$ 9.43 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.76 |
$ 9.25 |
|
Class C |
1.75% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,055.60 |
$ 8.97 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,016.21 |
$ 8.80 |
|
Institutional Class |
.71% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,061.30 |
$ 3.65 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.39 |
$ 3.58 |
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 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
JPMorgan Chase & Co. |
4.0 |
3.8 |
|
Apple, Inc. |
3.7 |
3.9 |
|
Microsoft Corp. |
3.2 |
2.9 |
|
General Electric Co. |
3.1 |
3.0 |
|
Chevron Corp. |
2.7 |
2.4 |
|
Citigroup, Inc. |
2.1 |
2.1 |
|
Verizon Communications, Inc. |
2.0 |
1.3 |
|
Target Corp. |
1.9 |
1.7 |
|
Procter & Gamble Co. |
1.9 |
2.0 |
|
Comcast Corp. Class A (special) (non-vtg.) |
1.8 |
1.7 |
|
|
26.4 |
|
|
Top Five Market Sectors as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Financials |
19.0 |
19.2 |
|
Information Technology |
18.9 |
18.5 |
|
Consumer Staples |
13.0 |
12.0 |
|
Energy |
11.4 |
11.8 |
|
Industrials |
11.4 |
11.2 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2014* |
As of November 30, 2013** |
||||||
 |
Stocks 98.8% |
|
|
Stocks 98.9% |
|
||
 |
Convertible |
|
|
Convertible |
|
||
 |
Other Investments 0.0%† |
|
 |
Other Investments 0.0% |
|
||
 |
Short-Term |
|
|
Short-Term |
|
||
|
* Foreign investments |
13.4% |
|
** Foreign investments |
13.3% |
|
||
† Amount represents less than 0.1%
Semiannual Report
Investments May 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 98.8% |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER DISCRETIONARY - 9.3% |
|||
|
Diversified Consumer Services - 0.3% |
|||
|
H&R Block, Inc. |
58,726 |
$ 1,749 |
|
|
Hotels, Restaurants & Leisure - 1.9% |
|||
|
Darden Restaurants, Inc. |
36,500 |
1,829 |
|
|
McDonald's Corp. |
44,545 |
4,518 |
|
|
Yum! Brands, Inc. |
63,061 |
4,875 |
|
|
|
11,222 |
||
|
Household Durables - 0.0% |
|||
|
Tupperware Brands Corp. |
3,300 |
276 |
|
|
Media - 3.6% |
|||
|
Comcast Corp. Class A (special) (non-vtg.) |
208,529 |
10,810 |
|
|
Lamar Advertising Co. Class A |
2,400 |
118 |
|
|
Scripps Networks Interactive, Inc. Class A |
5,572 |
426 |
|
|
Sinclair Broadcast Group, Inc. Class A |
60,927 |
1,802 |
|
|
Time Warner, Inc. |
114,713 |
8,010 |
|
|
|
21,166 |
||
|
Multiline Retail - 1.9% |
|||
|
Target Corp. |
199,599 |
11,329 |
|
|
Specialty Retail - 1.5% |
|||
|
Lewis Group Ltd. |
37,336 |
234 |
|
|
Lowe's Companies, Inc. |
166,057 |
7,818 |
|
|
Staples, Inc. |
51,229 |
576 |
|
|
|
8,628 |
||
|
Textiles, Apparel & Luxury Goods - 0.1% |
|||
|
adidas AG |
7,000 |
751 |
|
|
TOTAL CONSUMER DISCRETIONARY |
55,121 |
||
|
CONSUMER STAPLES - 13.0% |
|||
|
Beverages - 3.7% |
|||
|
Diageo PLC |
61,900 |
1,993 |
|
|
Molson Coors Brewing Co. Class B |
25,697 |
1,689 |
|
|
PepsiCo, Inc. |
59,343 |
5,242 |
|
|
Pernod Ricard SA |
5,400 |
662 |
|
|
Remy Cointreau SA |
5,300 |
491 |
|
|
SABMiller PLC |
43,800 |
2,431 |
|
|
The Coca-Cola Co. |
233,194 |
9,540 |
|
|
|
22,048 |
||
|
Food & Staples Retailing - 1.9% |
|||
|
CVS Caremark Corp. |
47,451 |
3,716 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER STAPLES - continued |
|||
|
Food & Staples Retailing - continued |
|||
|
Kroger Co. |
41,600 |
$ 1,986 |
|
|
Walgreen Co. |
77,482 |
5,572 |
|
|
|
11,274 |
||
|
Food Products - 0.7% |
|||
|
Kellogg Co. |
49,202 |
3,394 |
|
|
Mead Johnson Nutrition Co. Class A |
8,400 |
752 |
|
|
|
4,146 |
||
|
Household Products - 2.0% |
|||
|
Procter & Gamble Co. |
137,535 |
11,111 |
|
|
Svenska Cellulosa AB (SCA) (B Shares) |
28,805 |
801 |
|
|
|
11,912 |
||
|
Tobacco - 4.7% |
|||
|
British American Tobacco PLC sponsored ADR |
88,276 |
10,704 |
|
|
Lorillard, Inc. |
130,925 |
8,140 |
|
|
Philip Morris International, Inc. |
69,338 |
6,139 |
|
|
Reynolds American, Inc. |
46,000 |
2,743 |
|
|
|
27,726 |
||
|
TOTAL CONSUMER STAPLES |
77,106 |
||
|
ENERGY - 11.2% |
|||
|
Energy Equipment & Services - 1.0% |
|||
|
Ensco PLC Class A |
34,941 |
1,840 |
|
|
National Oilwell Varco, Inc. |
3,900 |
319 |
|
|
Oceaneering International, Inc. |
8,000 |
576 |
|
|
Schlumberger Ltd. |
33,334 |
3,468 |
|
|
|
6,203 |
||
|
Oil, Gas & Consumable Fuels - 10.2% |
|||
|
Access Midstream Partners LP |
21,029 |
1,325 |
|
|
Apache Corp. |
49,841 |
4,646 |
|
|
Atlas Pipeline Partners LP |
41,675 |
1,359 |
|
|
BG Group PLC |
262,360 |
5,370 |
|
|
Canadian Natural Resources Ltd. |
80,350 |
3,270 |
|
|
Chevron Corp. |
128,063 |
15,725 |
|
|
Eni SpA |
21,800 |
555 |
|
|
EQT Midstream Partners LP |
9,200 |
756 |
|
|
Exxon Mobil Corp. |
17,782 |
1,788 |
|
|
Imperial Oil Ltd. |
62,700 |
3,087 |
|
|
Magellan Midstream Partners LP |
1,554 |
127 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
ENERGY - continued |
|||
|
Oil, Gas & Consumable Fuels - continued |
|||
|
Markwest Energy Partners LP |
56,205 |
$ 3,482 |
|
|
MPLX LP |
6,403 |
366 |
|
|
Occidental Petroleum Corp. |
72,329 |
7,210 |
|
|
Peabody Energy Corp. |
32,400 |
524 |
|
|
PrairieSky Royalty Ltd. |
2,400 |
80 |
|
|
Suncor Energy, Inc. |
144,990 |
5,580 |
|
|
The Williams Companies, Inc. |
96,531 |
4,533 |
|
|
Western Gas Partners LP |
8,200 |
590 |
|
|
|
60,373 |
||
|
TOTAL ENERGY |
66,576 |
||
|
FINANCIALS - 19.0% |
|||
|
Banks - 11.4% |
|||
|
Bank of America Corp. |
551,042 |
8,343 |
|
|
Citigroup, Inc. |
265,722 |
12,640 |
|
|
JPMorgan Chase & Co. |
427,343 |
23,744 |
|
|
M&T Bank Corp. |
7,872 |
955 |
|
|
PNC Financial Services Group, Inc. |
49,416 |
4,214 |
|
|
Standard Chartered PLC (United Kingdom) |
256,634 |
5,775 |
|
|
SunTrust Banks, Inc. |
14,235 |
545 |
|
|
U.S. Bancorp |
119,130 |
5,026 |
|
|
Wells Fargo & Co. |
132,850 |
6,746 |
|
|
|
67,988 |
||
|
Capital Markets - 4.1% |
|||
|
Apollo Investment Corp. |
20,268 |
170 |
|
|
Ares Capital Corp. |
25,465 |
439 |
|
|
BlackRock, Inc. Class A |
2,000 |
610 |
|
|
Carlyle Group LP |
14,800 |
458 |
|
|
Charles Schwab Corp. |
194,613 |
4,906 |
|
|
Greenhill & Co., Inc. |
1,900 |
94 |
|
|
Invesco Ltd. |
13,400 |
492 |
|
|
KKR & Co. LP |
158,013 |
3,592 |
|
|
Morgan Stanley |
112,030 |
3,457 |
|
|
Northern Trust Corp. |
58,840 |
3,554 |
|
|
State Street Corp. |
90,670 |
5,918 |
|
|
The Blackstone Group LP |
29,300 |
911 |
|
|
|
24,601 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
FINANCIALS - continued |
|||
|
Diversified Financial Services - 0.7% |
|||
|
IntercontinentalExchange Group, Inc. |
12,439 |
$ 2,443 |
|
|
TPG Specialty Lending, Inc. |
66,400 |
1,407 |
|
|
|
3,850 |
||
|
Insurance - 1.7% |
|||
|
Arthur J. Gallagher & Co. |
16,319 |
748 |
|
|
Brown & Brown, Inc. |
10,040 |
303 |
|
|
Marsh & McLennan Companies, Inc. |
27,966 |
1,406 |
|
|
MetLife, Inc. |
131,187 |
6,681 |
|
|
MetLife, Inc. unit |
25,700 |
760 |
|
|
Ping An Insurance (Group) Co. of China Ltd. (H Shares) |
3,500 |
27 |
|
|
|
9,925 |
||
|
Real Estate Investment Trusts - 0.7% |
|||
|
Altisource Residential Corp. Class B |
10,400 |
290 |
|
|
CBL & Associates Properties, Inc. |
80,296 |
1,511 |
|
|
First Potomac Realty Trust |
15,672 |
205 |
|
|
Sun Communities, Inc. |
46,446 |
2,249 |
|
|
|
4,255 |
||
|
Real Estate Management & Development - 0.2% |
|||
|
Beazer Pre-Owned Rental Homes, Inc. (a)(h) |
67,500 |
1,258 |
|
|
Thrifts & Mortgage Finance - 0.2% |
|||
|
Radian Group, Inc. |
91,090 |
1,314 |
|
|
TOTAL FINANCIALS |
113,191 |
||
|
HEALTH CARE - 10.5% |
|||
|
Biotechnology - 1.2% |
|||
|
Amgen, Inc. |
50,592 |
5,868 |
|
|
Biogen Idec, Inc. (a) |
2,900 |
926 |
|
|
Intercept Pharmaceuticals, Inc. (a) |
1,300 |
308 |
|
|
|
7,102 |
||
|
Health Care Equipment & Supplies - 1.7% |
|||
|
Abbott Laboratories |
39,226 |
1,569 |
|
|
Ansell Ltd. |
20,366 |
365 |
|
|
Covidien PLC |
3,700 |
271 |
|
|
ResMed, Inc. (e) |
25,804 |
1,292 |
|
|
St. Jude Medical, Inc. |
24,893 |
1,616 |
|
|
Steris Corp. |
6,700 |
359 |
|
|
Stryker Corp. |
23,359 |
1,974 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
HEALTH CARE - continued |
|||
|
Health Care Equipment & Supplies - continued |
|||
|
The Cooper Companies, Inc. |
6,751 |
$ 871 |
|
|
Zimmer Holdings, Inc. |
14,890 |
1,554 |
|
|
|
9,871 |
||
|
Health Care Providers & Services - 1.9% |
|||
|
Fresenius Medical Care AG & Co. KGaA |
9,600 |
636 |
|
|
McKesson Corp. |
21,233 |
4,027 |
|
|
Patterson Companies, Inc. |
25,000 |
979 |
|
|
Quest Diagnostics, Inc. |
41,652 |
2,495 |
|
|
UnitedHealth Group, Inc. |
41,336 |
3,292 |
|
|
|
11,429 |
||
|
Health Care Technology - 0.1% |
|||
|
Quality Systems, Inc. |
29,839 |
465 |
|
|
Life Sciences Tools & Services - 0.0% |
|||
|
Lonza Group AG |
2,973 |
320 |
|
|
Pharmaceuticals - 5.6% |
|||
|
AbbVie, Inc. |
56,160 |
3,051 |
|
|
Astellas Pharma, Inc. |
59,100 |
760 |
|
|
GlaxoSmithKline PLC sponsored ADR (e) |
106,909 |
5,767 |
|
|
Johnson & Johnson |
88,901 |
9,020 |
|
|
Merck & Co., Inc. |
74,518 |
4,312 |
|
|
Novartis AG sponsored ADR |
39,001 |
3,512 |
|
|
Sanofi SA |
17,949 |
1,919 |
|
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
78,674 |
3,972 |
|
|
Zoetis, Inc. Class A |
34,000 |
1,044 |
|
|
|
33,357 |
||
|
TOTAL HEALTH CARE |
62,544 |
||
|
INDUSTRIALS - 11.4% |
|||
|
Aerospace & Defense - 2.1% |
|||
|
Meggitt PLC |
166,009 |
1,348 |
|
|
Rolls-Royce Group PLC |
68,650 |
1,197 |
|
|
The Boeing Co. |
44,794 |
6,058 |
|
|
United Technologies Corp. |
30,631 |
3,560 |
|
|
|
12,163 |
||
|
Air Freight & Logistics - 1.7% |
|||
|
C.H. Robinson Worldwide, Inc. |
35,326 |
2,115 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INDUSTRIALS - continued |
|||
|
Air Freight & Logistics - continued |
|||
|
PostNL NV (a) |
58,600 |
$ 287 |
|
|
United Parcel Service, Inc. Class B |
73,879 |
7,675 |
|
|
|
10,077 |
||
|
Airlines - 0.0% |
|||
|
Copa Holdings SA Class A |
900 |
129 |
|
|
Commercial Services & Supplies - 0.3% |
|||
|
ADT Corp. |
13,183 |
424 |
|
|
KAR Auction Services, Inc. |
39,200 |
1,197 |
|
|
Ritchie Brothers Auctioneers, Inc. |
1,700 |
39 |
|
|
|
1,660 |
||
|
Electrical Equipment - 0.4% |
|||
|
General Cable Corp. |
18,509 |
472 |
|
|
Hubbell, Inc. Class B |
17,212 |
2,014 |
|
|
|
2,486 |
||
|
Industrial Conglomerates - 3.1% |
|||
|
General Electric Co. |
693,493 |
18,579 |
|
|
Machinery - 0.3% |
|||
|
Ingersoll-Rand PLC |
26,524 |
1,587 |
|
|
Stanley Black & Decker, Inc. |
2,600 |
227 |
|
|
|
1,814 |
||
|
Professional Services - 0.5% |
|||
|
Acacia Research Corp. |
39,864 |
643 |
|
|
Amadeus Fire AG |
2,843 |
242 |
|
|
Bureau Veritas SA |
62,918 |
1,897 |
|
|
Exova Group Ltd. PLC (a) |
60,100 |
247 |
|
|
|
3,029 |
||
|
Road & Rail - 2.3% |
|||
|
CSX Corp. |
195,733 |
5,755 |
|
|
J.B. Hunt Transport Services, Inc. |
45,620 |
3,543 |
|
|
Kansas City Southern |
7,200 |
774 |
|
|
Norfolk Southern Corp. |
28,108 |
2,832 |
|
|
TransForce, Inc. |
25,500 |
557 |
|
|
|
13,461 |
||
|
Trading Companies & Distributors - 0.7% |
|||
|
Beijer (G&L) AG Series B |
4,689 |
105 |
|
|
Brenntag AG |
1,722 |
322 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INDUSTRIALS - continued |
|||
|
Trading Companies & Distributors - continued |
|||
|
W.W. Grainger, Inc. |
7,873 |
$ 2,034 |
|
|
Watsco, Inc. |
15,864 |
1,596 |
|
|
|
4,057 |
||
|
TOTAL INDUSTRIALS |
67,455 |
||
|
INFORMATION TECHNOLOGY - 18.9% |
|||
|
Communications Equipment - 2.5% |
|||
|
Cisco Systems, Inc. |
376,971 |
9,281 |
|
|
QUALCOMM, Inc. |
66,513 |
5,351 |
|
|
|
14,632 |
||
|
Internet Software & Services - 2.8% |
|||
|
Google, Inc.: |
|
|
|
|
Class A (a) |
13,058 |
7,465 |
|
|
Class C (a) |
11,958 |
6,708 |
|
|
Yahoo!, Inc. (a) |
77,292 |
2,678 |
|
|
|
16,851 |
||
|
IT Services - 4.9% |
|||
|
Amadeus IT Holding SA Class A |
1,400 |
62 |
|
|
Cognizant Technology Solutions Corp. Class A (a) |
51,320 |
2,495 |
|
|
Computer Sciences Corp. |
39,019 |
2,454 |
|
|
Fidelity National Information Services, Inc. |
30,038 |
1,627 |
|
|
IBM Corp. |
10,300 |
1,899 |
|
|
MasterCard, Inc. Class A |
72,990 |
5,580 |
|
|
Paychex, Inc. |
175,209 |
7,203 |
|
|
Quindell PLC |
1,398,500 |
486 |
|
|
The Western Union Co. |
101,161 |
1,636 |
|
|
Visa, Inc. Class A |
27,035 |
5,808 |
|
|
|
29,250 |
||
|
Semiconductors & Semiconductor Equipment - 1.4% |
|||
|
Applied Materials, Inc. |
163,293 |
3,297 |
|
|
Broadcom Corp. Class A |
110,636 |
3,526 |
|
|
Maxim Integrated Products, Inc. |
35,486 |
1,215 |
|
|
|
8,038 |
||
|
Software - 3.3% |
|||
|
Microsoft Corp. |
458,873 |
18,786 |
|
|
Oracle Corp. |
16,484 |
693 |
|
|
|
19,479 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Technology Hardware, Storage & Peripherals - 4.0% |
|||
|
Apple, Inc. |
34,554 |
$ 21,873 |
|
|
EMC Corp. |
79,930 |
2,123 |
|
|
|
23,996 |
||
|
TOTAL INFORMATION TECHNOLOGY |
112,246 |
||
|
MATERIALS - 3.3% |
|||
|
Chemicals - 2.9% |
|||
|
Airgas, Inc. |
28,852 |
3,068 |
|
|
E.I. du Pont de Nemours & Co. |
28,831 |
1,998 |
|
|
FMC Corp. |
18,829 |
1,442 |
|
|
Johnson Matthey PLC |
6,400 |
345 |
|
|
Monsanto Co. |
44,601 |
5,435 |
|
|
Potash Corp. of Saskatchewan, Inc. |
19,900 |
722 |
|
|
Royal DSM NV (e) |
15,813 |
1,140 |
|
|
Syngenta AG (Switzerland) |
6,998 |
2,694 |
|
|
Tronox Ltd. Class A |
16,351 |
434 |
|
|
|
17,278 |
||
|
Metals & Mining - 0.4% |
|||
|
Freeport-McMoRan Copper & Gold, Inc. |
69,300 |
2,360 |
|
|
SunCoke Energy Partners LP |
8,410 |
241 |
|
|
|
2,601 |
||
|
TOTAL MATERIALS |
19,879 |
||
|
TELECOMMUNICATION SERVICES - 2.0% |
|||
|
Diversified Telecommunication Services - 2.0% |
|||
|
Verizon Communications, Inc. |
237,109 |
11,846 |
|
|
UTILITIES - 0.2% |
|||
|
Electric Utilities - 0.1% |
|||
|
ITC Holdings Corp. |
14,323 |
524 |
|
|
Multi-Utilities - 0.1% |
|||
|
Sempra Energy |
7,400 |
743 |
|
|
TOTAL UTILITIES |
1,267 |
||
|
TOTAL COMMON STOCKS (Cost $458,616) |
|
||
|
Preferred Stocks - 0.8% |
|||
|
Shares |
Value (000s) |
||
|
Convertible Preferred Stocks - 0.8% |
|||
|
CONSUMER DISCRETIONARY - 0.0% |
|||
|
Leisure Products - 0.0% |
|||
|
NJOY, Inc. Series D (h) |
5,350 |
$ 91 |
|
|
HEALTH CARE - 0.8% |
|||
|
Health Care Equipment & Supplies - 0.8% |
|||
|
Alere, Inc. 3.00% |
14,654 |
4,601 |
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS |
4,692 |
||
|
Nonconvertible Preferred Stocks - 0.0% |
|||
|
INDUSTRIALS - 0.0% |
|||
|
Aerospace & Defense - 0.0% |
|||
|
Rolls-Royce Group PLC (C Shares) |
7,698,300 |
13 |
|
|
TOTAL PREFERRED STOCKS (Cost $4,169) |
|
||
|
Convertible Bonds - 0.2% |
||||
|
|
Principal |
|
||
|
ENERGY - 0.2% |
||||
|
Oil, Gas & Consumable Fuels - 0.2% |
||||
|
Amyris, Inc. 3% 2/27/17 |
|
$ 772 |
629 |
|
|
Peabody Energy Corp. 4.75% 12/15/41 |
|
590 |
459 |
|
|
|
1,088 |
|||
|
TOTAL CONVERTIBLE BONDS (Cost $1,231) |
|
|||
|
Preferred Securities - 0.0% |
||||
|
|
|
|
|
|
|
FINANCIALS - 0.0% |
||||
|
Diversified Financial Services - 0.0% |
||||
|
Baggot Securities Ltd. 10.24% (f)(g) (Cost $353) |
EUR |
230 |
|
|
|
Money Market Funds - 1.2% |
|||
|
Shares |
Value (000s) |
||
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
7,000,105 |
$ 7,000 |
|
|
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $471,369) |
600,376 |
||
|
NET OTHER ASSETS (LIABILITIES) - (1.0)% |
(5,911) |
||
|
NET ASSETS - 100% |
$ 594,465 |
||
|
Currency Abbreviations |
||
|
EUR |
- |
European Monetary Unit |
|
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) Amount is stated in United States dollars unless otherwise noted. |
|
(e) Security or a portion of the security is on loan at period end. |
|
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $352,000 or 0.0% of net assets. |
|
(g) Security is perpetual in nature with no stated maturity date. |
|
(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,348,000 or 0.2% of net assets. |
|
Additional information on each restricted holding is as follows: |
|
Security |
Acquisition Date |
Acquisition Cost (000s) |
|
Beazer Pre-Owned Rental Homes, Inc. |
5/3/12 - 10/23/12 |
$ 1,350 |
|
NJOY, Inc. |
2/14/14 |
$ 91 |
|
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 |
$ -* |
|
Fidelity Securities Lending Cash Central Fund |
27 |
|
Total |
$ 27 |
|
* Amount represents less than $1,000 |
|
Other Information |
|
The following is a summary of the inputs used, as of May 31, 2014, 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 table 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 |
$ 55,212 |
$ 55,121 |
$ - |
$ 91 |
|
Consumer Staples |
77,106 |
75,113 |
1,993 |
- |
|
Energy |
66,576 |
66,021 |
555 |
- |
|
Financials |
113,191 |
111,173 |
760 |
1,258 |
|
Health Care |
67,145 |
63,830 |
3,315 |
- |
|
Industrials |
67,468 |
67,468 |
- |
- |
|
Information Technology |
112,246 |
112,246 |
- |
- |
|
Materials |
19,879 |
17,185 |
2,694 |
- |
|
Telecommunication Services |
11,846 |
11,846 |
- |
- |
|
Utilities |
1,267 |
1,267 |
- |
- |
|
Corporate Bonds |
1,088 |
- |
1,088 |
- |
|
Preferred Securities |
352 |
- |
352 |
- |
|
Money Market Funds |
7,000 |
7,000 |
- |
- |
|
Total Investments in Securities: |
$ 600,376 |
$ 588,270 |
$ 10,757 |
$ 1,349 |
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
|
United States of America |
86.6% |
|
United Kingdom |
6.5% |
|
Canada |
2.2% |
|
Switzerland |
1.1% |
|
Others (Individually Less Than 1%) |
3.6% |
|
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including securities loaned of $6,810) - See accompanying schedule: Unaffiliated issuers (cost $464,369) |
$ 593,376 |
|
|
Fidelity Central Funds (cost $7,000) |
7,000 |
|
|
Total Investments (cost $471,369) |
|
$ 600,376 |
|
Receivable for investments sold |
|
3,805 |
|
Receivable for fund shares sold |
|
434 |
|
Dividends receivable |
|
1,331 |
|
Interest receivable |
|
17 |
|
Distributions receivable from Fidelity Central Funds |
|
10 |
|
Total assets |
|
605,973 |
|
|
|
|
|
Liabilities |
|
|
|
Payable to custodian bank |
$ 888 |
|
|
Payable for investments purchased |
2,173 |
|
|
Payable for fund shares redeemed |
838 |
|
|
Accrued management fee |
220 |
|
|
Distribution and service plan fees payable |
217 |
|
|
Other affiliated payables |
127 |
|
|
Other payables and accrued expenses |
45 |
|
|
Collateral on securities loaned, at value |
7,000 |
|
|
Total liabilities |
|
11,508 |
|
|
|
|
|
Net Assets |
|
$ 594,465 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 443,529 |
|
Undistributed net investment income |
|
3,812 |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
18,114 |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
129,010 |
|
Net Assets |
|
$ 594,465 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 27.09 |
|
|
|
|
|
Maximum offering price per share (100/94.25 of $27.09) |
|
$ 28.74 |
|
Class T: |
|
$ 27.09 |
|
|
|
|
|
Maximum offering price per share (100/96.50 of $27.09) |
|
$ 28.07 |
|
Class B: |
|
$ 25.91 |
|
|
|
|
|
Class C: |
|
$ 25.84 |
|
|
|
|
|
Institutional Class: |
|
$ 27.54 |
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
Statement of Operations
|
Amounts in thousands Six months ended May 31, 2014 (Unaudited) |
||
|
|
|
|
|
Investment Income |
|
|
|
Dividends |
|
$ 7,242 |
|
Interest |
|
29 |
|
Income from Fidelity Central Funds |
|
27 |
|
Total income |
|
7,298 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 1,304 |
|
|
Transfer agent fees |
653 |
|
|
Distribution and service plan fees |
1,289 |
|
|
Accounting and security lending fees |
109 |
|
|
Custodian fees and expenses |
33 |
|
|
Independent trustees' compensation |
1 |
|
|
Registration fees |
48 |
|
|
Audit |
44 |
|
|
Legal |
2 |
|
|
Miscellaneous |
3 |
|
|
Total expenses before reductions |
3,486 |
|
|
Expense reductions |
(3) |
3,483 |
|
Net investment income (loss) |
|
3,815 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
22,100 |
|
|
Foreign currency transactions |
(5) |
|
|
Total net realized gain (loss) |
|
22,095 |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
7,074 |
|
|
Assets and liabilities in foreign currencies |
2 |
|
|
Total change in net unrealized appreciation (depreciation) |
|
7,076 |
|
Net gain (loss) |
|
29,171 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ 32,986 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
Amounts in thousands |
Six months ended May 31, 2014 |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 3,815 |
$ 14,973 |
|
Net realized gain (loss) |
22,095 |
296,421 |
|
Change in net unrealized appreciation (depreciation) |
7,076 |
(64,394) |
|
Net increase (decrease) in net assets resulting from operations |
32,986 |
247,000 |
|
Distributions to shareholders from net investment income |
(1,555) |
(2,542) |
|
Distributions to shareholders from net realized gain |
(4,023) |
- |
|
Total distributions |
(5,578) |
(2,542) |
|
Share transactions - net increase (decrease) |
(12,381) |
(1,114,198) |
|
Total increase (decrease) in net assets |
15,027 |
(869,740) |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
579,438 |
1,449,178 |
|
End of period (including undistributed net investment income of $3,812 and undistributed net investment income of $1,552, respectively) |
$ 594,465 |
$ 579,438 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 25.87 |
$ 19.67 |
$ 17.00 |
$ 16.05 |
$ 14.67 |
$ 11.96 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.20 |
.37 |
.33 |
.21 |
.04 |
.08 |
|
Net realized and unrealized gain (loss) |
1.31 |
5.88 |
2.90 |
.78 |
1.41 |
2.75 |
|
Total from investment operations |
1.51 |
6.25 |
3.23 |
.99 |
1.45 |
2.83 |
|
Distributions from net investment income |
(.11) |
(.05) |
(.53) |
(.04) |
(.07) |
(.12) |
|
Distributions from net realized gain |
(.18) |
- |
(.03) |
- |
- |
- |
|
Total distributions |
(.29) |
(.05) |
(.56) |
(.04) |
(.07) |
(.12) |
|
Net asset value, end of period |
$ 27.09 |
$ 25.87 |
$ 19.67 |
$ 17.00 |
$ 16.05 |
$ 14.67 |
|
Total Return B, C, D |
5.92% |
31.86% |
19.20% |
6.17% |
9.90% |
23.96% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.02%A |
1.02% |
1.05% |
1.06% |
1.05% |
1.09% |
|
Expenses net of fee waivers, if any |
1.02%A |
1.02% |
1.05% |
1.06% |
1.05% |
1.09% |
|
Expenses net of all reductions |
1.02%A |
1.00% |
1.04% |
1.05% |
1.05% |
1.08% |
|
Net investment income (loss) |
1.51% A |
1.61% |
1.75% |
1.22% |
.26% |
.60% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 269 |
$ 255 |
$ 183 |
$ 170 |
$ 232 |
$ 252 |
|
Portfolio turnover rateG |
48% A |
48% |
57% |
123% |
102% |
117% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 25.84 |
$ 19.68 |
$ 16.97 |
$ 16.02 |
$ 14.64 |
$ 11.90 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.16 |
.32 |
.29 |
.17 |
- I |
.04 |
|
Net realized and unrealized gain (loss) |
1.32 |
5.89 |
2.89 |
.78 |
1.41 |
2.75 |
|
Total from investment operations |
1.48 |
6.21 |
3.18 |
.95 |
1.41 |
2.79 |
|
Distributions from net investment income |
(.05) |
(.05) |
(.44) |
- |
(.03) |
(.05) |
|
Distributions from net realized gain |
(.18) |
- |
(.03) |
- |
- |
- |
|
Total distributions |
(.23) |
(.05) |
(.47) |
- |
(.03) |
(.05) |
|
Net asset value, end of period |
$ 27.09 |
$ 25.84 |
$ 19.68 |
$ 16.97 |
$ 16.02 |
$ 14.64 |
|
Total Return B, C, D |
5.80% |
31.62% |
18.93% |
5.93% |
9.63% |
23.57% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.25%A |
1.25% |
1.27% |
1.29% |
1.31% |
1.34% |
|
Expenses net of fee waivers, if any |
1.25%A |
1.25% |
1.27% |
1.29% |
1.31% |
1.34% |
|
Expenses net of all reductions |
1.25%A |
1.23% |
1.26% |
1.28% |
1.30% |
1.34% |
|
Net investment income (loss) |
1.27% A |
1.38% |
1.53% |
.99% |
.01% |
.35% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 215 |
$ 214 |
$ 166 |
$ 158 |
$ 178 |
$ 201 |
|
Portfolio turnover rate G |
48% A |
48% |
57% |
123% |
102% |
117% |
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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 24.74 |
$ 18.95 |
$ 16.24 |
$ 15.41 |
$ 14.13 |
$ 11.49 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.09 |
.18 |
.18 |
.08 |
(.07) |
(.02) |
|
Net realized and unrealized gain (loss) |
1.26 |
5.65 |
2.78 |
.75 |
1.35 |
2.66 |
|
Total from investment operations |
1.35 |
5.83 |
2.96 |
.83 |
1.28 |
2.64 |
|
Distributions from net investment income |
- |
(.04) |
(.22) |
- |
- |
- |
|
Distributions from net realized gain |
(.18) |
- |
(.03) |
- |
- |
- |
|
Total distributions |
(.18) |
(.04) |
(.25) |
- |
- |
- |
|
Net asset value, end of period |
$ 25.91 |
$ 24.74 |
$ 18.95 |
$ 16.24 |
$ 15.41 |
$ 14.13 |
|
Total Return B, C, D |
5.50% |
30.81% |
18.31% |
5.39% |
9.06% |
22.98% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.84%A |
1.81% |
1.81% |
1.81% |
1.82% |
1.85% |
|
Expenses net of fee waivers, if any |
1.84%A |
1.81% |
1.81% |
1.81% |
1.82% |
1.85% |
|
Expenses net of all reductions |
1.84%A |
1.80% |
1.81% |
1.80% |
1.81% |
1.84% |
|
Net investment income (loss) |
.69% A |
.82% |
.99% |
.47% |
(.51)% |
(.16)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 10 |
$ 12 |
$ 11 |
$ 13 |
$ 19 |
$ 27 |
|
Portfolio turnover rate G |
48% A |
48% |
57% |
123% |
102% |
117% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 24.66 |
$ 18.87 |
$ 16.23 |
$ 15.39 |
$ 14.12 |
$ 11.47 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.10 |
.19 |
.19 |
.08 |
(.07) |
(.02) |
|
Net realized and unrealized gain (loss) |
1.26 |
5.64 |
2.77 |
.76 |
1.34 |
2.67 |
|
Total from investment operations |
1.36 |
5.83 |
2.96 |
.84 |
1.27 |
2.65 |
|
Distributions from net investment income |
- |
(.04) |
(.29) |
- |
- |
- |
|
Distributions from net realized gain |
(.18) |
- |
(.03) |
- |
- |
- |
|
Total distributions |
(.18) |
(.04) |
(.32) |
- |
- |
- |
|
Net asset value, end of period |
$ 25.84 |
$ 24.66 |
$ 18.87 |
$ 16.23 |
$ 15.39 |
$ 14.12 |
|
Total Return B, C, D |
5.56% |
30.95% |
18.33% |
5.46% |
8.99% |
23.10% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.75% A |
1.74% |
1.76% |
1.78% |
1.80% |
1.84% |
|
Expenses net of fee waivers, if any |
1.75% A |
1.74% |
1.76% |
1.78% |
1.80% |
1.84% |
|
Expenses net of all reductions |
1.75% A |
1.73% |
1.76% |
1.77% |
1.80% |
1.83% |
|
Net investment income (loss) |
.78% A |
.89% |
1.04% |
.50% |
(.49)% |
(.15)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 80 |
$ 74 |
$ 58 |
$ 53 |
$ 58 |
$ 63 |
|
Portfolio turnover rate G |
48% A |
48% |
57% |
123% |
102% |
117% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 26.13 |
$ 19.79 |
$ 17.16 |
$ 16.19 |
$ 14.80 |
$ 12.07 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) D |
.24 |
.43 |
.40 |
.27 |
.09 |
.12 |
|
Net realized and unrealized gain (loss) |
1.35 |
5.97 |
2.91 |
.79 |
1.41 |
2.78 |
|
Total from investment operations |
1.59 |
6.40 |
3.31 |
1.06 |
1.50 |
2.90 |
|
Distributions from net investment income |
- |
(.06) |
(.65) |
(.09) |
(.11) |
(.17) |
|
Distributions from net realized gain |
(.18) |
- |
(.03) |
- |
- |
- |
|
Total distributions |
(.18) |
(.06) |
(.68) |
(.09) |
(.11) |
(.17) |
|
Net asset value, end of period |
$ 27.54 |
$ 26.13 |
$ 19.79 |
$ 17.16 |
$ 16.19 |
$ 14.80 |
|
Total Return B, C |
6.13% |
32.41% |
19.59% |
6.56% |
10.23% |
24.36% |
|
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
|
Expenses before reductions |
.71% A |
.70% |
.71% |
.72% |
.73% |
.77% |
|
Expenses net of fee waivers, if any |
.71% A |
.70% |
.71% |
.72% |
.73% |
.77% |
|
Expenses net of all reductions |
.71% A |
.68% |
.70% |
.71% |
.72% |
.77% |
|
Net investment income (loss) |
1.82% A |
1.93% |
2.09% |
1.56% |
.59% |
.92% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 21 |
$ 24 |
$ 1,031 |
$ 1,017 |
$ 870 |
$ 1,017 |
|
Portfolio turnover rate F |
48% A |
48% |
57% |
123% |
102% |
117% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor® Growth & Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class 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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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
Semiannual Report
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fidelity Management & Research Company (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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and 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. For equity securities, including restricted securities, where observable inputs are
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, 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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, market discount, redemptions in kind, partnerships, equity-debt classifications, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
|
Gross unrealized appreciation |
$ 131,869 |
|
Gross unrealized depreciation |
(5,807) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 126,062 |
|
|
|
|
Tax cost |
$ 474,314 |
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 prior fiscal period end and is subject to adjustment.
|
Fiscal year of expiration |
|
|
2016 |
$ (1,206) |
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.
Semiannual Report
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $139,382 and $153,894, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .45% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services.
For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
|
Distribution |
Service |
Total Fees |
Retained |
|
Class A |
-% |
.25% |
$ 323 |
$ 8 |
|
Class T |
.25% |
.25% |
527 |
7 |
|
Class B |
.75% |
.25% |
53 |
40 |
|
Class C |
.75% |
.25% |
386 |
44 |
|
|
|
|
$ 1,289 |
$ 99 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
|
|
Retained |
|
Class A |
$ 30 |
|
Class T |
11 |
|
Class B* |
3 |
|
Class C* |
2 |
|
|
$ 46 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Class A |
$ 304 |
.23 |
|
Class T |
232 |
.22 |
|
Class B |
16 |
.30 |
|
Class C |
82 |
.21 |
|
Institutional Class |
19 |
.17 |
|
|
$ 653 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. 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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions - continued
(depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1 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. The value of securities loaned to FCM at period end was $250. 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 $27, including $4 from securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3 for the period.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended |
Year ended |
|
From net investment income |
|
|
|
Class A |
$ 1,111 |
$ 483 |
|
Class T |
444 |
402 |
|
Class B |
- |
21 |
|
Class C |
- |
120 |
|
Institutional Class |
- |
1,516 |
|
Total |
$ 1,555 |
$ 2,542 |
|
From net realized gain |
|
|
|
Class A |
$ 1,766 |
$ - |
|
Class T |
1,470 |
- |
|
Class B |
82 |
- |
|
Class C |
550 |
- |
|
Institutional Class |
155 |
- |
|
Total |
$ 4,023 |
$ - |
10. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class A |
|
|
|
|
|
Shares sold |
727 |
2,156 |
$ 18,840 |
$ 49,371 |
|
Reinvestment of distributions |
102 |
22 |
2,583 |
431 |
|
Shares redeemed |
(756) |
(1,607) |
(19,637) |
(36,195) |
|
Net increase (decrease) |
73 |
571 |
$ 1,786 |
$ 13,607 |
|
Class T |
|
|
|
|
|
Shares sold |
307 |
1,319 |
$ 7,964 |
$ 30,032 |
|
Reinvestment of distributions |
73 |
19 |
1,855 |
386 |
|
Shares redeemed |
(748) |
(1,489) |
(19,402) |
(33,603) |
|
Net increase (decrease) |
(368) |
(151) |
$ (9,583) |
$ (3,185) |
Semiannual Report
10. Share Transactions - continued
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class B |
|
|
|
|
|
Shares sold |
7 |
84 |
$ 164 |
$ 1,875 |
|
Reinvestment of distributions |
3 |
1 |
76 |
19 |
|
Shares redeemed |
(98) |
(200) |
(2,447) |
(4,324) |
|
Net increase (decrease) |
(88) |
(115) |
$ (2,207) |
$ (2,430) |
|
Class C |
|
|
|
|
|
Shares sold |
329 |
483 |
$ 8,125 |
$ 10,663 |
|
Reinvestment of distributions |
19 |
5 |
475 |
103 |
|
Shares redeemed |
(281) |
(547) |
(6,952) |
(11,826) |
|
Net increase (decrease) |
67 |
(59) |
$ 1,648 |
$ (1,060) |
|
Institutional Class |
|
|
|
|
|
Shares sold |
126 |
3,091 |
$ 3,316 |
$ 67,555 |
|
Reinvestment of distributions |
5 |
75 |
137 |
1,511 |
|
Shares redeemed |
(283) |
(54,343)A |
(7,478) |
(1,190,196)A |
|
Net increase (decrease) |
(152) |
(51,177) |
$ (4,025) |
$ (1,121,130) |
A Amount includes in-kind redemptions.
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
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research (Japan) Inc.
Fidelity Management & Research (Hong Kong) Limited
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
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
AGAI-USAN-0714 1.786791.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Growth Opportunities
Fund - Institutional Class
Semiannual Report
May 31, 2014
(Fidelity Cover Art)
Contents
|
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. © 2014 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
Shareholder Expense Example
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 (December 1, 2013 to May 31, 2014).
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 |
$ 1,038.80 |
$ 5.64 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,019.40 |
$ 5.59 |
|
Class T |
1.33% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,037.60 |
$ 6.76 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.30 |
$ 6.69 |
|
Class B |
1.94% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,034.40 |
$ 9.84 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.26 |
$ 9.75 |
|
Class C |
1.85% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,035.00 |
$ 9.39 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.71 |
$ 9.30 |
|
Institutional Class |
.84% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,040.00 |
$ 4.27 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,020.74 |
$ 4.23 |
|
Class Z |
.69% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,041.10 |
$ 3.51 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.49 |
$ 3.48 |
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 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Apple, Inc. |
4.6 |
4.1 |
|
salesforce.com, Inc. |
3.5 |
3.6 |
|
Regeneron Pharmaceuticals, Inc. |
2.9 |
3.0 |
|
Google, Inc. Class A |
2.6 |
4.8 |
|
Google, Inc. Class C |
2.5 |
0.0 |
|
Facebook, Inc. Class A |
2.1 |
2.1 |
|
Keurig Green Mountain, Inc. |
1.9 |
1.3 |
|
Comcast Corp. Class A |
1.7 |
1.7 |
|
Alkermes PLC |
1.6 |
1.5 |
|
Seattle Genetics, Inc. |
1.6 |
2.1 |
|
|
25.0 |
|
|
Top Five Market Sectors as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Information Technology |
34.3 |
33.1 |
|
Health Care |
18.4 |
19.0 |
|
Consumer Discretionary |
16.5 |
18.2 |
|
Consumer Staples |
10.4 |
9.9 |
|
Industrials |
8.1 |
7.0 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2014 * |
As of November 30, 2013 ** |
||||||
 |
Stocks 99.2% |
|
|
Stocks 97.5% |
|
||
 |
Convertible Securities 0.3% |
|
|
Convertible Securities 0.3% |
|
||
 |
Short-Term Investments and Net Other Assets (Liabilities) 0.5% |
|
|
Short-Term Investments and Net Other Assets (Liabilities) 2.2% |
|
||
|
* Foreign investments |
6.4% |
|
** Foreign investments |
6.5% |
|
||
Semiannual Report
Investments May 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 99.2% |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER DISCRETIONARY - 16.5% |
|||
|
Auto Components - 0.2% |
|||
|
Tenneco, Inc. (a) |
121,700 |
$ 7,758 |
|
|
Automobiles - 0.6% |
|||
|
Tesla Motors, Inc. (a)(d) |
107,536 |
22,343 |
|
|
Hotels, Restaurants & Leisure - 2.9% |
|||
|
Arcos Dorados Holdings, Inc. Class A (d) |
222,600 |
1,981 |
|
|
Buffalo Wild Wings, Inc. (a) |
64,200 |
9,278 |
|
|
Chipotle Mexican Grill, Inc. (a) |
22,800 |
12,474 |
|
|
Chuy's Holdings, Inc. (a) |
144,000 |
4,704 |
|
|
Dunkin' Brands Group, Inc. |
196,700 |
8,804 |
|
|
Las Vegas Sands Corp. |
133,992 |
10,253 |
|
|
McDonald's Corp. |
135,600 |
13,754 |
|
|
Panera Bread Co. Class A (a) |
62,200 |
9,555 |
|
|
Starbucks Corp. |
315,500 |
23,107 |
|
|
Starwood Hotels & Resorts Worldwide, Inc. |
61,200 |
4,887 |
|
|
The Cheesecake Factory, Inc. |
64,300 |
2,949 |
|
|
|
101,746 |
||
|
Household Durables - 1.2% |
|||
|
Harman International Industries, Inc. |
111,000 |
11,658 |
|
|
Lennar Corp. Class A |
368,100 |
15,055 |
|
|
SodaStream International Ltd. (a)(d) |
63,200 |
2,361 |
|
|
Toll Brothers, Inc. (a) |
240,300 |
8,704 |
|
|
Tupperware Brands Corp. |
54,600 |
4,571 |
|
|
|
42,349 |
||
|
Internet & Catalog Retail - 1.5% |
|||
|
Amazon.com, Inc. (a) |
116,000 |
36,256 |
|
|
JD.com, Inc. sponsored ADR |
26,000 |
650 |
|
|
priceline.com, Inc. (a) |
13,500 |
17,262 |
|
|
|
54,168 |
||
|
Media - 3.6% |
|||
|
AMC Networks, Inc. Class A (a) |
186,300 |
11,528 |
|
|
Comcast Corp. Class A |
1,129,100 |
58,939 |
|
|
DIRECTV (a) |
80,600 |
6,645 |
|
|
IMAX Corp. (a) |
434,100 |
11,386 |
|
|
Liberty Global PLC Class A (a) |
77,400 |
3,485 |
|
|
Lions Gate Entertainment Corp. (d) |
241,100 |
6,300 |
|
|
News Corp. Class A (a) |
39,325 |
671 |
|
|
The Walt Disney Co. |
123,300 |
10,358 |
|
|
Twenty-First Century Fox, Inc. Class A |
475,500 |
16,837 |
|
|
|
126,149 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER DISCRETIONARY - continued |
|||
|
Multiline Retail - 0.2% |
|||
|
Target Corp. |
91,300 |
$ 5,182 |
|
|
Specialty Retail - 2.9% |
|||
|
Abercrombie & Fitch Co. Class A |
117,300 |
4,459 |
|
|
Bed Bath & Beyond, Inc. (a) |
64,700 |
3,937 |
|
|
Cabela's, Inc. Class A (a)(d) |
66,000 |
4,041 |
|
|
CarMax, Inc. (a) |
209,700 |
9,292 |
|
|
DSW, Inc. Class A |
133,800 |
3,352 |
|
|
Five Below, Inc. (a) |
120,500 |
4,362 |
|
|
GNC Holdings, Inc. |
143,100 |
5,283 |
|
|
Home Depot, Inc. |
277,200 |
22,240 |
|
|
Lumber Liquidators Holdings, Inc. (a)(d) |
361,200 |
28,058 |
|
|
TJX Companies, Inc. |
275,400 |
14,996 |
|
|
|
100,020 |
||
|
Textiles, Apparel & Luxury Goods - 3.4% |
|||
|
Fossil Group, Inc. (a) |
147,100 |
15,410 |
|
|
Kate Spade & Co. (a) |
207,100 |
7,541 |
|
|
lululemon athletica, Inc. (a)(d) |
902,216 |
40,266 |
|
|
Michael Kors Holdings Ltd. (a) |
235,600 |
22,236 |
|
|
NIKE, Inc. Class B |
154,700 |
11,898 |
|
|
Prada SpA |
454,000 |
3,396 |
|
|
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) |
130,100 |
5,789 |
|
|
Steven Madden Ltd. (a) |
264,600 |
8,430 |
|
|
Under Armour, Inc. Class A (sub. vtg.) (a) |
97,200 |
4,937 |
|
|
|
119,903 |
||
|
TOTAL CONSUMER DISCRETIONARY |
579,618 |
||
|
CONSUMER STAPLES - 10.4% |
|||
|
Beverages - 1.7% |
|||
|
Monster Beverage Corp. (a) |
143,100 |
9,928 |
|
|
PepsiCo, Inc. |
178,300 |
15,749 |
|
|
SABMiller PLC |
107,700 |
5,977 |
|
|
The Coca-Cola Co. |
640,800 |
26,215 |
|
|
|
57,869 |
||
|
Food & Staples Retailing - 3.1% |
|||
|
Costco Wholesale Corp. |
263,300 |
30,548 |
|
|
CVS Caremark Corp. |
379,800 |
29,746 |
|
|
Fresh Market, Inc. (a)(d) |
56,433 |
1,730 |
|
|
Wal-Mart Stores, Inc. |
242,080 |
18,584 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER STAPLES - continued |
|||
|
Food & Staples Retailing - continued |
|||
|
Walgreen Co. |
298,500 |
$ 21,465 |
|
|
Whole Foods Market, Inc. |
209,900 |
8,027 |
|
|
|
110,100 |
||
|
Food Products - 2.4% |
|||
|
Bunge Ltd. |
63,200 |
4,911 |
|
|
Keurig Green Mountain, Inc. |
594,420 |
67,039 |
|
|
Mead Johnson Nutrition Co. Class A |
99,100 |
8,866 |
|
|
Mondelez International, Inc. |
125,000 |
4,703 |
|
|
|
85,519 |
||
|
Household Products - 0.7% |
|||
|
Procter & Gamble Co. |
206,000 |
16,643 |
|
|
Svenska Cellulosa AB (SCA) (B Shares) |
334,800 |
9,316 |
|
|
|
25,959 |
||
|
Personal Products - 0.4% |
|||
|
Avon Products, Inc. |
100,242 |
1,432 |
|
|
Herbalife Ltd. |
177,900 |
11,533 |
|
|
|
12,965 |
||
|
Tobacco - 2.1% |
|||
|
Altria Group, Inc. |
808,500 |
33,601 |
|
|
Japan Tobacco, Inc. |
34,800 |
1,182 |
|
|
Lorillard, Inc. |
186,200 |
11,576 |
|
|
Philip Morris International, Inc. |
319,250 |
28,266 |
|
|
|
74,625 |
||
|
TOTAL CONSUMER STAPLES |
367,037 |
||
|
ENERGY - 4.8% |
|||
|
Energy Equipment & Services - 1.6% |
|||
|
FMC Technologies, Inc. (a) |
95,840 |
5,564 |
|
|
Halliburton Co. |
118,300 |
7,647 |
|
|
National Oilwell Varco, Inc. |
83,988 |
6,876 |
|
|
Schlumberger Ltd. |
351,900 |
36,612 |
|
|
|
56,699 |
||
|
Oil, Gas & Consumable Fuels - 3.2% |
|||
|
Anadarko Petroleum Corp. |
78,500 |
8,075 |
|
|
Cabot Oil & Gas Corp. |
210,600 |
7,632 |
|
|
Chesapeake Energy Corp. |
165,264 |
4,746 |
|
|
Concho Resources, Inc. (a) |
69,800 |
9,200 |
|
|
Continental Resources, Inc. (a) |
87,800 |
12,324 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
ENERGY - continued |
|||
|
Oil, Gas & Consumable Fuels - continued |
|||
|
EOG Resources, Inc. |
41,200 |
$ 4,359 |
|
|
Hess Corp. |
135,100 |
12,335 |
|
|
Marathon Petroleum Corp. |
32,040 |
2,864 |
|
|
Noble Energy, Inc. |
105,400 |
7,596 |
|
|
Occidental Petroleum Corp. |
166,300 |
16,578 |
|
|
PDC Energy, Inc. (a) |
48,700 |
3,126 |
|
|
Peabody Energy Corp. |
118,100 |
1,908 |
|
|
Phillips 66 Co. |
36,700 |
3,112 |
|
|
Pioneer Natural Resources Co. |
27,400 |
5,758 |
|
|
Range Resources Corp. |
16,300 |
1,515 |
|
|
Southwestern Energy Co. (a) |
85,000 |
3,865 |
|
|
Valero Energy Corp. |
148,600 |
8,329 |
|
|
|
113,322 |
||
|
TOTAL ENERGY |
170,021 |
||
|
FINANCIALS - 4.2% |
|||
|
Banks - 0.9% |
|||
|
Bank of America Corp. |
297,800 |
4,509 |
|
|
Citigroup, Inc. |
105,700 |
5,028 |
|
|
JPMorgan Chase & Co. |
200,900 |
11,164 |
|
|
Signature Bank (a) |
31,800 |
3,683 |
|
|
Wells Fargo & Co. |
125,000 |
6,348 |
|
|
|
30,732 |
||
|
Capital Markets - 0.6% |
|||
|
BlackRock, Inc. Class A |
10,400 |
3,171 |
|
|
Charles Schwab Corp. |
471,800 |
11,894 |
|
|
Goldman Sachs Group, Inc. |
24,591 |
3,930 |
|
|
T. Rowe Price Group, Inc. |
30,300 |
2,470 |
|
|
|
21,465 |
||
|
Consumer Finance - 2.3% |
|||
|
American Express Co. |
575,400 |
52,649 |
|
|
Discover Financial Services |
483,633 |
28,597 |
|
|
|
81,246 |
||
|
Diversified Financial Services - 0.2% |
|||
|
BM&F BOVESPA SA |
765,958 |
3,754 |
|
|
CME Group, Inc. |
22,000 |
1,584 |
|
|
|
5,338 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
FINANCIALS - continued |
|||
|
Real Estate Investment Trusts - 0.1% |
|||
|
Simon Property Group, Inc. |
25,978 |
$ 4,324 |
|
|
Washington Prime Group, Inc. (a) |
12,989 |
258 |
|
|
|
4,582 |
||
|
Real Estate Management & Development - 0.1% |
|||
|
The St. Joe Co. (a)(d) |
100,400 |
2,363 |
|
|
TOTAL FINANCIALS |
145,726 |
||
|
HEALTH CARE - 18.3% |
|||
|
Biotechnology - 13.9% |
|||
|
ACADIA Pharmaceuticals, Inc. (a) |
194,600 |
4,018 |
|
|
Agios Pharmaceuticals, Inc. |
63,067 |
2,217 |
|
|
Alexion Pharmaceuticals, Inc. (a) |
41,700 |
6,936 |
|
|
Alkermes PLC (a) |
1,241,000 |
56,850 |
|
|
Alnylam Pharmaceuticals, Inc. (a) |
214,460 |
12,715 |
|
|
Amarin Corp. PLC ADR (a)(d) |
265,000 |
374 |
|
|
Amgen, Inc. |
240,600 |
27,907 |
|
|
Biogen Idec, Inc. (a) |
45,600 |
14,563 |
|
|
Bluebird Bio, Inc. |
110,300 |
2,550 |
|
|
Celgene Corp. (a) |
55,235 |
8,453 |
|
|
Celldex Therapeutics, Inc. (a) |
215,700 |
3,151 |
|
|
Cepheid, Inc. (a) |
136,353 |
6,143 |
|
|
Clovis Oncology, Inc. (a) |
16,500 |
845 |
|
|
Exelixis, Inc. (a)(d) |
2,514,011 |
8,321 |
|
|
Geron Corp. (a) |
1,222,800 |
2,543 |
|
|
Gilead Sciences, Inc. (a) |
529,300 |
42,984 |
|
|
ImmunoGen, Inc. (a)(d) |
1,369,351 |
16,186 |
|
|
Immunomedics, Inc. (a)(d) |
1,354,187 |
4,509 |
|
|
Insmed, Inc. (a) |
330,600 |
4,344 |
|
|
Intercept Pharmaceuticals, Inc. (a) |
5,700 |
1,349 |
|
|
InterMune, Inc. (a) |
110,400 |
4,374 |
|
|
Ironwood Pharmaceuticals, Inc. Class A (a) |
227,500 |
3,258 |
|
|
Isis Pharmaceuticals, Inc. (a)(d) |
1,259,953 |
36,816 |
|
|
Lexicon Pharmaceuticals, Inc. (a) |
8,418,904 |
11,113 |
|
|
Merrimack Pharmaceuticals, Inc. (a)(d) |
591,500 |
4,596 |
|
|
NPS Pharmaceuticals, Inc. (a) |
484,500 |
15,082 |
|
|
Ophthotech Corp. |
62,400 |
2,540 |
|
|
Prothena Corp. PLC (a) |
117,602 |
2,448 |
|
|
Receptos, Inc. |
87,600 |
2,607 |
|
|
Regeneron Pharmaceuticals, Inc. (a) |
332,600 |
102,095 |
|
|
Regulus Therapeutics, Inc. (a) |
337,200 |
2,269 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
HEALTH CARE - continued |
|||
|
Biotechnology - continued |
|||
|
Rigel Pharmaceuticals, Inc. (a) |
690,248 |
$ 2,271 |
|
|
Seattle Genetics, Inc. (a)(d) |
1,665,767 |
55,587 |
|
|
Transition Therapeutics, Inc. (a) |
1,007,397 |
5,128 |
|
|
uniQure B.V. |
4,600 |
40 |
|
|
Vertex Pharmaceuticals, Inc. (a) |
68,690 |
4,964 |
|
|
XOMA Corp. (a) |
1,576,700 |
6,528 |
|
|
|
488,674 |
||
|
Health Care Equipment & Supplies - 0.8% |
|||
|
Abbott Laboratories |
89,300 |
3,573 |
|
|
Align Technology, Inc. (a) |
59,600 |
3,255 |
|
|
Baxter International, Inc. |
38,900 |
2,895 |
|
|
Cyberonics, Inc. (a) |
67,300 |
4,092 |
|
|
Insulet Corp. (a) |
71,646 |
2,624 |
|
|
Steris Corp. |
201,100 |
10,763 |
|
|
|
27,202 |
||
|
Health Care Providers & Services - 0.8% |
|||
|
Accretive Health, Inc. (a) |
596,000 |
4,464 |
|
|
BioScrip, Inc. (a)(d) |
792,300 |
6,220 |
|
|
Catamaran Corp. (a) |
30,500 |
1,344 |
|
|
Express Scripts Holding Co. (a) |
125,167 |
8,946 |
|
|
McKesson Corp. |
30,800 |
5,841 |
|
|
|
26,815 |
||
|
Health Care Technology - 0.6% |
|||
|
Allscripts Healthcare Solutions, Inc. (a) |
778,000 |
11,468 |
|
|
athenahealth, Inc. (a)(d) |
85,900 |
10,902 |
|
|
Castlight Health, Inc. Class B (a)(d) |
30,200 |
458 |
|
|
|
22,828 |
||
|
Life Sciences Tools & Services - 0.4% |
|||
|
Illumina, Inc. (a)(d) |
98,000 |
15,509 |
|
|
Pharmaceuticals - 1.8% |
|||
|
AbbVie, Inc. |
156,200 |
8,486 |
|
|
Actavis PLC (a) |
44,500 |
9,414 |
|
|
Allergan, Inc. |
84,600 |
14,167 |
|
|
Auxilium Pharmaceuticals, Inc. (a) |
253,700 |
5,678 |
|
|
Bristol-Myers Squibb Co. |
167,300 |
8,322 |
|
|
Hospira, Inc. (a) |
57,200 |
2,813 |
|
|
Johnson & Johnson |
37,800 |
3,835 |
|
|
Mylan, Inc. (a) |
57,768 |
2,879 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
HEALTH CARE - continued |
|||
|
Pharmaceuticals - continued |
|||
|
Questcor Pharmaceuticals, Inc. (d) |
66,800 |
$ 6,021 |
|
|
Revance Therapeutics, Inc. |
17,500 |
551 |
|
|
|
62,166 |
||
|
TOTAL HEALTH CARE |
643,194 |
||
|
INDUSTRIALS - 8.1% |
|||
|
Aerospace & Defense - 0.8% |
|||
|
Honeywell International, Inc. |
125,800 |
11,718 |
|
|
The Boeing Co. |
132,500 |
17,921 |
|
|
|
29,639 |
||
|
Air Freight & Logistics - 1.0% |
|||
|
FedEx Corp. |
76,400 |
11,014 |
|
|
United Parcel Service, Inc. Class B |
227,400 |
23,622 |
|
|
|
34,636 |
||
|
Airlines - 1.9% |
|||
|
Delta Air Lines, Inc. |
169,100 |
6,749 |
|
|
Southwest Airlines Co. |
561,700 |
14,857 |
|
|
Spirit Airlines, Inc. (a) |
330,700 |
19,534 |
|
|
United Continental Holdings, Inc. (a) |
545,100 |
24,186 |
|
|
|
65,326 |
||
|
Construction & Engineering - 0.2% |
|||
|
Quanta Services, Inc. (a) |
204,359 |
6,938 |
|
|
Electrical Equipment - 0.3% |
|||
|
Acuity Brands, Inc. |
74,400 |
9,338 |
|
|
Industrial Conglomerates - 1.3% |
|||
|
3M Co. |
69,100 |
9,850 |
|
|
Danaher Corp. |
291,000 |
22,823 |
|
|
General Electric Co. |
263,800 |
7,067 |
|
|
Roper Industries, Inc. |
38,800 |
5,497 |
|
|
|
45,237 |
||
|
Machinery - 0.4% |
|||
|
Caterpillar, Inc. |
72,100 |
7,371 |
|
|
Cummins, Inc. |
29,400 |
4,496 |
|
|
ITT Corp. |
24,100 |
1,053 |
|
|
Xylem, Inc. |
63,000 |
2,350 |
|
|
|
15,270 |
||
|
Professional Services - 0.0% |
|||
|
Paylocity Holding Corp. (a) |
4,100 |
80 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INDUSTRIALS - continued |
|||
|
Road & Rail - 2.2% |
|||
|
CSX Corp. |
324,100 |
$ 9,529 |
|
|
Hertz Global Holdings, Inc. (a) |
655,400 |
19,347 |
|
|
J.B. Hunt Transport Services, Inc. |
109,300 |
8,488 |
|
|
Kansas City Southern |
13,600 |
1,462 |
|
|
Union Pacific Corp. |
199,400 |
39,734 |
|
|
|
78,560 |
||
|
TOTAL INDUSTRIALS |
285,024 |
||
|
INFORMATION TECHNOLOGY - 34.1% |
|||
|
Communications Equipment - 1.9% |
|||
|
Infinera Corp. (a) |
1,483,881 |
13,503 |
|
|
QUALCOMM, Inc. |
582,565 |
46,867 |
|
|
Riverbed Technology, Inc. (a) |
115,800 |
2,353 |
|
|
ViaSat, Inc. (a) |
87,500 |
4,745 |
|
|
|
67,468 |
||
|
Electronic Equipment & Components - 0.5% |
|||
|
IPG Photonics Corp. (a) |
94,100 |
5,938 |
|
|
Trimble Navigation Ltd. (a) |
334,700 |
12,073 |
|
|
|
18,011 |
||
|
Internet Software & Services - 10.1% |
|||
|
Akamai Technologies, Inc. (a) |
184,900 |
10,047 |
|
|
Cornerstone OnDemand, Inc. (a) |
262,700 |
10,558 |
|
|
eBay, Inc. (a) |
544,200 |
27,607 |
|
|
Facebook, Inc. Class A (a) |
1,187,293 |
75,156 |
|
|
Google, Inc.: |
|
|
|
|
Class A (a) |
157,465 |
90,015 |
|
|
Class C (a) |
157,465 |
88,335 |
|
|
LinkedIn Corp. (a) |
18,800 |
3,010 |
|
|
Opower, Inc. |
5,900 |
98 |
|
|
Qihoo 360 Technology Co. Ltd. ADR (a) |
108,700 |
9,982 |
|
|
Rackspace Hosting, Inc. (a) |
133,802 |
4,882 |
|
|
Tencent Holdings Ltd. |
751,000 |
10,558 |
|
|
Trulia, Inc. (a)(d) |
89,500 |
3,459 |
|
|
Twitter, Inc. (d) |
128,800 |
4,178 |
|
|
Web.com Group, Inc. (a) |
469,200 |
16,159 |
|
|
Wix.com Ltd. (a) |
76,544 |
1,367 |
|
|
|
355,411 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
IT Services - 3.6% |
|||
|
Cognizant Technology Solutions Corp. Class A (a) |
254,432 |
$ 12,368 |
|
|
IBM Corp. |
117,900 |
21,736 |
|
|
MasterCard, Inc. Class A |
522,000 |
39,907 |
|
|
Visa, Inc. Class A |
243,600 |
52,333 |
|
|
|
126,344 |
||
|
Semiconductors & Semiconductor Equipment - 5.1% |
|||
|
Applied Materials, Inc. |
211,300 |
4,266 |
|
|
Applied Micro Circuits Corp. (a) |
1,394,600 |
12,551 |
|
|
Broadcom Corp. Class A |
152,300 |
4,854 |
|
|
Cavium, Inc. (a) |
74,300 |
3,639 |
|
|
Cree, Inc. (a)(d) |
782,900 |
37,673 |
|
|
Cypress Semiconductor Corp. |
1,344,866 |
13,785 |
|
|
First Solar, Inc. (a) |
116,900 |
7,222 |
|
|
Intel Corp. |
101,900 |
2,784 |
|
|
Mellanox Technologies Ltd. (a)(d) |
198,600 |
6,272 |
|
|
NVIDIA Corp. |
2,130,930 |
40,488 |
|
|
Rambus, Inc. (a) |
1,255,300 |
15,189 |
|
|
Silicon Laboratories, Inc. (a) |
625,100 |
28,205 |
|
|
Xilinx, Inc. |
60,800 |
2,855 |
|
|
|
179,783 |
||
|
Software - 8.0% |
|||
|
Adobe Systems, Inc. (a) |
81,800 |
5,279 |
|
|
Citrix Systems, Inc. (a) |
35,500 |
2,200 |
|
|
Concur Technologies, Inc. (a) |
113,500 |
9,689 |
|
|
Interactive Intelligence Group, Inc. (a) |
173,000 |
8,769 |
|
|
Intuit, Inc. |
72,200 |
5,725 |
|
|
Microsoft Corp. |
1,103,068 |
45,160 |
|
|
NetSuite, Inc. (a) |
133,800 |
10,770 |
|
|
Oracle Corp. |
338,200 |
14,211 |
|
|
Qlik Technologies, Inc. (a) |
237,774 |
5,162 |
|
|
Red Hat, Inc. (a) |
534,930 |
26,811 |
|
|
salesforce.com, Inc. (a) |
2,357,200 |
124,059 |
|
|
ServiceNow, Inc. (a) |
138,600 |
7,250 |
|
|
Solera Holdings, Inc. |
13,500 |
881 |
|
|
Splunk, Inc. (a) |
41,100 |
1,720 |
|
|
The Rubicon Project, Inc. |
13,861 |
176 |
|
|
TiVo, Inc. (a) |
262,000 |
3,118 |
|
|
VMware, Inc. Class A (a) |
28,700 |
2,770 |
|
|
Workday, Inc. Class A (a) |
62,300 |
4,882 |
|
|
|
278,632 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Technology Hardware, Storage & Peripherals - 4.9% |
|||
|
3D Systems Corp. (a)(d) |
35,700 |
$ 1,808 |
|
|
Apple, Inc. |
254,858 |
161,328 |
|
|
Fusion-io, Inc. (a)(d) |
618,532 |
4,942 |
|
|
Nimble Storage, Inc. (d) |
4,900 |
124 |
|
|
SanDisk Corp. |
49,200 |
4,754 |
|
|
|
172,956 |
||
|
TOTAL INFORMATION TECHNOLOGY |
1,198,605 |
||
|
MATERIALS - 2.0% |
|||
|
Chemicals - 1.7% |
|||
|
E.I. du Pont de Nemours & Co. |
101,600 |
7,042 |
|
|
Eastman Chemical Co. |
31,200 |
2,754 |
|
|
Metabolix, Inc. (a)(d) |
203,084 |
167 |
|
|
Monsanto Co. |
358,000 |
43,622 |
|
|
The Mosaic Co. |
99,500 |
4,974 |
|
|
|
58,559 |
||
|
Construction Materials - 0.0% |
|||
|
CaesarStone Sdot-Yam Ltd. |
36,100 |
1,631 |
|
|
Metals & Mining - 0.3% |
|||
|
Nucor Corp. |
76,800 |
3,888 |
|
|
U.S. Silica Holdings, Inc. |
126,100 |
6,377 |
|
|
|
10,265 |
||
|
TOTAL MATERIALS |
70,455 |
||
|
TELECOMMUNICATION SERVICES - 0.6% |
|||
|
Diversified Telecommunication Services - 0.4% |
|||
|
Level 3 Communications, Inc. (a) |
96,700 |
4,221 |
|
|
Verizon Communications, Inc. |
178,400 |
8,913 |
|
|
|
13,134 |
||
|
Wireless Telecommunication Services - 0.2% |
|||
|
Sprint Corp. (a) |
240,987 |
2,301 |
|
|
T-Mobile U.S., Inc. (a) |
194,200 |
6,667 |
|
|
|
8,968 |
||
|
TOTAL TELECOMMUNICATION SERVICES |
22,102 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
UTILITIES - 0.2% |
|||
|
Independent Power and Renewable Electricity Producers - 0.0% |
|||
|
Ormat Technologies, Inc. |
9,500 |
$ 283 |
|
|
Independent Power Producers & Energy Traders - 0.2% |
|||
|
NRG Energy, Inc. |
150,100 |
5,350 |
|
|
TOTAL UTILITIES |
5,633 |
||
|
TOTAL COMMON STOCKS (Cost $2,348,617) |
|
||
|
Preferred Stocks - 0.3% |
|||
|
|
|
|
|
|
Convertible Preferred Stocks - 0.3% |
|||
|
HEALTH CARE - 0.1% |
|||
|
Pharmaceuticals - 0.1% |
|||
|
aTyr Pharma, Inc. 8.00% (a)(e) |
638,618 |
1,615 |
|
|
INFORMATION TECHNOLOGY - 0.2% |
|||
|
Software - 0.2% |
|||
|
Cloudera, Inc. Series F (e) |
41,786 |
621 |
|
|
MongoDB, Inc. Series F, 8.00% (e) |
515,124 |
6,377 |
|
|
|
6,998 |
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS |
8,613 |
||
|
Nonconvertible Preferred Stocks - 0.0% |
|||
|
HEALTH CARE - 0.0% |
|||
|
Pharmaceuticals - 0.0% |
|||
|
Equilibrate Asia Therapeutics Series D (a)(e) |
676,657 |
11 |
|
|
Equilibrate Worldwide Therapeutics Series D (a)(e) |
676,657 |
27 |
|
|
Neuropathic Worldwide Therapeutics Series D (a)(e) |
676,657 |
5 |
|
|
Oculus Worldwide Therapeutics Series D (a)(e) |
676,657 |
8 |
|
|
Orchestrate U.S. Therapeutics, Inc. Series D (a)(e) |
676,657 |
12 |
|
|
Orchestrate Worldwide Therapeutics Series D (a)(e) |
676,657 |
21 |
|
|
|
84 |
||
|
TOTAL PREFERRED STOCKS (Cost $10,922) |
|
||
|
Money Market Funds - 4.0% |
|||
|
Shares |
Value (000s) |
||
|
Fidelity Cash Central Fund, 0.10% (b) |
20,239,853 |
$ 20,240 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
121,245,712 |
121,246 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $141,486) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $2,501,025) |
3,637,598 |
||
|
NET OTHER ASSETS (LIABILITIES) - (3.5)% |
(121,489) |
||
|
NET ASSETS - 100% |
$ 3,516,109 |
||
|
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) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,697,000 or 0.3% of net assets. |
|
Additional information on each restricted holding is as follows: |
|
Security |
Acquisition Date |
Acquisition Cost (000s) |
|
aTyr Pharma, Inc. 8.00% |
4/8/13 |
$ 1,615 |
|
Cloudera, Inc. Series F |
2/5/14 |
$ 608 |
|
Equilibrate Asia Therapeutics Series D |
5/17/13 |
$ 11 |
|
Equilibrate Worldwide Therapeutics Series D |
5/17/13 |
$ 27 |
|
MongoDB, Inc. Series F, 8.00% |
10/2/13 |
$ 8,615 |
|
Neuropathic Worldwide Therapeutics Series D |
5/17/13 |
$ 5 |
|
Security |
Acquisition Date |
Acquisition Cost (000s) |
|
Oculus Worldwide Therapeutics Series D |
5/17/13 |
$ 8 |
|
Orchestrate U.S. Therapeutics, Inc. Series D |
5/17/13 |
$ 12 |
|
Orchestrate Worldwide Therapeutics Series D |
5/17/13 |
$ 21 |
|
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 |
$ 29 |
|
Fidelity Securities Lending Cash Central Fund |
614 |
|
Total |
$ 643 |
|
Other Information |
|
The following is a summary of the inputs used, as of May 31, 2014, 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 table 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 |
$ 579,618 |
$ 579,618 |
$ - |
$ - |
|
Consumer Staples |
367,037 |
365,855 |
1,182 |
- |
|
Energy |
170,021 |
170,021 |
- |
- |
|
Financials |
145,726 |
145,726 |
- |
- |
|
Health Care |
644,893 |
643,194 |
- |
1,699 |
|
Industrials |
285,024 |
285,024 |
- |
- |
|
Information Technology |
1,205,603 |
1,198,605 |
- |
6,998 |
|
Valuation Inputs at Reporting Date: |
||||
|
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
|
Investments in Securities: |
||||
|
Equities: |
||||
|
Materials |
$ 70,455 |
$ 70,455 |
$ - |
$ - |
|
Telecommunication Services |
22,102 |
22,102 |
- |
- |
|
Utilities |
5,633 |
5,633 |
- |
- |
|
Money Market Funds |
141,486 |
141,486 |
- |
- |
|
Total Investments in Securities: |
$ 3,637,598 |
$ 3,627,719 |
$ 1,182 |
$ 8,697 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including securities loaned of $116,277) - See accompanying schedule: Unaffiliated issuers (cost $2,359,539) |
$ 3,496,112 |
|
|
Fidelity Central Funds (cost $141,486) |
141,486 |
|
|
Total Investments (cost $2,501,025) |
|
$ 3,637,598 |
|
Cash |
|
10 |
|
Foreign currency held at value (cost $23) |
|
23 |
|
Receivable for investments sold |
|
48,389 |
|
Receivable for fund shares sold |
|
2,485 |
|
Dividends receivable |
|
2,303 |
|
Distributions receivable from Fidelity Central Funds |
|
94 |
|
Prepaid expenses |
|
2 |
|
Other receivables |
|
191 |
|
Total assets |
|
3,691,095 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 41,673 |
|
|
Payable for fund shares redeemed |
8,858 |
|
|
Accrued management fee |
1,463 |
|
|
Distribution and service plan fees payable |
888 |
|
|
Other affiliated payables |
677 |
|
|
Other payables and accrued expenses |
181 |
|
|
Collateral on securities loaned, at value |
121,246 |
|
|
Total liabilities |
|
174,986 |
|
|
|
|
|
Net Assets |
|
$ 3,516,109 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 2,596,541 |
|
Accumulated net investment loss |
|
(10,738) |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
(206,267) |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
1,136,573 |
|
Net Assets |
|
$ 3,516,109 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 57.02 |
|
|
|
|
|
Maximum offering price per share (100/94.25 of $57.02) |
|
$ 60.50 |
|
Class T: |
|
$ 57.11 |
|
|
|
|
|
Maximum offering price per share (100/96.50 of $57.11) |
|
$ 59.18 |
|
Class B: |
|
$ 52.62 |
|
|
|
|
|
Class C: |
|
$ 52.96 |
|
|
|
|
|
|
|
|
|
Institutional Class: |
|
$ 59.47 |
|
|
|
|
|
Class Z: |
|
$ 59.55 |
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
Statement of Operations
|
Amounts in thousands |
Six months ended May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Investment Income |
|
|
|
Dividends |
|
$ 14,534 |
|
Income from Fidelity Central Funds |
|
643 |
|
Total income |
|
15,177 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 9,641 |
|
|
Performance adjustment |
880 |
|
|
Transfer agent fees |
3,486 |
|
|
Distribution and service plan fees |
5,425 |
|
|
Accounting and security lending fees |
520 |
|
|
Custodian fees and expenses |
32 |
|
|
Independent trustees' compensation |
7 |
|
|
Registration fees |
79 |
|
|
Audit |
34 |
|
|
Legal |
7 |
|
|
Miscellaneous |
11 |
|
|
Total expenses before reductions |
20,122 |
|
|
Expense reductions |
(3) |
20,119 |
|
Net investment income (loss) |
|
(4,942) |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
44,062 |
|
|
Foreign currency transactions |
1 |
|
|
Total net realized gain (loss) |
|
44,063 |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
|
83,722 |
|
Net gain (loss) |
|
127,785 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ 122,843 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
|
Amounts in thousands |
Six months ended May 31, 2014 |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ (4,942) |
$ (6,532) |
|
Net realized gain (loss) |
44,063 |
167,083 |
|
Change in net unrealized appreciation (depreciation) |
83,722 |
587,055 |
|
Net increase (decrease) in net assets resulting |
122,843 |
747,606 |
|
Share transactions - net increase (decrease) |
129,170 |
411,715 |
|
Total increase (decrease) in net assets |
252,013 |
1,159,321 |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
3,264,096 |
2,104,775 |
|
End of period (including accumulated net investment loss of $10,738 and accumulated net investment loss of $5,796, respectively) |
$ 3,516,109 |
$ 3,264,096 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 54.89 |
$ 41.34 |
$ 35.39 |
$ 32.30 |
$ 26.30 |
$ 18.92 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
(.07) |
(.10) |
(.11) |
(.08) |
- J |
.10 |
|
Net realized and unrealized gain (loss) |
2.20 |
13.65 |
6.06 |
3.17 |
6.13 |
7.28 |
|
Total from investment operations |
2.13 |
13.55 |
5.95 |
3.09 |
6.13 |
7.38 |
|
Distributions from net investment income |
- |
- |
- |
- |
(.11) |
- |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.02) |
- |
|
Total distributions |
- |
- |
- |
- |
(.13) |
- |
|
Net asset value, end of period |
$ 57.02 |
$ 54.89 |
$ 41.34 |
$ 35.39 |
$ 32.30 |
$ 26.30 |
|
Total Return B, C, D |
3.88% |
32.78% |
16.81% |
9.57% |
23.42% |
39.01% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
1.11% A |
1.23% |
1.30% |
1.08% |
.90% |
.80% |
|
Expenses net of fee waivers, if any |
1.11% A |
1.23% |
1.29% |
1.08% |
.90% |
.80% |
|
Expenses net of all reductions |
1.11% A |
1.23% |
1.29% |
1.07% |
.90% |
.80% |
|
Net investment income (loss) |
(.24)% A |
(.20)% |
(.29)% |
(.23)% |
-% H |
.45% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 646 |
$ 555 |
$ 359 |
$ 267 |
$ 255 |
$ 236 |
|
Portfolio turnover rate G |
7% A |
17% |
34% |
31% |
35% |
114% |
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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 55.04 |
$ 41.54 |
$ 35.62 |
$ 32.58 |
$ 26.52 |
$ 19.12 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
(.13) |
(.19) |
(.19) |
(.15) |
(.06) |
.05 |
|
Net realized and unrealized gain (loss) |
2.20 |
13.69 |
6.11 |
3.19 |
6.19 |
7.35 |
|
Total from investment operations |
2.07 |
13.50 |
5.92 |
3.04 |
6.13 |
7.40 |
|
Distributions from net investment income |
- |
- |
- |
- |
(.05) |
- |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.02) |
- |
|
Total distributions |
- |
- |
- |
- |
(.07) |
- |
|
Net asset value, end of period |
$ 57.11 |
$ 55.04 |
$ 41.54 |
$ 35.62 |
$ 32.58 |
$ 26.52 |
|
Total Return B, C, D |
3.76% |
32.50% |
16.62% |
9.33% |
23.18% |
38.70% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.33% A |
1.43% |
1.48% |
1.25% |
1.10% |
1.03% |
|
Expenses net of fee waivers, if any |
1.33% A |
1.43% |
1.48% |
1.25% |
1.10% |
1.03% |
|
Expenses net of all reductions |
1.33% A |
1.43% |
1.48% |
1.25% |
1.09% |
1.02% |
|
Net investment income (loss) |
(.46)% A |
(.40)% |
(.48)% |
(.40)% |
(.20)% |
.23% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,434 |
$ 1,426 |
$ 1,187 |
$ 1,102 |
$ 1,126 |
$ 1,051 |
|
Portfolio turnover rate G |
7% A |
17% |
34% |
31% |
35% |
114% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 50.87 |
$ 38.62 |
$ 33.31 |
$ 30.64 |
$ 25.01 |
$ 18.13 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
(.28) |
(.44) |
(.39) |
(.33) |
(.21) |
(.06) |
|
Net realized and unrealized gain (loss) |
2.03 |
12.69 |
5.70 |
3.00 |
5.84 |
6.94 |
|
Total from investment operations |
1.75 |
12.25 |
5.31 |
2.67 |
5.63 |
6.88 |
|
Net asset value, end of period |
$ 52.62 |
$ 50.87 |
$ 38.62 |
$ 33.31 |
$ 30.64 |
$ 25.01 |
|
Total Return B, C, D |
3.44% |
31.72% |
15.94% |
8.71% |
22.51% |
37.95% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.94% A |
2.03% |
2.07% |
1.83% |
1.66% |
1.56% |
|
Expenses net of fee waivers, if any |
1.94% A |
2.03% |
2.05% |
1.83% |
1.66% |
1.56% |
|
Expenses net of all reductions |
1.94% A |
2.03% |
2.05% |
1.83% |
1.65% |
1.55% |
|
Net investment income (loss) |
(1.08)% A |
(1.00)% |
(1.05)% |
(.98)% |
(.76)% |
(.30)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 10 |
$ 12 |
$ 13 |
$ 14 |
$ 18 |
$ 21 |
|
Portfolio turnover rate G |
7% A |
17% |
34% |
31% |
35% |
114% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 51.17 |
$ 38.83 |
$ 33.48 |
$ 30.79 |
$ 25.14 |
$ 18.22 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
(.26) |
(.42) |
(.38) |
(.33) |
(.21) |
(.06) |
|
Net realized and unrealized gain (loss) |
2.05 |
12.76 |
5.73 |
3.02 |
5.86 |
6.98 |
|
Total from investment operations |
1.79 |
12.34 |
5.35 |
2.69 |
5.65 |
6.92 |
|
Net asset value, end of period |
$ 52.96 |
$ 51.17 |
$ 38.83 |
$ 33.48 |
$ 30.79 |
$ 25.14 |
|
Total Return B, C, D |
3.50% |
31.78% |
15.98% |
8.74% |
22.47% |
37.98% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.85% A |
1.96% |
2.04% |
1.82% |
1.65% |
1.56% |
|
Expenses net of fee waivers, if any |
1.85% A |
1.96% |
2.03% |
1.82% |
1.65% |
1.56% |
|
Expenses net of all reductions |
1.85% A |
1.96% |
2.02% |
1.82% |
1.65% |
1.55% |
|
Net investment income (loss) |
(.99)% A |
(.93)% |
(1.02)% |
(.97)% |
(.75)% |
(.30)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 199 |
$ 159 |
$ 71 |
$ 47 |
$ 41 |
$ 37 |
|
Portfolio turnover rate G |
7% A |
17% |
34% |
31% |
35% |
114% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 57.18 |
$ 42.94 |
$ 36.63 |
$ 33.33 |
$ 27.11 |
$ 19.43 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) D |
.01 |
.05 |
.01 |
.05 |
.10 |
.17 |
|
Net realized and unrealized gain (loss) |
2.28 |
14.19 |
6.30 |
3.25 |
6.33 |
7.51 |
|
Total from investment operations |
2.29 |
14.24 |
6.31 |
3.30 |
6.43 |
7.68 |
|
Distributions from net investment income |
- |
- |
- |
- |
(.19) |
- |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.02) |
- |
|
Total distributions |
- |
- |
- |
- |
(.21) |
- |
|
Net asset value, end of period |
$ 59.47 |
$ 57.18 |
$ 42.94 |
$ 36.63 |
$ 33.33 |
$ 27.11 |
|
Total Return B, C |
4.00% |
33.16% |
17.23% |
9.90% |
23.86% |
39.53% |
|
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
|
Expenses before reductions |
.84% A |
.93% |
.97% |
.72% |
.57% |
.46% |
|
Expenses net of fee waivers, if any |
.84% A |
.93% |
.97% |
.72% |
.57% |
.46% |
|
Expenses net of all reductions |
.84% A |
.93% |
.97% |
.72% |
.56% |
.46% |
|
Net investment income (loss) |
.03% A |
.09% |
.04% |
.13% |
.33% |
.79% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,227 |
$ 1,112 |
$ 475 |
$ 215 |
$ 118 |
$ 26 |
|
Portfolio turnover rate F |
7% A |
17% |
34% |
31% |
35% |
114% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
|
|
Six months ended May 31, 2014 |
Year ended |
|
|
(Unaudited) |
2013 G |
|
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 57.20 |
$ 53.30 |
|
Income from Investment Operations |
|
|
|
Net investment income (loss) D |
.05 |
.02 |
|
Net realized and unrealized gain (loss) |
2.30 |
3.88 |
|
Total from investment operations |
2.35 |
3.90 |
|
Net asset value, end of period |
$ 59.55 |
$ 57.20 |
|
Total Return B, C |
4.11% |
7.32% |
|
Ratios to Average Net Assets E, H |
|
|
|
Expenses before reductions |
.69% A |
.78% A |
|
Expenses net of fee waivers, if any |
.69% A |
.78% A |
|
Expenses net of all reductions |
.69% A |
.78% A |
|
Net investment income (loss) |
.18% A |
.14% A |
|
Supplemental Data |
|
|
|
Net assets, end of period (000 omitted) |
$ 112 |
$ 107 |
|
Portfolio turnover rate F |
7% A |
17% |
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 For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor® Growth Opportunities Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z 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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fidelity Management & Research Company (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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, net operating losses, 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 |
$ 1,278,156 |
|
Gross unrealized depreciation |
(143,402) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 1,134,754 |
|
|
|
|
Tax cost |
$ 2,502,844 |
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 prior fiscal period end and is subject to adjustment.
|
Fiscal year of expiration |
|
|
2017 |
$ (246,838) |
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 $295,223 and $117,271, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to its benchmark index, the Russell 1000® Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .60% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
|
Distribution |
Service |
Total Fees |
Retained |
|
Class A |
-% |
.25% |
$ 780 |
$ 26 |
|
Class T |
.25% |
.25% |
3,648 |
61 |
|
Class B |
.75% |
.25% |
57 |
43 |
|
Class C |
.75% |
.25% |
940 |
375 |
|
|
|
|
$ 5,425 |
$ 505 |
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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 |
$ 134 |
|
Class T |
28 |
|
Class B* |
4 |
|
Class C* |
16 |
|
|
$ 182 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Class A |
$ 689 |
.22 |
|
Class T |
1,379 |
.19 |
|
Class B |
17 |
.30 |
|
Class C |
199 |
.21 |
|
Institutional Class |
1,202 |
.20 |
|
Class Z |
-** |
.04 |
|
|
$ 3,486 |
|
* Annualized
** Amount represents twenty-five dollars.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. 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 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 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. The value of securities loaned to FCM at period end was $2,772. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent
Semiannual Report
7. Security Lending - continued
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 $614, including $2 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3 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 twenty-eight dollars.
9. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class A |
|
|
|
|
|
Shares sold |
2,462 |
3,550 |
$ 141,488 |
$ 172,665 |
|
Shares redeemed |
(1,243) |
(2,123) |
(70,288) |
(101,685) |
|
Net increase (decrease) |
1,219 |
1,427 |
$ 71,200 |
$ 70,980 |
|
Class T |
|
|
|
|
|
Shares sold |
1,575 |
2,633 |
$ 89,843 |
$ 126,086 |
|
Shares redeemed |
(2,365) |
(5,298) |
(134,620) |
(251,560) |
|
Net increase (decrease) |
(790) |
(2,665) |
$ (44,777) |
$ (125,474) |
|
Class B |
|
|
|
|
|
Shares sold |
8 |
20 |
$ 425 |
$ 916 |
|
Shares redeemed |
(53) |
(122) |
(2,768) |
(5,334) |
|
Net increase (decrease) |
(45) |
(102) |
$ (2,343) |
$ (4,418) |
|
Class C |
|
|
|
|
|
Shares sold |
1,043 |
1,606 |
$ 55,540 |
$ 73,545 |
|
Shares redeemed |
(402) |
(315) |
(20,995) |
(13,899) |
|
Net increase (decrease) |
641 |
1,291 |
$ 34,545 |
$ 59,646 |
|
Institutional Class |
|
|
|
|
|
Shares sold |
3,957 |
11,525 |
$ 235,457 |
$ 569,791 |
|
Shares redeemed |
(2,774) |
(3,146) |
(164,912) |
(158,910) |
|
Net increase (decrease) |
1,183 |
8,379 |
$ 70,545 |
$ 410,881 |
|
Class Z |
|
|
|
|
|
Shares sold |
- |
2 |
$ - |
$ 100 |
A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
10. 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
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research (Japan) Inc.
Fidelity Management & Research (Hong Kong) Limited
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
The Bank of New York Mellon
New York, NY
(Fidelity Investment logo)(registered trademark)
GOI-USAN-0714 1.786794.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Growth Opportunities
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
May 31, 2014
(Fidelity Cover Art)
Contents
|
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. © 2014 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
Shareholder Expense Example
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 (December 1, 2013 to May 31, 2014).
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 |
$ 1,038.80 |
$ 5.64 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,019.40 |
$ 5.59 |
|
Class T |
1.33% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,037.60 |
$ 6.76 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.30 |
$ 6.69 |
|
Class B |
1.94% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,034.40 |
$ 9.84 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.26 |
$ 9.75 |
|
Class C |
1.85% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,035.00 |
$ 9.39 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.71 |
$ 9.30 |
|
Institutional Class |
.84% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,040.00 |
$ 4.27 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,020.74 |
$ 4.23 |
|
Class Z |
.69% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,041.10 |
$ 3.51 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.49 |
$ 3.48 |
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 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Apple, Inc. |
4.6 |
4.1 |
|
salesforce.com, Inc. |
3.5 |
3.6 |
|
Regeneron Pharmaceuticals, Inc. |
2.9 |
3.0 |
|
Google, Inc. Class A |
2.6 |
4.8 |
|
Google, Inc. Class C |
2.5 |
0.0 |
|
Facebook, Inc. Class A |
2.1 |
2.1 |
|
Keurig Green Mountain, Inc. |
1.9 |
1.3 |
|
Comcast Corp. Class A |
1.7 |
1.7 |
|
Alkermes PLC |
1.6 |
1.5 |
|
Seattle Genetics, Inc. |
1.6 |
2.1 |
|
|
25.0 |
|
|
Top Five Market Sectors as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Information Technology |
34.3 |
33.1 |
|
Health Care |
18.4 |
19.0 |
|
Consumer Discretionary |
16.5 |
18.2 |
|
Consumer Staples |
10.4 |
9.9 |
|
Industrials |
8.1 |
7.0 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2014 * |
As of November 30, 2013 ** |
||||||
 |
Stocks 99.2% |
|
|
Stocks 97.5% |
|
||
 |
Convertible Securities 0.3% |
|
|
Convertible Securities 0.3% |
|
||
 |
Short-Term Investments and Net Other Assets (Liabilities) 0.5% |
|
|
Short-Term Investments and Net Other Assets (Liabilities) 2.2% |
|
||
|
* Foreign investments |
6.4% |
|
** Foreign investments |
6.5% |
|
||
Semiannual Report
Investments May 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 99.2% |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER DISCRETIONARY - 16.5% |
|||
|
Auto Components - 0.2% |
|||
|
Tenneco, Inc. (a) |
121,700 |
$ 7,758 |
|
|
Automobiles - 0.6% |
|||
|
Tesla Motors, Inc. (a)(d) |
107,536 |
22,343 |
|
|
Hotels, Restaurants & Leisure - 2.9% |
|||
|
Arcos Dorados Holdings, Inc. Class A (d) |
222,600 |
1,981 |
|
|
Buffalo Wild Wings, Inc. (a) |
64,200 |
9,278 |
|
|
Chipotle Mexican Grill, Inc. (a) |
22,800 |
12,474 |
|
|
Chuy's Holdings, Inc. (a) |
144,000 |
4,704 |
|
|
Dunkin' Brands Group, Inc. |
196,700 |
8,804 |
|
|
Las Vegas Sands Corp. |
133,992 |
10,253 |
|
|
McDonald's Corp. |
135,600 |
13,754 |
|
|
Panera Bread Co. Class A (a) |
62,200 |
9,555 |
|
|
Starbucks Corp. |
315,500 |
23,107 |
|
|
Starwood Hotels & Resorts Worldwide, Inc. |
61,200 |
4,887 |
|
|
The Cheesecake Factory, Inc. |
64,300 |
2,949 |
|
|
|
101,746 |
||
|
Household Durables - 1.2% |
|||
|
Harman International Industries, Inc. |
111,000 |
11,658 |
|
|
Lennar Corp. Class A |
368,100 |
15,055 |
|
|
SodaStream International Ltd. (a)(d) |
63,200 |
2,361 |
|
|
Toll Brothers, Inc. (a) |
240,300 |
8,704 |
|
|
Tupperware Brands Corp. |
54,600 |
4,571 |
|
|
|
42,349 |
||
|
Internet & Catalog Retail - 1.5% |
|||
|
Amazon.com, Inc. (a) |
116,000 |
36,256 |
|
|
JD.com, Inc. sponsored ADR |
26,000 |
650 |
|
|
priceline.com, Inc. (a) |
13,500 |
17,262 |
|
|
|
54,168 |
||
|
Media - 3.6% |
|||
|
AMC Networks, Inc. Class A (a) |
186,300 |
11,528 |
|
|
Comcast Corp. Class A |
1,129,100 |
58,939 |
|
|
DIRECTV (a) |
80,600 |
6,645 |
|
|
IMAX Corp. (a) |
434,100 |
11,386 |
|
|
Liberty Global PLC Class A (a) |
77,400 |
3,485 |
|
|
Lions Gate Entertainment Corp. (d) |
241,100 |
6,300 |
|
|
News Corp. Class A (a) |
39,325 |
671 |
|
|
The Walt Disney Co. |
123,300 |
10,358 |
|
|
Twenty-First Century Fox, Inc. Class A |
475,500 |
16,837 |
|
|
|
126,149 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER DISCRETIONARY - continued |
|||
|
Multiline Retail - 0.2% |
|||
|
Target Corp. |
91,300 |
$ 5,182 |
|
|
Specialty Retail - 2.9% |
|||
|
Abercrombie & Fitch Co. Class A |
117,300 |
4,459 |
|
|
Bed Bath & Beyond, Inc. (a) |
64,700 |
3,937 |
|
|
Cabela's, Inc. Class A (a)(d) |
66,000 |
4,041 |
|
|
CarMax, Inc. (a) |
209,700 |
9,292 |
|
|
DSW, Inc. Class A |
133,800 |
3,352 |
|
|
Five Below, Inc. (a) |
120,500 |
4,362 |
|
|
GNC Holdings, Inc. |
143,100 |
5,283 |
|
|
Home Depot, Inc. |
277,200 |
22,240 |
|
|
Lumber Liquidators Holdings, Inc. (a)(d) |
361,200 |
28,058 |
|
|
TJX Companies, Inc. |
275,400 |
14,996 |
|
|
|
100,020 |
||
|
Textiles, Apparel & Luxury Goods - 3.4% |
|||
|
Fossil Group, Inc. (a) |
147,100 |
15,410 |
|
|
Kate Spade & Co. (a) |
207,100 |
7,541 |
|
|
lululemon athletica, Inc. (a)(d) |
902,216 |
40,266 |
|
|
Michael Kors Holdings Ltd. (a) |
235,600 |
22,236 |
|
|
NIKE, Inc. Class B |
154,700 |
11,898 |
|
|
Prada SpA |
454,000 |
3,396 |
|
|
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) |
130,100 |
5,789 |
|
|
Steven Madden Ltd. (a) |
264,600 |
8,430 |
|
|
Under Armour, Inc. Class A (sub. vtg.) (a) |
97,200 |
4,937 |
|
|
|
119,903 |
||
|
TOTAL CONSUMER DISCRETIONARY |
579,618 |
||
|
CONSUMER STAPLES - 10.4% |
|||
|
Beverages - 1.7% |
|||
|
Monster Beverage Corp. (a) |
143,100 |
9,928 |
|
|
PepsiCo, Inc. |
178,300 |
15,749 |
|
|
SABMiller PLC |
107,700 |
5,977 |
|
|
The Coca-Cola Co. |
640,800 |
26,215 |
|
|
|
57,869 |
||
|
Food & Staples Retailing - 3.1% |
|||
|
Costco Wholesale Corp. |
263,300 |
30,548 |
|
|
CVS Caremark Corp. |
379,800 |
29,746 |
|
|
Fresh Market, Inc. (a)(d) |
56,433 |
1,730 |
|
|
Wal-Mart Stores, Inc. |
242,080 |
18,584 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER STAPLES - continued |
|||
|
Food & Staples Retailing - continued |
|||
|
Walgreen Co. |
298,500 |
$ 21,465 |
|
|
Whole Foods Market, Inc. |
209,900 |
8,027 |
|
|
|
110,100 |
||
|
Food Products - 2.4% |
|||
|
Bunge Ltd. |
63,200 |
4,911 |
|
|
Keurig Green Mountain, Inc. |
594,420 |
67,039 |
|
|
Mead Johnson Nutrition Co. Class A |
99,100 |
8,866 |
|
|
Mondelez International, Inc. |
125,000 |
4,703 |
|
|
|
85,519 |
||
|
Household Products - 0.7% |
|||
|
Procter & Gamble Co. |
206,000 |
16,643 |
|
|
Svenska Cellulosa AB (SCA) (B Shares) |
334,800 |
9,316 |
|
|
|
25,959 |
||
|
Personal Products - 0.4% |
|||
|
Avon Products, Inc. |
100,242 |
1,432 |
|
|
Herbalife Ltd. |
177,900 |
11,533 |
|
|
|
12,965 |
||
|
Tobacco - 2.1% |
|||
|
Altria Group, Inc. |
808,500 |
33,601 |
|
|
Japan Tobacco, Inc. |
34,800 |
1,182 |
|
|
Lorillard, Inc. |
186,200 |
11,576 |
|
|
Philip Morris International, Inc. |
319,250 |
28,266 |
|
|
|
74,625 |
||
|
TOTAL CONSUMER STAPLES |
367,037 |
||
|
ENERGY - 4.8% |
|||
|
Energy Equipment & Services - 1.6% |
|||
|
FMC Technologies, Inc. (a) |
95,840 |
5,564 |
|
|
Halliburton Co. |
118,300 |
7,647 |
|
|
National Oilwell Varco, Inc. |
83,988 |
6,876 |
|
|
Schlumberger Ltd. |
351,900 |
36,612 |
|
|
|
56,699 |
||
|
Oil, Gas & Consumable Fuels - 3.2% |
|||
|
Anadarko Petroleum Corp. |
78,500 |
8,075 |
|
|
Cabot Oil & Gas Corp. |
210,600 |
7,632 |
|
|
Chesapeake Energy Corp. |
165,264 |
4,746 |
|
|
Concho Resources, Inc. (a) |
69,800 |
9,200 |
|
|
Continental Resources, Inc. (a) |
87,800 |
12,324 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
ENERGY - continued |
|||
|
Oil, Gas & Consumable Fuels - continued |
|||
|
EOG Resources, Inc. |
41,200 |
$ 4,359 |
|
|
Hess Corp. |
135,100 |
12,335 |
|
|
Marathon Petroleum Corp. |
32,040 |
2,864 |
|
|
Noble Energy, Inc. |
105,400 |
7,596 |
|
|
Occidental Petroleum Corp. |
166,300 |
16,578 |
|
|
PDC Energy, Inc. (a) |
48,700 |
3,126 |
|
|
Peabody Energy Corp. |
118,100 |
1,908 |
|
|
Phillips 66 Co. |
36,700 |
3,112 |
|
|
Pioneer Natural Resources Co. |
27,400 |
5,758 |
|
|
Range Resources Corp. |
16,300 |
1,515 |
|
|
Southwestern Energy Co. (a) |
85,000 |
3,865 |
|
|
Valero Energy Corp. |
148,600 |
8,329 |
|
|
|
113,322 |
||
|
TOTAL ENERGY |
170,021 |
||
|
FINANCIALS - 4.2% |
|||
|
Banks - 0.9% |
|||
|
Bank of America Corp. |
297,800 |
4,509 |
|
|
Citigroup, Inc. |
105,700 |
5,028 |
|
|
JPMorgan Chase & Co. |
200,900 |
11,164 |
|
|
Signature Bank (a) |
31,800 |
3,683 |
|
|
Wells Fargo & Co. |
125,000 |
6,348 |
|
|
|
30,732 |
||
|
Capital Markets - 0.6% |
|||
|
BlackRock, Inc. Class A |
10,400 |
3,171 |
|
|
Charles Schwab Corp. |
471,800 |
11,894 |
|
|
Goldman Sachs Group, Inc. |
24,591 |
3,930 |
|
|
T. Rowe Price Group, Inc. |
30,300 |
2,470 |
|
|
|
21,465 |
||
|
Consumer Finance - 2.3% |
|||
|
American Express Co. |
575,400 |
52,649 |
|
|
Discover Financial Services |
483,633 |
28,597 |
|
|
|
81,246 |
||
|
Diversified Financial Services - 0.2% |
|||
|
BM&F BOVESPA SA |
765,958 |
3,754 |
|
|
CME Group, Inc. |
22,000 |
1,584 |
|
|
|
5,338 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
FINANCIALS - continued |
|||
|
Real Estate Investment Trusts - 0.1% |
|||
|
Simon Property Group, Inc. |
25,978 |
$ 4,324 |
|
|
Washington Prime Group, Inc. (a) |
12,989 |
258 |
|
|
|
4,582 |
||
|
Real Estate Management & Development - 0.1% |
|||
|
The St. Joe Co. (a)(d) |
100,400 |
2,363 |
|
|
TOTAL FINANCIALS |
145,726 |
||
|
HEALTH CARE - 18.3% |
|||
|
Biotechnology - 13.9% |
|||
|
ACADIA Pharmaceuticals, Inc. (a) |
194,600 |
4,018 |
|
|
Agios Pharmaceuticals, Inc. |
63,067 |
2,217 |
|
|
Alexion Pharmaceuticals, Inc. (a) |
41,700 |
6,936 |
|
|
Alkermes PLC (a) |
1,241,000 |
56,850 |
|
|
Alnylam Pharmaceuticals, Inc. (a) |
214,460 |
12,715 |
|
|
Amarin Corp. PLC ADR (a)(d) |
265,000 |
374 |
|
|
Amgen, Inc. |
240,600 |
27,907 |
|
|
Biogen Idec, Inc. (a) |
45,600 |
14,563 |
|
|
Bluebird Bio, Inc. |
110,300 |
2,550 |
|
|
Celgene Corp. (a) |
55,235 |
8,453 |
|
|
Celldex Therapeutics, Inc. (a) |
215,700 |
3,151 |
|
|
Cepheid, Inc. (a) |
136,353 |
6,143 |
|
|
Clovis Oncology, Inc. (a) |
16,500 |
845 |
|
|
Exelixis, Inc. (a)(d) |
2,514,011 |
8,321 |
|
|
Geron Corp. (a) |
1,222,800 |
2,543 |
|
|
Gilead Sciences, Inc. (a) |
529,300 |
42,984 |
|
|
ImmunoGen, Inc. (a)(d) |
1,369,351 |
16,186 |
|
|
Immunomedics, Inc. (a)(d) |
1,354,187 |
4,509 |
|
|
Insmed, Inc. (a) |
330,600 |
4,344 |
|
|
Intercept Pharmaceuticals, Inc. (a) |
5,700 |
1,349 |
|
|
InterMune, Inc. (a) |
110,400 |
4,374 |
|
|
Ironwood Pharmaceuticals, Inc. Class A (a) |
227,500 |
3,258 |
|
|
Isis Pharmaceuticals, Inc. (a)(d) |
1,259,953 |
36,816 |
|
|
Lexicon Pharmaceuticals, Inc. (a) |
8,418,904 |
11,113 |
|
|
Merrimack Pharmaceuticals, Inc. (a)(d) |
591,500 |
4,596 |
|
|
NPS Pharmaceuticals, Inc. (a) |
484,500 |
15,082 |
|
|
Ophthotech Corp. |
62,400 |
2,540 |
|
|
Prothena Corp. PLC (a) |
117,602 |
2,448 |
|
|
Receptos, Inc. |
87,600 |
2,607 |
|
|
Regeneron Pharmaceuticals, Inc. (a) |
332,600 |
102,095 |
|
|
Regulus Therapeutics, Inc. (a) |
337,200 |
2,269 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
HEALTH CARE - continued |
|||
|
Biotechnology - continued |
|||
|
Rigel Pharmaceuticals, Inc. (a) |
690,248 |
$ 2,271 |
|
|
Seattle Genetics, Inc. (a)(d) |
1,665,767 |
55,587 |
|
|
Transition Therapeutics, Inc. (a) |
1,007,397 |
5,128 |
|
|
uniQure B.V. |
4,600 |
40 |
|
|
Vertex Pharmaceuticals, Inc. (a) |
68,690 |
4,964 |
|
|
XOMA Corp. (a) |
1,576,700 |
6,528 |
|
|
|
488,674 |
||
|
Health Care Equipment & Supplies - 0.8% |
|||
|
Abbott Laboratories |
89,300 |
3,573 |
|
|
Align Technology, Inc. (a) |
59,600 |
3,255 |
|
|
Baxter International, Inc. |
38,900 |
2,895 |
|
|
Cyberonics, Inc. (a) |
67,300 |
4,092 |
|
|
Insulet Corp. (a) |
71,646 |
2,624 |
|
|
Steris Corp. |
201,100 |
10,763 |
|
|
|
27,202 |
||
|
Health Care Providers & Services - 0.8% |
|||
|
Accretive Health, Inc. (a) |
596,000 |
4,464 |
|
|
BioScrip, Inc. (a)(d) |
792,300 |
6,220 |
|
|
Catamaran Corp. (a) |
30,500 |
1,344 |
|
|
Express Scripts Holding Co. (a) |
125,167 |
8,946 |
|
|
McKesson Corp. |
30,800 |
5,841 |
|
|
|
26,815 |
||
|
Health Care Technology - 0.6% |
|||
|
Allscripts Healthcare Solutions, Inc. (a) |
778,000 |
11,468 |
|
|
athenahealth, Inc. (a)(d) |
85,900 |
10,902 |
|
|
Castlight Health, Inc. Class B (a)(d) |
30,200 |
458 |
|
|
|
22,828 |
||
|
Life Sciences Tools & Services - 0.4% |
|||
|
Illumina, Inc. (a)(d) |
98,000 |
15,509 |
|
|
Pharmaceuticals - 1.8% |
|||
|
AbbVie, Inc. |
156,200 |
8,486 |
|
|
Actavis PLC (a) |
44,500 |
9,414 |
|
|
Allergan, Inc. |
84,600 |
14,167 |
|
|
Auxilium Pharmaceuticals, Inc. (a) |
253,700 |
5,678 |
|
|
Bristol-Myers Squibb Co. |
167,300 |
8,322 |
|
|
Hospira, Inc. (a) |
57,200 |
2,813 |
|
|
Johnson & Johnson |
37,800 |
3,835 |
|
|
Mylan, Inc. (a) |
57,768 |
2,879 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
HEALTH CARE - continued |
|||
|
Pharmaceuticals - continued |
|||
|
Questcor Pharmaceuticals, Inc. (d) |
66,800 |
$ 6,021 |
|
|
Revance Therapeutics, Inc. |
17,500 |
551 |
|
|
|
62,166 |
||
|
TOTAL HEALTH CARE |
643,194 |
||
|
INDUSTRIALS - 8.1% |
|||
|
Aerospace & Defense - 0.8% |
|||
|
Honeywell International, Inc. |
125,800 |
11,718 |
|
|
The Boeing Co. |
132,500 |
17,921 |
|
|
|
29,639 |
||
|
Air Freight & Logistics - 1.0% |
|||
|
FedEx Corp. |
76,400 |
11,014 |
|
|
United Parcel Service, Inc. Class B |
227,400 |
23,622 |
|
|
|
34,636 |
||
|
Airlines - 1.9% |
|||
|
Delta Air Lines, Inc. |
169,100 |
6,749 |
|
|
Southwest Airlines Co. |
561,700 |
14,857 |
|
|
Spirit Airlines, Inc. (a) |
330,700 |
19,534 |
|
|
United Continental Holdings, Inc. (a) |
545,100 |
24,186 |
|
|
|
65,326 |
||
|
Construction & Engineering - 0.2% |
|||
|
Quanta Services, Inc. (a) |
204,359 |
6,938 |
|
|
Electrical Equipment - 0.3% |
|||
|
Acuity Brands, Inc. |
74,400 |
9,338 |
|
|
Industrial Conglomerates - 1.3% |
|||
|
3M Co. |
69,100 |
9,850 |
|
|
Danaher Corp. |
291,000 |
22,823 |
|
|
General Electric Co. |
263,800 |
7,067 |
|
|
Roper Industries, Inc. |
38,800 |
5,497 |
|
|
|
45,237 |
||
|
Machinery - 0.4% |
|||
|
Caterpillar, Inc. |
72,100 |
7,371 |
|
|
Cummins, Inc. |
29,400 |
4,496 |
|
|
ITT Corp. |
24,100 |
1,053 |
|
|
Xylem, Inc. |
63,000 |
2,350 |
|
|
|
15,270 |
||
|
Professional Services - 0.0% |
|||
|
Paylocity Holding Corp. (a) |
4,100 |
80 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INDUSTRIALS - continued |
|||
|
Road & Rail - 2.2% |
|||
|
CSX Corp. |
324,100 |
$ 9,529 |
|
|
Hertz Global Holdings, Inc. (a) |
655,400 |
19,347 |
|
|
J.B. Hunt Transport Services, Inc. |
109,300 |
8,488 |
|
|
Kansas City Southern |
13,600 |
1,462 |
|
|
Union Pacific Corp. |
199,400 |
39,734 |
|
|
|
78,560 |
||
|
TOTAL INDUSTRIALS |
285,024 |
||
|
INFORMATION TECHNOLOGY - 34.1% |
|||
|
Communications Equipment - 1.9% |
|||
|
Infinera Corp. (a) |
1,483,881 |
13,503 |
|
|
QUALCOMM, Inc. |
582,565 |
46,867 |
|
|
Riverbed Technology, Inc. (a) |
115,800 |
2,353 |
|
|
ViaSat, Inc. (a) |
87,500 |
4,745 |
|
|
|
67,468 |
||
|
Electronic Equipment & Components - 0.5% |
|||
|
IPG Photonics Corp. (a) |
94,100 |
5,938 |
|
|
Trimble Navigation Ltd. (a) |
334,700 |
12,073 |
|
|
|
18,011 |
||
|
Internet Software & Services - 10.1% |
|||
|
Akamai Technologies, Inc. (a) |
184,900 |
10,047 |
|
|
Cornerstone OnDemand, Inc. (a) |
262,700 |
10,558 |
|
|
eBay, Inc. (a) |
544,200 |
27,607 |
|
|
Facebook, Inc. Class A (a) |
1,187,293 |
75,156 |
|
|
Google, Inc.: |
|
|
|
|
Class A (a) |
157,465 |
90,015 |
|
|
Class C (a) |
157,465 |
88,335 |
|
|
LinkedIn Corp. (a) |
18,800 |
3,010 |
|
|
Opower, Inc. |
5,900 |
98 |
|
|
Qihoo 360 Technology Co. Ltd. ADR (a) |
108,700 |
9,982 |
|
|
Rackspace Hosting, Inc. (a) |
133,802 |
4,882 |
|
|
Tencent Holdings Ltd. |
751,000 |
10,558 |
|
|
Trulia, Inc. (a)(d) |
89,500 |
3,459 |
|
|
Twitter, Inc. (d) |
128,800 |
4,178 |
|
|
Web.com Group, Inc. (a) |
469,200 |
16,159 |
|
|
Wix.com Ltd. (a) |
76,544 |
1,367 |
|
|
|
355,411 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
IT Services - 3.6% |
|||
|
Cognizant Technology Solutions Corp. Class A (a) |
254,432 |
$ 12,368 |
|
|
IBM Corp. |
117,900 |
21,736 |
|
|
MasterCard, Inc. Class A |
522,000 |
39,907 |
|
|
Visa, Inc. Class A |
243,600 |
52,333 |
|
|
|
126,344 |
||
|
Semiconductors & Semiconductor Equipment - 5.1% |
|||
|
Applied Materials, Inc. |
211,300 |
4,266 |
|
|
Applied Micro Circuits Corp. (a) |
1,394,600 |
12,551 |
|
|
Broadcom Corp. Class A |
152,300 |
4,854 |
|
|
Cavium, Inc. (a) |
74,300 |
3,639 |
|
|
Cree, Inc. (a)(d) |
782,900 |
37,673 |
|
|
Cypress Semiconductor Corp. |
1,344,866 |
13,785 |
|
|
First Solar, Inc. (a) |
116,900 |
7,222 |
|
|
Intel Corp. |
101,900 |
2,784 |
|
|
Mellanox Technologies Ltd. (a)(d) |
198,600 |
6,272 |
|
|
NVIDIA Corp. |
2,130,930 |
40,488 |
|
|
Rambus, Inc. (a) |
1,255,300 |
15,189 |
|
|
Silicon Laboratories, Inc. (a) |
625,100 |
28,205 |
|
|
Xilinx, Inc. |
60,800 |
2,855 |
|
|
|
179,783 |
||
|
Software - 8.0% |
|||
|
Adobe Systems, Inc. (a) |
81,800 |
5,279 |
|
|
Citrix Systems, Inc. (a) |
35,500 |
2,200 |
|
|
Concur Technologies, Inc. (a) |
113,500 |
9,689 |
|
|
Interactive Intelligence Group, Inc. (a) |
173,000 |
8,769 |
|
|
Intuit, Inc. |
72,200 |
5,725 |
|
|
Microsoft Corp. |
1,103,068 |
45,160 |
|
|
NetSuite, Inc. (a) |
133,800 |
10,770 |
|
|
Oracle Corp. |
338,200 |
14,211 |
|
|
Qlik Technologies, Inc. (a) |
237,774 |
5,162 |
|
|
Red Hat, Inc. (a) |
534,930 |
26,811 |
|
|
salesforce.com, Inc. (a) |
2,357,200 |
124,059 |
|
|
ServiceNow, Inc. (a) |
138,600 |
7,250 |
|
|
Solera Holdings, Inc. |
13,500 |
881 |
|
|
Splunk, Inc. (a) |
41,100 |
1,720 |
|
|
The Rubicon Project, Inc. |
13,861 |
176 |
|
|
TiVo, Inc. (a) |
262,000 |
3,118 |
|
|
VMware, Inc. Class A (a) |
28,700 |
2,770 |
|
|
Workday, Inc. Class A (a) |
62,300 |
4,882 |
|
|
|
278,632 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Technology Hardware, Storage & Peripherals - 4.9% |
|||
|
3D Systems Corp. (a)(d) |
35,700 |
$ 1,808 |
|
|
Apple, Inc. |
254,858 |
161,328 |
|
|
Fusion-io, Inc. (a)(d) |
618,532 |
4,942 |
|
|
Nimble Storage, Inc. (d) |
4,900 |
124 |
|
|
SanDisk Corp. |
49,200 |
4,754 |
|
|
|
172,956 |
||
|
TOTAL INFORMATION TECHNOLOGY |
1,198,605 |
||
|
MATERIALS - 2.0% |
|||
|
Chemicals - 1.7% |
|||
|
E.I. du Pont de Nemours & Co. |
101,600 |
7,042 |
|
|
Eastman Chemical Co. |
31,200 |
2,754 |
|
|
Metabolix, Inc. (a)(d) |
203,084 |
167 |
|
|
Monsanto Co. |
358,000 |
43,622 |
|
|
The Mosaic Co. |
99,500 |
4,974 |
|
|
|
58,559 |
||
|
Construction Materials - 0.0% |
|||
|
CaesarStone Sdot-Yam Ltd. |
36,100 |
1,631 |
|
|
Metals & Mining - 0.3% |
|||
|
Nucor Corp. |
76,800 |
3,888 |
|
|
U.S. Silica Holdings, Inc. |
126,100 |
6,377 |
|
|
|
10,265 |
||
|
TOTAL MATERIALS |
70,455 |
||
|
TELECOMMUNICATION SERVICES - 0.6% |
|||
|
Diversified Telecommunication Services - 0.4% |
|||
|
Level 3 Communications, Inc. (a) |
96,700 |
4,221 |
|
|
Verizon Communications, Inc. |
178,400 |
8,913 |
|
|
|
13,134 |
||
|
Wireless Telecommunication Services - 0.2% |
|||
|
Sprint Corp. (a) |
240,987 |
2,301 |
|
|
T-Mobile U.S., Inc. (a) |
194,200 |
6,667 |
|
|
|
8,968 |
||
|
TOTAL TELECOMMUNICATION SERVICES |
22,102 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
UTILITIES - 0.2% |
|||
|
Independent Power and Renewable Electricity Producers - 0.0% |
|||
|
Ormat Technologies, Inc. |
9,500 |
$ 283 |
|
|
Independent Power Producers & Energy Traders - 0.2% |
|||
|
NRG Energy, Inc. |
150,100 |
5,350 |
|
|
TOTAL UTILITIES |
5,633 |
||
|
TOTAL COMMON STOCKS (Cost $2,348,617) |
|
||
|
Preferred Stocks - 0.3% |
|||
|
|
|
|
|
|
Convertible Preferred Stocks - 0.3% |
|||
|
HEALTH CARE - 0.1% |
|||
|
Pharmaceuticals - 0.1% |
|||
|
aTyr Pharma, Inc. 8.00% (a)(e) |
638,618 |
1,615 |
|
|
INFORMATION TECHNOLOGY - 0.2% |
|||
|
Software - 0.2% |
|||
|
Cloudera, Inc. Series F (e) |
41,786 |
621 |
|
|
MongoDB, Inc. Series F, 8.00% (e) |
515,124 |
6,377 |
|
|
|
6,998 |
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS |
8,613 |
||
|
Nonconvertible Preferred Stocks - 0.0% |
|||
|
HEALTH CARE - 0.0% |
|||
|
Pharmaceuticals - 0.0% |
|||
|
Equilibrate Asia Therapeutics Series D (a)(e) |
676,657 |
11 |
|
|
Equilibrate Worldwide Therapeutics Series D (a)(e) |
676,657 |
27 |
|
|
Neuropathic Worldwide Therapeutics Series D (a)(e) |
676,657 |
5 |
|
|
Oculus Worldwide Therapeutics Series D (a)(e) |
676,657 |
8 |
|
|
Orchestrate U.S. Therapeutics, Inc. Series D (a)(e) |
676,657 |
12 |
|
|
Orchestrate Worldwide Therapeutics Series D (a)(e) |
676,657 |
21 |
|
|
|
84 |
||
|
TOTAL PREFERRED STOCKS (Cost $10,922) |
|
||
|
Money Market Funds - 4.0% |
|||
|
Shares |
Value (000s) |
||
|
Fidelity Cash Central Fund, 0.10% (b) |
20,239,853 |
$ 20,240 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
121,245,712 |
121,246 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $141,486) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $2,501,025) |
3,637,598 |
||
|
NET OTHER ASSETS (LIABILITIES) - (3.5)% |
(121,489) |
||
|
NET ASSETS - 100% |
$ 3,516,109 |
||
|
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) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,697,000 or 0.3% of net assets. |
|
Additional information on each restricted holding is as follows: |
|
Security |
Acquisition Date |
Acquisition Cost (000s) |
|
aTyr Pharma, Inc. 8.00% |
4/8/13 |
$ 1,615 |
|
Cloudera, Inc. Series F |
2/5/14 |
$ 608 |
|
Equilibrate Asia Therapeutics Series D |
5/17/13 |
$ 11 |
|
Equilibrate Worldwide Therapeutics Series D |
5/17/13 |
$ 27 |
|
MongoDB, Inc. Series F, 8.00% |
10/2/13 |
$ 8,615 |
|
Neuropathic Worldwide Therapeutics Series D |
5/17/13 |
$ 5 |
|
Security |
Acquisition Date |
Acquisition Cost (000s) |
|
Oculus Worldwide Therapeutics Series D |
5/17/13 |
$ 8 |
|
Orchestrate U.S. Therapeutics, Inc. Series D |
5/17/13 |
$ 12 |
|
Orchestrate Worldwide Therapeutics Series D |
5/17/13 |
$ 21 |
|
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 |
$ 29 |
|
Fidelity Securities Lending Cash Central Fund |
614 |
|
Total |
$ 643 |
|
Other Information |
|
The following is a summary of the inputs used, as of May 31, 2014, 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 table 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 |
$ 579,618 |
$ 579,618 |
$ - |
$ - |
|
Consumer Staples |
367,037 |
365,855 |
1,182 |
- |
|
Energy |
170,021 |
170,021 |
- |
- |
|
Financials |
145,726 |
145,726 |
- |
- |
|
Health Care |
644,893 |
643,194 |
- |
1,699 |
|
Industrials |
285,024 |
285,024 |
- |
- |
|
Information Technology |
1,205,603 |
1,198,605 |
- |
6,998 |
|
Valuation Inputs at Reporting Date: |
||||
|
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
|
Investments in Securities: |
||||
|
Equities: |
||||
|
Materials |
$ 70,455 |
$ 70,455 |
$ - |
$ - |
|
Telecommunication Services |
22,102 |
22,102 |
- |
- |
|
Utilities |
5,633 |
5,633 |
- |
- |
|
Money Market Funds |
141,486 |
141,486 |
- |
- |
|
Total Investments in Securities: |
$ 3,637,598 |
$ 3,627,719 |
$ 1,182 |
$ 8,697 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including securities loaned of $116,277) - See accompanying schedule: Unaffiliated issuers (cost $2,359,539) |
$ 3,496,112 |
|
|
Fidelity Central Funds (cost $141,486) |
141,486 |
|
|
Total Investments (cost $2,501,025) |
|
$ 3,637,598 |
|
Cash |
|
10 |
|
Foreign currency held at value (cost $23) |
|
23 |
|
Receivable for investments sold |
|
48,389 |
|
Receivable for fund shares sold |
|
2,485 |
|
Dividends receivable |
|
2,303 |
|
Distributions receivable from Fidelity Central Funds |
|
94 |
|
Prepaid expenses |
|
2 |
|
Other receivables |
|
191 |
|
Total assets |
|
3,691,095 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 41,673 |
|
|
Payable for fund shares redeemed |
8,858 |
|
|
Accrued management fee |
1,463 |
|
|
Distribution and service plan fees payable |
888 |
|
|
Other affiliated payables |
677 |
|
|
Other payables and accrued expenses |
181 |
|
|
Collateral on securities loaned, at value |
121,246 |
|
|
Total liabilities |
|
174,986 |
|
|
|
|
|
Net Assets |
|
$ 3,516,109 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 2,596,541 |
|
Accumulated net investment loss |
|
(10,738) |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
(206,267) |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
1,136,573 |
|
Net Assets |
|
$ 3,516,109 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 57.02 |
|
|
|
|
|
Maximum offering price per share (100/94.25 of $57.02) |
|
$ 60.50 |
|
Class T: |
|
$ 57.11 |
|
|
|
|
|
Maximum offering price per share (100/96.50 of $57.11) |
|
$ 59.18 |
|
Class B: |
|
$ 52.62 |
|
|
|
|
|
Class C: |
|
$ 52.96 |
|
|
|
|
|
|
|
|
|
Institutional Class: |
|
$ 59.47 |
|
|
|
|
|
Class Z: |
|
$ 59.55 |
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
Statement of Operations
|
Amounts in thousands |
Six months ended May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Investment Income |
|
|
|
Dividends |
|
$ 14,534 |
|
Income from Fidelity Central Funds |
|
643 |
|
Total income |
|
15,177 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 9,641 |
|
|
Performance adjustment |
880 |
|
|
Transfer agent fees |
3,486 |
|
|
Distribution and service plan fees |
5,425 |
|
|
Accounting and security lending fees |
520 |
|
|
Custodian fees and expenses |
32 |
|
|
Independent trustees' compensation |
7 |
|
|
Registration fees |
79 |
|
|
Audit |
34 |
|
|
Legal |
7 |
|
|
Miscellaneous |
11 |
|
|
Total expenses before reductions |
20,122 |
|
|
Expense reductions |
(3) |
20,119 |
|
Net investment income (loss) |
|
(4,942) |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
44,062 |
|
|
Foreign currency transactions |
1 |
|
|
Total net realized gain (loss) |
|
44,063 |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
|
83,722 |
|
Net gain (loss) |
|
127,785 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ 122,843 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
|
Amounts in thousands |
Six months ended May 31, 2014 |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ (4,942) |
$ (6,532) |
|
Net realized gain (loss) |
44,063 |
167,083 |
|
Change in net unrealized appreciation (depreciation) |
83,722 |
587,055 |
|
Net increase (decrease) in net assets resulting |
122,843 |
747,606 |
|
Share transactions - net increase (decrease) |
129,170 |
411,715 |
|
Total increase (decrease) in net assets |
252,013 |
1,159,321 |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
3,264,096 |
2,104,775 |
|
End of period (including accumulated net investment loss of $10,738 and accumulated net investment loss of $5,796, respectively) |
$ 3,516,109 |
$ 3,264,096 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 54.89 |
$ 41.34 |
$ 35.39 |
$ 32.30 |
$ 26.30 |
$ 18.92 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
(.07) |
(.10) |
(.11) |
(.08) |
- J |
.10 |
|
Net realized and unrealized gain (loss) |
2.20 |
13.65 |
6.06 |
3.17 |
6.13 |
7.28 |
|
Total from investment operations |
2.13 |
13.55 |
5.95 |
3.09 |
6.13 |
7.38 |
|
Distributions from net investment income |
- |
- |
- |
- |
(.11) |
- |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.02) |
- |
|
Total distributions |
- |
- |
- |
- |
(.13) |
- |
|
Net asset value, end of period |
$ 57.02 |
$ 54.89 |
$ 41.34 |
$ 35.39 |
$ 32.30 |
$ 26.30 |
|
Total Return B, C, D |
3.88% |
32.78% |
16.81% |
9.57% |
23.42% |
39.01% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
1.11% A |
1.23% |
1.30% |
1.08% |
.90% |
.80% |
|
Expenses net of fee waivers, if any |
1.11% A |
1.23% |
1.29% |
1.08% |
.90% |
.80% |
|
Expenses net of all reductions |
1.11% A |
1.23% |
1.29% |
1.07% |
.90% |
.80% |
|
Net investment income (loss) |
(.24)% A |
(.20)% |
(.29)% |
(.23)% |
-% H |
.45% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 646 |
$ 555 |
$ 359 |
$ 267 |
$ 255 |
$ 236 |
|
Portfolio turnover rate G |
7% A |
17% |
34% |
31% |
35% |
114% |
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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 55.04 |
$ 41.54 |
$ 35.62 |
$ 32.58 |
$ 26.52 |
$ 19.12 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
(.13) |
(.19) |
(.19) |
(.15) |
(.06) |
.05 |
|
Net realized and unrealized gain (loss) |
2.20 |
13.69 |
6.11 |
3.19 |
6.19 |
7.35 |
|
Total from investment operations |
2.07 |
13.50 |
5.92 |
3.04 |
6.13 |
7.40 |
|
Distributions from net investment income |
- |
- |
- |
- |
(.05) |
- |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.02) |
- |
|
Total distributions |
- |
- |
- |
- |
(.07) |
- |
|
Net asset value, end of period |
$ 57.11 |
$ 55.04 |
$ 41.54 |
$ 35.62 |
$ 32.58 |
$ 26.52 |
|
Total Return B, C, D |
3.76% |
32.50% |
16.62% |
9.33% |
23.18% |
38.70% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.33% A |
1.43% |
1.48% |
1.25% |
1.10% |
1.03% |
|
Expenses net of fee waivers, if any |
1.33% A |
1.43% |
1.48% |
1.25% |
1.10% |
1.03% |
|
Expenses net of all reductions |
1.33% A |
1.43% |
1.48% |
1.25% |
1.09% |
1.02% |
|
Net investment income (loss) |
(.46)% A |
(.40)% |
(.48)% |
(.40)% |
(.20)% |
.23% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,434 |
$ 1,426 |
$ 1,187 |
$ 1,102 |
$ 1,126 |
$ 1,051 |
|
Portfolio turnover rate G |
7% A |
17% |
34% |
31% |
35% |
114% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 50.87 |
$ 38.62 |
$ 33.31 |
$ 30.64 |
$ 25.01 |
$ 18.13 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
(.28) |
(.44) |
(.39) |
(.33) |
(.21) |
(.06) |
|
Net realized and unrealized gain (loss) |
2.03 |
12.69 |
5.70 |
3.00 |
5.84 |
6.94 |
|
Total from investment operations |
1.75 |
12.25 |
5.31 |
2.67 |
5.63 |
6.88 |
|
Net asset value, end of period |
$ 52.62 |
$ 50.87 |
$ 38.62 |
$ 33.31 |
$ 30.64 |
$ 25.01 |
|
Total Return B, C, D |
3.44% |
31.72% |
15.94% |
8.71% |
22.51% |
37.95% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.94% A |
2.03% |
2.07% |
1.83% |
1.66% |
1.56% |
|
Expenses net of fee waivers, if any |
1.94% A |
2.03% |
2.05% |
1.83% |
1.66% |
1.56% |
|
Expenses net of all reductions |
1.94% A |
2.03% |
2.05% |
1.83% |
1.65% |
1.55% |
|
Net investment income (loss) |
(1.08)% A |
(1.00)% |
(1.05)% |
(.98)% |
(.76)% |
(.30)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 10 |
$ 12 |
$ 13 |
$ 14 |
$ 18 |
$ 21 |
|
Portfolio turnover rate G |
7% A |
17% |
34% |
31% |
35% |
114% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 51.17 |
$ 38.83 |
$ 33.48 |
$ 30.79 |
$ 25.14 |
$ 18.22 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
(.26) |
(.42) |
(.38) |
(.33) |
(.21) |
(.06) |
|
Net realized and unrealized gain (loss) |
2.05 |
12.76 |
5.73 |
3.02 |
5.86 |
6.98 |
|
Total from investment operations |
1.79 |
12.34 |
5.35 |
2.69 |
5.65 |
6.92 |
|
Net asset value, end of period |
$ 52.96 |
$ 51.17 |
$ 38.83 |
$ 33.48 |
$ 30.79 |
$ 25.14 |
|
Total Return B, C, D |
3.50% |
31.78% |
15.98% |
8.74% |
22.47% |
37.98% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.85% A |
1.96% |
2.04% |
1.82% |
1.65% |
1.56% |
|
Expenses net of fee waivers, if any |
1.85% A |
1.96% |
2.03% |
1.82% |
1.65% |
1.56% |
|
Expenses net of all reductions |
1.85% A |
1.96% |
2.02% |
1.82% |
1.65% |
1.55% |
|
Net investment income (loss) |
(.99)% A |
(.93)% |
(1.02)% |
(.97)% |
(.75)% |
(.30)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 199 |
$ 159 |
$ 71 |
$ 47 |
$ 41 |
$ 37 |
|
Portfolio turnover rate G |
7% A |
17% |
34% |
31% |
35% |
114% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 57.18 |
$ 42.94 |
$ 36.63 |
$ 33.33 |
$ 27.11 |
$ 19.43 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) D |
.01 |
.05 |
.01 |
.05 |
.10 |
.17 |
|
Net realized and unrealized gain (loss) |
2.28 |
14.19 |
6.30 |
3.25 |
6.33 |
7.51 |
|
Total from investment operations |
2.29 |
14.24 |
6.31 |
3.30 |
6.43 |
7.68 |
|
Distributions from net investment income |
- |
- |
- |
- |
(.19) |
- |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.02) |
- |
|
Total distributions |
- |
- |
- |
- |
(.21) |
- |
|
Net asset value, end of period |
$ 59.47 |
$ 57.18 |
$ 42.94 |
$ 36.63 |
$ 33.33 |
$ 27.11 |
|
Total Return B, C |
4.00% |
33.16% |
17.23% |
9.90% |
23.86% |
39.53% |
|
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
|
Expenses before reductions |
.84% A |
.93% |
.97% |
.72% |
.57% |
.46% |
|
Expenses net of fee waivers, if any |
.84% A |
.93% |
.97% |
.72% |
.57% |
.46% |
|
Expenses net of all reductions |
.84% A |
.93% |
.97% |
.72% |
.56% |
.46% |
|
Net investment income (loss) |
.03% A |
.09% |
.04% |
.13% |
.33% |
.79% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,227 |
$ 1,112 |
$ 475 |
$ 215 |
$ 118 |
$ 26 |
|
Portfolio turnover rate F |
7% A |
17% |
34% |
31% |
35% |
114% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
|
|
Six months ended May 31, 2014 |
Year ended |
|
|
(Unaudited) |
2013 G |
|
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 57.20 |
$ 53.30 |
|
Income from Investment Operations |
|
|
|
Net investment income (loss) D |
.05 |
.02 |
|
Net realized and unrealized gain (loss) |
2.30 |
3.88 |
|
Total from investment operations |
2.35 |
3.90 |
|
Net asset value, end of period |
$ 59.55 |
$ 57.20 |
|
Total Return B, C |
4.11% |
7.32% |
|
Ratios to Average Net Assets E, H |
|
|
|
Expenses before reductions |
.69% A |
.78% A |
|
Expenses net of fee waivers, if any |
.69% A |
.78% A |
|
Expenses net of all reductions |
.69% A |
.78% A |
|
Net investment income (loss) |
.18% A |
.14% A |
|
Supplemental Data |
|
|
|
Net assets, end of period (000 omitted) |
$ 112 |
$ 107 |
|
Portfolio turnover rate F |
7% A |
17% |
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 For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor® Growth Opportunities Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z 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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fidelity Management & Research Company (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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, net operating losses, 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 |
$ 1,278,156 |
|
Gross unrealized depreciation |
(143,402) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 1,134,754 |
|
|
|
|
Tax cost |
$ 2,502,844 |
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 prior fiscal period end and is subject to adjustment.
|
Fiscal year of expiration |
|
|
2017 |
$ (246,838) |
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 $295,223 and $117,271, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to its benchmark index, the Russell 1000® Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .60% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
|
Distribution |
Service |
Total Fees |
Retained |
|
Class A |
-% |
.25% |
$ 780 |
$ 26 |
|
Class T |
.25% |
.25% |
3,648 |
61 |
|
Class B |
.75% |
.25% |
57 |
43 |
|
Class C |
.75% |
.25% |
940 |
375 |
|
|
|
|
$ 5,425 |
$ 505 |
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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 |
$ 134 |
|
Class T |
28 |
|
Class B* |
4 |
|
Class C* |
16 |
|
|
$ 182 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Class A |
$ 689 |
.22 |
|
Class T |
1,379 |
.19 |
|
Class B |
17 |
.30 |
|
Class C |
199 |
.21 |
|
Institutional Class |
1,202 |
.20 |
|
Class Z |
-** |
.04 |
|
|
$ 3,486 |
|
* Annualized
** Amount represents twenty-five dollars.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. 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 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 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. The value of securities loaned to FCM at period end was $2,772. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent
Semiannual Report
7. Security Lending - continued
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 $614, including $2 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3 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 twenty-eight dollars.
9. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class A |
|
|
|
|
|
Shares sold |
2,462 |
3,550 |
$ 141,488 |
$ 172,665 |
|
Shares redeemed |
(1,243) |
(2,123) |
(70,288) |
(101,685) |
|
Net increase (decrease) |
1,219 |
1,427 |
$ 71,200 |
$ 70,980 |
|
Class T |
|
|
|
|
|
Shares sold |
1,575 |
2,633 |
$ 89,843 |
$ 126,086 |
|
Shares redeemed |
(2,365) |
(5,298) |
(134,620) |
(251,560) |
|
Net increase (decrease) |
(790) |
(2,665) |
$ (44,777) |
$ (125,474) |
|
Class B |
|
|
|
|
|
Shares sold |
8 |
20 |
$ 425 |
$ 916 |
|
Shares redeemed |
(53) |
(122) |
(2,768) |
(5,334) |
|
Net increase (decrease) |
(45) |
(102) |
$ (2,343) |
$ (4,418) |
|
Class C |
|
|
|
|
|
Shares sold |
1,043 |
1,606 |
$ 55,540 |
$ 73,545 |
|
Shares redeemed |
(402) |
(315) |
(20,995) |
(13,899) |
|
Net increase (decrease) |
641 |
1,291 |
$ 34,545 |
$ 59,646 |
|
Institutional Class |
|
|
|
|
|
Shares sold |
3,957 |
11,525 |
$ 235,457 |
$ 569,791 |
|
Shares redeemed |
(2,774) |
(3,146) |
(164,912) |
(158,910) |
|
Net increase (decrease) |
1,183 |
8,379 |
$ 70,545 |
$ 410,881 |
|
Class Z |
|
|
|
|
|
Shares sold |
- |
2 |
$ - |
$ 100 |
A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
10. 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
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research (Japan) Inc.
Fidelity Management & Research (Hong Kong) Limited
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
The Bank of New York Mellon
New York, NY
(Fidelity Investment logo)(registered trademark)
GO-USAN-0714 1.786793.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Growth Opportunities
Fund - Class Z
Semiannual Report
May 31, 2014
(Fidelity Cover Art)
Contents
|
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. © 2014 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
Shareholder Expense Example
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 (December 1, 2013 to May 31, 2014).
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 |
$ 1,038.80 |
$ 5.64 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,019.40 |
$ 5.59 |
|
Class T |
1.33% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,037.60 |
$ 6.76 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.30 |
$ 6.69 |
|
Class B |
1.94% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,034.40 |
$ 9.84 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.26 |
$ 9.75 |
|
Class C |
1.85% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,035.00 |
$ 9.39 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.71 |
$ 9.30 |
|
Institutional Class |
.84% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,040.00 |
$ 4.27 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,020.74 |
$ 4.23 |
|
Class Z |
.69% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,041.10 |
$ 3.51 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.49 |
$ 3.48 |
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 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Apple, Inc. |
4.6 |
4.1 |
|
salesforce.com, Inc. |
3.5 |
3.6 |
|
Regeneron Pharmaceuticals, Inc. |
2.9 |
3.0 |
|
Google, Inc. Class A |
2.6 |
4.8 |
|
Google, Inc. Class C |
2.5 |
0.0 |
|
Facebook, Inc. Class A |
2.1 |
2.1 |
|
Keurig Green Mountain, Inc. |
1.9 |
1.3 |
|
Comcast Corp. Class A |
1.7 |
1.7 |
|
Alkermes PLC |
1.6 |
1.5 |
|
Seattle Genetics, Inc. |
1.6 |
2.1 |
|
|
25.0 |
|
|
Top Five Market Sectors as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Information Technology |
34.3 |
33.1 |
|
Health Care |
18.4 |
19.0 |
|
Consumer Discretionary |
16.5 |
18.2 |
|
Consumer Staples |
10.4 |
9.9 |
|
Industrials |
8.1 |
7.0 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2014 * |
As of November 30, 2013 ** |
||||||
 |
Stocks 99.2% |
|
|
Stocks 97.5% |
|
||
 |
Convertible Securities 0.3% |
|
|
Convertible Securities 0.3% |
|
||
 |
Short-Term Investments and Net Other Assets (Liabilities) 0.5% |
|
|
Short-Term Investments and Net Other Assets (Liabilities) 2.2% |
|
||
|
* Foreign investments |
6.4% |
|
** Foreign investments |
6.5% |
|
||
Semiannual Report
Investments May 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 99.2% |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER DISCRETIONARY - 16.5% |
|||
|
Auto Components - 0.2% |
|||
|
Tenneco, Inc. (a) |
121,700 |
$ 7,758 |
|
|
Automobiles - 0.6% |
|||
|
Tesla Motors, Inc. (a)(d) |
107,536 |
22,343 |
|
|
Hotels, Restaurants & Leisure - 2.9% |
|||
|
Arcos Dorados Holdings, Inc. Class A (d) |
222,600 |
1,981 |
|
|
Buffalo Wild Wings, Inc. (a) |
64,200 |
9,278 |
|
|
Chipotle Mexican Grill, Inc. (a) |
22,800 |
12,474 |
|
|
Chuy's Holdings, Inc. (a) |
144,000 |
4,704 |
|
|
Dunkin' Brands Group, Inc. |
196,700 |
8,804 |
|
|
Las Vegas Sands Corp. |
133,992 |
10,253 |
|
|
McDonald's Corp. |
135,600 |
13,754 |
|
|
Panera Bread Co. Class A (a) |
62,200 |
9,555 |
|
|
Starbucks Corp. |
315,500 |
23,107 |
|
|
Starwood Hotels & Resorts Worldwide, Inc. |
61,200 |
4,887 |
|
|
The Cheesecake Factory, Inc. |
64,300 |
2,949 |
|
|
|
101,746 |
||
|
Household Durables - 1.2% |
|||
|
Harman International Industries, Inc. |
111,000 |
11,658 |
|
|
Lennar Corp. Class A |
368,100 |
15,055 |
|
|
SodaStream International Ltd. (a)(d) |
63,200 |
2,361 |
|
|
Toll Brothers, Inc. (a) |
240,300 |
8,704 |
|
|
Tupperware Brands Corp. |
54,600 |
4,571 |
|
|
|
42,349 |
||
|
Internet & Catalog Retail - 1.5% |
|||
|
Amazon.com, Inc. (a) |
116,000 |
36,256 |
|
|
JD.com, Inc. sponsored ADR |
26,000 |
650 |
|
|
priceline.com, Inc. (a) |
13,500 |
17,262 |
|
|
|
54,168 |
||
|
Media - 3.6% |
|||
|
AMC Networks, Inc. Class A (a) |
186,300 |
11,528 |
|
|
Comcast Corp. Class A |
1,129,100 |
58,939 |
|
|
DIRECTV (a) |
80,600 |
6,645 |
|
|
IMAX Corp. (a) |
434,100 |
11,386 |
|
|
Liberty Global PLC Class A (a) |
77,400 |
3,485 |
|
|
Lions Gate Entertainment Corp. (d) |
241,100 |
6,300 |
|
|
News Corp. Class A (a) |
39,325 |
671 |
|
|
The Walt Disney Co. |
123,300 |
10,358 |
|
|
Twenty-First Century Fox, Inc. Class A |
475,500 |
16,837 |
|
|
|
126,149 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER DISCRETIONARY - continued |
|||
|
Multiline Retail - 0.2% |
|||
|
Target Corp. |
91,300 |
$ 5,182 |
|
|
Specialty Retail - 2.9% |
|||
|
Abercrombie & Fitch Co. Class A |
117,300 |
4,459 |
|
|
Bed Bath & Beyond, Inc. (a) |
64,700 |
3,937 |
|
|
Cabela's, Inc. Class A (a)(d) |
66,000 |
4,041 |
|
|
CarMax, Inc. (a) |
209,700 |
9,292 |
|
|
DSW, Inc. Class A |
133,800 |
3,352 |
|
|
Five Below, Inc. (a) |
120,500 |
4,362 |
|
|
GNC Holdings, Inc. |
143,100 |
5,283 |
|
|
Home Depot, Inc. |
277,200 |
22,240 |
|
|
Lumber Liquidators Holdings, Inc. (a)(d) |
361,200 |
28,058 |
|
|
TJX Companies, Inc. |
275,400 |
14,996 |
|
|
|
100,020 |
||
|
Textiles, Apparel & Luxury Goods - 3.4% |
|||
|
Fossil Group, Inc. (a) |
147,100 |
15,410 |
|
|
Kate Spade & Co. (a) |
207,100 |
7,541 |
|
|
lululemon athletica, Inc. (a)(d) |
902,216 |
40,266 |
|
|
Michael Kors Holdings Ltd. (a) |
235,600 |
22,236 |
|
|
NIKE, Inc. Class B |
154,700 |
11,898 |
|
|
Prada SpA |
454,000 |
3,396 |
|
|
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) |
130,100 |
5,789 |
|
|
Steven Madden Ltd. (a) |
264,600 |
8,430 |
|
|
Under Armour, Inc. Class A (sub. vtg.) (a) |
97,200 |
4,937 |
|
|
|
119,903 |
||
|
TOTAL CONSUMER DISCRETIONARY |
579,618 |
||
|
CONSUMER STAPLES - 10.4% |
|||
|
Beverages - 1.7% |
|||
|
Monster Beverage Corp. (a) |
143,100 |
9,928 |
|
|
PepsiCo, Inc. |
178,300 |
15,749 |
|
|
SABMiller PLC |
107,700 |
5,977 |
|
|
The Coca-Cola Co. |
640,800 |
26,215 |
|
|
|
57,869 |
||
|
Food & Staples Retailing - 3.1% |
|||
|
Costco Wholesale Corp. |
263,300 |
30,548 |
|
|
CVS Caremark Corp. |
379,800 |
29,746 |
|
|
Fresh Market, Inc. (a)(d) |
56,433 |
1,730 |
|
|
Wal-Mart Stores, Inc. |
242,080 |
18,584 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER STAPLES - continued |
|||
|
Food & Staples Retailing - continued |
|||
|
Walgreen Co. |
298,500 |
$ 21,465 |
|
|
Whole Foods Market, Inc. |
209,900 |
8,027 |
|
|
|
110,100 |
||
|
Food Products - 2.4% |
|||
|
Bunge Ltd. |
63,200 |
4,911 |
|
|
Keurig Green Mountain, Inc. |
594,420 |
67,039 |
|
|
Mead Johnson Nutrition Co. Class A |
99,100 |
8,866 |
|
|
Mondelez International, Inc. |
125,000 |
4,703 |
|
|
|
85,519 |
||
|
Household Products - 0.7% |
|||
|
Procter & Gamble Co. |
206,000 |
16,643 |
|
|
Svenska Cellulosa AB (SCA) (B Shares) |
334,800 |
9,316 |
|
|
|
25,959 |
||
|
Personal Products - 0.4% |
|||
|
Avon Products, Inc. |
100,242 |
1,432 |
|
|
Herbalife Ltd. |
177,900 |
11,533 |
|
|
|
12,965 |
||
|
Tobacco - 2.1% |
|||
|
Altria Group, Inc. |
808,500 |
33,601 |
|
|
Japan Tobacco, Inc. |
34,800 |
1,182 |
|
|
Lorillard, Inc. |
186,200 |
11,576 |
|
|
Philip Morris International, Inc. |
319,250 |
28,266 |
|
|
|
74,625 |
||
|
TOTAL CONSUMER STAPLES |
367,037 |
||
|
ENERGY - 4.8% |
|||
|
Energy Equipment & Services - 1.6% |
|||
|
FMC Technologies, Inc. (a) |
95,840 |
5,564 |
|
|
Halliburton Co. |
118,300 |
7,647 |
|
|
National Oilwell Varco, Inc. |
83,988 |
6,876 |
|
|
Schlumberger Ltd. |
351,900 |
36,612 |
|
|
|
56,699 |
||
|
Oil, Gas & Consumable Fuels - 3.2% |
|||
|
Anadarko Petroleum Corp. |
78,500 |
8,075 |
|
|
Cabot Oil & Gas Corp. |
210,600 |
7,632 |
|
|
Chesapeake Energy Corp. |
165,264 |
4,746 |
|
|
Concho Resources, Inc. (a) |
69,800 |
9,200 |
|
|
Continental Resources, Inc. (a) |
87,800 |
12,324 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
ENERGY - continued |
|||
|
Oil, Gas & Consumable Fuels - continued |
|||
|
EOG Resources, Inc. |
41,200 |
$ 4,359 |
|
|
Hess Corp. |
135,100 |
12,335 |
|
|
Marathon Petroleum Corp. |
32,040 |
2,864 |
|
|
Noble Energy, Inc. |
105,400 |
7,596 |
|
|
Occidental Petroleum Corp. |
166,300 |
16,578 |
|
|
PDC Energy, Inc. (a) |
48,700 |
3,126 |
|
|
Peabody Energy Corp. |
118,100 |
1,908 |
|
|
Phillips 66 Co. |
36,700 |
3,112 |
|
|
Pioneer Natural Resources Co. |
27,400 |
5,758 |
|
|
Range Resources Corp. |
16,300 |
1,515 |
|
|
Southwestern Energy Co. (a) |
85,000 |
3,865 |
|
|
Valero Energy Corp. |
148,600 |
8,329 |
|
|
|
113,322 |
||
|
TOTAL ENERGY |
170,021 |
||
|
FINANCIALS - 4.2% |
|||
|
Banks - 0.9% |
|||
|
Bank of America Corp. |
297,800 |
4,509 |
|
|
Citigroup, Inc. |
105,700 |
5,028 |
|
|
JPMorgan Chase & Co. |
200,900 |
11,164 |
|
|
Signature Bank (a) |
31,800 |
3,683 |
|
|
Wells Fargo & Co. |
125,000 |
6,348 |
|
|
|
30,732 |
||
|
Capital Markets - 0.6% |
|||
|
BlackRock, Inc. Class A |
10,400 |
3,171 |
|
|
Charles Schwab Corp. |
471,800 |
11,894 |
|
|
Goldman Sachs Group, Inc. |
24,591 |
3,930 |
|
|
T. Rowe Price Group, Inc. |
30,300 |
2,470 |
|
|
|
21,465 |
||
|
Consumer Finance - 2.3% |
|||
|
American Express Co. |
575,400 |
52,649 |
|
|
Discover Financial Services |
483,633 |
28,597 |
|
|
|
81,246 |
||
|
Diversified Financial Services - 0.2% |
|||
|
BM&F BOVESPA SA |
765,958 |
3,754 |
|
|
CME Group, Inc. |
22,000 |
1,584 |
|
|
|
5,338 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
FINANCIALS - continued |
|||
|
Real Estate Investment Trusts - 0.1% |
|||
|
Simon Property Group, Inc. |
25,978 |
$ 4,324 |
|
|
Washington Prime Group, Inc. (a) |
12,989 |
258 |
|
|
|
4,582 |
||
|
Real Estate Management & Development - 0.1% |
|||
|
The St. Joe Co. (a)(d) |
100,400 |
2,363 |
|
|
TOTAL FINANCIALS |
145,726 |
||
|
HEALTH CARE - 18.3% |
|||
|
Biotechnology - 13.9% |
|||
|
ACADIA Pharmaceuticals, Inc. (a) |
194,600 |
4,018 |
|
|
Agios Pharmaceuticals, Inc. |
63,067 |
2,217 |
|
|
Alexion Pharmaceuticals, Inc. (a) |
41,700 |
6,936 |
|
|
Alkermes PLC (a) |
1,241,000 |
56,850 |
|
|
Alnylam Pharmaceuticals, Inc. (a) |
214,460 |
12,715 |
|
|
Amarin Corp. PLC ADR (a)(d) |
265,000 |
374 |
|
|
Amgen, Inc. |
240,600 |
27,907 |
|
|
Biogen Idec, Inc. (a) |
45,600 |
14,563 |
|
|
Bluebird Bio, Inc. |
110,300 |
2,550 |
|
|
Celgene Corp. (a) |
55,235 |
8,453 |
|
|
Celldex Therapeutics, Inc. (a) |
215,700 |
3,151 |
|
|
Cepheid, Inc. (a) |
136,353 |
6,143 |
|
|
Clovis Oncology, Inc. (a) |
16,500 |
845 |
|
|
Exelixis, Inc. (a)(d) |
2,514,011 |
8,321 |
|
|
Geron Corp. (a) |
1,222,800 |
2,543 |
|
|
Gilead Sciences, Inc. (a) |
529,300 |
42,984 |
|
|
ImmunoGen, Inc. (a)(d) |
1,369,351 |
16,186 |
|
|
Immunomedics, Inc. (a)(d) |
1,354,187 |
4,509 |
|
|
Insmed, Inc. (a) |
330,600 |
4,344 |
|
|
Intercept Pharmaceuticals, Inc. (a) |
5,700 |
1,349 |
|
|
InterMune, Inc. (a) |
110,400 |
4,374 |
|
|
Ironwood Pharmaceuticals, Inc. Class A (a) |
227,500 |
3,258 |
|
|
Isis Pharmaceuticals, Inc. (a)(d) |
1,259,953 |
36,816 |
|
|
Lexicon Pharmaceuticals, Inc. (a) |
8,418,904 |
11,113 |
|
|
Merrimack Pharmaceuticals, Inc. (a)(d) |
591,500 |
4,596 |
|
|
NPS Pharmaceuticals, Inc. (a) |
484,500 |
15,082 |
|
|
Ophthotech Corp. |
62,400 |
2,540 |
|
|
Prothena Corp. PLC (a) |
117,602 |
2,448 |
|
|
Receptos, Inc. |
87,600 |
2,607 |
|
|
Regeneron Pharmaceuticals, Inc. (a) |
332,600 |
102,095 |
|
|
Regulus Therapeutics, Inc. (a) |
337,200 |
2,269 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
HEALTH CARE - continued |
|||
|
Biotechnology - continued |
|||
|
Rigel Pharmaceuticals, Inc. (a) |
690,248 |
$ 2,271 |
|
|
Seattle Genetics, Inc. (a)(d) |
1,665,767 |
55,587 |
|
|
Transition Therapeutics, Inc. (a) |
1,007,397 |
5,128 |
|
|
uniQure B.V. |
4,600 |
40 |
|
|
Vertex Pharmaceuticals, Inc. (a) |
68,690 |
4,964 |
|
|
XOMA Corp. (a) |
1,576,700 |
6,528 |
|
|
|
488,674 |
||
|
Health Care Equipment & Supplies - 0.8% |
|||
|
Abbott Laboratories |
89,300 |
3,573 |
|
|
Align Technology, Inc. (a) |
59,600 |
3,255 |
|
|
Baxter International, Inc. |
38,900 |
2,895 |
|
|
Cyberonics, Inc. (a) |
67,300 |
4,092 |
|
|
Insulet Corp. (a) |
71,646 |
2,624 |
|
|
Steris Corp. |
201,100 |
10,763 |
|
|
|
27,202 |
||
|
Health Care Providers & Services - 0.8% |
|||
|
Accretive Health, Inc. (a) |
596,000 |
4,464 |
|
|
BioScrip, Inc. (a)(d) |
792,300 |
6,220 |
|
|
Catamaran Corp. (a) |
30,500 |
1,344 |
|
|
Express Scripts Holding Co. (a) |
125,167 |
8,946 |
|
|
McKesson Corp. |
30,800 |
5,841 |
|
|
|
26,815 |
||
|
Health Care Technology - 0.6% |
|||
|
Allscripts Healthcare Solutions, Inc. (a) |
778,000 |
11,468 |
|
|
athenahealth, Inc. (a)(d) |
85,900 |
10,902 |
|
|
Castlight Health, Inc. Class B (a)(d) |
30,200 |
458 |
|
|
|
22,828 |
||
|
Life Sciences Tools & Services - 0.4% |
|||
|
Illumina, Inc. (a)(d) |
98,000 |
15,509 |
|
|
Pharmaceuticals - 1.8% |
|||
|
AbbVie, Inc. |
156,200 |
8,486 |
|
|
Actavis PLC (a) |
44,500 |
9,414 |
|
|
Allergan, Inc. |
84,600 |
14,167 |
|
|
Auxilium Pharmaceuticals, Inc. (a) |
253,700 |
5,678 |
|
|
Bristol-Myers Squibb Co. |
167,300 |
8,322 |
|
|
Hospira, Inc. (a) |
57,200 |
2,813 |
|
|
Johnson & Johnson |
37,800 |
3,835 |
|
|
Mylan, Inc. (a) |
57,768 |
2,879 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
HEALTH CARE - continued |
|||
|
Pharmaceuticals - continued |
|||
|
Questcor Pharmaceuticals, Inc. (d) |
66,800 |
$ 6,021 |
|
|
Revance Therapeutics, Inc. |
17,500 |
551 |
|
|
|
62,166 |
||
|
TOTAL HEALTH CARE |
643,194 |
||
|
INDUSTRIALS - 8.1% |
|||
|
Aerospace & Defense - 0.8% |
|||
|
Honeywell International, Inc. |
125,800 |
11,718 |
|
|
The Boeing Co. |
132,500 |
17,921 |
|
|
|
29,639 |
||
|
Air Freight & Logistics - 1.0% |
|||
|
FedEx Corp. |
76,400 |
11,014 |
|
|
United Parcel Service, Inc. Class B |
227,400 |
23,622 |
|
|
|
34,636 |
||
|
Airlines - 1.9% |
|||
|
Delta Air Lines, Inc. |
169,100 |
6,749 |
|
|
Southwest Airlines Co. |
561,700 |
14,857 |
|
|
Spirit Airlines, Inc. (a) |
330,700 |
19,534 |
|
|
United Continental Holdings, Inc. (a) |
545,100 |
24,186 |
|
|
|
65,326 |
||
|
Construction & Engineering - 0.2% |
|||
|
Quanta Services, Inc. (a) |
204,359 |
6,938 |
|
|
Electrical Equipment - 0.3% |
|||
|
Acuity Brands, Inc. |
74,400 |
9,338 |
|
|
Industrial Conglomerates - 1.3% |
|||
|
3M Co. |
69,100 |
9,850 |
|
|
Danaher Corp. |
291,000 |
22,823 |
|
|
General Electric Co. |
263,800 |
7,067 |
|
|
Roper Industries, Inc. |
38,800 |
5,497 |
|
|
|
45,237 |
||
|
Machinery - 0.4% |
|||
|
Caterpillar, Inc. |
72,100 |
7,371 |
|
|
Cummins, Inc. |
29,400 |
4,496 |
|
|
ITT Corp. |
24,100 |
1,053 |
|
|
Xylem, Inc. |
63,000 |
2,350 |
|
|
|
15,270 |
||
|
Professional Services - 0.0% |
|||
|
Paylocity Holding Corp. (a) |
4,100 |
80 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INDUSTRIALS - continued |
|||
|
Road & Rail - 2.2% |
|||
|
CSX Corp. |
324,100 |
$ 9,529 |
|
|
Hertz Global Holdings, Inc. (a) |
655,400 |
19,347 |
|
|
J.B. Hunt Transport Services, Inc. |
109,300 |
8,488 |
|
|
Kansas City Southern |
13,600 |
1,462 |
|
|
Union Pacific Corp. |
199,400 |
39,734 |
|
|
|
78,560 |
||
|
TOTAL INDUSTRIALS |
285,024 |
||
|
INFORMATION TECHNOLOGY - 34.1% |
|||
|
Communications Equipment - 1.9% |
|||
|
Infinera Corp. (a) |
1,483,881 |
13,503 |
|
|
QUALCOMM, Inc. |
582,565 |
46,867 |
|
|
Riverbed Technology, Inc. (a) |
115,800 |
2,353 |
|
|
ViaSat, Inc. (a) |
87,500 |
4,745 |
|
|
|
67,468 |
||
|
Electronic Equipment & Components - 0.5% |
|||
|
IPG Photonics Corp. (a) |
94,100 |
5,938 |
|
|
Trimble Navigation Ltd. (a) |
334,700 |
12,073 |
|
|
|
18,011 |
||
|
Internet Software & Services - 10.1% |
|||
|
Akamai Technologies, Inc. (a) |
184,900 |
10,047 |
|
|
Cornerstone OnDemand, Inc. (a) |
262,700 |
10,558 |
|
|
eBay, Inc. (a) |
544,200 |
27,607 |
|
|
Facebook, Inc. Class A (a) |
1,187,293 |
75,156 |
|
|
Google, Inc.: |
|
|
|
|
Class A (a) |
157,465 |
90,015 |
|
|
Class C (a) |
157,465 |
88,335 |
|
|
LinkedIn Corp. (a) |
18,800 |
3,010 |
|
|
Opower, Inc. |
5,900 |
98 |
|
|
Qihoo 360 Technology Co. Ltd. ADR (a) |
108,700 |
9,982 |
|
|
Rackspace Hosting, Inc. (a) |
133,802 |
4,882 |
|
|
Tencent Holdings Ltd. |
751,000 |
10,558 |
|
|
Trulia, Inc. (a)(d) |
89,500 |
3,459 |
|
|
Twitter, Inc. (d) |
128,800 |
4,178 |
|
|
Web.com Group, Inc. (a) |
469,200 |
16,159 |
|
|
Wix.com Ltd. (a) |
76,544 |
1,367 |
|
|
|
355,411 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
IT Services - 3.6% |
|||
|
Cognizant Technology Solutions Corp. Class A (a) |
254,432 |
$ 12,368 |
|
|
IBM Corp. |
117,900 |
21,736 |
|
|
MasterCard, Inc. Class A |
522,000 |
39,907 |
|
|
Visa, Inc. Class A |
243,600 |
52,333 |
|
|
|
126,344 |
||
|
Semiconductors & Semiconductor Equipment - 5.1% |
|||
|
Applied Materials, Inc. |
211,300 |
4,266 |
|
|
Applied Micro Circuits Corp. (a) |
1,394,600 |
12,551 |
|
|
Broadcom Corp. Class A |
152,300 |
4,854 |
|
|
Cavium, Inc. (a) |
74,300 |
3,639 |
|
|
Cree, Inc. (a)(d) |
782,900 |
37,673 |
|
|
Cypress Semiconductor Corp. |
1,344,866 |
13,785 |
|
|
First Solar, Inc. (a) |
116,900 |
7,222 |
|
|
Intel Corp. |
101,900 |
2,784 |
|
|
Mellanox Technologies Ltd. (a)(d) |
198,600 |
6,272 |
|
|
NVIDIA Corp. |
2,130,930 |
40,488 |
|
|
Rambus, Inc. (a) |
1,255,300 |
15,189 |
|
|
Silicon Laboratories, Inc. (a) |
625,100 |
28,205 |
|
|
Xilinx, Inc. |
60,800 |
2,855 |
|
|
|
179,783 |
||
|
Software - 8.0% |
|||
|
Adobe Systems, Inc. (a) |
81,800 |
5,279 |
|
|
Citrix Systems, Inc. (a) |
35,500 |
2,200 |
|
|
Concur Technologies, Inc. (a) |
113,500 |
9,689 |
|
|
Interactive Intelligence Group, Inc. (a) |
173,000 |
8,769 |
|
|
Intuit, Inc. |
72,200 |
5,725 |
|
|
Microsoft Corp. |
1,103,068 |
45,160 |
|
|
NetSuite, Inc. (a) |
133,800 |
10,770 |
|
|
Oracle Corp. |
338,200 |
14,211 |
|
|
Qlik Technologies, Inc. (a) |
237,774 |
5,162 |
|
|
Red Hat, Inc. (a) |
534,930 |
26,811 |
|
|
salesforce.com, Inc. (a) |
2,357,200 |
124,059 |
|
|
ServiceNow, Inc. (a) |
138,600 |
7,250 |
|
|
Solera Holdings, Inc. |
13,500 |
881 |
|
|
Splunk, Inc. (a) |
41,100 |
1,720 |
|
|
The Rubicon Project, Inc. |
13,861 |
176 |
|
|
TiVo, Inc. (a) |
262,000 |
3,118 |
|
|
VMware, Inc. Class A (a) |
28,700 |
2,770 |
|
|
Workday, Inc. Class A (a) |
62,300 |
4,882 |
|
|
|
278,632 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Technology Hardware, Storage & Peripherals - 4.9% |
|||
|
3D Systems Corp. (a)(d) |
35,700 |
$ 1,808 |
|
|
Apple, Inc. |
254,858 |
161,328 |
|
|
Fusion-io, Inc. (a)(d) |
618,532 |
4,942 |
|
|
Nimble Storage, Inc. (d) |
4,900 |
124 |
|
|
SanDisk Corp. |
49,200 |
4,754 |
|
|
|
172,956 |
||
|
TOTAL INFORMATION TECHNOLOGY |
1,198,605 |
||
|
MATERIALS - 2.0% |
|||
|
Chemicals - 1.7% |
|||
|
E.I. du Pont de Nemours & Co. |
101,600 |
7,042 |
|
|
Eastman Chemical Co. |
31,200 |
2,754 |
|
|
Metabolix, Inc. (a)(d) |
203,084 |
167 |
|
|
Monsanto Co. |
358,000 |
43,622 |
|
|
The Mosaic Co. |
99,500 |
4,974 |
|
|
|
58,559 |
||
|
Construction Materials - 0.0% |
|||
|
CaesarStone Sdot-Yam Ltd. |
36,100 |
1,631 |
|
|
Metals & Mining - 0.3% |
|||
|
Nucor Corp. |
76,800 |
3,888 |
|
|
U.S. Silica Holdings, Inc. |
126,100 |
6,377 |
|
|
|
10,265 |
||
|
TOTAL MATERIALS |
70,455 |
||
|
TELECOMMUNICATION SERVICES - 0.6% |
|||
|
Diversified Telecommunication Services - 0.4% |
|||
|
Level 3 Communications, Inc. (a) |
96,700 |
4,221 |
|
|
Verizon Communications, Inc. |
178,400 |
8,913 |
|
|
|
13,134 |
||
|
Wireless Telecommunication Services - 0.2% |
|||
|
Sprint Corp. (a) |
240,987 |
2,301 |
|
|
T-Mobile U.S., Inc. (a) |
194,200 |
6,667 |
|
|
|
8,968 |
||
|
TOTAL TELECOMMUNICATION SERVICES |
22,102 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
UTILITIES - 0.2% |
|||
|
Independent Power and Renewable Electricity Producers - 0.0% |
|||
|
Ormat Technologies, Inc. |
9,500 |
$ 283 |
|
|
Independent Power Producers & Energy Traders - 0.2% |
|||
|
NRG Energy, Inc. |
150,100 |
5,350 |
|
|
TOTAL UTILITIES |
5,633 |
||
|
TOTAL COMMON STOCKS (Cost $2,348,617) |
|
||
|
Preferred Stocks - 0.3% |
|||
|
|
|
|
|
|
Convertible Preferred Stocks - 0.3% |
|||
|
HEALTH CARE - 0.1% |
|||
|
Pharmaceuticals - 0.1% |
|||
|
aTyr Pharma, Inc. 8.00% (a)(e) |
638,618 |
1,615 |
|
|
INFORMATION TECHNOLOGY - 0.2% |
|||
|
Software - 0.2% |
|||
|
Cloudera, Inc. Series F (e) |
41,786 |
621 |
|
|
MongoDB, Inc. Series F, 8.00% (e) |
515,124 |
6,377 |
|
|
|
6,998 |
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS |
8,613 |
||
|
Nonconvertible Preferred Stocks - 0.0% |
|||
|
HEALTH CARE - 0.0% |
|||
|
Pharmaceuticals - 0.0% |
|||
|
Equilibrate Asia Therapeutics Series D (a)(e) |
676,657 |
11 |
|
|
Equilibrate Worldwide Therapeutics Series D (a)(e) |
676,657 |
27 |
|
|
Neuropathic Worldwide Therapeutics Series D (a)(e) |
676,657 |
5 |
|
|
Oculus Worldwide Therapeutics Series D (a)(e) |
676,657 |
8 |
|
|
Orchestrate U.S. Therapeutics, Inc. Series D (a)(e) |
676,657 |
12 |
|
|
Orchestrate Worldwide Therapeutics Series D (a)(e) |
676,657 |
21 |
|
|
|
84 |
||
|
TOTAL PREFERRED STOCKS (Cost $10,922) |
|
||
|
Money Market Funds - 4.0% |
|||
|
Shares |
Value (000s) |
||
|
Fidelity Cash Central Fund, 0.10% (b) |
20,239,853 |
$ 20,240 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
121,245,712 |
121,246 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $141,486) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $2,501,025) |
3,637,598 |
||
|
NET OTHER ASSETS (LIABILITIES) - (3.5)% |
(121,489) |
||
|
NET ASSETS - 100% |
$ 3,516,109 |
||
|
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) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,697,000 or 0.3% of net assets. |
|
Additional information on each restricted holding is as follows: |
|
Security |
Acquisition Date |
Acquisition Cost (000s) |
|
aTyr Pharma, Inc. 8.00% |
4/8/13 |
$ 1,615 |
|
Cloudera, Inc. Series F |
2/5/14 |
$ 608 |
|
Equilibrate Asia Therapeutics Series D |
5/17/13 |
$ 11 |
|
Equilibrate Worldwide Therapeutics Series D |
5/17/13 |
$ 27 |
|
MongoDB, Inc. Series F, 8.00% |
10/2/13 |
$ 8,615 |
|
Neuropathic Worldwide Therapeutics Series D |
5/17/13 |
$ 5 |
|
Security |
Acquisition Date |
Acquisition Cost (000s) |
|
Oculus Worldwide Therapeutics Series D |
5/17/13 |
$ 8 |
|
Orchestrate U.S. Therapeutics, Inc. Series D |
5/17/13 |
$ 12 |
|
Orchestrate Worldwide Therapeutics Series D |
5/17/13 |
$ 21 |
|
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 |
$ 29 |
|
Fidelity Securities Lending Cash Central Fund |
614 |
|
Total |
$ 643 |
|
Other Information |
|
The following is a summary of the inputs used, as of May 31, 2014, 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 table 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 |
$ 579,618 |
$ 579,618 |
$ - |
$ - |
|
Consumer Staples |
367,037 |
365,855 |
1,182 |
- |
|
Energy |
170,021 |
170,021 |
- |
- |
|
Financials |
145,726 |
145,726 |
- |
- |
|
Health Care |
644,893 |
643,194 |
- |
1,699 |
|
Industrials |
285,024 |
285,024 |
- |
- |
|
Information Technology |
1,205,603 |
1,198,605 |
- |
6,998 |
|
Valuation Inputs at Reporting Date: |
||||
|
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
|
Investments in Securities: |
||||
|
Equities: |
||||
|
Materials |
$ 70,455 |
$ 70,455 |
$ - |
$ - |
|
Telecommunication Services |
22,102 |
22,102 |
- |
- |
|
Utilities |
5,633 |
5,633 |
- |
- |
|
Money Market Funds |
141,486 |
141,486 |
- |
- |
|
Total Investments in Securities: |
$ 3,637,598 |
$ 3,627,719 |
$ 1,182 |
$ 8,697 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including securities loaned of $116,277) - See accompanying schedule: Unaffiliated issuers (cost $2,359,539) |
$ 3,496,112 |
|
|
Fidelity Central Funds (cost $141,486) |
141,486 |
|
|
Total Investments (cost $2,501,025) |
|
$ 3,637,598 |
|
Cash |
|
10 |
|
Foreign currency held at value (cost $23) |
|
23 |
|
Receivable for investments sold |
|
48,389 |
|
Receivable for fund shares sold |
|
2,485 |
|
Dividends receivable |
|
2,303 |
|
Distributions receivable from Fidelity Central Funds |
|
94 |
|
Prepaid expenses |
|
2 |
|
Other receivables |
|
191 |
|
Total assets |
|
3,691,095 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 41,673 |
|
|
Payable for fund shares redeemed |
8,858 |
|
|
Accrued management fee |
1,463 |
|
|
Distribution and service plan fees payable |
888 |
|
|
Other affiliated payables |
677 |
|
|
Other payables and accrued expenses |
181 |
|
|
Collateral on securities loaned, at value |
121,246 |
|
|
Total liabilities |
|
174,986 |
|
|
|
|
|
Net Assets |
|
$ 3,516,109 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 2,596,541 |
|
Accumulated net investment loss |
|
(10,738) |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
(206,267) |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
1,136,573 |
|
Net Assets |
|
$ 3,516,109 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 57.02 |
|
|
|
|
|
Maximum offering price per share (100/94.25 of $57.02) |
|
$ 60.50 |
|
Class T: |
|
$ 57.11 |
|
|
|
|
|
Maximum offering price per share (100/96.50 of $57.11) |
|
$ 59.18 |
|
Class B: |
|
$ 52.62 |
|
|
|
|
|
Class C: |
|
$ 52.96 |
|
|
|
|
|
|
|
|
|
Institutional Class: |
|
$ 59.47 |
|
|
|
|
|
Class Z: |
|
$ 59.55 |
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
Statement of Operations
|
Amounts in thousands |
Six months ended May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Investment Income |
|
|
|
Dividends |
|
$ 14,534 |
|
Income from Fidelity Central Funds |
|
643 |
|
Total income |
|
15,177 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 9,641 |
|
|
Performance adjustment |
880 |
|
|
Transfer agent fees |
3,486 |
|
|
Distribution and service plan fees |
5,425 |
|
|
Accounting and security lending fees |
520 |
|
|
Custodian fees and expenses |
32 |
|
|
Independent trustees' compensation |
7 |
|
|
Registration fees |
79 |
|
|
Audit |
34 |
|
|
Legal |
7 |
|
|
Miscellaneous |
11 |
|
|
Total expenses before reductions |
20,122 |
|
|
Expense reductions |
(3) |
20,119 |
|
Net investment income (loss) |
|
(4,942) |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
44,062 |
|
|
Foreign currency transactions |
1 |
|
|
Total net realized gain (loss) |
|
44,063 |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
|
83,722 |
|
Net gain (loss) |
|
127,785 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ 122,843 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
|
Amounts in thousands |
Six months ended May 31, 2014 |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ (4,942) |
$ (6,532) |
|
Net realized gain (loss) |
44,063 |
167,083 |
|
Change in net unrealized appreciation (depreciation) |
83,722 |
587,055 |
|
Net increase (decrease) in net assets resulting |
122,843 |
747,606 |
|
Share transactions - net increase (decrease) |
129,170 |
411,715 |
|
Total increase (decrease) in net assets |
252,013 |
1,159,321 |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
3,264,096 |
2,104,775 |
|
End of period (including accumulated net investment loss of $10,738 and accumulated net investment loss of $5,796, respectively) |
$ 3,516,109 |
$ 3,264,096 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 54.89 |
$ 41.34 |
$ 35.39 |
$ 32.30 |
$ 26.30 |
$ 18.92 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
(.07) |
(.10) |
(.11) |
(.08) |
- J |
.10 |
|
Net realized and unrealized gain (loss) |
2.20 |
13.65 |
6.06 |
3.17 |
6.13 |
7.28 |
|
Total from investment operations |
2.13 |
13.55 |
5.95 |
3.09 |
6.13 |
7.38 |
|
Distributions from net investment income |
- |
- |
- |
- |
(.11) |
- |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.02) |
- |
|
Total distributions |
- |
- |
- |
- |
(.13) |
- |
|
Net asset value, end of period |
$ 57.02 |
$ 54.89 |
$ 41.34 |
$ 35.39 |
$ 32.30 |
$ 26.30 |
|
Total Return B, C, D |
3.88% |
32.78% |
16.81% |
9.57% |
23.42% |
39.01% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
1.11% A |
1.23% |
1.30% |
1.08% |
.90% |
.80% |
|
Expenses net of fee waivers, if any |
1.11% A |
1.23% |
1.29% |
1.08% |
.90% |
.80% |
|
Expenses net of all reductions |
1.11% A |
1.23% |
1.29% |
1.07% |
.90% |
.80% |
|
Net investment income (loss) |
(.24)% A |
(.20)% |
(.29)% |
(.23)% |
-% H |
.45% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 646 |
$ 555 |
$ 359 |
$ 267 |
$ 255 |
$ 236 |
|
Portfolio turnover rate G |
7% A |
17% |
34% |
31% |
35% |
114% |
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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 55.04 |
$ 41.54 |
$ 35.62 |
$ 32.58 |
$ 26.52 |
$ 19.12 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
(.13) |
(.19) |
(.19) |
(.15) |
(.06) |
.05 |
|
Net realized and unrealized gain (loss) |
2.20 |
13.69 |
6.11 |
3.19 |
6.19 |
7.35 |
|
Total from investment operations |
2.07 |
13.50 |
5.92 |
3.04 |
6.13 |
7.40 |
|
Distributions from net investment income |
- |
- |
- |
- |
(.05) |
- |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.02) |
- |
|
Total distributions |
- |
- |
- |
- |
(.07) |
- |
|
Net asset value, end of period |
$ 57.11 |
$ 55.04 |
$ 41.54 |
$ 35.62 |
$ 32.58 |
$ 26.52 |
|
Total Return B, C, D |
3.76% |
32.50% |
16.62% |
9.33% |
23.18% |
38.70% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.33% A |
1.43% |
1.48% |
1.25% |
1.10% |
1.03% |
|
Expenses net of fee waivers, if any |
1.33% A |
1.43% |
1.48% |
1.25% |
1.10% |
1.03% |
|
Expenses net of all reductions |
1.33% A |
1.43% |
1.48% |
1.25% |
1.09% |
1.02% |
|
Net investment income (loss) |
(.46)% A |
(.40)% |
(.48)% |
(.40)% |
(.20)% |
.23% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,434 |
$ 1,426 |
$ 1,187 |
$ 1,102 |
$ 1,126 |
$ 1,051 |
|
Portfolio turnover rate G |
7% A |
17% |
34% |
31% |
35% |
114% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 50.87 |
$ 38.62 |
$ 33.31 |
$ 30.64 |
$ 25.01 |
$ 18.13 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
(.28) |
(.44) |
(.39) |
(.33) |
(.21) |
(.06) |
|
Net realized and unrealized gain (loss) |
2.03 |
12.69 |
5.70 |
3.00 |
5.84 |
6.94 |
|
Total from investment operations |
1.75 |
12.25 |
5.31 |
2.67 |
5.63 |
6.88 |
|
Net asset value, end of period |
$ 52.62 |
$ 50.87 |
$ 38.62 |
$ 33.31 |
$ 30.64 |
$ 25.01 |
|
Total Return B, C, D |
3.44% |
31.72% |
15.94% |
8.71% |
22.51% |
37.95% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.94% A |
2.03% |
2.07% |
1.83% |
1.66% |
1.56% |
|
Expenses net of fee waivers, if any |
1.94% A |
2.03% |
2.05% |
1.83% |
1.66% |
1.56% |
|
Expenses net of all reductions |
1.94% A |
2.03% |
2.05% |
1.83% |
1.65% |
1.55% |
|
Net investment income (loss) |
(1.08)% A |
(1.00)% |
(1.05)% |
(.98)% |
(.76)% |
(.30)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 10 |
$ 12 |
$ 13 |
$ 14 |
$ 18 |
$ 21 |
|
Portfolio turnover rate G |
7% A |
17% |
34% |
31% |
35% |
114% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 51.17 |
$ 38.83 |
$ 33.48 |
$ 30.79 |
$ 25.14 |
$ 18.22 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
(.26) |
(.42) |
(.38) |
(.33) |
(.21) |
(.06) |
|
Net realized and unrealized gain (loss) |
2.05 |
12.76 |
5.73 |
3.02 |
5.86 |
6.98 |
|
Total from investment operations |
1.79 |
12.34 |
5.35 |
2.69 |
5.65 |
6.92 |
|
Net asset value, end of period |
$ 52.96 |
$ 51.17 |
$ 38.83 |
$ 33.48 |
$ 30.79 |
$ 25.14 |
|
Total Return B, C, D |
3.50% |
31.78% |
15.98% |
8.74% |
22.47% |
37.98% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.85% A |
1.96% |
2.04% |
1.82% |
1.65% |
1.56% |
|
Expenses net of fee waivers, if any |
1.85% A |
1.96% |
2.03% |
1.82% |
1.65% |
1.56% |
|
Expenses net of all reductions |
1.85% A |
1.96% |
2.02% |
1.82% |
1.65% |
1.55% |
|
Net investment income (loss) |
(.99)% A |
(.93)% |
(1.02)% |
(.97)% |
(.75)% |
(.30)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 199 |
$ 159 |
$ 71 |
$ 47 |
$ 41 |
$ 37 |
|
Portfolio turnover rate G |
7% A |
17% |
34% |
31% |
35% |
114% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 57.18 |
$ 42.94 |
$ 36.63 |
$ 33.33 |
$ 27.11 |
$ 19.43 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) D |
.01 |
.05 |
.01 |
.05 |
.10 |
.17 |
|
Net realized and unrealized gain (loss) |
2.28 |
14.19 |
6.30 |
3.25 |
6.33 |
7.51 |
|
Total from investment operations |
2.29 |
14.24 |
6.31 |
3.30 |
6.43 |
7.68 |
|
Distributions from net investment income |
- |
- |
- |
- |
(.19) |
- |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.02) |
- |
|
Total distributions |
- |
- |
- |
- |
(.21) |
- |
|
Net asset value, end of period |
$ 59.47 |
$ 57.18 |
$ 42.94 |
$ 36.63 |
$ 33.33 |
$ 27.11 |
|
Total Return B, C |
4.00% |
33.16% |
17.23% |
9.90% |
23.86% |
39.53% |
|
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
|
Expenses before reductions |
.84% A |
.93% |
.97% |
.72% |
.57% |
.46% |
|
Expenses net of fee waivers, if any |
.84% A |
.93% |
.97% |
.72% |
.57% |
.46% |
|
Expenses net of all reductions |
.84% A |
.93% |
.97% |
.72% |
.56% |
.46% |
|
Net investment income (loss) |
.03% A |
.09% |
.04% |
.13% |
.33% |
.79% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,227 |
$ 1,112 |
$ 475 |
$ 215 |
$ 118 |
$ 26 |
|
Portfolio turnover rate F |
7% A |
17% |
34% |
31% |
35% |
114% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
|
|
Six months ended May 31, 2014 |
Year ended |
|
|
(Unaudited) |
2013 G |
|
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 57.20 |
$ 53.30 |
|
Income from Investment Operations |
|
|
|
Net investment income (loss) D |
.05 |
.02 |
|
Net realized and unrealized gain (loss) |
2.30 |
3.88 |
|
Total from investment operations |
2.35 |
3.90 |
|
Net asset value, end of period |
$ 59.55 |
$ 57.20 |
|
Total Return B, C |
4.11% |
7.32% |
|
Ratios to Average Net Assets E, H |
|
|
|
Expenses before reductions |
.69% A |
.78% A |
|
Expenses net of fee waivers, if any |
.69% A |
.78% A |
|
Expenses net of all reductions |
.69% A |
.78% A |
|
Net investment income (loss) |
.18% A |
.14% A |
|
Supplemental Data |
|
|
|
Net assets, end of period (000 omitted) |
$ 112 |
$ 107 |
|
Portfolio turnover rate F |
7% A |
17% |
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 For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor® Growth Opportunities Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z 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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fidelity Management & Research Company (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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, net operating losses, 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 |
$ 1,278,156 |
|
Gross unrealized depreciation |
(143,402) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 1,134,754 |
|
|
|
|
Tax cost |
$ 2,502,844 |
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 prior fiscal period end and is subject to adjustment.
|
Fiscal year of expiration |
|
|
2017 |
$ (246,838) |
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 $295,223 and $117,271, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to its benchmark index, the Russell 1000® Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .60% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
|
Distribution |
Service |
Total Fees |
Retained |
|
Class A |
-% |
.25% |
$ 780 |
$ 26 |
|
Class T |
.25% |
.25% |
3,648 |
61 |
|
Class B |
.75% |
.25% |
57 |
43 |
|
Class C |
.75% |
.25% |
940 |
375 |
|
|
|
|
$ 5,425 |
$ 505 |
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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 |
$ 134 |
|
Class T |
28 |
|
Class B* |
4 |
|
Class C* |
16 |
|
|
$ 182 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Class A |
$ 689 |
.22 |
|
Class T |
1,379 |
.19 |
|
Class B |
17 |
.30 |
|
Class C |
199 |
.21 |
|
Institutional Class |
1,202 |
.20 |
|
Class Z |
-** |
.04 |
|
|
$ 3,486 |
|
* Annualized
** Amount represents twenty-five dollars.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. 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 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 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. The value of securities loaned to FCM at period end was $2,772. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent
Semiannual Report
7. Security Lending - continued
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 $614, including $2 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3 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 twenty-eight dollars.
9. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class A |
|
|
|
|
|
Shares sold |
2,462 |
3,550 |
$ 141,488 |
$ 172,665 |
|
Shares redeemed |
(1,243) |
(2,123) |
(70,288) |
(101,685) |
|
Net increase (decrease) |
1,219 |
1,427 |
$ 71,200 |
$ 70,980 |
|
Class T |
|
|
|
|
|
Shares sold |
1,575 |
2,633 |
$ 89,843 |
$ 126,086 |
|
Shares redeemed |
(2,365) |
(5,298) |
(134,620) |
(251,560) |
|
Net increase (decrease) |
(790) |
(2,665) |
$ (44,777) |
$ (125,474) |
|
Class B |
|
|
|
|
|
Shares sold |
8 |
20 |
$ 425 |
$ 916 |
|
Shares redeemed |
(53) |
(122) |
(2,768) |
(5,334) |
|
Net increase (decrease) |
(45) |
(102) |
$ (2,343) |
$ (4,418) |
|
Class C |
|
|
|
|
|
Shares sold |
1,043 |
1,606 |
$ 55,540 |
$ 73,545 |
|
Shares redeemed |
(402) |
(315) |
(20,995) |
(13,899) |
|
Net increase (decrease) |
641 |
1,291 |
$ 34,545 |
$ 59,646 |
|
Institutional Class |
|
|
|
|
|
Shares sold |
3,957 |
11,525 |
$ 235,457 |
$ 569,791 |
|
Shares redeemed |
(2,774) |
(3,146) |
(164,912) |
(158,910) |
|
Net increase (decrease) |
1,183 |
8,379 |
$ 70,545 |
$ 410,881 |
|
Class Z |
|
|
|
|
|
Shares sold |
- |
2 |
$ - |
$ 100 |
A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
10. 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
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research (Japan) Inc.
Fidelity Management & Research (Hong Kong) Limited
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
The Bank of New York Mellon
New York, NY
(Fidelity Investment logo)(registered trademark)
GOZ-USAN-0714 1.9585499.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Large Cap
Fund - Institutional Class
Semiannual Report
May 31, 2014
(Fidelity Cover Art)
Contents
|
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. © 2014 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
Shareholder Expense Example
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 (December 1, 2013 to May 31, 2014).
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 |
1.25% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,071.10 |
$ 6.45 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.70 |
$ 6.29 |
|
Class T |
1.50% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,069.70 |
$ 7.74 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,017.45 |
$ 7.54 |
|
Class B |
2.00% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,067.10 |
$ 10.31 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,014.96 |
$ 10.05 |
|
Class C |
2.00% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,067.30 |
$ 10.31 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,014.96 |
$ 10.05 |
|
Institutional Class |
1.00% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,072.10 |
$ 5.17 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,019.95 |
$ 5.04 |
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 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
JPMorgan Chase & Co. |
3.9 |
3.7 |
|
Apple, Inc. |
3.7 |
3.8 |
|
Microsoft Corp. |
2.6 |
2.5 |
|
General Electric Co. |
2.4 |
2.4 |
|
Citigroup, Inc. |
2.1 |
2.1 |
|
Verizon Communications, Inc. |
2.0 |
0.9 |
|
Target Corp. |
1.9 |
1.5 |
|
Chevron Corp. |
1.8 |
1.8 |
|
Comcast Corp. Class A (special) (non-vtg.) |
1.7 |
1.4 |
|
Bank of America Corp. |
1.7 |
1.7 |
|
|
23.8 |
|
|
Top Five Market Sectors as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Information Technology |
20.4 |
20.5 |
|
Financials |
19.4 |
20.9 |
|
Health Care |
13.5 |
15.2 |
|
Energy |
11.1 |
11.7 |
|
Consumer Staples |
10.8 |
9.0 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2014* |
As of November 30, 2013** |
||||||
 |
Stocks 97.5% |
|
|
Stocks 98.3% |
|
||
 |
Convertible |
|
|
Convertible |
|
||
 |
Short-Term |
|
|
Short-Term |
|
||
|
* Foreign investments |
12.4% |
|
** Foreign investments |
12.0% |
|
||
Semiannual Report
Investments May 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 97.5% |
|||
|
Shares |
Value |
||
|
CONSUMER DISCRETIONARY - 7.5% |
|||
|
Diversified Consumer Services - 0.3% |
|||
|
H&R Block, Inc. |
86,217 |
$ 2,567,542 |
|
|
Hotels, Restaurants & Leisure - 1.0% |
|||
|
McDonald's Corp. |
21,200 |
2,150,316 |
|
|
Yum! Brands, Inc. |
94,838 |
7,331,926 |
|
|
|
9,482,242 |
||
|
Leisure Products - 0.2% |
|||
|
NJOY, Inc. (a)(e) |
115,947 |
1,962,531 |
|
|
Media - 2.9% |
|||
|
Comcast Corp. Class A (special) (non-vtg.) |
310,337 |
16,087,870 |
|
|
Discovery Communications, Inc. Class A (a) |
3,077 |
236,806 |
|
|
Time Warner, Inc. |
149,559 |
10,443,705 |
|
|
|
26,768,381 |
||
|
Multiline Retail - 1.9% |
|||
|
Target Corp. |
318,440 |
18,074,654 |
|
|
Specialty Retail - 1.2% |
|||
|
Lowe's Companies, Inc. |
211,679 |
9,965,847 |
|
|
Sally Beauty Holdings, Inc. (a) |
26,400 |
676,368 |
|
|
Staples, Inc. |
97,209 |
1,093,601 |
|
|
|
11,735,816 |
||
|
TOTAL CONSUMER DISCRETIONARY |
70,591,166 |
||
|
CONSUMER STAPLES - 10.8% |
|||
|
Beverages - 3.1% |
|||
|
Diageo PLC |
98,300 |
3,165,081 |
|
|
Molson Coors Brewing Co. Class B |
7,100 |
466,683 |
|
|
Monster Beverage Corp. (a) |
18,464 |
1,281,032 |
|
|
PepsiCo, Inc. |
82,940 |
7,326,090 |
|
|
Pernod Ricard SA |
11,800 |
1,446,861 |
|
|
Remy Cointreau SA |
13,350 |
1,237,468 |
|
|
SABMiller PLC |
76,100 |
4,223,473 |
|
|
The Coca-Cola Co. |
254,775 |
10,422,845 |
|
|
|
29,569,533 |
||
|
Food & Staples Retailing - 1.5% |
|||
|
CVS Caremark Corp. |
66,711 |
5,224,806 |
|
|
Walgreen Co. |
125,155 |
8,999,896 |
|
|
|
14,224,702 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
CONSUMER STAPLES - continued |
|||
|
Food Products - 0.6% |
|||
|
Kellogg Co. |
65,717 |
$ 4,533,159 |
|
|
Mead Johnson Nutrition Co. Class A |
13,100 |
1,172,057 |
|
|
|
5,705,216 |
||
|
Household Products - 1.4% |
|||
|
Procter & Gamble Co. |
156,852 |
12,672,073 |
|
|
Tobacco - 4.2% |
|||
|
British American Tobacco PLC sponsored ADR |
115,031 |
13,948,659 |
|
|
Lorillard, Inc. |
188,644 |
11,727,997 |
|
|
Philip Morris International, Inc. |
101,529 |
8,989,378 |
|
|
Reynolds American, Inc. |
78,200 |
4,663,066 |
|
|
|
39,329,100 |
||
|
TOTAL CONSUMER STAPLES |
101,500,624 |
||
|
ENERGY - 11.1% |
|||
|
Energy Equipment & Services - 1.8% |
|||
|
Cameron International Corp. (a) |
63,445 |
4,057,308 |
|
|
Dresser-Rand Group, Inc. (a) |
28,152 |
1,722,902 |
|
|
Ensco PLC Class A |
55,150 |
2,904,199 |
|
|
National Oilwell Varco, Inc. |
31,632 |
2,589,712 |
|
|
Oceaneering International, Inc. |
10,000 |
720,500 |
|
|
Schlumberger Ltd. |
44,405 |
4,619,896 |
|
|
|
16,614,517 |
||
|
Oil, Gas & Consumable Fuels - 9.3% |
|||
|
Amyris, Inc. (a)(d) |
549,073 |
1,877,830 |
|
|
Anadarko Petroleum Corp. |
19,300 |
1,985,198 |
|
|
Apache Corp. |
113,410 |
10,572,080 |
|
|
BG Group PLC |
480,093 |
9,825,776 |
|
|
Canadian Natural Resources Ltd. |
181,050 |
7,368,566 |
|
|
Chevron Corp. |
137,507 |
16,884,485 |
|
|
Eni SpA |
27,500 |
700,378 |
|
|
Exxon Mobil Corp. |
50,598 |
5,086,617 |
|
|
Imperial Oil Ltd. |
109,100 |
5,371,990 |
|
|
Occidental Petroleum Corp. |
115,975 |
11,561,548 |
|
|
Peabody Energy Corp. |
105,832 |
1,710,245 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
ENERGY - continued |
|||
|
Oil, Gas & Consumable Fuels - continued |
|||
|
Suncor Energy, Inc. |
227,100 |
$ 8,740,093 |
|
|
The Williams Companies, Inc. |
117,825 |
5,533,062 |
|
|
|
87,217,868 |
||
|
TOTAL ENERGY |
103,832,385 |
||
|
FINANCIALS - 19.4% |
|||
|
Banks - 11.1% |
|||
|
Bank of America Corp. |
1,036,800 |
15,697,152 |
|
|
Citigroup, Inc. |
422,097 |
20,079,154 |
|
|
Comerica, Inc. |
14,974 |
718,303 |
|
|
JPMorgan Chase & Co. |
658,673 |
36,602,458 |
|
|
PNC Financial Services Group, Inc. |
40,380 |
3,443,203 |
|
|
Standard Chartered PLC (United Kingdom) |
399,072 |
8,980,311 |
|
|
SunTrust Banks, Inc. |
60,208 |
2,307,171 |
|
|
U.S. Bancorp |
131,265 |
5,538,070 |
|
|
Wells Fargo & Co. |
216,194 |
10,978,331 |
|
|
|
104,344,153 |
||
|
Capital Markets - 3.8% |
|||
|
BlackRock, Inc. Class A |
4,300 |
1,311,070 |
|
|
Charles Schwab Corp. |
251,853 |
6,349,214 |
|
|
E*TRADE Financial Corp. (a) |
58,300 |
1,187,571 |
|
|
Goldman Sachs Group, Inc. |
6,100 |
974,841 |
|
|
KKR & Co. LP |
135,536 |
3,080,733 |
|
|
Morgan Stanley |
265,243 |
8,185,399 |
|
|
Northern Trust Corp. |
78,586 |
4,746,594 |
|
|
State Street Corp. |
147,658 |
9,637,638 |
|
|
|
35,473,060 |
||
|
Consumer Finance - 0.1% |
|||
|
Springleaf Holdings, Inc. |
38,700 |
908,289 |
|
|
Diversified Financial Services - 0.5% |
|||
|
KKR Renaissance Co-Invest LP unit (e) |
29,500 |
4,811,155 |
|
|
Insurance - 2.7% |
|||
|
AIA Group Ltd. |
12,600 |
63,139 |
|
|
American International Group, Inc. |
117,807 |
6,369,824 |
|
|
Genworth Financial, Inc. Class A (a) |
257,901 |
4,381,738 |
|
|
Lincoln National Corp. |
72,636 |
3,483,623 |
|
|
MetLife, Inc. |
224,785 |
11,448,300 |
|
|
|
25,746,624 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
FINANCIALS - continued |
|||
|
Thrifts & Mortgage Finance - 1.2% |
|||
|
MGIC Investment Corp. (a) |
254,092 |
$ 2,154,700 |
|
|
Radian Group, Inc. (d) |
606,968 |
8,752,479 |
|
|
|
10,907,179 |
||
|
TOTAL FINANCIALS |
182,190,460 |
||
|
HEALTH CARE - 13.5% |
|||
|
Biotechnology - 3.0% |
|||
|
Aegerion Pharmaceuticals, Inc. (a) |
26,498 |
870,459 |
|
|
Alnylam Pharmaceuticals, Inc. (a) |
11,400 |
675,906 |
|
|
Amgen, Inc. |
68,347 |
7,927,569 |
|
|
BioCryst Pharmaceuticals, Inc. (a) |
96,500 |
961,140 |
|
|
Biogen Idec, Inc. (a) |
12,700 |
4,055,999 |
|
|
Clovis Oncology, Inc. (a) |
35,500 |
1,817,955 |
|
|
Discovery Laboratories, Inc. (a) |
347,968 |
650,700 |
|
|
Insmed, Inc. (a) |
27,564 |
362,191 |
|
|
Intercept Pharmaceuticals, Inc. (a) |
36,831 |
8,714,583 |
|
|
MEI Pharma, Inc. (a) |
167,985 |
1,033,108 |
|
|
Synageva BioPharma Corp. (a) |
7,294 |
591,908 |
|
|
XOMA Corp. (a) |
127,307 |
527,051 |
|
|
|
28,188,569 |
||
|
Health Care Equipment & Supplies - 3.5% |
|||
|
Abbott Laboratories |
73,025 |
2,921,730 |
|
|
Accuray, Inc. (a)(d) |
153,801 |
1,356,525 |
|
|
Alere, Inc. (a) |
330,268 |
11,813,686 |
|
|
Boston Scientific Corp. (a) |
579,186 |
7,430,956 |
|
|
Edwards Lifesciences Corp. (a) |
51,360 |
4,170,432 |
|
|
St. Jude Medical, Inc. |
45,800 |
2,972,420 |
|
|
Stryker Corp. |
5,500 |
464,695 |
|
|
Zimmer Holdings, Inc. |
13,200 |
1,377,420 |
|
|
|
32,507,864 |
||
|
Health Care Providers & Services - 3.0% |
|||
|
Aetna, Inc. |
29,634 |
2,298,117 |
|
|
Catamaran Corp. (a) |
38,500 |
1,696,159 |
|
|
China Cord Blood Corp. (a) |
86,100 |
384,867 |
|
|
Community Health Systems, Inc. (a) |
44,100 |
1,842,057 |
|
|
Express Scripts Holding Co. (a) |
84,510 |
6,039,930 |
|
|
McKesson Corp. |
36,596 |
6,940,065 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
HEALTH CARE - continued |
|||
|
Health Care Providers & Services - continued |
|||
|
Quest Diagnostics, Inc. |
34,028 |
$ 2,037,937 |
|
|
UnitedHealth Group, Inc. |
86,378 |
6,878,280 |
|
|
|
28,117,412 |
||
|
Health Care Technology - 0.3% |
|||
|
MedAssets, Inc. (a) |
142,835 |
3,345,196 |
|
|
Life Sciences Tools & Services - 0.1% |
|||
|
ICON PLC (a) |
13,700 |
579,099 |
|
|
Pharmaceuticals - 3.6% |
|||
|
AbbVie, Inc. |
18,100 |
983,373 |
|
|
Actavis PLC (a) |
15,929 |
3,369,621 |
|
|
Cardiome Pharma Corp. (a) |
82,130 |
578,690 |
|
|
Flamel Technologies SA sponsored ADR (a) |
9,900 |
110,682 |
|
|
GlaxoSmithKline PLC sponsored ADR (d) |
123,639 |
6,669,088 |
|
|
Jazz Pharmaceuticals PLC (a) |
13,807 |
1,958,661 |
|
|
Johnson & Johnson |
41,763 |
4,237,274 |
|
|
Merck & Co., Inc. |
93,061 |
5,384,509 |
|
|
Novartis AG sponsored ADR |
27,911 |
2,513,665 |
|
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
126,691 |
6,396,629 |
|
|
The Medicines Company (a) |
18,500 |
516,150 |
|
|
XenoPort, Inc. (a) |
210,196 |
851,294 |
|
|
|
33,569,636 |
||
|
TOTAL HEALTH CARE |
126,307,776 |
||
|
INDUSTRIALS - 10.0% |
|||
|
Aerospace & Defense - 1.3% |
|||
|
Honeywell International, Inc. |
21,380 |
1,991,547 |
|
|
KEYW Holding Corp. (a)(d) |
135,382 |
1,435,049 |
|
|
Rolls-Royce Group PLC |
99,200 |
1,729,302 |
|
|
The Boeing Co. |
48,063 |
6,500,521 |
|
|
United Technologies Corp. |
8,272 |
961,372 |
|
|
|
12,617,791 |
||
|
Air Freight & Logistics - 1.5% |
|||
|
C.H. Robinson Worldwide, Inc. |
32,858 |
1,966,880 |
|
|
FedEx Corp. |
20,000 |
2,883,200 |
|
|
United Parcel Service, Inc. Class B |
85,275 |
8,858,367 |
|
|
|
13,708,447 |
||
|
Commercial Services & Supplies - 0.1% |
|||
|
ADT Corp. (d) |
30,700 |
988,540 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
INDUSTRIALS - continued |
|||
|
Electrical Equipment - 0.5% |
|||
|
AMETEK, Inc. |
34,630 |
$ 1,838,160 |
|
|
Hubbell, Inc. Class B |
8,182 |
957,294 |
|
|
Schneider Electric SA (d) |
17,700 |
1,666,745 |
|
|
|
4,462,199 |
||
|
Industrial Conglomerates - 2.9% |
|||
|
Danaher Corp. |
46,708 |
3,663,308 |
|
|
General Electric Co. |
822,144 |
22,025,238 |
|
|
Roper Industries, Inc. |
8,835 |
1,251,743 |
|
|
|
26,940,289 |
||
|
Machinery - 0.8% |
|||
|
Caterpillar, Inc. |
22,033 |
2,252,434 |
|
|
Ingersoll-Rand PLC |
85,183 |
5,095,647 |
|
|
Valmont Industries, Inc. |
3,796 |
588,190 |
|
|
|
7,936,271 |
||
|
Professional Services - 0.8% |
|||
|
Acacia Research Corp. (d) |
187,737 |
3,030,075 |
|
|
Bureau Veritas SA |
57,000 |
1,718,714 |
|
|
Exova Group Ltd. PLC (a) |
89,300 |
366,727 |
|
|
Michael Page International PLC |
102,578 |
788,694 |
|
|
Verisk Analytics, Inc. (a) |
22,000 |
1,302,180 |
|
|
|
7,206,390 |
||
|
Road & Rail - 2.0% |
|||
|
CSX Corp. |
325,001 |
9,555,029 |
|
|
Hertz Global Holdings, Inc. (a) |
63,250 |
1,867,140 |
|
|
J.B. Hunt Transport Services, Inc. |
39,600 |
3,075,336 |
|
|
Kansas City Southern |
12,800 |
1,376,256 |
|
|
Norfolk Southern Corp. |
32,458 |
3,270,144 |
|
|
|
19,143,905 |
||
|
Trading Companies & Distributors - 0.1% |
|||
|
WESCO International, Inc. (a) |
14,312 |
1,222,531 |
|
|
TOTAL INDUSTRIALS |
94,226,363 |
||
|
INFORMATION TECHNOLOGY - 20.4% |
|||
|
Communications Equipment - 2.3% |
|||
|
Cisco Systems, Inc. |
617,154 |
15,194,331 |
|
|
QUALCOMM, Inc. |
83,550 |
6,721,598 |
|
|
|
21,915,929 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Electronic Equipment & Components - 0.1% |
|||
|
Itron, Inc. (a) |
15,400 |
$ 592,130 |
|
|
Internet Software & Services - 3.4% |
|||
|
Cornerstone OnDemand, Inc. (a) |
33,000 |
1,326,270 |
|
|
Facebook, Inc. Class A (a) |
27,360 |
1,731,888 |
|
|
Google, Inc.: |
|
|
|
|
Class A (a) |
22,156 |
12,665,477 |
|
|
Class C (a) |
18,756 |
10,521,741 |
|
|
Yahoo!, Inc. (a) |
159,534 |
5,527,853 |
|
|
|
31,773,229 |
||
|
IT Services - 4.1% |
|||
|
Cognizant Technology Solutions Corp. Class A (a) |
113,284 |
5,506,735 |
|
|
Fidelity National Information Services, Inc. |
40,824 |
2,210,620 |
|
|
IBM Corp. |
16,681 |
3,075,309 |
|
|
MasterCard, Inc. Class A |
110,100 |
8,417,145 |
|
|
Paychex, Inc. |
135,122 |
5,554,865 |
|
|
Quindell PLC |
3,847,400 |
1,338,170 |
|
|
The Western Union Co. |
109,912 |
1,777,277 |
|
|
Unisys Corp. (a) |
75,162 |
1,764,052 |
|
|
Visa, Inc. Class A |
42,780 |
9,190,427 |
|
|
|
38,834,600 |
||
|
Semiconductors & Semiconductor Equipment - 1.6% |
|||
|
Applied Materials, Inc. |
307,829 |
6,215,068 |
|
|
Broadcom Corp. Class A |
268,525 |
8,557,892 |
|
|
|
14,772,960 |
||
|
Software - 4.6% |
|||
|
Adobe Systems, Inc. (a) |
45,910 |
2,963,031 |
|
|
Autodesk, Inc. (a) |
113,181 |
5,927,289 |
|
|
Concur Technologies, Inc. (a)(d) |
15,974 |
1,363,700 |
|
|
Imperva, Inc. (a) |
13,500 |
281,880 |
|
|
Microsoft Corp. |
592,454 |
24,255,067 |
|
|
Oracle Corp. |
100,150 |
4,208,303 |
|
|
Parametric Technology Corp. (a) |
49,482 |
1,820,938 |
|
|
salesforce.com, Inc. (a) |
35,582 |
1,872,681 |
|
|
|
42,692,889 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Technology Hardware, Storage & Peripherals - 4.3% |
|||
|
Apple, Inc. |
54,903 |
$ 34,753,599 |
|
|
EMC Corp. |
227,420 |
6,040,275 |
|
|
|
40,793,874 |
||
|
TOTAL INFORMATION TECHNOLOGY |
191,375,611 |
||
|
MATERIALS - 2.7% |
|||
|
Chemicals - 2.1% |
|||
|
Airgas, Inc. |
32,237 |
3,427,438 |
|
|
Chemtura Corp. (a) |
32,210 |
804,606 |
|
|
E.I. du Pont de Nemours & Co. |
30,615 |
2,121,926 |
|
|
Intrepid Potash, Inc. (a)(d) |
67,460 |
1,093,527 |
|
|
Johnson Matthey PLC |
12,700 |
683,762 |
|
|
Monsanto Co. |
61,617 |
7,508,031 |
|
|
Potash Corp. of Saskatchewan, Inc. |
40,500 |
1,469,773 |
|
|
Syngenta AG (Switzerland) |
7,033 |
2,707,028 |
|
|
|
19,816,091 |
||
|
Metals & Mining - 0.6% |
|||
|
Freeport-McMoRan Copper & Gold, Inc. |
142,400 |
4,848,720 |
|
|
Walter Energy, Inc. (d) |
230,004 |
1,122,420 |
|
|
|
5,971,140 |
||
|
TOTAL MATERIALS |
25,787,231 |
||
|
TELECOMMUNICATION SERVICES - 2.0% |
|||
|
Diversified Telecommunication Services - 2.0% |
|||
|
Verizon Communications, Inc. |
369,584 |
18,464,417 |
|
|
UTILITIES - 0.1% |
|||
|
Independent Power Producers & Energy Traders - 0.1% |
|||
|
APR Energy PLC (d) |
102,386 |
1,369,523 |
|
|
TOTAL COMMON STOCKS (Cost $748,766,422) |
|
||
|
Preferred Stocks - 0.1% |
|||
|
Shares |
Value |
||
|
Convertible Preferred Stocks - 0.1% |
|||
|
CONSUMER DISCRETIONARY - 0.1% |
|||
|
Leisure Products - 0.1% |
|||
|
NJOY, Inc. Series C (e) |
33,607 |
$ 568,835 |
|
|
Nonconvertible Preferred Stocks - 0.0% |
|||
|
INDUSTRIALS - 0.0% |
|||
|
Aerospace & Defense - 0.0% |
|||
|
Rolls-Royce Group PLC (C Shares) |
9,018,200 |
15,116 |
|
|
TOTAL PREFERRED STOCKS (Cost $286,778) |
|
||
|
Convertible Bonds - 0.0% |
||||
|
|
Principal Amount |
|
||
|
ENERGY - 0.0% |
||||
|
Oil, Gas & Consumable Fuels - 0.0% |
||||
|
Amyris, Inc. 3% 2/27/17 (Cost $605,000) |
|
$ 605,000 |
|
|
|
Money Market Funds - 4.4% |
|||
|
Shares |
|
||
|
Fidelity Cash Central Fund, 0.10% (b) |
23,026,746 |
23,026,746 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
18,186,712 |
18,186,712 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $41,213,458) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $790,871,658) |
957,936,046 |
||
|
NET OTHER ASSETS (LIABILITIES) - (2.0)% |
(19,009,499) |
||
|
NET ASSETS - 100% |
$ 938,926,547 |
||
|
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) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,342,521 or 0.8% of net assets. |
|
Additional information on each restricted holding is as follows: |
|
Security |
Acquisition Date |
Acquisition Cost |
|
KKR Renaissance Co-Invest LP unit |
7/25/13 |
$ 3,112,250 |
|
NJOY, Inc. |
9/11/13 - 10/24/13 |
$ 936,852 |
|
NJOY, Inc. |
6/7/13 |
$ 271,645 |
|
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 |
$ 8,711 |
|
Fidelity Securities Lending Cash Central Fund |
136,375 |
|
Total |
$ 145,086 |
|
Other Information |
|
The following is a summary of the inputs used, as of May 31, 2014, 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 table 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 |
$ 71,160,001 |
$ 68,628,635 |
$ - |
$ 2,531,366 |
|
Consumer Staples |
101,500,624 |
98,335,543 |
3,165,081 |
- |
|
Energy |
103,832,385 |
103,132,007 |
700,378 |
- |
|
Financials |
182,190,460 |
177,379,305 |
- |
4,811,155 |
|
Health Care |
126,307,776 |
126,307,776 |
- |
- |
|
Industrials |
94,241,479 |
94,241,479 |
- |
- |
|
Information Technology |
191,375,611 |
191,375,611 |
- |
- |
|
Materials |
25,787,231 |
23,080,203 |
2,707,028 |
- |
|
Telecommunication Services |
18,464,417 |
18,464,417 |
- |
- |
|
Utilities |
1,369,523 |
1,369,523 |
- |
- |
|
Corporate Bonds |
493,081 |
- |
493,081 |
- |
|
Money Market Funds |
41,213,458 |
41,213,458 |
- |
- |
|
Total Investments in Securities: |
$ 957,936,046 |
$ 943,527,957 |
$ 7,065,568 |
$ 7,342,521 |
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
|
United States of America |
87.6% |
|
United Kingdom |
5.9% |
|
Canada |
2.7% |
|
Ireland |
1.2% |
|
Others (Individually Less Than 1%) |
2.6% |
|
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
|
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including securities loaned of $17,431,029) - See accompanying schedule: Unaffiliated issuers (cost $749,658,200) |
$ 916,722,588 |
|
|
Fidelity Central Funds (cost $41,213,458) |
41,213,458 |
|
|
Total Investments (cost $790,871,658) |
|
$ 957,936,046 |
|
Receivable for investments sold |
|
2,249,392 |
|
Receivable for fund shares sold |
|
3,292,244 |
|
Dividends receivable |
|
1,429,541 |
|
Interest receivable |
|
4,739 |
|
Distributions receivable from Fidelity Central Funds |
|
29,072 |
|
Prepaid expenses |
|
223 |
|
Receivable from investment adviser |
|
487,909 |
|
Other receivables |
|
1,493 |
|
Total assets |
|
965,430,659 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 5,004,817 |
|
|
Payable for fund shares redeemed |
2,292,857 |
|
|
Accrued management fee |
583,769 |
|
|
Distribution and service plan fees payable |
208,781 |
|
|
Other affiliated payables |
177,552 |
|
|
Other payables and accrued expenses |
49,624 |
|
|
Collateral on securities loaned, at value |
18,186,712 |
|
|
Total liabilities |
|
26,504,112 |
|
|
|
|
|
Net Assets |
|
$ 938,926,547 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 745,325,875 |
|
Undistributed net investment income |
|
2,827,625 |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
23,708,769 |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
167,064,278 |
|
Net Assets |
|
$ 938,926,547 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
|
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 27.78 |
|
|
|
|
|
Maximum offering price per share (100/94.25 of $27.78) |
|
$ 29.47 |
|
Class T: |
|
$ 27.72 |
|
|
|
|
|
Maximum offering price per share (100/96.50 of $27.72) |
|
$ 28.73 |
|
Class B: |
|
$ 25.92 |
|
|
|
|
|
Class C: |
|
$ 25.63 |
|
|
|
|
|
Institutional Class: |
|
$ 28.84 |
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
Statement of Operations
|
Six months ended May 31, 2014 (Unaudited) |
||
|
|
|
|
|
Investment Income |
|
|
|
Dividends |
|
$ 7,719,163 |
|
Interest |
|
10,811 |
|
Income from Fidelity Central Funds |
|
145,086 |
|
Total income |
|
7,875,060 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 2,165,633 |
|
|
Performance adjustment |
1,050,306 |
|
|
Transfer agent fees |
849,789 |
|
|
Distribution and service plan fees |
1,113,100 |
|
|
Accounting and security lending fees |
138,715 |
|
|
Custodian fees and expenses |
40,964 |
|
|
Independent trustees' compensation |
1,559 |
|
|
Registration fees |
90,273 |
|
|
Audit |
31,109 |
|
|
Legal |
1,961 |
|
|
Miscellaneous |
3,922 |
|
|
Total expenses before reductions |
5,487,331 |
|
|
Expense reductions |
(439,869) |
5,047,462 |
|
Net investment income (loss) |
|
2,827,598 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
27,435,465 |
|
|
Foreign currency transactions |
850 |
|
|
Total net realized gain (loss) |
|
27,436,315 |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
23,297,720 |
|
|
Assets and liabilities in foreign currencies |
(917) |
|
|
Total change in net unrealized appreciation (depreciation) |
|
23,296,803 |
|
Net gain (loss) |
|
50,733,118 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ 53,560,716 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
|
Six months ended |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 2,827,598 |
$ 8,555,777 |
|
Net realized gain (loss) |
27,436,315 |
353,605,404 |
|
Change in net unrealized appreciation (depreciation) |
23,296,803 |
(32,408,890) |
|
Net increase (decrease) in net assets resulting from operations |
53,560,716 |
329,752,291 |
|
Distributions to shareholders from net investment income |
(4,161,826) |
(767,567) |
|
Distributions to shareholders from net realized gain |
(46,319,909) |
(3,062,648) |
|
Total distributions |
(50,481,735) |
(3,830,215) |
|
Share transactions - net increase (decrease) |
285,121,501 |
(985,531,295) |
|
Total increase (decrease) in net assets |
288,200,482 |
(659,609,219) |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
650,726,065 |
1,310,335,284 |
|
End of period (including undistributed net investment income of $2,827,625 and undistributed net investment income of $4,161,853, respectively) |
$ 938,926,547 |
$ 650,726,065 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 28.11 |
$ 20.43 |
$ 17.57 |
$ 16.69 |
$ 15.19 |
$ 10.13 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.10 |
.16 |
.15 |
.09 |
.05 |
.06 |
|
Net realized and unrealized gain (loss) |
1.73 |
7.61 |
3.30 |
.87 |
1.52 |
5.08 |
|
Total from investment operations |
1.83 |
7.77 |
3.45 |
.96 |
1.57 |
5.14 |
|
Distributions from net investment income |
(.22) |
(.02) |
(.18) |
(.06) |
(.07) |
(.08) |
|
Distributions from net realized gain |
(1.94) |
(.07) |
(.41) |
(.02) |
- |
- |
|
Total distributions |
(2.16) |
(.09) |
(.59) |
(.08) |
(.07) |
(.08) |
|
Net asset value, end of period |
$ 27.78 |
$ 28.11 |
$ 20.43 |
$ 17.57 |
$ 16.69 |
$ 15.19 |
|
Total ReturnB, C, D |
7.11% |
38.16% |
19.69% |
5.73% |
10.36% |
51.10% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.36%A |
1.26% |
1.25% |
1.29% |
1.22% |
1.16% |
|
Expenses net of fee waivers, if any |
1.25%A |
1.26% |
1.25% |
1.29% |
1.22% |
1.16% |
|
Expenses net of all reductions |
1.25%A |
1.24% |
1.24% |
1.28% |
1.21% |
1.15% |
|
Net investment income (loss) |
.75%A |
.68% |
.76% |
.49% |
.31% |
.49% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 286,216 |
$ 214,686 |
$ 123,303 |
$ 103,670 |
$ 116,837 |
$ 112,450 |
|
Portfolio turnover rateG |
33%A |
54% |
59% |
83% |
146% |
185% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 28.02 |
$ 20.41 |
$ 17.51 |
$ 16.63 |
$ 15.14 |
$ 10.07 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.07 |
.10 |
.10 |
.04 |
.01 |
.03 |
|
Net realized and unrealized gain (loss) |
1.72 |
7.59 |
3.29 |
.87 |
1.52 |
5.06 |
|
Total from investment operations |
1.79 |
7.69 |
3.39 |
.91 |
1.53 |
5.09 |
|
Distributions from net investment income |
(.15) |
(.01) |
(.10) |
-I |
(.04) |
(.02) |
|
Distributions from net realized gain |
(1.94) |
(.07) |
(.39) |
(.02) |
- |
- |
|
Total distributions |
(2.09) |
(.08) |
(.49) |
(.03)J |
(.04) |
(.02) |
|
Net asset value, end of period |
$ 27.72 |
$ 28.02 |
$ 20.41 |
$ 17.51 |
$ 16.63 |
$ 15.14 |
|
Total ReturnB, C, D |
6.97% |
37.82% |
19.39% |
5.44% |
10.09% |
50.71% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.62%A |
1.51% |
1.49% |
1.54% |
1.47% |
1.42% |
|
Expenses net of fee waivers, if any |
1.50%A |
1.51% |
1.49% |
1.54% |
1.47% |
1.42% |
|
Expenses net of all reductions |
1.50%A |
1.49% |
1.49% |
1.53% |
1.47% |
1.41% |
|
Net investment income (loss) |
.50%A |
.42% |
.52% |
.24% |
.06% |
.23% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 140,465 |
$ 114,864 |
$ 76,151 |
$ 69,678 |
$ 76,373 |
$ 87,009 |
|
Portfolio turnover rateG |
33%A |
54% |
59% |
83% |
146% |
185% |
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 Amount represents less than $.01 per share.
J Total distributions of $.03 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.021 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 26.24 |
$ 19.21 |
$ 16.49 |
$ 15.72 |
$ 14.35 |
$ 9.57 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
-J |
(.03) |
-J |
(.05) |
(.07) |
(.03) |
|
Net realized and unrealized gain (loss) |
1.62 |
7.13 |
3.10 |
.82 |
1.44 |
4.81 |
|
Total from investment operations |
1.62 |
7.10 |
3.10 |
.77 |
1.37 |
4.78 |
|
Distributions from net realized gain |
(1.94) |
(.07) |
(.38) |
- |
- |
- |
|
Net asset value, end of period |
$ 25.92 |
$ 26.24 |
$ 19.21 |
$ 16.49 |
$ 15.72 |
$ 14.35 |
|
Total ReturnB, C, D |
6.71% |
37.08% |
18.77% |
4.90% |
9.55% |
49.95% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
2.20%A |
2.06% |
2.02% |
2.04% |
1.98% |
1.91% |
|
Expenses net of fee waivers, if any |
2.00%A |
2.06% |
2.02% |
2.04% |
1.98% |
1.91% |
|
Expenses net of all reductions |
2.00%A |
2.05% |
2.01% |
2.04% |
1.97% |
1.90% |
|
Net investment income (loss) |
-%A,H |
(.13)% |
(.01)% |
(.26)% |
(.45)% |
(.26)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 9,471 |
$ 10,499 |
$ 10,535 |
$ 12,839 |
$ 17,535 |
$ 21,907 |
|
Portfolio turnover rateG |
33%A |
54% |
59% |
83% |
146% |
185% |
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 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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 26.07 |
$ 19.08 |
$ 16.41 |
$ 15.65 |
$ 14.28 |
$ 9.53 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
-J |
(.02) |
-J |
(.04) |
(.07) |
(.03) |
|
Net realized and unrealized gain (loss) |
1.60 |
7.08 |
3.09 |
.80 |
1.44 |
4.78 |
|
Total from investment operations |
1.60 |
7.06 |
3.09 |
.76 |
1.37 |
4.75 |
|
Distributions from net investment income |
(.10) |
-J |
(.03) |
- |
- |
- |
|
Distributions from net realized gain |
(1.94) |
(.07) |
(.39) |
- |
- |
- |
|
Total distributions |
(2.04) |
(.07) |
(.42) |
- |
- |
- |
|
Net asset value, end of period |
$ 25.63 |
$ 26.07 |
$ 19.08 |
$ 16.41 |
$ 15.65 |
$ 14.28 |
|
Total ReturnB, C, D |
6.73% |
37.14% |
18.83% |
4.86% |
9.59% |
49.84% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
2.11%A |
2.00% |
2.00% |
2.03% |
1.97% |
1.91% |
|
Expenses net of fee waivers, if any |
2.00%A |
2.00% |
2.00% |
2.03% |
1.97% |
1.91% |
|
Expenses net of all reductions |
2.00%A |
1.99% |
1.99% |
2.03% |
1.96% |
1.90% |
|
Net investment income (loss) |
-%A,H |
(.07)% |
.01% |
(.25)% |
(.44)% |
(.26)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 109,289 |
$ 67,780 |
$ 28,856 |
$ 24,197 |
$ 25,162 |
$ 24,650 |
|
Portfolio turnover rateG |
33%A |
54% |
59% |
83% |
146% |
185% |
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 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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 29.03 |
$ 21.03 |
$ 18.13 |
$ 17.22 |
$ 15.65 |
$ 10.48 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) D |
.14 |
.24 |
.22 |
.15 |
.11 |
.10 |
|
Net realized and unrealized gain (loss) |
1.79 |
7.85 |
3.40 |
.89 |
1.57 |
5.22 |
|
Total from investment operations |
1.93 |
8.09 |
3.62 |
1.04 |
1.68 |
5.32 |
|
Distributions from net investment income |
(.18) |
(.02) |
(.31) |
(.11) |
(.11) |
(.15) |
|
Distributions from net realized gain |
(1.94) |
(.07) |
(.41) |
(.02) |
- |
- |
|
Total distributions |
(2.12) |
(.09) |
(.72) |
(.13) |
(.11) |
(.15) |
|
Net asset value, end of period |
$ 28.84 |
$ 29.03 |
$ 21.03 |
$ 18.13 |
$ 17.22 |
$ 15.65 |
|
Total ReturnB, C |
7.21% |
38.62% |
20.10% |
6.03% |
10.78% |
51.54% |
|
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
|
Expenses before reductions |
1.10%A |
.95% |
.91% |
.95% |
.88% |
.84% |
|
Expenses net of fee waivers, if any |
1.00%A |
.95% |
.91% |
.95% |
.88% |
.84% |
|
Expenses net of all reductions |
1.00%A |
.94% |
.91% |
.94% |
.87% |
.83% |
|
Net investment income (loss) |
1.00%A |
.98% |
1.10% |
.83% |
.65% |
.82% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 393,485 |
$ 242,897 |
$ 1,071,491 |
$ 1,013,999 |
$ 876,299 |
$ 924,675 |
|
Portfolio turnover rateF |
33%A |
54% |
59% |
83% |
146% |
185% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2014 (Unaudited)
1. Organization.
Fidelity Advisor® Large Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class 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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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
Semiannual Report
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fidelity Management & Research Company (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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and 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. For equity securities, including restricted securities, where observable inputs are
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, 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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
|
Gross unrealized appreciation |
$ 183,286,319 |
|
Gross unrealized depreciation |
(19,035,549) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 164,250,770 |
|
|
|
|
Tax cost |
$ 793,685,276 |
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 $352,334,367 and $126,839,191, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .82% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
|
Distribution |
Service |
Total Fees |
Retained |
|
Class A |
-% |
.25% |
$ 307,748 |
$ 9,575 |
|
Class T |
.25% |
.25% |
319,244 |
2,776 |
|
Class B |
.75% |
.25% |
50,215 |
38,238 |
|
Class C |
.75% |
.25% |
435,893 |
159,406 |
|
|
|
|
$ 1,113,100 |
$ 209,995 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
|
|
Retained |
|
Class A |
$ 114,712 |
|
Class T |
14,385 |
|
Class B* |
2,170 |
|
Class C* |
7,294 |
|
|
$ 138,561 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Class A |
$ 265,558 |
.22 |
|
Class T |
142,993 |
.22 |
|
Class B |
15,224 |
.30 |
|
Class C |
94,861 |
.22 |
|
Institutional Class |
331,153 |
.21 |
|
|
$ 849,789 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
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 $2,701 for the period.
Other. During the period the Fund recorded a reimbursement from the investment adviser for an operational error in the amount of $51,786.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $755 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 $136,375, including $147 from securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions.
The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through January 31, 2015. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
|
|
Expense |
Reimbursement |
|
Class A |
1.25% |
$ 137,797 |
|
Class T |
1.50% |
77,442 |
|
Class B |
2.00% |
10,228 |
|
Class C |
2.00% |
49,060 |
|
Institutional Class |
1.00% |
161,597 |
|
|
|
$ 436,124 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,744 for the period. 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 $1.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended |
Year ended |
|
From net investment income |
|
|
|
Class A |
$ 1,725,368 |
$ 97,380 |
|
Class T |
631,390 |
40,120 |
|
Class C |
276,822 |
2,988 |
|
Institutional Class |
1,528,246 |
627,079 |
|
Total |
$ 4,161,826 |
$ 767,567 |
Semiannual Report
9. Distributions to Shareholders - continued
|
|
Six months ended |
Year ended |
|
From net realized gain |
|
|
|
Class A |
$ 15,247,064 |
$ 432,999 |
|
Class T |
8,130,692 |
258,270 |
|
Class B |
772,695 |
37,356 |
|
Class C |
5,278,091 |
107,120 |
|
Institutional Class |
16,891,367 |
2,226,903 |
|
Total |
$ 46,319,909 |
$ 3,062,648 |
10. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class A |
|
|
|
|
|
Shares sold |
3,348,695 |
3,029,803 |
$ 90,382,518 |
$ 76,581,820 |
|
Reinvestment of distributions |
597,975 |
23,308 |
15,576,432 |
490,518 |
|
Shares redeemed |
(1,280,174) |
(1,452,421) |
(34,292,641) |
(34,520,330) |
|
Net increase (decrease) |
2,666,496 |
1,600,690 |
$ 71,666,309 |
$ 42,552,008 |
|
Class T |
|
|
|
|
|
Shares sold |
1,138,229 |
1,144,172 |
$ 30,590,300 |
$ 27,872,295 |
|
Reinvestment of distributions |
330,308 |
13,925 |
8,595,868 |
292,962 |
|
Shares redeemed |
(500,885) |
(790,235) |
(13,514,904) |
(18,493,343) |
|
Net increase (decrease) |
967,652 |
367,862 |
$ 25,671,264 |
$ 9,671,914 |
|
Class B |
|
|
|
|
|
Shares sold |
22,402 |
44,781 |
$ 562,810 |
$ 1,050,694 |
|
Reinvestment of distributions |
28,643 |
1,700 |
699,229 |
33,725 |
|
Shares redeemed |
(85,773) |
(194,809) |
(2,158,008) |
(4,361,870) |
|
Net increase (decrease) |
(34,728) |
(148,328) |
$ (895,969) |
$ (3,277,451) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class C |
|
|
|
|
|
Shares sold |
1,794,282 |
1,380,277 |
$ 44,869,291 |
$ 31,649,256 |
|
Reinvestment of distributions |
203,393 |
5,033 |
4,910,670 |
99,148 |
|
Shares redeemed |
(332,565) |
(297,963) |
(8,301,761) |
(6,636,716) |
|
Net increase (decrease) |
1,665,110 |
1,087,347 |
$ 41,478,200 |
$ 25,111,688 |
|
Institutional Class |
|
|
|
|
|
Shares sold |
5,807,089 |
5,489,820 |
$ 162,667,133 |
$ 135,166,774 |
|
Reinvestment of distributions |
653,047 |
130,311 |
17,642,167 |
2,822,578 |
|
Shares redeemed |
(1,185,320) |
(48,206,491)A |
(33,107,603) |
(1,197,578,806)A |
|
Net increase (decrease) |
5,274,816 |
(42,586,360) |
$ 147,201,697 |
$ (1,059,589,454) |
A Amount includes in-kind redemptions.
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
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research (Japan) Inc.
Fidelity Management & Research (Hong Kong) Limited
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
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
LCI-USAN-0714 1.786796.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Large Cap
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
May 31, 2014
(Fidelity Cover Art)
Contents
|
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. © 2014 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
Shareholder Expense Example
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 (December 1, 2013 to May 31, 2014).
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 |
1.25% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,071.10 |
$ 6.45 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.70 |
$ 6.29 |
|
Class T |
1.50% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,069.70 |
$ 7.74 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,017.45 |
$ 7.54 |
|
Class B |
2.00% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,067.10 |
$ 10.31 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,014.96 |
$ 10.05 |
|
Class C |
2.00% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,067.30 |
$ 10.31 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,014.96 |
$ 10.05 |
|
Institutional Class |
1.00% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,072.10 |
$ 5.17 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,019.95 |
$ 5.04 |
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 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
JPMorgan Chase & Co. |
3.9 |
3.7 |
|
Apple, Inc. |
3.7 |
3.8 |
|
Microsoft Corp. |
2.6 |
2.5 |
|
General Electric Co. |
2.4 |
2.4 |
|
Citigroup, Inc. |
2.1 |
2.1 |
|
Verizon Communications, Inc. |
2.0 |
0.9 |
|
Target Corp. |
1.9 |
1.5 |
|
Chevron Corp. |
1.8 |
1.8 |
|
Comcast Corp. Class A (special) (non-vtg.) |
1.7 |
1.4 |
|
Bank of America Corp. |
1.7 |
1.7 |
|
|
23.8 |
|
|
Top Five Market Sectors as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Information Technology |
20.4 |
20.5 |
|
Financials |
19.4 |
20.9 |
|
Health Care |
13.5 |
15.2 |
|
Energy |
11.1 |
11.7 |
|
Consumer Staples |
10.8 |
9.0 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2014* |
As of November 30, 2013** |
||||||
 |
Stocks 97.5% |
|
|
Stocks 98.3% |
|
||
 |
Convertible |
|
|
Convertible |
|
||
 |
Short-Term |
|
|
Short-Term |
|
||
|
* Foreign investments |
12.4% |
|
** Foreign investments |
12.0% |
|
||
Semiannual Report
Investments May 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 97.5% |
|||
|
Shares |
Value |
||
|
CONSUMER DISCRETIONARY - 7.5% |
|||
|
Diversified Consumer Services - 0.3% |
|||
|
H&R Block, Inc. |
86,217 |
$ 2,567,542 |
|
|
Hotels, Restaurants & Leisure - 1.0% |
|||
|
McDonald's Corp. |
21,200 |
2,150,316 |
|
|
Yum! Brands, Inc. |
94,838 |
7,331,926 |
|
|
|
9,482,242 |
||
|
Leisure Products - 0.2% |
|||
|
NJOY, Inc. (a)(e) |
115,947 |
1,962,531 |
|
|
Media - 2.9% |
|||
|
Comcast Corp. Class A (special) (non-vtg.) |
310,337 |
16,087,870 |
|
|
Discovery Communications, Inc. Class A (a) |
3,077 |
236,806 |
|
|
Time Warner, Inc. |
149,559 |
10,443,705 |
|
|
|
26,768,381 |
||
|
Multiline Retail - 1.9% |
|||
|
Target Corp. |
318,440 |
18,074,654 |
|
|
Specialty Retail - 1.2% |
|||
|
Lowe's Companies, Inc. |
211,679 |
9,965,847 |
|
|
Sally Beauty Holdings, Inc. (a) |
26,400 |
676,368 |
|
|
Staples, Inc. |
97,209 |
1,093,601 |
|
|
|
11,735,816 |
||
|
TOTAL CONSUMER DISCRETIONARY |
70,591,166 |
||
|
CONSUMER STAPLES - 10.8% |
|||
|
Beverages - 3.1% |
|||
|
Diageo PLC |
98,300 |
3,165,081 |
|
|
Molson Coors Brewing Co. Class B |
7,100 |
466,683 |
|
|
Monster Beverage Corp. (a) |
18,464 |
1,281,032 |
|
|
PepsiCo, Inc. |
82,940 |
7,326,090 |
|
|
Pernod Ricard SA |
11,800 |
1,446,861 |
|
|
Remy Cointreau SA |
13,350 |
1,237,468 |
|
|
SABMiller PLC |
76,100 |
4,223,473 |
|
|
The Coca-Cola Co. |
254,775 |
10,422,845 |
|
|
|
29,569,533 |
||
|
Food & Staples Retailing - 1.5% |
|||
|
CVS Caremark Corp. |
66,711 |
5,224,806 |
|
|
Walgreen Co. |
125,155 |
8,999,896 |
|
|
|
14,224,702 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
CONSUMER STAPLES - continued |
|||
|
Food Products - 0.6% |
|||
|
Kellogg Co. |
65,717 |
$ 4,533,159 |
|
|
Mead Johnson Nutrition Co. Class A |
13,100 |
1,172,057 |
|
|
|
5,705,216 |
||
|
Household Products - 1.4% |
|||
|
Procter & Gamble Co. |
156,852 |
12,672,073 |
|
|
Tobacco - 4.2% |
|||
|
British American Tobacco PLC sponsored ADR |
115,031 |
13,948,659 |
|
|
Lorillard, Inc. |
188,644 |
11,727,997 |
|
|
Philip Morris International, Inc. |
101,529 |
8,989,378 |
|
|
Reynolds American, Inc. |
78,200 |
4,663,066 |
|
|
|
39,329,100 |
||
|
TOTAL CONSUMER STAPLES |
101,500,624 |
||
|
ENERGY - 11.1% |
|||
|
Energy Equipment & Services - 1.8% |
|||
|
Cameron International Corp. (a) |
63,445 |
4,057,308 |
|
|
Dresser-Rand Group, Inc. (a) |
28,152 |
1,722,902 |
|
|
Ensco PLC Class A |
55,150 |
2,904,199 |
|
|
National Oilwell Varco, Inc. |
31,632 |
2,589,712 |
|
|
Oceaneering International, Inc. |
10,000 |
720,500 |
|
|
Schlumberger Ltd. |
44,405 |
4,619,896 |
|
|
|
16,614,517 |
||
|
Oil, Gas & Consumable Fuels - 9.3% |
|||
|
Amyris, Inc. (a)(d) |
549,073 |
1,877,830 |
|
|
Anadarko Petroleum Corp. |
19,300 |
1,985,198 |
|
|
Apache Corp. |
113,410 |
10,572,080 |
|
|
BG Group PLC |
480,093 |
9,825,776 |
|
|
Canadian Natural Resources Ltd. |
181,050 |
7,368,566 |
|
|
Chevron Corp. |
137,507 |
16,884,485 |
|
|
Eni SpA |
27,500 |
700,378 |
|
|
Exxon Mobil Corp. |
50,598 |
5,086,617 |
|
|
Imperial Oil Ltd. |
109,100 |
5,371,990 |
|
|
Occidental Petroleum Corp. |
115,975 |
11,561,548 |
|
|
Peabody Energy Corp. |
105,832 |
1,710,245 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
ENERGY - continued |
|||
|
Oil, Gas & Consumable Fuels - continued |
|||
|
Suncor Energy, Inc. |
227,100 |
$ 8,740,093 |
|
|
The Williams Companies, Inc. |
117,825 |
5,533,062 |
|
|
|
87,217,868 |
||
|
TOTAL ENERGY |
103,832,385 |
||
|
FINANCIALS - 19.4% |
|||
|
Banks - 11.1% |
|||
|
Bank of America Corp. |
1,036,800 |
15,697,152 |
|
|
Citigroup, Inc. |
422,097 |
20,079,154 |
|
|
Comerica, Inc. |
14,974 |
718,303 |
|
|
JPMorgan Chase & Co. |
658,673 |
36,602,458 |
|
|
PNC Financial Services Group, Inc. |
40,380 |
3,443,203 |
|
|
Standard Chartered PLC (United Kingdom) |
399,072 |
8,980,311 |
|
|
SunTrust Banks, Inc. |
60,208 |
2,307,171 |
|
|
U.S. Bancorp |
131,265 |
5,538,070 |
|
|
Wells Fargo & Co. |
216,194 |
10,978,331 |
|
|
|
104,344,153 |
||
|
Capital Markets - 3.8% |
|||
|
BlackRock, Inc. Class A |
4,300 |
1,311,070 |
|
|
Charles Schwab Corp. |
251,853 |
6,349,214 |
|
|
E*TRADE Financial Corp. (a) |
58,300 |
1,187,571 |
|
|
Goldman Sachs Group, Inc. |
6,100 |
974,841 |
|
|
KKR & Co. LP |
135,536 |
3,080,733 |
|
|
Morgan Stanley |
265,243 |
8,185,399 |
|
|
Northern Trust Corp. |
78,586 |
4,746,594 |
|
|
State Street Corp. |
147,658 |
9,637,638 |
|
|
|
35,473,060 |
||
|
Consumer Finance - 0.1% |
|||
|
Springleaf Holdings, Inc. |
38,700 |
908,289 |
|
|
Diversified Financial Services - 0.5% |
|||
|
KKR Renaissance Co-Invest LP unit (e) |
29,500 |
4,811,155 |
|
|
Insurance - 2.7% |
|||
|
AIA Group Ltd. |
12,600 |
63,139 |
|
|
American International Group, Inc. |
117,807 |
6,369,824 |
|
|
Genworth Financial, Inc. Class A (a) |
257,901 |
4,381,738 |
|
|
Lincoln National Corp. |
72,636 |
3,483,623 |
|
|
MetLife, Inc. |
224,785 |
11,448,300 |
|
|
|
25,746,624 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
FINANCIALS - continued |
|||
|
Thrifts & Mortgage Finance - 1.2% |
|||
|
MGIC Investment Corp. (a) |
254,092 |
$ 2,154,700 |
|
|
Radian Group, Inc. (d) |
606,968 |
8,752,479 |
|
|
|
10,907,179 |
||
|
TOTAL FINANCIALS |
182,190,460 |
||
|
HEALTH CARE - 13.5% |
|||
|
Biotechnology - 3.0% |
|||
|
Aegerion Pharmaceuticals, Inc. (a) |
26,498 |
870,459 |
|
|
Alnylam Pharmaceuticals, Inc. (a) |
11,400 |
675,906 |
|
|
Amgen, Inc. |
68,347 |
7,927,569 |
|
|
BioCryst Pharmaceuticals, Inc. (a) |
96,500 |
961,140 |
|
|
Biogen Idec, Inc. (a) |
12,700 |
4,055,999 |
|
|
Clovis Oncology, Inc. (a) |
35,500 |
1,817,955 |
|
|
Discovery Laboratories, Inc. (a) |
347,968 |
650,700 |
|
|
Insmed, Inc. (a) |
27,564 |
362,191 |
|
|
Intercept Pharmaceuticals, Inc. (a) |
36,831 |
8,714,583 |
|
|
MEI Pharma, Inc. (a) |
167,985 |
1,033,108 |
|
|
Synageva BioPharma Corp. (a) |
7,294 |
591,908 |
|
|
XOMA Corp. (a) |
127,307 |
527,051 |
|
|
|
28,188,569 |
||
|
Health Care Equipment & Supplies - 3.5% |
|||
|
Abbott Laboratories |
73,025 |
2,921,730 |
|
|
Accuray, Inc. (a)(d) |
153,801 |
1,356,525 |
|
|
Alere, Inc. (a) |
330,268 |
11,813,686 |
|
|
Boston Scientific Corp. (a) |
579,186 |
7,430,956 |
|
|
Edwards Lifesciences Corp. (a) |
51,360 |
4,170,432 |
|
|
St. Jude Medical, Inc. |
45,800 |
2,972,420 |
|
|
Stryker Corp. |
5,500 |
464,695 |
|
|
Zimmer Holdings, Inc. |
13,200 |
1,377,420 |
|
|
|
32,507,864 |
||
|
Health Care Providers & Services - 3.0% |
|||
|
Aetna, Inc. |
29,634 |
2,298,117 |
|
|
Catamaran Corp. (a) |
38,500 |
1,696,159 |
|
|
China Cord Blood Corp. (a) |
86,100 |
384,867 |
|
|
Community Health Systems, Inc. (a) |
44,100 |
1,842,057 |
|
|
Express Scripts Holding Co. (a) |
84,510 |
6,039,930 |
|
|
McKesson Corp. |
36,596 |
6,940,065 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
HEALTH CARE - continued |
|||
|
Health Care Providers & Services - continued |
|||
|
Quest Diagnostics, Inc. |
34,028 |
$ 2,037,937 |
|
|
UnitedHealth Group, Inc. |
86,378 |
6,878,280 |
|
|
|
28,117,412 |
||
|
Health Care Technology - 0.3% |
|||
|
MedAssets, Inc. (a) |
142,835 |
3,345,196 |
|
|
Life Sciences Tools & Services - 0.1% |
|||
|
ICON PLC (a) |
13,700 |
579,099 |
|
|
Pharmaceuticals - 3.6% |
|||
|
AbbVie, Inc. |
18,100 |
983,373 |
|
|
Actavis PLC (a) |
15,929 |
3,369,621 |
|
|
Cardiome Pharma Corp. (a) |
82,130 |
578,690 |
|
|
Flamel Technologies SA sponsored ADR (a) |
9,900 |
110,682 |
|
|
GlaxoSmithKline PLC sponsored ADR (d) |
123,639 |
6,669,088 |
|
|
Jazz Pharmaceuticals PLC (a) |
13,807 |
1,958,661 |
|
|
Johnson & Johnson |
41,763 |
4,237,274 |
|
|
Merck & Co., Inc. |
93,061 |
5,384,509 |
|
|
Novartis AG sponsored ADR |
27,911 |
2,513,665 |
|
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
126,691 |
6,396,629 |
|
|
The Medicines Company (a) |
18,500 |
516,150 |
|
|
XenoPort, Inc. (a) |
210,196 |
851,294 |
|
|
|
33,569,636 |
||
|
TOTAL HEALTH CARE |
126,307,776 |
||
|
INDUSTRIALS - 10.0% |
|||
|
Aerospace & Defense - 1.3% |
|||
|
Honeywell International, Inc. |
21,380 |
1,991,547 |
|
|
KEYW Holding Corp. (a)(d) |
135,382 |
1,435,049 |
|
|
Rolls-Royce Group PLC |
99,200 |
1,729,302 |
|
|
The Boeing Co. |
48,063 |
6,500,521 |
|
|
United Technologies Corp. |
8,272 |
961,372 |
|
|
|
12,617,791 |
||
|
Air Freight & Logistics - 1.5% |
|||
|
C.H. Robinson Worldwide, Inc. |
32,858 |
1,966,880 |
|
|
FedEx Corp. |
20,000 |
2,883,200 |
|
|
United Parcel Service, Inc. Class B |
85,275 |
8,858,367 |
|
|
|
13,708,447 |
||
|
Commercial Services & Supplies - 0.1% |
|||
|
ADT Corp. (d) |
30,700 |
988,540 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
INDUSTRIALS - continued |
|||
|
Electrical Equipment - 0.5% |
|||
|
AMETEK, Inc. |
34,630 |
$ 1,838,160 |
|
|
Hubbell, Inc. Class B |
8,182 |
957,294 |
|
|
Schneider Electric SA (d) |
17,700 |
1,666,745 |
|
|
|
4,462,199 |
||
|
Industrial Conglomerates - 2.9% |
|||
|
Danaher Corp. |
46,708 |
3,663,308 |
|
|
General Electric Co. |
822,144 |
22,025,238 |
|
|
Roper Industries, Inc. |
8,835 |
1,251,743 |
|
|
|
26,940,289 |
||
|
Machinery - 0.8% |
|||
|
Caterpillar, Inc. |
22,033 |
2,252,434 |
|
|
Ingersoll-Rand PLC |
85,183 |
5,095,647 |
|
|
Valmont Industries, Inc. |
3,796 |
588,190 |
|
|
|
7,936,271 |
||
|
Professional Services - 0.8% |
|||
|
Acacia Research Corp. (d) |
187,737 |
3,030,075 |
|
|
Bureau Veritas SA |
57,000 |
1,718,714 |
|
|
Exova Group Ltd. PLC (a) |
89,300 |
366,727 |
|
|
Michael Page International PLC |
102,578 |
788,694 |
|
|
Verisk Analytics, Inc. (a) |
22,000 |
1,302,180 |
|
|
|
7,206,390 |
||
|
Road & Rail - 2.0% |
|||
|
CSX Corp. |
325,001 |
9,555,029 |
|
|
Hertz Global Holdings, Inc. (a) |
63,250 |
1,867,140 |
|
|
J.B. Hunt Transport Services, Inc. |
39,600 |
3,075,336 |
|
|
Kansas City Southern |
12,800 |
1,376,256 |
|
|
Norfolk Southern Corp. |
32,458 |
3,270,144 |
|
|
|
19,143,905 |
||
|
Trading Companies & Distributors - 0.1% |
|||
|
WESCO International, Inc. (a) |
14,312 |
1,222,531 |
|
|
TOTAL INDUSTRIALS |
94,226,363 |
||
|
INFORMATION TECHNOLOGY - 20.4% |
|||
|
Communications Equipment - 2.3% |
|||
|
Cisco Systems, Inc. |
617,154 |
15,194,331 |
|
|
QUALCOMM, Inc. |
83,550 |
6,721,598 |
|
|
|
21,915,929 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Electronic Equipment & Components - 0.1% |
|||
|
Itron, Inc. (a) |
15,400 |
$ 592,130 |
|
|
Internet Software & Services - 3.4% |
|||
|
Cornerstone OnDemand, Inc. (a) |
33,000 |
1,326,270 |
|
|
Facebook, Inc. Class A (a) |
27,360 |
1,731,888 |
|
|
Google, Inc.: |
|
|
|
|
Class A (a) |
22,156 |
12,665,477 |
|
|
Class C (a) |
18,756 |
10,521,741 |
|
|
Yahoo!, Inc. (a) |
159,534 |
5,527,853 |
|
|
|
31,773,229 |
||
|
IT Services - 4.1% |
|||
|
Cognizant Technology Solutions Corp. Class A (a) |
113,284 |
5,506,735 |
|
|
Fidelity National Information Services, Inc. |
40,824 |
2,210,620 |
|
|
IBM Corp. |
16,681 |
3,075,309 |
|
|
MasterCard, Inc. Class A |
110,100 |
8,417,145 |
|
|
Paychex, Inc. |
135,122 |
5,554,865 |
|
|
Quindell PLC |
3,847,400 |
1,338,170 |
|
|
The Western Union Co. |
109,912 |
1,777,277 |
|
|
Unisys Corp. (a) |
75,162 |
1,764,052 |
|
|
Visa, Inc. Class A |
42,780 |
9,190,427 |
|
|
|
38,834,600 |
||
|
Semiconductors & Semiconductor Equipment - 1.6% |
|||
|
Applied Materials, Inc. |
307,829 |
6,215,068 |
|
|
Broadcom Corp. Class A |
268,525 |
8,557,892 |
|
|
|
14,772,960 |
||
|
Software - 4.6% |
|||
|
Adobe Systems, Inc. (a) |
45,910 |
2,963,031 |
|
|
Autodesk, Inc. (a) |
113,181 |
5,927,289 |
|
|
Concur Technologies, Inc. (a)(d) |
15,974 |
1,363,700 |
|
|
Imperva, Inc. (a) |
13,500 |
281,880 |
|
|
Microsoft Corp. |
592,454 |
24,255,067 |
|
|
Oracle Corp. |
100,150 |
4,208,303 |
|
|
Parametric Technology Corp. (a) |
49,482 |
1,820,938 |
|
|
salesforce.com, Inc. (a) |
35,582 |
1,872,681 |
|
|
|
42,692,889 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Technology Hardware, Storage & Peripherals - 4.3% |
|||
|
Apple, Inc. |
54,903 |
$ 34,753,599 |
|
|
EMC Corp. |
227,420 |
6,040,275 |
|
|
|
40,793,874 |
||
|
TOTAL INFORMATION TECHNOLOGY |
191,375,611 |
||
|
MATERIALS - 2.7% |
|||
|
Chemicals - 2.1% |
|||
|
Airgas, Inc. |
32,237 |
3,427,438 |
|
|
Chemtura Corp. (a) |
32,210 |
804,606 |
|
|
E.I. du Pont de Nemours & Co. |
30,615 |
2,121,926 |
|
|
Intrepid Potash, Inc. (a)(d) |
67,460 |
1,093,527 |
|
|
Johnson Matthey PLC |
12,700 |
683,762 |
|
|
Monsanto Co. |
61,617 |
7,508,031 |
|
|
Potash Corp. of Saskatchewan, Inc. |
40,500 |
1,469,773 |
|
|
Syngenta AG (Switzerland) |
7,033 |
2,707,028 |
|
|
|
19,816,091 |
||
|
Metals & Mining - 0.6% |
|||
|
Freeport-McMoRan Copper & Gold, Inc. |
142,400 |
4,848,720 |
|
|
Walter Energy, Inc. (d) |
230,004 |
1,122,420 |
|
|
|
5,971,140 |
||
|
TOTAL MATERIALS |
25,787,231 |
||
|
TELECOMMUNICATION SERVICES - 2.0% |
|||
|
Diversified Telecommunication Services - 2.0% |
|||
|
Verizon Communications, Inc. |
369,584 |
18,464,417 |
|
|
UTILITIES - 0.1% |
|||
|
Independent Power Producers & Energy Traders - 0.1% |
|||
|
APR Energy PLC (d) |
102,386 |
1,369,523 |
|
|
TOTAL COMMON STOCKS (Cost $748,766,422) |
|
||
|
Preferred Stocks - 0.1% |
|||
|
Shares |
Value |
||
|
Convertible Preferred Stocks - 0.1% |
|||
|
CONSUMER DISCRETIONARY - 0.1% |
|||
|
Leisure Products - 0.1% |
|||
|
NJOY, Inc. Series C (e) |
33,607 |
$ 568,835 |
|
|
Nonconvertible Preferred Stocks - 0.0% |
|||
|
INDUSTRIALS - 0.0% |
|||
|
Aerospace & Defense - 0.0% |
|||
|
Rolls-Royce Group PLC (C Shares) |
9,018,200 |
15,116 |
|
|
TOTAL PREFERRED STOCKS (Cost $286,778) |
|
||
|
Convertible Bonds - 0.0% |
||||
|
|
Principal Amount |
|
||
|
ENERGY - 0.0% |
||||
|
Oil, Gas & Consumable Fuels - 0.0% |
||||
|
Amyris, Inc. 3% 2/27/17 (Cost $605,000) |
|
$ 605,000 |
|
|
|
Money Market Funds - 4.4% |
|||
|
Shares |
|
||
|
Fidelity Cash Central Fund, 0.10% (b) |
23,026,746 |
23,026,746 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
18,186,712 |
18,186,712 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $41,213,458) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $790,871,658) |
957,936,046 |
||
|
NET OTHER ASSETS (LIABILITIES) - (2.0)% |
(19,009,499) |
||
|
NET ASSETS - 100% |
$ 938,926,547 |
||
|
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) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,342,521 or 0.8% of net assets. |
|
Additional information on each restricted holding is as follows: |
|
Security |
Acquisition Date |
Acquisition Cost |
|
KKR Renaissance Co-Invest LP unit |
7/25/13 |
$ 3,112,250 |
|
NJOY, Inc. |
9/11/13 - 10/24/13 |
$ 936,852 |
|
NJOY, Inc. |
6/7/13 |
$ 271,645 |
|
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 |
$ 8,711 |
|
Fidelity Securities Lending Cash Central Fund |
136,375 |
|
Total |
$ 145,086 |
|
Other Information |
|
The following is a summary of the inputs used, as of May 31, 2014, 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 table 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 |
$ 71,160,001 |
$ 68,628,635 |
$ - |
$ 2,531,366 |
|
Consumer Staples |
101,500,624 |
98,335,543 |
3,165,081 |
- |
|
Energy |
103,832,385 |
103,132,007 |
700,378 |
- |
|
Financials |
182,190,460 |
177,379,305 |
- |
4,811,155 |
|
Health Care |
126,307,776 |
126,307,776 |
- |
- |
|
Industrials |
94,241,479 |
94,241,479 |
- |
- |
|
Information Technology |
191,375,611 |
191,375,611 |
- |
- |
|
Materials |
25,787,231 |
23,080,203 |
2,707,028 |
- |
|
Telecommunication Services |
18,464,417 |
18,464,417 |
- |
- |
|
Utilities |
1,369,523 |
1,369,523 |
- |
- |
|
Corporate Bonds |
493,081 |
- |
493,081 |
- |
|
Money Market Funds |
41,213,458 |
41,213,458 |
- |
- |
|
Total Investments in Securities: |
$ 957,936,046 |
$ 943,527,957 |
$ 7,065,568 |
$ 7,342,521 |
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
|
United States of America |
87.6% |
|
United Kingdom |
5.9% |
|
Canada |
2.7% |
|
Ireland |
1.2% |
|
Others (Individually Less Than 1%) |
2.6% |
|
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
|
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including securities loaned of $17,431,029) - See accompanying schedule: Unaffiliated issuers (cost $749,658,200) |
$ 916,722,588 |
|
|
Fidelity Central Funds (cost $41,213,458) |
41,213,458 |
|
|
Total Investments (cost $790,871,658) |
|
$ 957,936,046 |
|
Receivable for investments sold |
|
2,249,392 |
|
Receivable for fund shares sold |
|
3,292,244 |
|
Dividends receivable |
|
1,429,541 |
|
Interest receivable |
|
4,739 |
|
Distributions receivable from Fidelity Central Funds |
|
29,072 |
|
Prepaid expenses |
|
223 |
|
Receivable from investment adviser |
|
487,909 |
|
Other receivables |
|
1,493 |
|
Total assets |
|
965,430,659 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 5,004,817 |
|
|
Payable for fund shares redeemed |
2,292,857 |
|
|
Accrued management fee |
583,769 |
|
|
Distribution and service plan fees payable |
208,781 |
|
|
Other affiliated payables |
177,552 |
|
|
Other payables and accrued expenses |
49,624 |
|
|
Collateral on securities loaned, at value |
18,186,712 |
|
|
Total liabilities |
|
26,504,112 |
|
|
|
|
|
Net Assets |
|
$ 938,926,547 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 745,325,875 |
|
Undistributed net investment income |
|
2,827,625 |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
23,708,769 |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
167,064,278 |
|
Net Assets |
|
$ 938,926,547 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
|
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 27.78 |
|
|
|
|
|
Maximum offering price per share (100/94.25 of $27.78) |
|
$ 29.47 |
|
Class T: |
|
$ 27.72 |
|
|
|
|
|
Maximum offering price per share (100/96.50 of $27.72) |
|
$ 28.73 |
|
Class B: |
|
$ 25.92 |
|
|
|
|
|
Class C: |
|
$ 25.63 |
|
|
|
|
|
Institutional Class: |
|
$ 28.84 |
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
Statement of Operations
|
Six months ended May 31, 2014 (Unaudited) |
||
|
|
|
|
|
Investment Income |
|
|
|
Dividends |
|
$ 7,719,163 |
|
Interest |
|
10,811 |
|
Income from Fidelity Central Funds |
|
145,086 |
|
Total income |
|
7,875,060 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 2,165,633 |
|
|
Performance adjustment |
1,050,306 |
|
|
Transfer agent fees |
849,789 |
|
|
Distribution and service plan fees |
1,113,100 |
|
|
Accounting and security lending fees |
138,715 |
|
|
Custodian fees and expenses |
40,964 |
|
|
Independent trustees' compensation |
1,559 |
|
|
Registration fees |
90,273 |
|
|
Audit |
31,109 |
|
|
Legal |
1,961 |
|
|
Miscellaneous |
3,922 |
|
|
Total expenses before reductions |
5,487,331 |
|
|
Expense reductions |
(439,869) |
5,047,462 |
|
Net investment income (loss) |
|
2,827,598 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
27,435,465 |
|
|
Foreign currency transactions |
850 |
|
|
Total net realized gain (loss) |
|
27,436,315 |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
23,297,720 |
|
|
Assets and liabilities in foreign currencies |
(917) |
|
|
Total change in net unrealized appreciation (depreciation) |
|
23,296,803 |
|
Net gain (loss) |
|
50,733,118 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ 53,560,716 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
|
Six months ended |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 2,827,598 |
$ 8,555,777 |
|
Net realized gain (loss) |
27,436,315 |
353,605,404 |
|
Change in net unrealized appreciation (depreciation) |
23,296,803 |
(32,408,890) |
|
Net increase (decrease) in net assets resulting from operations |
53,560,716 |
329,752,291 |
|
Distributions to shareholders from net investment income |
(4,161,826) |
(767,567) |
|
Distributions to shareholders from net realized gain |
(46,319,909) |
(3,062,648) |
|
Total distributions |
(50,481,735) |
(3,830,215) |
|
Share transactions - net increase (decrease) |
285,121,501 |
(985,531,295) |
|
Total increase (decrease) in net assets |
288,200,482 |
(659,609,219) |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
650,726,065 |
1,310,335,284 |
|
End of period (including undistributed net investment income of $2,827,625 and undistributed net investment income of $4,161,853, respectively) |
$ 938,926,547 |
$ 650,726,065 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 28.11 |
$ 20.43 |
$ 17.57 |
$ 16.69 |
$ 15.19 |
$ 10.13 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.10 |
.16 |
.15 |
.09 |
.05 |
.06 |
|
Net realized and unrealized gain (loss) |
1.73 |
7.61 |
3.30 |
.87 |
1.52 |
5.08 |
|
Total from investment operations |
1.83 |
7.77 |
3.45 |
.96 |
1.57 |
5.14 |
|
Distributions from net investment income |
(.22) |
(.02) |
(.18) |
(.06) |
(.07) |
(.08) |
|
Distributions from net realized gain |
(1.94) |
(.07) |
(.41) |
(.02) |
- |
- |
|
Total distributions |
(2.16) |
(.09) |
(.59) |
(.08) |
(.07) |
(.08) |
|
Net asset value, end of period |
$ 27.78 |
$ 28.11 |
$ 20.43 |
$ 17.57 |
$ 16.69 |
$ 15.19 |
|
Total ReturnB, C, D |
7.11% |
38.16% |
19.69% |
5.73% |
10.36% |
51.10% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.36%A |
1.26% |
1.25% |
1.29% |
1.22% |
1.16% |
|
Expenses net of fee waivers, if any |
1.25%A |
1.26% |
1.25% |
1.29% |
1.22% |
1.16% |
|
Expenses net of all reductions |
1.25%A |
1.24% |
1.24% |
1.28% |
1.21% |
1.15% |
|
Net investment income (loss) |
.75%A |
.68% |
.76% |
.49% |
.31% |
.49% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 286,216 |
$ 214,686 |
$ 123,303 |
$ 103,670 |
$ 116,837 |
$ 112,450 |
|
Portfolio turnover rateG |
33%A |
54% |
59% |
83% |
146% |
185% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 28.02 |
$ 20.41 |
$ 17.51 |
$ 16.63 |
$ 15.14 |
$ 10.07 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
.07 |
.10 |
.10 |
.04 |
.01 |
.03 |
|
Net realized and unrealized gain (loss) |
1.72 |
7.59 |
3.29 |
.87 |
1.52 |
5.06 |
|
Total from investment operations |
1.79 |
7.69 |
3.39 |
.91 |
1.53 |
5.09 |
|
Distributions from net investment income |
(.15) |
(.01) |
(.10) |
-I |
(.04) |
(.02) |
|
Distributions from net realized gain |
(1.94) |
(.07) |
(.39) |
(.02) |
- |
- |
|
Total distributions |
(2.09) |
(.08) |
(.49) |
(.03)J |
(.04) |
(.02) |
|
Net asset value, end of period |
$ 27.72 |
$ 28.02 |
$ 20.41 |
$ 17.51 |
$ 16.63 |
$ 15.14 |
|
Total ReturnB, C, D |
6.97% |
37.82% |
19.39% |
5.44% |
10.09% |
50.71% |
|
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
|
Expenses before reductions |
1.62%A |
1.51% |
1.49% |
1.54% |
1.47% |
1.42% |
|
Expenses net of fee waivers, if any |
1.50%A |
1.51% |
1.49% |
1.54% |
1.47% |
1.42% |
|
Expenses net of all reductions |
1.50%A |
1.49% |
1.49% |
1.53% |
1.47% |
1.41% |
|
Net investment income (loss) |
.50%A |
.42% |
.52% |
.24% |
.06% |
.23% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 140,465 |
$ 114,864 |
$ 76,151 |
$ 69,678 |
$ 76,373 |
$ 87,009 |
|
Portfolio turnover rateG |
33%A |
54% |
59% |
83% |
146% |
185% |
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 Amount represents less than $.01 per share.
J Total distributions of $.03 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.021 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 26.24 |
$ 19.21 |
$ 16.49 |
$ 15.72 |
$ 14.35 |
$ 9.57 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
-J |
(.03) |
-J |
(.05) |
(.07) |
(.03) |
|
Net realized and unrealized gain (loss) |
1.62 |
7.13 |
3.10 |
.82 |
1.44 |
4.81 |
|
Total from investment operations |
1.62 |
7.10 |
3.10 |
.77 |
1.37 |
4.78 |
|
Distributions from net realized gain |
(1.94) |
(.07) |
(.38) |
- |
- |
- |
|
Net asset value, end of period |
$ 25.92 |
$ 26.24 |
$ 19.21 |
$ 16.49 |
$ 15.72 |
$ 14.35 |
|
Total ReturnB, C, D |
6.71% |
37.08% |
18.77% |
4.90% |
9.55% |
49.95% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
2.20%A |
2.06% |
2.02% |
2.04% |
1.98% |
1.91% |
|
Expenses net of fee waivers, if any |
2.00%A |
2.06% |
2.02% |
2.04% |
1.98% |
1.91% |
|
Expenses net of all reductions |
2.00%A |
2.05% |
2.01% |
2.04% |
1.97% |
1.90% |
|
Net investment income (loss) |
-%A,H |
(.13)% |
(.01)% |
(.26)% |
(.45)% |
(.26)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 9,471 |
$ 10,499 |
$ 10,535 |
$ 12,839 |
$ 17,535 |
$ 21,907 |
|
Portfolio turnover rateG |
33%A |
54% |
59% |
83% |
146% |
185% |
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 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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 26.07 |
$ 19.08 |
$ 16.41 |
$ 15.65 |
$ 14.28 |
$ 9.53 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) E |
-J |
(.02) |
-J |
(.04) |
(.07) |
(.03) |
|
Net realized and unrealized gain (loss) |
1.60 |
7.08 |
3.09 |
.80 |
1.44 |
4.78 |
|
Total from investment operations |
1.60 |
7.06 |
3.09 |
.76 |
1.37 |
4.75 |
|
Distributions from net investment income |
(.10) |
-J |
(.03) |
- |
- |
- |
|
Distributions from net realized gain |
(1.94) |
(.07) |
(.39) |
- |
- |
- |
|
Total distributions |
(2.04) |
(.07) |
(.42) |
- |
- |
- |
|
Net asset value, end of period |
$ 25.63 |
$ 26.07 |
$ 19.08 |
$ 16.41 |
$ 15.65 |
$ 14.28 |
|
Total ReturnB, C, D |
6.73% |
37.14% |
18.83% |
4.86% |
9.59% |
49.84% |
|
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
|
Expenses before reductions |
2.11%A |
2.00% |
2.00% |
2.03% |
1.97% |
1.91% |
|
Expenses net of fee waivers, if any |
2.00%A |
2.00% |
2.00% |
2.03% |
1.97% |
1.91% |
|
Expenses net of all reductions |
2.00%A |
1.99% |
1.99% |
2.03% |
1.96% |
1.90% |
|
Net investment income (loss) |
-%A,H |
(.07)% |
.01% |
(.25)% |
(.44)% |
(.26)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 109,289 |
$ 67,780 |
$ 28,856 |
$ 24,197 |
$ 25,162 |
$ 24,650 |
|
Portfolio turnover rateG |
33%A |
54% |
59% |
83% |
146% |
185% |
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 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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended May 31, 2014 |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 29.03 |
$ 21.03 |
$ 18.13 |
$ 17.22 |
$ 15.65 |
$ 10.48 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) D |
.14 |
.24 |
.22 |
.15 |
.11 |
.10 |
|
Net realized and unrealized gain (loss) |
1.79 |
7.85 |
3.40 |
.89 |
1.57 |
5.22 |
|
Total from investment operations |
1.93 |
8.09 |
3.62 |
1.04 |
1.68 |
5.32 |
|
Distributions from net investment income |
(.18) |
(.02) |
(.31) |
(.11) |
(.11) |
(.15) |
|
Distributions from net realized gain |
(1.94) |
(.07) |
(.41) |
(.02) |
- |
- |
|
Total distributions |
(2.12) |
(.09) |
(.72) |
(.13) |
(.11) |
(.15) |
|
Net asset value, end of period |
$ 28.84 |
$ 29.03 |
$ 21.03 |
$ 18.13 |
$ 17.22 |
$ 15.65 |
|
Total ReturnB, C |
7.21% |
38.62% |
20.10% |
6.03% |
10.78% |
51.54% |
|
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
|
Expenses before reductions |
1.10%A |
.95% |
.91% |
.95% |
.88% |
.84% |
|
Expenses net of fee waivers, if any |
1.00%A |
.95% |
.91% |
.95% |
.88% |
.84% |
|
Expenses net of all reductions |
1.00%A |
.94% |
.91% |
.94% |
.87% |
.83% |
|
Net investment income (loss) |
1.00%A |
.98% |
1.10% |
.83% |
.65% |
.82% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 393,485 |
$ 242,897 |
$ 1,071,491 |
$ 1,013,999 |
$ 876,299 |
$ 924,675 |
|
Portfolio turnover rateF |
33%A |
54% |
59% |
83% |
146% |
185% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2014 (Unaudited)
1. Organization.
Fidelity Advisor® Large Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class 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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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
Semiannual Report
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fidelity Management & Research Company (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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and 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. For equity securities, including restricted securities, where observable inputs are
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, 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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
|
Gross unrealized appreciation |
$ 183,286,319 |
|
Gross unrealized depreciation |
(19,035,549) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 164,250,770 |
|
|
|
|
Tax cost |
$ 793,685,276 |
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 $352,334,367 and $126,839,191, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .82% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
|
Distribution |
Service |
Total Fees |
Retained |
|
Class A |
-% |
.25% |
$ 307,748 |
$ 9,575 |
|
Class T |
.25% |
.25% |
319,244 |
2,776 |
|
Class B |
.75% |
.25% |
50,215 |
38,238 |
|
Class C |
.75% |
.25% |
435,893 |
159,406 |
|
|
|
|
$ 1,113,100 |
$ 209,995 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
|
|
Retained |
|
Class A |
$ 114,712 |
|
Class T |
14,385 |
|
Class B* |
2,170 |
|
Class C* |
7,294 |
|
|
$ 138,561 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Class A |
$ 265,558 |
.22 |
|
Class T |
142,993 |
.22 |
|
Class B |
15,224 |
.30 |
|
Class C |
94,861 |
.22 |
|
Institutional Class |
331,153 |
.21 |
|
|
$ 849,789 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
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 $2,701 for the period.
Other. During the period the Fund recorded a reimbursement from the investment adviser for an operational error in the amount of $51,786.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $755 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 $136,375, including $147 from securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions.
The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through January 31, 2015. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
|
|
Expense |
Reimbursement |
|
Class A |
1.25% |
$ 137,797 |
|
Class T |
1.50% |
77,442 |
|
Class B |
2.00% |
10,228 |
|
Class C |
2.00% |
49,060 |
|
Institutional Class |
1.00% |
161,597 |
|
|
|
$ 436,124 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,744 for the period. 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 $1.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended |
Year ended |
|
From net investment income |
|
|
|
Class A |
$ 1,725,368 |
$ 97,380 |
|
Class T |
631,390 |
40,120 |
|
Class C |
276,822 |
2,988 |
|
Institutional Class |
1,528,246 |
627,079 |
|
Total |
$ 4,161,826 |
$ 767,567 |
Semiannual Report
9. Distributions to Shareholders - continued
|
|
Six months ended |
Year ended |
|
From net realized gain |
|
|
|
Class A |
$ 15,247,064 |
$ 432,999 |
|
Class T |
8,130,692 |
258,270 |
|
Class B |
772,695 |
37,356 |
|
Class C |
5,278,091 |
107,120 |
|
Institutional Class |
16,891,367 |
2,226,903 |
|
Total |
$ 46,319,909 |
$ 3,062,648 |
10. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class A |
|
|
|
|
|
Shares sold |
3,348,695 |
3,029,803 |
$ 90,382,518 |
$ 76,581,820 |
|
Reinvestment of distributions |
597,975 |
23,308 |
15,576,432 |
490,518 |
|
Shares redeemed |
(1,280,174) |
(1,452,421) |
(34,292,641) |
(34,520,330) |
|
Net increase (decrease) |
2,666,496 |
1,600,690 |
$ 71,666,309 |
$ 42,552,008 |
|
Class T |
|
|
|
|
|
Shares sold |
1,138,229 |
1,144,172 |
$ 30,590,300 |
$ 27,872,295 |
|
Reinvestment of distributions |
330,308 |
13,925 |
8,595,868 |
292,962 |
|
Shares redeemed |
(500,885) |
(790,235) |
(13,514,904) |
(18,493,343) |
|
Net increase (decrease) |
967,652 |
367,862 |
$ 25,671,264 |
$ 9,671,914 |
|
Class B |
|
|
|
|
|
Shares sold |
22,402 |
44,781 |
$ 562,810 |
$ 1,050,694 |
|
Reinvestment of distributions |
28,643 |
1,700 |
699,229 |
33,725 |
|
Shares redeemed |
(85,773) |
(194,809) |
(2,158,008) |
(4,361,870) |
|
Net increase (decrease) |
(34,728) |
(148,328) |
$ (895,969) |
$ (3,277,451) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
|
|
Shares |
Dollars |
||
|
|
Six months ended May 31, |
Year ended |
Six months ended May 31, |
Year ended |
|
Class C |
|
|
|
|
|
Shares sold |
1,794,282 |
1,380,277 |
$ 44,869,291 |
$ 31,649,256 |
|
Reinvestment of distributions |
203,393 |
5,033 |
4,910,670 |
99,148 |
|
Shares redeemed |
(332,565) |
(297,963) |
(8,301,761) |
(6,636,716) |
|
Net increase (decrease) |
1,665,110 |
1,087,347 |
$ 41,478,200 |
$ 25,111,688 |
|
Institutional Class |
|
|
|
|
|
Shares sold |
5,807,089 |
5,489,820 |
$ 162,667,133 |
$ 135,166,774 |
|
Reinvestment of distributions |
653,047 |
130,311 |
17,642,167 |
2,822,578 |
|
Shares redeemed |
(1,185,320) |
(48,206,491)A |
(33,107,603) |
(1,197,578,806)A |
|
Net increase (decrease) |
5,274,816 |
(42,586,360) |
$ 147,201,697 |
$ (1,059,589,454) |
A Amount includes in-kind redemptions.
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
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research (Japan) Inc.
Fidelity Management & Research (Hong Kong) Limited
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
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
LC-USAN-0714 1.786795.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Small Cap
Fund - Institutional Class
Semiannual Report
May 31, 2014
(Fidelity Cover Art)
Contents
|
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. © 2014 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
Shareholder Expense Example
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 (December 1, 2013 to May 31, 2014).
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 |
.97% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,035.10 |
$ 4.92 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,020.09 |
$ 4.89 |
|
Class T |
1.19% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,033.90 |
$ 6.03 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,019.00 |
$ 5.99 |
|
Class B |
1.80% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,030.80 |
$ 9.11 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.96 |
$ 9.05 |
|
Class C |
1.73% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,031.20 |
$ 8.76 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,016.31 |
$ 8.70 |
|
Institutional Class |
.70% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,036.30 |
$ 3.55 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.44 |
$ 3.53 |
|
Class Z |
.54% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,037.30 |
$ 2.74 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,022.24 |
$ 2.72 |
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 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Community Health Systems, Inc. |
2.1 |
0.9 |
|
Darling International, Inc. |
2.0 |
1.0 |
|
VeriFone Systems, Inc. |
2.0 |
0.8 |
|
Global Payments, Inc. |
2.0 |
1.8 |
|
Primerica, Inc. |
1.9 |
1.7 |
|
Office Depot, Inc. |
1.8 |
1.7 |
|
The Ensign Group, Inc. |
1.8 |
1.6 |
|
WESCO International, Inc. |
1.7 |
1.5 |
|
CDW Corp. |
1.7 |
1.1 |
|
RenaissanceRe Holdings Ltd. |
1.7 |
0.8 |
|
|
18.7 |
|
|
Top Five Market Sectors as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Financials |
21.2 |
19.2 |
|
Information Technology |
18.7 |
16.7 |
|
Industrials |
16.8 |
14.7 |
|
Consumer Discretionary |
15.6 |
16.3 |
|
Health Care |
12.1 |
11.3 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2014 * |
As of November 30, 2013 ** |
||||||
 |
Stocks and |
|
|
Stocks and |
|
||
 |
Other Investments 0.6% |
|
 |
Other Investments 0.0% |
|
||
 |
Short-Term |
|
|
Short-Term |
|
||
|
* Foreign investments |
18.3% |
|
** Foreign investments |
19.7% |
|
||
Semiannual Report
Investments May 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 96.9% |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER DISCRETIONARY - 15.6% |
|||
|
Diversified Consumer Services - 1.6% |
|||
|
Best Bridal, Inc. (e)(f) |
2,800,000 |
$ 16,719 |
|
|
Grand Canyon Education, Inc. (a) |
350,000 |
15,418 |
|
|
Meiko Network Japan Co. Ltd. (f) |
1,577,900 |
18,464 |
|
|
|
50,601 |
||
|
Hotels, Restaurants & Leisure - 1.3% |
|||
|
Bally Technologies, Inc. (a) |
400,000 |
23,600 |
|
|
Texas Roadhouse, Inc. Class A |
650,000 |
16,432 |
|
|
|
40,032 |
||
|
Household Durables - 1.7% |
|||
|
Iida Group Holdings Co. Ltd. |
1,100,000 |
16,638 |
|
|
Tupperware Brands Corp. |
440,000 |
36,837 |
|
|
|
53,475 |
||
|
Leisure Products - 1.0% |
|||
|
Smith & Wesson Holding Corp. (a)(e) |
2,000,000 |
31,760 |
|
|
Media - 1.1% |
|||
|
Harte-Hanks, Inc. |
3,100,000 |
22,041 |
|
|
John Wiley & Sons, Inc. Class A |
234,800 |
12,862 |
|
|
|
34,903 |
||
|
Multiline Retail - 1.0% |
|||
|
Big Lots, Inc. (a) |
700,000 |
29,708 |
|
|
Specialty Retail - 4.5% |
|||
|
Aarons, Inc. Class A |
1,100,000 |
36,124 |
|
|
Genesco, Inc. (a) |
500,000 |
37,445 |
|
|
Jumbo SA (a) |
840,909 |
12,540 |
|
|
Office Depot, Inc. (a) |
11,000,000 |
56,320 |
|
|
|
142,429 |
||
|
Textiles, Apparel & Luxury Goods - 3.4% |
|||
|
Crocs, Inc. (a) |
1,500,000 |
22,395 |
|
|
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) |
800,000 |
35,600 |
|
|
Steven Madden Ltd. (a) |
1,100,000 |
35,046 |
|
|
Wolverine World Wide, Inc. |
500,000 |
12,935 |
|
|
|
105,976 |
||
|
TOTAL CONSUMER DISCRETIONARY |
488,884 |
||
|
CONSUMER STAPLES - 3.9% |
|||
|
Food & Staples Retailing - 1.9% |
|||
|
Ain Pharmaciez, Inc. |
100,000 |
4,563 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER STAPLES - continued |
|||
|
Food & Staples Retailing - continued |
|||
|
Sundrug Co. Ltd. |
600,000 |
$ 26,991 |
|
|
Tsuruha Holdings, Inc. |
500,000 |
26,877 |
|
|
|
58,431 |
||
|
Food Products - 2.0% |
|||
|
Darling International, Inc. (a) |
3,200,000 |
63,968 |
|
|
TOTAL CONSUMER STAPLES |
122,399 |
||
|
ENERGY - 6.6% |
|||
|
Energy Equipment & Services - 5.0% |
|||
|
Cathedral Energy Services Ltd. (f) |
3,141,600 |
14,226 |
|
|
Key Energy Services, Inc. (a) |
4,400,000 |
35,420 |
|
|
McDermott International, Inc. (a)(e) |
2,000,000 |
14,520 |
|
|
Oil States International, Inc. (a) |
320,000 |
34,426 |
|
|
Oil States International, Inc. (a)(i) |
200,000 |
12,170 |
|
|
Pason Systems, Inc. |
1,300,000 |
35,428 |
|
|
Western Energy Services Corp. (a)(g) |
1,080,720 |
10,844 |
|
|
|
157,034 |
||
|
Oil, Gas & Consumable Fuels - 1.6% |
|||
|
World Fuel Services Corp. |
1,100,000 |
50,996 |
|
|
TOTAL ENERGY |
208,030 |
||
|
FINANCIALS - 20.6% |
|||
|
Banks - 5.2% |
|||
|
Bank of the Ozarks, Inc. |
250,000 |
14,760 |
|
|
East West Bancorp, Inc. |
1,000,000 |
33,480 |
|
|
Investors Bancorp, Inc. |
3,316,300 |
35,816 |
|
|
Prosperity Bancshares, Inc. |
300,000 |
17,439 |
|
|
Square 1 Financial, Inc. Class A |
930,652 |
17,580 |
|
|
Umpqua Holdings Corp. |
1,357,724 |
22,497 |
|
|
Wilshire Bancorp, Inc. |
2,200,000 |
22,198 |
|
|
|
163,770 |
||
|
Consumer Finance - 0.9% |
|||
|
EZCORP, Inc. (non-vtg.) Class A (a) |
1,765,700 |
21,577 |
|
|
Portfolio Recovery Associates, Inc. (a) |
113,728 |
6,345 |
|
|
|
27,922 |
||
|
Insurance - 7.8% |
|||
|
CNO Financial Group, Inc. |
2,200,000 |
35,486 |
|
|
Enstar Group Ltd. (a) |
180,000 |
25,362 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
FINANCIALS - continued |
|||
|
Insurance - continued |
|||
|
HCC Insurance Holdings, Inc. |
750,000 |
$ 35,235 |
|
|
Primerica, Inc. |
1,300,000 |
58,552 |
|
|
Reinsurance Group of America, Inc. |
500,000 |
39,080 |
|
|
RenaissanceRe Holdings Ltd. |
500,000 |
52,085 |
|
|
|
245,800 |
||
|
Real Estate Investment Trusts - 6.3% |
|||
|
Corrections Corp. of America |
1,150,000 |
37,410 |
|
|
EPR Properties |
750,000 |
40,440 |
|
|
Equity Lifestyle Properties, Inc. |
350,000 |
15,309 |
|
|
MFA Financial, Inc. |
3,900,000 |
32,097 |
|
|
National Health Investors, Inc. |
550,000 |
34,496 |
|
|
Rouse Properties, Inc. |
1,400,000 |
22,848 |
|
|
Sovran Self Storage, Inc. |
200,000 |
15,360 |
|
|
|
197,960 |
||
|
Real Estate Management & Development - 0.4% |
|||
|
Relo Holdings Corp. |
200,000 |
11,562 |
|
|
TOTAL FINANCIALS |
647,014 |
||
|
HEALTH CARE - 12.1% |
|||
|
Biotechnology - 1.1% |
|||
|
United Therapeutics Corp. (a) |
350,000 |
33,509 |
|
|
Health Care Equipment & Supplies - 1.1% |
|||
|
The Cooper Companies, Inc. |
270,000 |
34,835 |
|
|
Health Care Providers & Services - 7.1% |
|||
|
AmSurg Corp. (a) |
713,000 |
32,285 |
|
|
Community Health Systems, Inc. (a) |
1,600,000 |
66,829 |
|
|
Health Net, Inc. (a) |
700,000 |
27,986 |
|
|
MEDNAX, Inc. (a) |
300,000 |
17,289 |
|
|
Providence Service Corp. (a) |
600,000 |
24,120 |
|
|
The Ensign Group, Inc. (f) |
1,200,000 |
56,280 |
|
|
|
224,789 |
||
|
Pharmaceuticals - 2.8% |
|||
|
Jazz Pharmaceuticals PLC (a) |
150,000 |
21,279 |
|
|
Phibro Animal Health Corp. Class A |
1,301,400 |
24,766 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
HEALTH CARE - continued |
|||
|
Pharmaceuticals - continued |
|||
|
Prestige Brands Holdings, Inc. (a) |
650,000 |
$ 22,230 |
|
|
Sawai Pharmaceutical Co. Ltd. |
300,000 |
18,706 |
|
|
|
86,981 |
||
|
TOTAL HEALTH CARE |
380,114 |
||
|
INDUSTRIALS - 16.8% |
|||
|
Aerospace & Defense - 2.8% |
|||
|
Engility Holdings, Inc. (a) |
600,000 |
23,190 |
|
|
Moog, Inc. Class A (a) |
400,000 |
28,824 |
|
|
Teledyne Technologies, Inc. (a) |
400,000 |
37,908 |
|
|
|
89,922 |
||
|
Commercial Services & Supplies - 3.9% |
|||
|
Deluxe Corp. |
500,000 |
28,045 |
|
|
Mitie Group PLC |
5,600,000 |
31,474 |
|
|
UniFirst Corp. |
250,000 |
24,738 |
|
|
West Corp. |
1,500,000 |
40,200 |
|
|
|
124,457 |
||
|
Construction & Engineering - 0.9% |
|||
|
Badger Daylighting Ltd. |
900,000 |
29,051 |
|
|
Machinery - 4.5% |
|||
|
Federal Signal Corp. |
1,800,000 |
24,696 |
|
|
Hy-Lok Corp. (f) |
699,000 |
20,956 |
|
|
Standex International Corp. |
450,000 |
33,228 |
|
|
TriMas Corp. (a) |
900,000 |
31,599 |
|
|
Valmont Industries, Inc. |
200,000 |
30,990 |
|
|
|
141,469 |
||
|
Marine - 0.3% |
|||
|
SITC International Holdings Co. Ltd. |
19,000,000 |
8,308 |
|
|
Professional Services - 0.4% |
|||
|
Benefit One, Inc. |
1,500,000 |
11,325 |
|
|
Trading Companies & Distributors - 3.3% |
|||
|
Aceto Corp. |
1,200,000 |
20,916 |
|
|
Textainer Group Holdings Ltd. |
750,000 |
29,055 |
|
|
WESCO International, Inc. (a) |
620,000 |
52,960 |
|
|
|
102,931 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INDUSTRIALS - continued |
|||
|
Transportation Infrastructure - 0.7% |
|||
|
Wesco Aircraft Holdings, Inc. (a) |
1,000,000 |
$ 21,740 |
|
|
TOTAL INDUSTRIALS |
529,203 |
||
|
INFORMATION TECHNOLOGY - 18.7% |
|||
|
Electronic Equipment & Components - 6.0% |
|||
|
Belden, Inc. |
400,000 |
28,796 |
|
|
CDW Corp. |
1,800,000 |
52,938 |
|
|
Insight Enterprises, Inc. (a) |
900,000 |
24,462 |
|
|
ScanSource, Inc. (a) |
350,000 |
12,985 |
|
|
SYNNEX Corp. (a) |
500,000 |
33,055 |
|
|
Zebra Technologies Corp. Class A (a) |
500,000 |
37,150 |
|
|
|
189,386 |
||
|
Internet Software & Services - 2.3% |
|||
|
Conversant, Inc. (a)(e) |
1,300,000 |
30,654 |
|
|
Perficient, Inc. (a) |
800,000 |
14,112 |
|
|
Stamps.com, Inc. (a)(f) |
850,000 |
27,472 |
|
|
|
72,238 |
||
|
IT Services - 7.5% |
|||
|
EPAM Systems, Inc. (a) |
1,000,000 |
42,070 |
|
|
Genpact Ltd. (a) |
1,300,000 |
21,905 |
|
|
Global Payments, Inc. |
900,000 |
61,704 |
|
|
Syntel, Inc. (a) |
350,000 |
28,315 |
|
|
VeriFone Systems, Inc. (a) |
1,900,000 |
62,339 |
|
|
WEX, Inc. (a) |
200,000 |
19,258 |
|
|
|
235,591 |
||
|
Software - 2.9% |
|||
|
NIIT Technologies Ltd. (f) |
3,800,000 |
25,126 |
|
|
Sword Group (f) |
587,339 |
15,933 |
|
|
Verint Systems, Inc. (a) |
620,000 |
28,725 |
|
|
Zensar Technologies Ltd. (f) |
3,500,000 |
21,602 |
|
|
|
91,386 |
||
|
TOTAL INFORMATION TECHNOLOGY |
588,601 |
||
|
MATERIALS - 1.8% |
|||
|
Chemicals - 0.9% |
|||
|
PolyOne Corp. |
700,000 |
28,091 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
MATERIALS - continued |
|||
|
Containers & Packaging - 0.9% |
|||
|
Sealed Air Corp. |
900,000 |
$ 29,637 |
|
|
TOTAL MATERIALS |
57,728 |
||
|
TELECOMMUNICATION SERVICES - 0.3% |
|||
|
Diversified Telecommunication Services - 0.3% |
|||
|
Amcom Telecommunications Ltd. |
1,700,000 |
3,449 |
|
|
Asia Satellite Telecommunications Holdings Ltd. |
800,000 |
3,230 |
|
|
iiNet Ltd. |
500,000 |
3,453 |
|
|
|
10,132 |
||
|
UTILITIES - 0.5% |
|||
|
Gas Utilities - 0.5% |
|||
|
New Jersey Resources Corp. |
300,000 |
16,503 |
|
|
TOTAL COMMON STOCKS (Cost $2,363,126) |
|
||
|
U.S. Treasury Obligations - 0.1% |
||||
|
|
Principal |
|
||
|
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 7/17/14 to 8/21/14 (j) |
|
$ 3,230 |
|
|
|
Preferred Securities - 0.6% |
||||
|
|
|
|
|
|
|
FINANCIALS - 0.6% |
||||
|
Diversified Financial Services - 0.6% |
||||
|
Baggot Securities Ltd. 10.24% (g)(h) |
EUR |
12,000 |
|
|
|
Money Market Funds - 4.0% |
|||
|
Shares |
Value (000s) |
||
|
Fidelity Cash Central Fund, 0.10% (b) |
91,089,172 |
$ 91,089 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
34,652,403 |
34,652 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $125,741) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $2,510,740) |
3,195,928 |
||
|
NET OTHER ASSETS (LIABILITIES) - (1.6)% |
(51,432) |
||
|
NET ASSETS - 100% |
$ 3,144,496 |
||
|
Futures Contracts |
|||||
|
|
Expiration |
Underlying |
Unrealized |
||
|
Purchased |
|||||
|
Equity Index Contracts |
|||||
|
601 ICE Russell 2000 Index Contracts (United States) |
June 2014 |
$ 68,105 |
$ 785 |
||
|
|
|
The face value of futures purchased as a percentage of net assets is 2.2% |
|
Currency Abbreviations |
||
|
EUR |
- |
European Monetary Unit |
|
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) Amount is stated in United States dollars unless otherwise noted. |
|
(e) Security or a portion of the security is on loan at period end. |
|
(f) Affiliated company |
|
(g) 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 $29,193,000 or 0.9% of net assets. |
|
(h) Security is perpetual in nature with no stated maturity date. |
|
(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
|
(j) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,230,000. |
|
Affiliated Central Funds |
|
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
|
Fund |
Income earned |
|
Fidelity Cash Central Fund |
$ 52 |
|
Fidelity Securities Lending Cash Central Fund |
450 |
|
Total |
$ 502 |
|
Other Affiliated Issuers |
|
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
|
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
|
Atrium Innovations, Inc. |
$ 46,147 |
$ - |
$ 44,191 |
$ - |
$ - |
|
Badger Daylighting Ltd. |
60,809 |
365 |
39,687 |
179 |
- |
|
Best Bridal, Inc. |
18,568 |
69 |
- |
120 |
16,719 |
|
Cathedral Energy Services Ltd. |
14,931 |
- |
- |
407 |
14,226 |
|
Hy-Lok Corp. |
10,584 |
7,747 |
- |
110 |
20,956 |
|
Meiko Network Japan Co. Ltd. |
16,280 |
- |
- |
222 |
18,464 |
|
NIIT Technologies Ltd. |
19,396 |
- |
- |
- |
25,126 |
|
Stamps.com, Inc. |
40,385 |
- |
1,143 |
- |
27,472 |
|
Sword Group |
12,673 |
- |
- |
693 |
15,933 |
|
The Ensign Group, Inc. |
55,437 |
- |
1,216 |
168 |
56,280 |
|
Zensar Technologies Ltd. |
18,120 |
- |
- |
224 |
21,602 |
|
Total |
$ 313,330 |
$ 8,181 |
$ 86,237 |
$ 2,123 |
$ 216,778 |
|
Other Information |
|
The following is a summary of the inputs used, as of May 31, 2014, 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 |
$ 488,884 |
$ 437,063 |
$ 51,821 |
$ - |
|
Consumer Staples |
122,399 |
63,968 |
58,431 |
- |
|
Energy |
208,030 |
208,030 |
- |
- |
|
Financials |
647,014 |
635,452 |
11,562 |
- |
|
Health Care |
380,114 |
361,408 |
18,706 |
- |
|
Industrials |
529,203 |
517,878 |
11,325 |
- |
|
Information Technology |
588,601 |
588,601 |
- |
- |
|
Materials |
57,728 |
57,728 |
- |
- |
|
Telecommunication Services |
10,132 |
10,132 |
- |
- |
|
Utilities |
16,503 |
16,503 |
- |
- |
|
U.S. Government and Government Agency Obligations |
3,230 |
- |
3,230 |
- |
|
Preferred Securities |
18,349 |
- |
18,349 |
- |
|
Money Market Funds |
125,741 |
125,741 |
- |
- |
|
Total Investments in Securities: |
$ 3,195,928 |
$ 3,022,504 |
$ 173,424 |
$ - |
|
Derivative Instruments: |
||||
|
Assets |
||||
|
Futures Contracts |
$ 785 |
$ 785 |
$ - |
$ - |
|
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2014. 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 (000s) |
|
Level 1 to Level 2 |
$ 142,028 |
|
Level 2 to Level 1 |
$ - |
|
Value of Derivative Instruments |
|
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2014. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
|
Primary Risk Exposure / (Amounts in thousands) |
Value |
|
|
|
Asset |
Liability |
|
Equity Risk |
||
|
Futures Contracts (a) |
$ 785 |
$ - |
|
Total Value of Derivatives |
$ 785 |
$ - |
|
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
|
United States of America |
81.7% |
|
Japan |
4.9% |
|
Bermuda |
4.2% |
|
Canada |
2.8% |
|
India |
1.5% |
|
Ireland |
1.3% |
|
United Kingdom |
1.0% |
|
Others (Individually Less Than 1%) |
2.6% |
|
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including securities loaned of $33,273) - See accompanying schedule: Unaffiliated issuers (cost $2,217,958) |
$ 2,853,409 |
|
|
Fidelity Central Funds (cost $125,741) |
125,741 |
|
|
Other affiliated issuers (cost $167,041) |
216,778 |
|
|
Total Investments (cost $2,510,740) |
|
$ 3,195,928 |
|
Cash |
|
1,161 |
|
Receivable for investments sold |
|
7,064 |
|
Receivable for fund shares sold |
|
2,120 |
|
Dividends receivable |
|
1,982 |
|
Distributions receivable from Fidelity Central Funds |
|
61 |
|
Prepaid expenses |
|
1 |
|
Other receivables |
|
20 |
|
Total assets |
|
3,208,337 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 10,503 |
|
|
Delayed delivery |
8,025 |
|
|
Payable for fund shares redeemed |
7,437 |
|
|
Accrued management fee |
1,166 |
|
|
Distribution and service plan fees payable |
957 |
|
|
Payable for daily variation margin for derivative instruments |
397 |
|
|
Other affiliated payables |
640 |
|
|
Other payables and accrued expenses |
64 |
|
|
Collateral on securities loaned, at value |
34,652 |
|
|
Total liabilities |
|
63,841 |
|
|
|
|
|
Net Assets |
|
$ 3,144,496 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 2,156,674 |
|
Undistributed net investment income |
|
446 |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
301,403 |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
685,973 |
|
Net Assets |
|
$ 3,144,496 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 28.33 |
|
|
|
|
|
Maximum offering price per share (100/94.25 of $28.33) |
|
$ 30.06 |
|
Class T: |
|
$ 26.99 |
|
|
|
|
|
Maximum offering price per share (100/96.50 of $26.99) |
|
$ 27.97 |
|
Class B: |
|
$ 23.57 |
|
|
|
|
|
Class C: |
|
$ 23.91 |
|
|
|
|
|
Institutional Class: |
|
$ 30.14 |
|
|
|
|
|
Class Z: |
|
$ 30.08 |
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
Statement of Operations
|
Amounts in thousands Six months ended May 31, 2014 (Unaudited) |
||
|
|
|
|
|
Investment Income |
|
|
|
Dividends (including $2,123 earned from other affiliated issuers) |
|
$ 18,443 |
|
Income from Fidelity Central Funds |
|
502 |
|
Total income |
|
18,945 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 11,384 |
|
|
Performance adjustment |
(4,040) |
|
|
Transfer agent fees |
3,477 |
|
|
Distribution and service plan fees |
5,892 |
|
|
Accounting and security lending fees |
483 |
|
|
Custodian fees and expenses |
64 |
|
|
Independent trustees' compensation |
7 |
|
|
Registration fees |
80 |
|
|
Audit |
41 |
|
|
Legal |
5 |
|
|
Miscellaneous |
14 |
|
|
Total expenses before reductions |
17,407 |
|
|
Expense reductions |
(66) |
17,341 |
|
Net investment income (loss) |
|
1,604 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
270,300 |
|
|
Other affiliated issuers |
41,108 |
|
|
Foreign currency transactions |
(673) |
|
|
Futures contracts |
4,698 |
|
|
Total net realized gain (loss) |
|
315,433 |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
(202,925) |
|
|
Assets and liabilities in foreign currencies |
13 |
|
|
Futures contracts |
(6,553) |
|
|
Total change in net unrealized appreciation (depreciation) |
|
(209,465) |
|
Net gain (loss) |
|
105,968 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ 107,572 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
Amounts in thousands |
Six months ended |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 1,604 |
$ 15,726 |
|
Net realized gain (loss) |
315,433 |
686,475 |
|
Change in net unrealized appreciation (depreciation) |
(209,465) |
501,751 |
|
Net increase (decrease) in net assets resulting |
107,572 |
1,203,952 |
|
Distributions to shareholders from net investment income |
(1,611) |
(9,250) |
|
Distributions to shareholders from net realized gain |
(400,187) |
(2,080) |
|
Total distributions |
(401,798) |
(11,330) |
|
Share transactions - net increase (decrease) |
(34,544) |
(1,450,861) |
|
Total increase (decrease) in net assets |
(328,770) |
(258,239) |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
3,473,266 |
3,731,505 |
|
End of period (including undistributed net investment income of $446 and undistributed net investment income of $453, respectively) |
$ 3,144,496 |
$ 3,473,266 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 30.96 |
$ 22.45 |
$ 23.60 |
$ 24.35 |
$ 21.00 |
$ 17.69 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)E |
.03 |
.12H |
(.03) |
(.09)I |
(.13) |
(.03) |
|
Net realized and unrealized gain (loss) |
.85 |
8.45 |
.79 |
.67 |
3.48 |
4.09 |
|
Total from investment operations |
.88 |
8.57 |
.76 |
.58 |
3.35 |
4.06 |
|
Distributions from net investment income |
(.01) |
(.05) |
- |
- |
- |
(.03) |
|
Distributions from net realized gain |
(3.50) |
(.01) |
(1.91) |
(1.33) |
- |
(.72) |
|
Total distributions |
(3.51) |
(.06) |
(1.91) |
(1.33) |
- |
(.75) |
|
Net asset value, end of period |
$ 28.33 |
$ 30.96 |
$ 22.45 |
$ 23.60 |
$ 24.35 |
$ 21.00 |
|
Total ReturnB, C, D |
3.51% |
38.30% |
3.87% |
2.17% |
15.95% |
24.04% |
|
Ratios to Average Net Assets F, J |
|
|
|
|
|
|
|
Expenses before reductions |
.97%A |
1.01% |
1.06% |
1.31% |
1.44% |
1.53% |
|
Expenses net of fee waivers, if any |
.97%A |
1.01% |
1.06% |
1.31% |
1.40% |
1.40% |
|
Expenses net of all reductions |
.97%A |
1.00% |
1.06% |
1.31% |
1.40% |
1.40% |
|
Net investment income (loss) |
.20%A |
.46%H |
(.13)% |
(.35)%I |
(.58)% |
(.16)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,164 |
$ 1,263 |
$ 1,212 |
$ 1,461 |
$ 1,501 |
$ 1,223 |
|
Portfolio turnover rateG |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .29%.
I Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.50)%.
J 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 29.69 |
$ 21.52 |
$ 22.75 |
$ 23.57 |
$ 20.37 |
$ 17.20 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)E |
-K |
.06H |
(.07) |
(.13)I |
(.18) |
(.07) |
|
Net realized and unrealized gain (loss) |
.80 |
8.13 |
.75 |
.64 |
3.38 |
3.96 |
|
Total from investment operations |
.80 |
8.19 |
.68 |
.51 |
3.20 |
3.89 |
|
Distributions from net investment income |
- |
(.01) |
- |
- |
- |
- |
|
Distributions from net realized gain |
(3.50) |
(.01) |
(1.91) |
(1.33) |
- |
(.72) |
|
Total distributions |
(3.50) |
(.02) |
(1.91) |
(1.33) |
- |
(.72) |
|
Net asset value, end of period |
$ 26.99 |
$ 29.69 |
$ 21.52 |
$ 22.75 |
$ 23.57 |
$ 20.37 |
|
Total ReturnB, C, D |
3.39% |
38.11% |
3.64% |
1.94% |
15.71% |
23.69% |
|
Ratios to Average Net Assets F, J |
|
|
|
|
|
|
|
Expenses before reductions |
1.19%A |
1.22% |
1.26% |
1.51% |
1.63% |
1.74% |
|
Expenses net of fee waivers, if any |
1.19%A |
1.22% |
1.26% |
1.51% |
1.63% |
1.65% |
|
Expenses net of all reductions |
1.19%A |
1.21% |
1.25% |
1.51% |
1.63% |
1.65% |
|
Net investment income (loss) |
(.02)%A |
.25%H |
(.33)% |
(.55)%I |
(.81)% |
(.41)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,018 |
$ 1,113 |
$ 1,054 |
$ 1,244 |
$ 1,356 |
$ 1,277 |
|
Portfolio turnover rateG |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .09%.
I Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.70)%.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 26.45 |
$ 19.27 |
$ 20.69 |
$ 21.66 |
$ 18.82 |
$ 16.02 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)E |
(.07) |
(.08)H |
(.18) |
(.25)I |
(.27) |
(.15) |
|
Net realized and unrealized gain (loss) |
.69 |
7.26 |
.67 |
.61 |
3.11 |
3.67 |
|
Total from investment operations |
.62 |
7.18 |
.49 |
.36 |
2.84 |
3.52 |
|
Distributions from net realized gain |
(3.50) |
- |
(1.91) |
(1.33) |
- |
(.72) |
|
Net asset value, end of period |
$ 23.57 |
$ 26.45 |
$ 19.27 |
$ 20.69 |
$ 21.66 |
$ 18.82 |
|
Total ReturnB, C, D |
3.08% |
37.26% |
3.03% |
1.39% |
15.09% |
23.10% |
|
Ratios to Average Net Assets F, J |
|
|
|
|
|
|
|
Expenses before reductions |
1.80%A |
1.81% |
1.85% |
2.10% |
2.22% |
2.31% |
|
Expenses net of fee waivers, if any |
1.80%A |
1.81% |
1.85% |
2.10% |
2.15% |
2.15% |
|
Expenses net of all reductions |
1.79%A |
1.80% |
1.84% |
2.10% |
2.14% |
2.15% |
|
Net investment income (loss) |
(.63)%A |
(.34)%H |
(.92)% |
(1.14)%I |
(1.33)% |
(.91)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 35 |
$ 40 |
$ 40 |
$ 55 |
$ 76 |
$ 89 |
|
Portfolio turnover rateG |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.51)%.
I Investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.29)%.
J 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 26.77 |
$ 19.50 |
$ 20.90 |
$ 21.87 |
$ 19.00 |
$ 16.16 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)E |
(.07) |
(.07)H |
(.17) |
(.24)I |
(.27) |
(.15) |
|
Net realized and unrealized gain (loss) |
.71 |
7.34 |
.68 |
.60 |
3.14 |
3.71 |
|
Total from investment operations |
.64 |
7.27 |
.51 |
.36 |
2.87 |
3.56 |
|
Distributions from net realized gain |
(3.50) |
- |
(1.91) |
(1.33) |
- |
(.72) |
|
Net asset value, end of period |
$ 23.91 |
$ 26.77 |
$ 19.50 |
$ 20.90 |
$ 21.87 |
$ 19.00 |
|
Total ReturnB, C, D |
3.12% |
37.28% |
3.10% |
1.37% |
15.11% |
23.15% |
|
Ratios to Average Net Assets F, J |
|
|
|
|
|
|
|
Expenses before reductions |
1.73%A |
1.76% |
1.81% |
2.06% |
2.18% |
2.28% |
|
Expenses net of fee waivers, if any |
1.73%A |
1.76% |
1.81% |
2.06% |
2.15% |
2.15% |
|
Expenses net of all reductions |
1.72%A |
1.75% |
1.80% |
2.05% |
2.14% |
2.15% |
|
Net investment income (loss) |
(.56)%A |
(.29)%H |
(.88)% |
(1.10)%I |
(1.33)% |
(.91)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 320 |
$ 334 |
$ 284 |
$ 328 |
$ 336 |
$ 299 |
|
Portfolio turnover rateG |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.45)%.
I Investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.25)%.
J 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 32.73 |
$ 23.73 |
$ 24.77 |
$ 25.42 |
$ 21.86 |
$ 18.42 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)D |
.07 |
.21G |
.04 |
(.01)H |
(.07) |
.02 |
|
Net realized and unrealized gain (loss) |
.90 |
8.94 |
.83 |
.69 |
3.63 |
4.24 |
|
Total from investment operations |
.97 |
9.15 |
.87 |
.68 |
3.56 |
4.26 |
|
Distributions from net investment income |
(.06) |
(.13) |
- |
- |
- |
(.10) |
|
Distributions from net realized gain |
(3.50) |
(.01) |
(1.91) |
(1.33) |
- |
(.72) |
|
Total distributions |
(3.56) |
(.15)J |
(1.91) |
(1.33) |
- |
(.82) |
|
Net asset value, end of period |
$ 30.14 |
$ 32.73 |
$ 23.73 |
$ 24.77 |
$ 25.42 |
$ 21.86 |
|
Total ReturnB, C |
3.63% |
38.79% |
4.15% |
2.49% |
16.29% |
24.31% |
|
Ratios to Average Net Assets E, I |
|
|
|
|
|
|
|
Expenses before reductions |
.70%A |
.71% |
.75% |
1.01% |
1.12% |
1.21% |
|
Expenses net of fee waivers, if any |
.70%A |
.71% |
.75% |
1.01% |
1.12% |
1.15% |
|
Expenses net of all reductions |
.69%A |
.70% |
.74% |
1.00% |
1.12% |
1.15% |
|
Net investment income (loss) |
.47%A |
.76%G |
.18% |
(.05)%H |
(.30)% |
.09% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 601 |
$ 718 |
$ 1,141 |
$ 1,314 |
$ 1,165 |
$ 977 |
|
Portfolio turnover rateF |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .59%.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.19)%.
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 Total distributions of $.15 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.014 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
|
|
Six months ended |
Year ended |
|
|
(Unaudited) |
2013H |
|
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 32.74 |
$ 29.79 |
|
Income from Investment Operations |
|
|
|
Net investment income (loss)D |
.09 |
.02G |
|
Net realized and unrealized gain (loss) |
.91 |
2.93 |
|
Total from investment operations |
1.00 |
2.95 |
|
Distributions from net investment income |
(.16) |
- |
|
Distributions from net realized gain |
(3.50) |
- |
|
Total distributions |
(3.66) |
- |
|
Net asset value, end of period |
$ 30.08 |
$ 32.74 |
|
Total ReturnB, C |
3.73% |
9.90% |
|
Ratios to Average Net Assets E, I |
|
|
|
Expenses before reductions |
.54%A |
.56%A |
|
Expenses net of fee waivers, if any |
.54%A |
.56%A |
|
Expenses net of all reductions |
.54%A |
.55%A |
|
Net investment income (loss) |
.63%A |
.26%A, G |
|
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 7 |
$ 5 |
|
Portfolio turnover rateF |
51%A |
34% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been .09%.
H For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.
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. Expense ratios before reductions for start-up periods may not be representative of long-term operating periods. 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor® Small Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z 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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fidelity Management & Research Company (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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and 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. For equity securities, including restricted securities, where observable inputs are
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations, are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, 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 |
$ 762,749 |
|
Gross unrealized depreciation |
(77,561) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 685,188 |
|
|
|
|
Tax cost |
$ 2,510,740 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
|
Equity Risk |
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and
Semiannual Report
4. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $4,698 and a change in net unrealized appreciation (depreciation) of $(6,553) related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $795,959 and $1,043,311, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment advisor)and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .45% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
|
Distribution |
Service |
Total Fees |
Retained |
|
Class A |
-% |
.25% |
$ 1,492 |
$ 17 |
|
Class T |
.25% |
.25% |
2,607 |
15 |
|
Class B |
.75% |
.25% |
184 |
138 |
|
Class C |
.75% |
.25% |
1,609 |
123 |
|
|
|
|
$ 5,892 |
$ 293 |
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.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
|
|
Retained |
|
Class A |
$ 83 |
|
Class T |
14 |
|
Class B* |
17 |
|
Class C* |
7 |
|
|
$ 121 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Class A |
$ 1,361 |
.23 |
|
Class T |
1,031 |
.20 |
|
Class B |
55 |
.30 |
|
Class C |
371 |
.23 |
|
Institutional Class |
658 |
.20 |
|
Class Z |
1 |
.05 |
|
|
$ 3,477 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Fees and Other Transactions with Affiliates - continued
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 $28 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. 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. 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 $450, including three hundred and twenty-two dollars from securities loaned to FCM.
Semiannual Report
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $66 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended |
Year ended |
|
From net investment income |
|
|
|
Class A |
$ 284 |
$ 2,598 |
|
Class T |
- |
386 |
|
Institutional Class |
1,305 |
6,266 |
|
Class Z |
22 |
- |
|
Total |
$ 1,611 |
$ 9,250 |
|
From net realized gain |
|
|
|
Class A |
$ 142,771 |
$ 743 |
|
Class T |
131,370 |
678 |
|
Class B |
5,267 |
- |
|
Class C |
43,783 |
- |
|
Institutional Class |
76,492 |
659 |
|
Class Z |
504 |
- |
|
Total |
$ 400,187 |
$ 2,080 |
11. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended |
Year ended |
Six months ended |
Year ended |
|
Class A |
|
|
|
|
|
Shares sold |
3,113 |
8,347 |
$ 86,167 |
$ 219,693 |
|
Reinvestment of distributions |
4,985 |
140 |
134,212 |
3,122 |
|
Shares redeemed |
(7,818) |
(21,663) |
(216,800) |
(562,269) |
|
Net increase (decrease) |
280 |
(13,176) |
$ 3,579 |
$ (339,454) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
11. Share Transactions - continued
|
|
Shares |
Dollars |
||
|
|
Six months ended |
Year ended |
Six months ended |
Year ended |
|
Class T |
|
|
|
|
|
Shares sold |
3,171 |
7,343 |
$ 83,720 |
$ 185,578 |
|
Reinvestment of distributions |
4,931 |
47 |
126,639 |
1,017 |
|
Shares redeemed |
(7,885) |
(18,873) |
(208,168) |
(469,350) |
|
Net increase (decrease) |
217 |
(11,483) |
$ 2,191 |
$ (282,755) |
|
Class B |
|
|
|
|
|
Shares sold |
11 |
15 |
$ 258 |
$ 339 |
|
Reinvestment of distributions |
220 |
- |
4,958 |
- |
|
Shares redeemed |
(267) |
(591) |
(6,178) |
(13,025) |
|
Net increase (decrease) |
(36) |
(576) |
$ (962) |
$ (12,686) |
|
Class C |
|
|
|
|
|
Shares sold |
801 |
1,802 |
$ 18,785 |
$ 41,461 |
|
Reinvestment of distributions |
1,754 |
- |
40,042 |
- |
|
Shares redeemed |
(1,637) |
(3,914) |
(38,396) |
(89,461) |
|
Net increase (decrease) |
918 |
(2,112) |
$ 20,431 |
$ (48,000) |
|
Institutional Class |
|
|
|
|
|
Shares sold |
2,765 |
9,471 |
$ 81,272 |
$ 253,670 |
|
Reinvestment of distributions |
2,348 |
264 |
67,135 |
6,205 |
|
Shares redeemed |
(7,115) |
(35,873)B |
(210,479) |
(1,032,519)B |
|
Net increase (decrease) |
(2,002) |
(26,138) |
$ (62,072) |
$ (772,644) |
|
Class Z |
|
|
|
|
|
Shares sold |
94 |
146 |
$ 2,725 |
$ 4,691 |
|
Reinvestment of distributions |
18 |
- |
526 |
- |
|
Shares redeemed |
(33) |
-* |
(962) |
(13) |
|
Net increase (decrease) |
79 |
146 |
$ 2,289 |
$ 4,678 |
A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.
B Amount includes in-kind redemptions.
* Amount represents three hundred eighty eight.
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) 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
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
ASCFI-USAN-0714 1.786802.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Small Cap
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
May 31, 2014
(Fidelity Cover Art)
Contents
|
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. © 2014 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
Shareholder Expense Example
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 (December 1, 2013 to May 31, 2014).
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 |
.97% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,035.10 |
$ 4.92 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,020.09 |
$ 4.89 |
|
Class T |
1.19% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,033.90 |
$ 6.03 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,019.00 |
$ 5.99 |
|
Class B |
1.80% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,030.80 |
$ 9.11 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.96 |
$ 9.05 |
|
Class C |
1.73% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,031.20 |
$ 8.76 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,016.31 |
$ 8.70 |
|
Institutional Class |
.70% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,036.30 |
$ 3.55 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.44 |
$ 3.53 |
|
Class Z |
.54% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,037.30 |
$ 2.74 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,022.24 |
$ 2.72 |
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 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Community Health Systems, Inc. |
2.1 |
0.9 |
|
Darling International, Inc. |
2.0 |
1.0 |
|
VeriFone Systems, Inc. |
2.0 |
0.8 |
|
Global Payments, Inc. |
2.0 |
1.8 |
|
Primerica, Inc. |
1.9 |
1.7 |
|
Office Depot, Inc. |
1.8 |
1.7 |
|
The Ensign Group, Inc. |
1.8 |
1.6 |
|
WESCO International, Inc. |
1.7 |
1.5 |
|
CDW Corp. |
1.7 |
1.1 |
|
RenaissanceRe Holdings Ltd. |
1.7 |
0.8 |
|
|
18.7 |
|
|
Top Five Market Sectors as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Financials |
21.2 |
19.2 |
|
Information Technology |
18.7 |
16.7 |
|
Industrials |
16.8 |
14.7 |
|
Consumer Discretionary |
15.6 |
16.3 |
|
Health Care |
12.1 |
11.3 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2014 * |
As of November 30, 2013 ** |
||||||
 |
Stocks and |
|
|
Stocks and |
|
||
 |
Other Investments 0.6% |
|
 |
Other Investments 0.0% |
|
||
 |
Short-Term |
|
|
Short-Term |
|
||
|
* Foreign investments |
18.3% |
|
** Foreign investments |
19.7% |
|
||
Semiannual Report
Investments May 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 96.9% |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER DISCRETIONARY - 15.6% |
|||
|
Diversified Consumer Services - 1.6% |
|||
|
Best Bridal, Inc. (e)(f) |
2,800,000 |
$ 16,719 |
|
|
Grand Canyon Education, Inc. (a) |
350,000 |
15,418 |
|
|
Meiko Network Japan Co. Ltd. (f) |
1,577,900 |
18,464 |
|
|
|
50,601 |
||
|
Hotels, Restaurants & Leisure - 1.3% |
|||
|
Bally Technologies, Inc. (a) |
400,000 |
23,600 |
|
|
Texas Roadhouse, Inc. Class A |
650,000 |
16,432 |
|
|
|
40,032 |
||
|
Household Durables - 1.7% |
|||
|
Iida Group Holdings Co. Ltd. |
1,100,000 |
16,638 |
|
|
Tupperware Brands Corp. |
440,000 |
36,837 |
|
|
|
53,475 |
||
|
Leisure Products - 1.0% |
|||
|
Smith & Wesson Holding Corp. (a)(e) |
2,000,000 |
31,760 |
|
|
Media - 1.1% |
|||
|
Harte-Hanks, Inc. |
3,100,000 |
22,041 |
|
|
John Wiley & Sons, Inc. Class A |
234,800 |
12,862 |
|
|
|
34,903 |
||
|
Multiline Retail - 1.0% |
|||
|
Big Lots, Inc. (a) |
700,000 |
29,708 |
|
|
Specialty Retail - 4.5% |
|||
|
Aarons, Inc. Class A |
1,100,000 |
36,124 |
|
|
Genesco, Inc. (a) |
500,000 |
37,445 |
|
|
Jumbo SA (a) |
840,909 |
12,540 |
|
|
Office Depot, Inc. (a) |
11,000,000 |
56,320 |
|
|
|
142,429 |
||
|
Textiles, Apparel & Luxury Goods - 3.4% |
|||
|
Crocs, Inc. (a) |
1,500,000 |
22,395 |
|
|
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) |
800,000 |
35,600 |
|
|
Steven Madden Ltd. (a) |
1,100,000 |
35,046 |
|
|
Wolverine World Wide, Inc. |
500,000 |
12,935 |
|
|
|
105,976 |
||
|
TOTAL CONSUMER DISCRETIONARY |
488,884 |
||
|
CONSUMER STAPLES - 3.9% |
|||
|
Food & Staples Retailing - 1.9% |
|||
|
Ain Pharmaciez, Inc. |
100,000 |
4,563 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER STAPLES - continued |
|||
|
Food & Staples Retailing - continued |
|||
|
Sundrug Co. Ltd. |
600,000 |
$ 26,991 |
|
|
Tsuruha Holdings, Inc. |
500,000 |
26,877 |
|
|
|
58,431 |
||
|
Food Products - 2.0% |
|||
|
Darling International, Inc. (a) |
3,200,000 |
63,968 |
|
|
TOTAL CONSUMER STAPLES |
122,399 |
||
|
ENERGY - 6.6% |
|||
|
Energy Equipment & Services - 5.0% |
|||
|
Cathedral Energy Services Ltd. (f) |
3,141,600 |
14,226 |
|
|
Key Energy Services, Inc. (a) |
4,400,000 |
35,420 |
|
|
McDermott International, Inc. (a)(e) |
2,000,000 |
14,520 |
|
|
Oil States International, Inc. (a) |
320,000 |
34,426 |
|
|
Oil States International, Inc. (a)(i) |
200,000 |
12,170 |
|
|
Pason Systems, Inc. |
1,300,000 |
35,428 |
|
|
Western Energy Services Corp. (a)(g) |
1,080,720 |
10,844 |
|
|
|
157,034 |
||
|
Oil, Gas & Consumable Fuels - 1.6% |
|||
|
World Fuel Services Corp. |
1,100,000 |
50,996 |
|
|
TOTAL ENERGY |
208,030 |
||
|
FINANCIALS - 20.6% |
|||
|
Banks - 5.2% |
|||
|
Bank of the Ozarks, Inc. |
250,000 |
14,760 |
|
|
East West Bancorp, Inc. |
1,000,000 |
33,480 |
|
|
Investors Bancorp, Inc. |
3,316,300 |
35,816 |
|
|
Prosperity Bancshares, Inc. |
300,000 |
17,439 |
|
|
Square 1 Financial, Inc. Class A |
930,652 |
17,580 |
|
|
Umpqua Holdings Corp. |
1,357,724 |
22,497 |
|
|
Wilshire Bancorp, Inc. |
2,200,000 |
22,198 |
|
|
|
163,770 |
||
|
Consumer Finance - 0.9% |
|||
|
EZCORP, Inc. (non-vtg.) Class A (a) |
1,765,700 |
21,577 |
|
|
Portfolio Recovery Associates, Inc. (a) |
113,728 |
6,345 |
|
|
|
27,922 |
||
|
Insurance - 7.8% |
|||
|
CNO Financial Group, Inc. |
2,200,000 |
35,486 |
|
|
Enstar Group Ltd. (a) |
180,000 |
25,362 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
FINANCIALS - continued |
|||
|
Insurance - continued |
|||
|
HCC Insurance Holdings, Inc. |
750,000 |
$ 35,235 |
|
|
Primerica, Inc. |
1,300,000 |
58,552 |
|
|
Reinsurance Group of America, Inc. |
500,000 |
39,080 |
|
|
RenaissanceRe Holdings Ltd. |
500,000 |
52,085 |
|
|
|
245,800 |
||
|
Real Estate Investment Trusts - 6.3% |
|||
|
Corrections Corp. of America |
1,150,000 |
37,410 |
|
|
EPR Properties |
750,000 |
40,440 |
|
|
Equity Lifestyle Properties, Inc. |
350,000 |
15,309 |
|
|
MFA Financial, Inc. |
3,900,000 |
32,097 |
|
|
National Health Investors, Inc. |
550,000 |
34,496 |
|
|
Rouse Properties, Inc. |
1,400,000 |
22,848 |
|
|
Sovran Self Storage, Inc. |
200,000 |
15,360 |
|
|
|
197,960 |
||
|
Real Estate Management & Development - 0.4% |
|||
|
Relo Holdings Corp. |
200,000 |
11,562 |
|
|
TOTAL FINANCIALS |
647,014 |
||
|
HEALTH CARE - 12.1% |
|||
|
Biotechnology - 1.1% |
|||
|
United Therapeutics Corp. (a) |
350,000 |
33,509 |
|
|
Health Care Equipment & Supplies - 1.1% |
|||
|
The Cooper Companies, Inc. |
270,000 |
34,835 |
|
|
Health Care Providers & Services - 7.1% |
|||
|
AmSurg Corp. (a) |
713,000 |
32,285 |
|
|
Community Health Systems, Inc. (a) |
1,600,000 |
66,829 |
|
|
Health Net, Inc. (a) |
700,000 |
27,986 |
|
|
MEDNAX, Inc. (a) |
300,000 |
17,289 |
|
|
Providence Service Corp. (a) |
600,000 |
24,120 |
|
|
The Ensign Group, Inc. (f) |
1,200,000 |
56,280 |
|
|
|
224,789 |
||
|
Pharmaceuticals - 2.8% |
|||
|
Jazz Pharmaceuticals PLC (a) |
150,000 |
21,279 |
|
|
Phibro Animal Health Corp. Class A |
1,301,400 |
24,766 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
HEALTH CARE - continued |
|||
|
Pharmaceuticals - continued |
|||
|
Prestige Brands Holdings, Inc. (a) |
650,000 |
$ 22,230 |
|
|
Sawai Pharmaceutical Co. Ltd. |
300,000 |
18,706 |
|
|
|
86,981 |
||
|
TOTAL HEALTH CARE |
380,114 |
||
|
INDUSTRIALS - 16.8% |
|||
|
Aerospace & Defense - 2.8% |
|||
|
Engility Holdings, Inc. (a) |
600,000 |
23,190 |
|
|
Moog, Inc. Class A (a) |
400,000 |
28,824 |
|
|
Teledyne Technologies, Inc. (a) |
400,000 |
37,908 |
|
|
|
89,922 |
||
|
Commercial Services & Supplies - 3.9% |
|||
|
Deluxe Corp. |
500,000 |
28,045 |
|
|
Mitie Group PLC |
5,600,000 |
31,474 |
|
|
UniFirst Corp. |
250,000 |
24,738 |
|
|
West Corp. |
1,500,000 |
40,200 |
|
|
|
124,457 |
||
|
Construction & Engineering - 0.9% |
|||
|
Badger Daylighting Ltd. |
900,000 |
29,051 |
|
|
Machinery - 4.5% |
|||
|
Federal Signal Corp. |
1,800,000 |
24,696 |
|
|
Hy-Lok Corp. (f) |
699,000 |
20,956 |
|
|
Standex International Corp. |
450,000 |
33,228 |
|
|
TriMas Corp. (a) |
900,000 |
31,599 |
|
|
Valmont Industries, Inc. |
200,000 |
30,990 |
|
|
|
141,469 |
||
|
Marine - 0.3% |
|||
|
SITC International Holdings Co. Ltd. |
19,000,000 |
8,308 |
|
|
Professional Services - 0.4% |
|||
|
Benefit One, Inc. |
1,500,000 |
11,325 |
|
|
Trading Companies & Distributors - 3.3% |
|||
|
Aceto Corp. |
1,200,000 |
20,916 |
|
|
Textainer Group Holdings Ltd. |
750,000 |
29,055 |
|
|
WESCO International, Inc. (a) |
620,000 |
52,960 |
|
|
|
102,931 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INDUSTRIALS - continued |
|||
|
Transportation Infrastructure - 0.7% |
|||
|
Wesco Aircraft Holdings, Inc. (a) |
1,000,000 |
$ 21,740 |
|
|
TOTAL INDUSTRIALS |
529,203 |
||
|
INFORMATION TECHNOLOGY - 18.7% |
|||
|
Electronic Equipment & Components - 6.0% |
|||
|
Belden, Inc. |
400,000 |
28,796 |
|
|
CDW Corp. |
1,800,000 |
52,938 |
|
|
Insight Enterprises, Inc. (a) |
900,000 |
24,462 |
|
|
ScanSource, Inc. (a) |
350,000 |
12,985 |
|
|
SYNNEX Corp. (a) |
500,000 |
33,055 |
|
|
Zebra Technologies Corp. Class A (a) |
500,000 |
37,150 |
|
|
|
189,386 |
||
|
Internet Software & Services - 2.3% |
|||
|
Conversant, Inc. (a)(e) |
1,300,000 |
30,654 |
|
|
Perficient, Inc. (a) |
800,000 |
14,112 |
|
|
Stamps.com, Inc. (a)(f) |
850,000 |
27,472 |
|
|
|
72,238 |
||
|
IT Services - 7.5% |
|||
|
EPAM Systems, Inc. (a) |
1,000,000 |
42,070 |
|
|
Genpact Ltd. (a) |
1,300,000 |
21,905 |
|
|
Global Payments, Inc. |
900,000 |
61,704 |
|
|
Syntel, Inc. (a) |
350,000 |
28,315 |
|
|
VeriFone Systems, Inc. (a) |
1,900,000 |
62,339 |
|
|
WEX, Inc. (a) |
200,000 |
19,258 |
|
|
|
235,591 |
||
|
Software - 2.9% |
|||
|
NIIT Technologies Ltd. (f) |
3,800,000 |
25,126 |
|
|
Sword Group (f) |
587,339 |
15,933 |
|
|
Verint Systems, Inc. (a) |
620,000 |
28,725 |
|
|
Zensar Technologies Ltd. (f) |
3,500,000 |
21,602 |
|
|
|
91,386 |
||
|
TOTAL INFORMATION TECHNOLOGY |
588,601 |
||
|
MATERIALS - 1.8% |
|||
|
Chemicals - 0.9% |
|||
|
PolyOne Corp. |
700,000 |
28,091 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
MATERIALS - continued |
|||
|
Containers & Packaging - 0.9% |
|||
|
Sealed Air Corp. |
900,000 |
$ 29,637 |
|
|
TOTAL MATERIALS |
57,728 |
||
|
TELECOMMUNICATION SERVICES - 0.3% |
|||
|
Diversified Telecommunication Services - 0.3% |
|||
|
Amcom Telecommunications Ltd. |
1,700,000 |
3,449 |
|
|
Asia Satellite Telecommunications Holdings Ltd. |
800,000 |
3,230 |
|
|
iiNet Ltd. |
500,000 |
3,453 |
|
|
|
10,132 |
||
|
UTILITIES - 0.5% |
|||
|
Gas Utilities - 0.5% |
|||
|
New Jersey Resources Corp. |
300,000 |
16,503 |
|
|
TOTAL COMMON STOCKS (Cost $2,363,126) |
|
||
|
U.S. Treasury Obligations - 0.1% |
||||
|
|
Principal |
|
||
|
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 7/17/14 to 8/21/14 (j) |
|
$ 3,230 |
|
|
|
Preferred Securities - 0.6% |
||||
|
|
|
|
|
|
|
FINANCIALS - 0.6% |
||||
|
Diversified Financial Services - 0.6% |
||||
|
Baggot Securities Ltd. 10.24% (g)(h) |
EUR |
12,000 |
|
|
|
Money Market Funds - 4.0% |
|||
|
Shares |
Value (000s) |
||
|
Fidelity Cash Central Fund, 0.10% (b) |
91,089,172 |
$ 91,089 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
34,652,403 |
34,652 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $125,741) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $2,510,740) |
3,195,928 |
||
|
NET OTHER ASSETS (LIABILITIES) - (1.6)% |
(51,432) |
||
|
NET ASSETS - 100% |
$ 3,144,496 |
||
|
Futures Contracts |
|||||
|
|
Expiration |
Underlying |
Unrealized |
||
|
Purchased |
|||||
|
Equity Index Contracts |
|||||
|
601 ICE Russell 2000 Index Contracts (United States) |
June 2014 |
$ 68,105 |
$ 785 |
||
|
|
|
The face value of futures purchased as a percentage of net assets is 2.2% |
|
Currency Abbreviations |
||
|
EUR |
- |
European Monetary Unit |
|
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) Amount is stated in United States dollars unless otherwise noted. |
|
(e) Security or a portion of the security is on loan at period end. |
|
(f) Affiliated company |
|
(g) 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 $29,193,000 or 0.9% of net assets. |
|
(h) Security is perpetual in nature with no stated maturity date. |
|
(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
|
(j) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,230,000. |
|
Affiliated Central Funds |
|
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
|
Fund |
Income earned |
|
Fidelity Cash Central Fund |
$ 52 |
|
Fidelity Securities Lending Cash Central Fund |
450 |
|
Total |
$ 502 |
|
Other Affiliated Issuers |
|
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
|
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
|
Atrium Innovations, Inc. |
$ 46,147 |
$ - |
$ 44,191 |
$ - |
$ - |
|
Badger Daylighting Ltd. |
60,809 |
365 |
39,687 |
179 |
- |
|
Best Bridal, Inc. |
18,568 |
69 |
- |
120 |
16,719 |
|
Cathedral Energy Services Ltd. |
14,931 |
- |
- |
407 |
14,226 |
|
Hy-Lok Corp. |
10,584 |
7,747 |
- |
110 |
20,956 |
|
Meiko Network Japan Co. Ltd. |
16,280 |
- |
- |
222 |
18,464 |
|
NIIT Technologies Ltd. |
19,396 |
- |
- |
- |
25,126 |
|
Stamps.com, Inc. |
40,385 |
- |
1,143 |
- |
27,472 |
|
Sword Group |
12,673 |
- |
- |
693 |
15,933 |
|
The Ensign Group, Inc. |
55,437 |
- |
1,216 |
168 |
56,280 |
|
Zensar Technologies Ltd. |
18,120 |
- |
- |
224 |
21,602 |
|
Total |
$ 313,330 |
$ 8,181 |
$ 86,237 |
$ 2,123 |
$ 216,778 |
|
Other Information |
|
The following is a summary of the inputs used, as of May 31, 2014, 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 |
$ 488,884 |
$ 437,063 |
$ 51,821 |
$ - |
|
Consumer Staples |
122,399 |
63,968 |
58,431 |
- |
|
Energy |
208,030 |
208,030 |
- |
- |
|
Financials |
647,014 |
635,452 |
11,562 |
- |
|
Health Care |
380,114 |
361,408 |
18,706 |
- |
|
Industrials |
529,203 |
517,878 |
11,325 |
- |
|
Information Technology |
588,601 |
588,601 |
- |
- |
|
Materials |
57,728 |
57,728 |
- |
- |
|
Telecommunication Services |
10,132 |
10,132 |
- |
- |
|
Utilities |
16,503 |
16,503 |
- |
- |
|
U.S. Government and Government Agency Obligations |
3,230 |
- |
3,230 |
- |
|
Preferred Securities |
18,349 |
- |
18,349 |
- |
|
Money Market Funds |
125,741 |
125,741 |
- |
- |
|
Total Investments in Securities: |
$ 3,195,928 |
$ 3,022,504 |
$ 173,424 |
$ - |
|
Derivative Instruments: |
||||
|
Assets |
||||
|
Futures Contracts |
$ 785 |
$ 785 |
$ - |
$ - |
|
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2014. 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 (000s) |
|
Level 1 to Level 2 |
$ 142,028 |
|
Level 2 to Level 1 |
$ - |
|
Value of Derivative Instruments |
|
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2014. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
|
Primary Risk Exposure / (Amounts in thousands) |
Value |
|
|
|
Asset |
Liability |
|
Equity Risk |
||
|
Futures Contracts (a) |
$ 785 |
$ - |
|
Total Value of Derivatives |
$ 785 |
$ - |
|
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
|
United States of America |
81.7% |
|
Japan |
4.9% |
|
Bermuda |
4.2% |
|
Canada |
2.8% |
|
India |
1.5% |
|
Ireland |
1.3% |
|
United Kingdom |
1.0% |
|
Others (Individually Less Than 1%) |
2.6% |
|
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including securities loaned of $33,273) - See accompanying schedule: Unaffiliated issuers (cost $2,217,958) |
$ 2,853,409 |
|
|
Fidelity Central Funds (cost $125,741) |
125,741 |
|
|
Other affiliated issuers (cost $167,041) |
216,778 |
|
|
Total Investments (cost $2,510,740) |
|
$ 3,195,928 |
|
Cash |
|
1,161 |
|
Receivable for investments sold |
|
7,064 |
|
Receivable for fund shares sold |
|
2,120 |
|
Dividends receivable |
|
1,982 |
|
Distributions receivable from Fidelity Central Funds |
|
61 |
|
Prepaid expenses |
|
1 |
|
Other receivables |
|
20 |
|
Total assets |
|
3,208,337 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 10,503 |
|
|
Delayed delivery |
8,025 |
|
|
Payable for fund shares redeemed |
7,437 |
|
|
Accrued management fee |
1,166 |
|
|
Distribution and service plan fees payable |
957 |
|
|
Payable for daily variation margin for derivative instruments |
397 |
|
|
Other affiliated payables |
640 |
|
|
Other payables and accrued expenses |
64 |
|
|
Collateral on securities loaned, at value |
34,652 |
|
|
Total liabilities |
|
63,841 |
|
|
|
|
|
Net Assets |
|
$ 3,144,496 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 2,156,674 |
|
Undistributed net investment income |
|
446 |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
301,403 |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
685,973 |
|
Net Assets |
|
$ 3,144,496 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 28.33 |
|
|
|
|
|
Maximum offering price per share (100/94.25 of $28.33) |
|
$ 30.06 |
|
Class T: |
|
$ 26.99 |
|
|
|
|
|
Maximum offering price per share (100/96.50 of $26.99) |
|
$ 27.97 |
|
Class B: |
|
$ 23.57 |
|
|
|
|
|
Class C: |
|
$ 23.91 |
|
|
|
|
|
Institutional Class: |
|
$ 30.14 |
|
|
|
|
|
Class Z: |
|
$ 30.08 |
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
Statement of Operations
|
Amounts in thousands Six months ended May 31, 2014 (Unaudited) |
||
|
|
|
|
|
Investment Income |
|
|
|
Dividends (including $2,123 earned from other affiliated issuers) |
|
$ 18,443 |
|
Income from Fidelity Central Funds |
|
502 |
|
Total income |
|
18,945 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 11,384 |
|
|
Performance adjustment |
(4,040) |
|
|
Transfer agent fees |
3,477 |
|
|
Distribution and service plan fees |
5,892 |
|
|
Accounting and security lending fees |
483 |
|
|
Custodian fees and expenses |
64 |
|
|
Independent trustees' compensation |
7 |
|
|
Registration fees |
80 |
|
|
Audit |
41 |
|
|
Legal |
5 |
|
|
Miscellaneous |
14 |
|
|
Total expenses before reductions |
17,407 |
|
|
Expense reductions |
(66) |
17,341 |
|
Net investment income (loss) |
|
1,604 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
270,300 |
|
|
Other affiliated issuers |
41,108 |
|
|
Foreign currency transactions |
(673) |
|
|
Futures contracts |
4,698 |
|
|
Total net realized gain (loss) |
|
315,433 |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
(202,925) |
|
|
Assets and liabilities in foreign currencies |
13 |
|
|
Futures contracts |
(6,553) |
|
|
Total change in net unrealized appreciation (depreciation) |
|
(209,465) |
|
Net gain (loss) |
|
105,968 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ 107,572 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
Amounts in thousands |
Six months ended |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 1,604 |
$ 15,726 |
|
Net realized gain (loss) |
315,433 |
686,475 |
|
Change in net unrealized appreciation (depreciation) |
(209,465) |
501,751 |
|
Net increase (decrease) in net assets resulting |
107,572 |
1,203,952 |
|
Distributions to shareholders from net investment income |
(1,611) |
(9,250) |
|
Distributions to shareholders from net realized gain |
(400,187) |
(2,080) |
|
Total distributions |
(401,798) |
(11,330) |
|
Share transactions - net increase (decrease) |
(34,544) |
(1,450,861) |
|
Total increase (decrease) in net assets |
(328,770) |
(258,239) |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
3,473,266 |
3,731,505 |
|
End of period (including undistributed net investment income of $446 and undistributed net investment income of $453, respectively) |
$ 3,144,496 |
$ 3,473,266 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 30.96 |
$ 22.45 |
$ 23.60 |
$ 24.35 |
$ 21.00 |
$ 17.69 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)E |
.03 |
.12H |
(.03) |
(.09)I |
(.13) |
(.03) |
|
Net realized and unrealized gain (loss) |
.85 |
8.45 |
.79 |
.67 |
3.48 |
4.09 |
|
Total from investment operations |
.88 |
8.57 |
.76 |
.58 |
3.35 |
4.06 |
|
Distributions from net investment income |
(.01) |
(.05) |
- |
- |
- |
(.03) |
|
Distributions from net realized gain |
(3.50) |
(.01) |
(1.91) |
(1.33) |
- |
(.72) |
|
Total distributions |
(3.51) |
(.06) |
(1.91) |
(1.33) |
- |
(.75) |
|
Net asset value, end of period |
$ 28.33 |
$ 30.96 |
$ 22.45 |
$ 23.60 |
$ 24.35 |
$ 21.00 |
|
Total ReturnB, C, D |
3.51% |
38.30% |
3.87% |
2.17% |
15.95% |
24.04% |
|
Ratios to Average Net Assets F, J |
|
|
|
|
|
|
|
Expenses before reductions |
.97%A |
1.01% |
1.06% |
1.31% |
1.44% |
1.53% |
|
Expenses net of fee waivers, if any |
.97%A |
1.01% |
1.06% |
1.31% |
1.40% |
1.40% |
|
Expenses net of all reductions |
.97%A |
1.00% |
1.06% |
1.31% |
1.40% |
1.40% |
|
Net investment income (loss) |
.20%A |
.46%H |
(.13)% |
(.35)%I |
(.58)% |
(.16)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,164 |
$ 1,263 |
$ 1,212 |
$ 1,461 |
$ 1,501 |
$ 1,223 |
|
Portfolio turnover rateG |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .29%.
I Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.50)%.
J 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 29.69 |
$ 21.52 |
$ 22.75 |
$ 23.57 |
$ 20.37 |
$ 17.20 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)E |
-K |
.06H |
(.07) |
(.13)I |
(.18) |
(.07) |
|
Net realized and unrealized gain (loss) |
.80 |
8.13 |
.75 |
.64 |
3.38 |
3.96 |
|
Total from investment operations |
.80 |
8.19 |
.68 |
.51 |
3.20 |
3.89 |
|
Distributions from net investment income |
- |
(.01) |
- |
- |
- |
- |
|
Distributions from net realized gain |
(3.50) |
(.01) |
(1.91) |
(1.33) |
- |
(.72) |
|
Total distributions |
(3.50) |
(.02) |
(1.91) |
(1.33) |
- |
(.72) |
|
Net asset value, end of period |
$ 26.99 |
$ 29.69 |
$ 21.52 |
$ 22.75 |
$ 23.57 |
$ 20.37 |
|
Total ReturnB, C, D |
3.39% |
38.11% |
3.64% |
1.94% |
15.71% |
23.69% |
|
Ratios to Average Net Assets F, J |
|
|
|
|
|
|
|
Expenses before reductions |
1.19%A |
1.22% |
1.26% |
1.51% |
1.63% |
1.74% |
|
Expenses net of fee waivers, if any |
1.19%A |
1.22% |
1.26% |
1.51% |
1.63% |
1.65% |
|
Expenses net of all reductions |
1.19%A |
1.21% |
1.25% |
1.51% |
1.63% |
1.65% |
|
Net investment income (loss) |
(.02)%A |
.25%H |
(.33)% |
(.55)%I |
(.81)% |
(.41)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,018 |
$ 1,113 |
$ 1,054 |
$ 1,244 |
$ 1,356 |
$ 1,277 |
|
Portfolio turnover rateG |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .09%.
I Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.70)%.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 26.45 |
$ 19.27 |
$ 20.69 |
$ 21.66 |
$ 18.82 |
$ 16.02 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)E |
(.07) |
(.08)H |
(.18) |
(.25)I |
(.27) |
(.15) |
|
Net realized and unrealized gain (loss) |
.69 |
7.26 |
.67 |
.61 |
3.11 |
3.67 |
|
Total from investment operations |
.62 |
7.18 |
.49 |
.36 |
2.84 |
3.52 |
|
Distributions from net realized gain |
(3.50) |
- |
(1.91) |
(1.33) |
- |
(.72) |
|
Net asset value, end of period |
$ 23.57 |
$ 26.45 |
$ 19.27 |
$ 20.69 |
$ 21.66 |
$ 18.82 |
|
Total ReturnB, C, D |
3.08% |
37.26% |
3.03% |
1.39% |
15.09% |
23.10% |
|
Ratios to Average Net Assets F, J |
|
|
|
|
|
|
|
Expenses before reductions |
1.80%A |
1.81% |
1.85% |
2.10% |
2.22% |
2.31% |
|
Expenses net of fee waivers, if any |
1.80%A |
1.81% |
1.85% |
2.10% |
2.15% |
2.15% |
|
Expenses net of all reductions |
1.79%A |
1.80% |
1.84% |
2.10% |
2.14% |
2.15% |
|
Net investment income (loss) |
(.63)%A |
(.34)%H |
(.92)% |
(1.14)%I |
(1.33)% |
(.91)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 35 |
$ 40 |
$ 40 |
$ 55 |
$ 76 |
$ 89 |
|
Portfolio turnover rateG |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.51)%.
I Investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.29)%.
J 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 26.77 |
$ 19.50 |
$ 20.90 |
$ 21.87 |
$ 19.00 |
$ 16.16 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)E |
(.07) |
(.07)H |
(.17) |
(.24)I |
(.27) |
(.15) |
|
Net realized and unrealized gain (loss) |
.71 |
7.34 |
.68 |
.60 |
3.14 |
3.71 |
|
Total from investment operations |
.64 |
7.27 |
.51 |
.36 |
2.87 |
3.56 |
|
Distributions from net realized gain |
(3.50) |
- |
(1.91) |
(1.33) |
- |
(.72) |
|
Net asset value, end of period |
$ 23.91 |
$ 26.77 |
$ 19.50 |
$ 20.90 |
$ 21.87 |
$ 19.00 |
|
Total ReturnB, C, D |
3.12% |
37.28% |
3.10% |
1.37% |
15.11% |
23.15% |
|
Ratios to Average Net Assets F, J |
|
|
|
|
|
|
|
Expenses before reductions |
1.73%A |
1.76% |
1.81% |
2.06% |
2.18% |
2.28% |
|
Expenses net of fee waivers, if any |
1.73%A |
1.76% |
1.81% |
2.06% |
2.15% |
2.15% |
|
Expenses net of all reductions |
1.72%A |
1.75% |
1.80% |
2.05% |
2.14% |
2.15% |
|
Net investment income (loss) |
(.56)%A |
(.29)%H |
(.88)% |
(1.10)%I |
(1.33)% |
(.91)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 320 |
$ 334 |
$ 284 |
$ 328 |
$ 336 |
$ 299 |
|
Portfolio turnover rateG |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.45)%.
I Investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.25)%.
J 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 32.73 |
$ 23.73 |
$ 24.77 |
$ 25.42 |
$ 21.86 |
$ 18.42 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)D |
.07 |
.21G |
.04 |
(.01)H |
(.07) |
.02 |
|
Net realized and unrealized gain (loss) |
.90 |
8.94 |
.83 |
.69 |
3.63 |
4.24 |
|
Total from investment operations |
.97 |
9.15 |
.87 |
.68 |
3.56 |
4.26 |
|
Distributions from net investment income |
(.06) |
(.13) |
- |
- |
- |
(.10) |
|
Distributions from net realized gain |
(3.50) |
(.01) |
(1.91) |
(1.33) |
- |
(.72) |
|
Total distributions |
(3.56) |
(.15)J |
(1.91) |
(1.33) |
- |
(.82) |
|
Net asset value, end of period |
$ 30.14 |
$ 32.73 |
$ 23.73 |
$ 24.77 |
$ 25.42 |
$ 21.86 |
|
Total ReturnB, C |
3.63% |
38.79% |
4.15% |
2.49% |
16.29% |
24.31% |
|
Ratios to Average Net Assets E, I |
|
|
|
|
|
|
|
Expenses before reductions |
.70%A |
.71% |
.75% |
1.01% |
1.12% |
1.21% |
|
Expenses net of fee waivers, if any |
.70%A |
.71% |
.75% |
1.01% |
1.12% |
1.15% |
|
Expenses net of all reductions |
.69%A |
.70% |
.74% |
1.00% |
1.12% |
1.15% |
|
Net investment income (loss) |
.47%A |
.76%G |
.18% |
(.05)%H |
(.30)% |
.09% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 601 |
$ 718 |
$ 1,141 |
$ 1,314 |
$ 1,165 |
$ 977 |
|
Portfolio turnover rateF |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .59%.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.19)%.
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 Total distributions of $.15 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.014 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
|
|
Six months ended |
Year ended |
|
|
(Unaudited) |
2013H |
|
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 32.74 |
$ 29.79 |
|
Income from Investment Operations |
|
|
|
Net investment income (loss)D |
.09 |
.02G |
|
Net realized and unrealized gain (loss) |
.91 |
2.93 |
|
Total from investment operations |
1.00 |
2.95 |
|
Distributions from net investment income |
(.16) |
- |
|
Distributions from net realized gain |
(3.50) |
- |
|
Total distributions |
(3.66) |
- |
|
Net asset value, end of period |
$ 30.08 |
$ 32.74 |
|
Total ReturnB, C |
3.73% |
9.90% |
|
Ratios to Average Net Assets E, I |
|
|
|
Expenses before reductions |
.54%A |
.56%A |
|
Expenses net of fee waivers, if any |
.54%A |
.56%A |
|
Expenses net of all reductions |
.54%A |
.55%A |
|
Net investment income (loss) |
.63%A |
.26%A, G |
|
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 7 |
$ 5 |
|
Portfolio turnover rateF |
51%A |
34% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been .09%.
H For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.
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. Expense ratios before reductions for start-up periods may not be representative of long-term operating periods. 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor® Small Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z 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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fidelity Management & Research Company (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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and 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. For equity securities, including restricted securities, where observable inputs are
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations, are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, 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 |
$ 762,749 |
|
Gross unrealized depreciation |
(77,561) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 685,188 |
|
|
|
|
Tax cost |
$ 2,510,740 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
|
Equity Risk |
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and
Semiannual Report
4. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $4,698 and a change in net unrealized appreciation (depreciation) of $(6,553) related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $795,959 and $1,043,311, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment advisor)and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .45% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
|
Distribution |
Service |
Total Fees |
Retained |
|
Class A |
-% |
.25% |
$ 1,492 |
$ 17 |
|
Class T |
.25% |
.25% |
2,607 |
15 |
|
Class B |
.75% |
.25% |
184 |
138 |
|
Class C |
.75% |
.25% |
1,609 |
123 |
|
|
|
|
$ 5,892 |
$ 293 |
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.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
|
|
Retained |
|
Class A |
$ 83 |
|
Class T |
14 |
|
Class B* |
17 |
|
Class C* |
7 |
|
|
$ 121 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Class A |
$ 1,361 |
.23 |
|
Class T |
1,031 |
.20 |
|
Class B |
55 |
.30 |
|
Class C |
371 |
.23 |
|
Institutional Class |
658 |
.20 |
|
Class Z |
1 |
.05 |
|
|
$ 3,477 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Fees and Other Transactions with Affiliates - continued
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 $28 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. 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. 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 $450, including three hundred and twenty-two dollars from securities loaned to FCM.
Semiannual Report
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $66 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended |
Year ended |
|
From net investment income |
|
|
|
Class A |
$ 284 |
$ 2,598 |
|
Class T |
- |
386 |
|
Institutional Class |
1,305 |
6,266 |
|
Class Z |
22 |
- |
|
Total |
$ 1,611 |
$ 9,250 |
|
From net realized gain |
|
|
|
Class A |
$ 142,771 |
$ 743 |
|
Class T |
131,370 |
678 |
|
Class B |
5,267 |
- |
|
Class C |
43,783 |
- |
|
Institutional Class |
76,492 |
659 |
|
Class Z |
504 |
- |
|
Total |
$ 400,187 |
$ 2,080 |
11. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended |
Year ended |
Six months ended |
Year ended |
|
Class A |
|
|
|
|
|
Shares sold |
3,113 |
8,347 |
$ 86,167 |
$ 219,693 |
|
Reinvestment of distributions |
4,985 |
140 |
134,212 |
3,122 |
|
Shares redeemed |
(7,818) |
(21,663) |
(216,800) |
(562,269) |
|
Net increase (decrease) |
280 |
(13,176) |
$ 3,579 |
$ (339,454) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
11. Share Transactions - continued
|
|
Shares |
Dollars |
||
|
|
Six months ended |
Year ended |
Six months ended |
Year ended |
|
Class T |
|
|
|
|
|
Shares sold |
3,171 |
7,343 |
$ 83,720 |
$ 185,578 |
|
Reinvestment of distributions |
4,931 |
47 |
126,639 |
1,017 |
|
Shares redeemed |
(7,885) |
(18,873) |
(208,168) |
(469,350) |
|
Net increase (decrease) |
217 |
(11,483) |
$ 2,191 |
$ (282,755) |
|
Class B |
|
|
|
|
|
Shares sold |
11 |
15 |
$ 258 |
$ 339 |
|
Reinvestment of distributions |
220 |
- |
4,958 |
- |
|
Shares redeemed |
(267) |
(591) |
(6,178) |
(13,025) |
|
Net increase (decrease) |
(36) |
(576) |
$ (962) |
$ (12,686) |
|
Class C |
|
|
|
|
|
Shares sold |
801 |
1,802 |
$ 18,785 |
$ 41,461 |
|
Reinvestment of distributions |
1,754 |
- |
40,042 |
- |
|
Shares redeemed |
(1,637) |
(3,914) |
(38,396) |
(89,461) |
|
Net increase (decrease) |
918 |
(2,112) |
$ 20,431 |
$ (48,000) |
|
Institutional Class |
|
|
|
|
|
Shares sold |
2,765 |
9,471 |
$ 81,272 |
$ 253,670 |
|
Reinvestment of distributions |
2,348 |
264 |
67,135 |
6,205 |
|
Shares redeemed |
(7,115) |
(35,873)B |
(210,479) |
(1,032,519)B |
|
Net increase (decrease) |
(2,002) |
(26,138) |
$ (62,072) |
$ (772,644) |
|
Class Z |
|
|
|
|
|
Shares sold |
94 |
146 |
$ 2,725 |
$ 4,691 |
|
Reinvestment of distributions |
18 |
- |
526 |
- |
|
Shares redeemed |
(33) |
-* |
(962) |
(13) |
|
Net increase (decrease) |
79 |
146 |
$ 2,289 |
$ 4,678 |
A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.
B Amount includes in-kind redemptions.
* Amount represents three hundred eighty eight.
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) 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
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
ASCF-USAN-0714 1.786801.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Small Cap
Fund - Class Z
Semiannual Report
May 31, 2014
(Fidelity Cover Art)
Contents
|
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. © 2014 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
Shareholder Expense Example
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 (December 1, 2013 to May 31, 2014).
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 |
.97% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,035.10 |
$ 4.92 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,020.09 |
$ 4.89 |
|
Class T |
1.19% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,033.90 |
$ 6.03 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,019.00 |
$ 5.99 |
|
Class B |
1.80% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,030.80 |
$ 9.11 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,015.96 |
$ 9.05 |
|
Class C |
1.73% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,031.20 |
$ 8.76 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,016.31 |
$ 8.70 |
|
Institutional Class |
.70% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,036.30 |
$ 3.55 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.44 |
$ 3.53 |
|
Class Z |
.54% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,037.30 |
$ 2.74 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,022.24 |
$ 2.72 |
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 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Community Health Systems, Inc. |
2.1 |
0.9 |
|
Darling International, Inc. |
2.0 |
1.0 |
|
VeriFone Systems, Inc. |
2.0 |
0.8 |
|
Global Payments, Inc. |
2.0 |
1.8 |
|
Primerica, Inc. |
1.9 |
1.7 |
|
Office Depot, Inc. |
1.8 |
1.7 |
|
The Ensign Group, Inc. |
1.8 |
1.6 |
|
WESCO International, Inc. |
1.7 |
1.5 |
|
CDW Corp. |
1.7 |
1.1 |
|
RenaissanceRe Holdings Ltd. |
1.7 |
0.8 |
|
|
18.7 |
|
|
Top Five Market Sectors as of May 31, 2014 |
||
|
|
% of fund's |
% of fund's net assets |
|
Financials |
21.2 |
19.2 |
|
Information Technology |
18.7 |
16.7 |
|
Industrials |
16.8 |
14.7 |
|
Consumer Discretionary |
15.6 |
16.3 |
|
Health Care |
12.1 |
11.3 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2014 * |
As of November 30, 2013 ** |
||||||
 |
Stocks and |
|
|
Stocks and |
|
||
 |
Other Investments 0.6% |
|
 |
Other Investments 0.0% |
|
||
 |
Short-Term |
|
|
Short-Term |
|
||
|
* Foreign investments |
18.3% |
|
** Foreign investments |
19.7% |
|
||
Semiannual Report
Investments May 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 96.9% |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER DISCRETIONARY - 15.6% |
|||
|
Diversified Consumer Services - 1.6% |
|||
|
Best Bridal, Inc. (e)(f) |
2,800,000 |
$ 16,719 |
|
|
Grand Canyon Education, Inc. (a) |
350,000 |
15,418 |
|
|
Meiko Network Japan Co. Ltd. (f) |
1,577,900 |
18,464 |
|
|
|
50,601 |
||
|
Hotels, Restaurants & Leisure - 1.3% |
|||
|
Bally Technologies, Inc. (a) |
400,000 |
23,600 |
|
|
Texas Roadhouse, Inc. Class A |
650,000 |
16,432 |
|
|
|
40,032 |
||
|
Household Durables - 1.7% |
|||
|
Iida Group Holdings Co. Ltd. |
1,100,000 |
16,638 |
|
|
Tupperware Brands Corp. |
440,000 |
36,837 |
|
|
|
53,475 |
||
|
Leisure Products - 1.0% |
|||
|
Smith & Wesson Holding Corp. (a)(e) |
2,000,000 |
31,760 |
|
|
Media - 1.1% |
|||
|
Harte-Hanks, Inc. |
3,100,000 |
22,041 |
|
|
John Wiley & Sons, Inc. Class A |
234,800 |
12,862 |
|
|
|
34,903 |
||
|
Multiline Retail - 1.0% |
|||
|
Big Lots, Inc. (a) |
700,000 |
29,708 |
|
|
Specialty Retail - 4.5% |
|||
|
Aarons, Inc. Class A |
1,100,000 |
36,124 |
|
|
Genesco, Inc. (a) |
500,000 |
37,445 |
|
|
Jumbo SA (a) |
840,909 |
12,540 |
|
|
Office Depot, Inc. (a) |
11,000,000 |
56,320 |
|
|
|
142,429 |
||
|
Textiles, Apparel & Luxury Goods - 3.4% |
|||
|
Crocs, Inc. (a) |
1,500,000 |
22,395 |
|
|
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) |
800,000 |
35,600 |
|
|
Steven Madden Ltd. (a) |
1,100,000 |
35,046 |
|
|
Wolverine World Wide, Inc. |
500,000 |
12,935 |
|
|
|
105,976 |
||
|
TOTAL CONSUMER DISCRETIONARY |
488,884 |
||
|
CONSUMER STAPLES - 3.9% |
|||
|
Food & Staples Retailing - 1.9% |
|||
|
Ain Pharmaciez, Inc. |
100,000 |
4,563 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
CONSUMER STAPLES - continued |
|||
|
Food & Staples Retailing - continued |
|||
|
Sundrug Co. Ltd. |
600,000 |
$ 26,991 |
|
|
Tsuruha Holdings, Inc. |
500,000 |
26,877 |
|
|
|
58,431 |
||
|
Food Products - 2.0% |
|||
|
Darling International, Inc. (a) |
3,200,000 |
63,968 |
|
|
TOTAL CONSUMER STAPLES |
122,399 |
||
|
ENERGY - 6.6% |
|||
|
Energy Equipment & Services - 5.0% |
|||
|
Cathedral Energy Services Ltd. (f) |
3,141,600 |
14,226 |
|
|
Key Energy Services, Inc. (a) |
4,400,000 |
35,420 |
|
|
McDermott International, Inc. (a)(e) |
2,000,000 |
14,520 |
|
|
Oil States International, Inc. (a) |
320,000 |
34,426 |
|
|
Oil States International, Inc. (a)(i) |
200,000 |
12,170 |
|
|
Pason Systems, Inc. |
1,300,000 |
35,428 |
|
|
Western Energy Services Corp. (a)(g) |
1,080,720 |
10,844 |
|
|
|
157,034 |
||
|
Oil, Gas & Consumable Fuels - 1.6% |
|||
|
World Fuel Services Corp. |
1,100,000 |
50,996 |
|
|
TOTAL ENERGY |
208,030 |
||
|
FINANCIALS - 20.6% |
|||
|
Banks - 5.2% |
|||
|
Bank of the Ozarks, Inc. |
250,000 |
14,760 |
|
|
East West Bancorp, Inc. |
1,000,000 |
33,480 |
|
|
Investors Bancorp, Inc. |
3,316,300 |
35,816 |
|
|
Prosperity Bancshares, Inc. |
300,000 |
17,439 |
|
|
Square 1 Financial, Inc. Class A |
930,652 |
17,580 |
|
|
Umpqua Holdings Corp. |
1,357,724 |
22,497 |
|
|
Wilshire Bancorp, Inc. |
2,200,000 |
22,198 |
|
|
|
163,770 |
||
|
Consumer Finance - 0.9% |
|||
|
EZCORP, Inc. (non-vtg.) Class A (a) |
1,765,700 |
21,577 |
|
|
Portfolio Recovery Associates, Inc. (a) |
113,728 |
6,345 |
|
|
|
27,922 |
||
|
Insurance - 7.8% |
|||
|
CNO Financial Group, Inc. |
2,200,000 |
35,486 |
|
|
Enstar Group Ltd. (a) |
180,000 |
25,362 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
FINANCIALS - continued |
|||
|
Insurance - continued |
|||
|
HCC Insurance Holdings, Inc. |
750,000 |
$ 35,235 |
|
|
Primerica, Inc. |
1,300,000 |
58,552 |
|
|
Reinsurance Group of America, Inc. |
500,000 |
39,080 |
|
|
RenaissanceRe Holdings Ltd. |
500,000 |
52,085 |
|
|
|
245,800 |
||
|
Real Estate Investment Trusts - 6.3% |
|||
|
Corrections Corp. of America |
1,150,000 |
37,410 |
|
|
EPR Properties |
750,000 |
40,440 |
|
|
Equity Lifestyle Properties, Inc. |
350,000 |
15,309 |
|
|
MFA Financial, Inc. |
3,900,000 |
32,097 |
|
|
National Health Investors, Inc. |
550,000 |
34,496 |
|
|
Rouse Properties, Inc. |
1,400,000 |
22,848 |
|
|
Sovran Self Storage, Inc. |
200,000 |
15,360 |
|
|
|
197,960 |
||
|
Real Estate Management & Development - 0.4% |
|||
|
Relo Holdings Corp. |
200,000 |
11,562 |
|
|
TOTAL FINANCIALS |
647,014 |
||
|
HEALTH CARE - 12.1% |
|||
|
Biotechnology - 1.1% |
|||
|
United Therapeutics Corp. (a) |
350,000 |
33,509 |
|
|
Health Care Equipment & Supplies - 1.1% |
|||
|
The Cooper Companies, Inc. |
270,000 |
34,835 |
|
|
Health Care Providers & Services - 7.1% |
|||
|
AmSurg Corp. (a) |
713,000 |
32,285 |
|
|
Community Health Systems, Inc. (a) |
1,600,000 |
66,829 |
|
|
Health Net, Inc. (a) |
700,000 |
27,986 |
|
|
MEDNAX, Inc. (a) |
300,000 |
17,289 |
|
|
Providence Service Corp. (a) |
600,000 |
24,120 |
|
|
The Ensign Group, Inc. (f) |
1,200,000 |
56,280 |
|
|
|
224,789 |
||
|
Pharmaceuticals - 2.8% |
|||
|
Jazz Pharmaceuticals PLC (a) |
150,000 |
21,279 |
|
|
Phibro Animal Health Corp. Class A |
1,301,400 |
24,766 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
HEALTH CARE - continued |
|||
|
Pharmaceuticals - continued |
|||
|
Prestige Brands Holdings, Inc. (a) |
650,000 |
$ 22,230 |
|
|
Sawai Pharmaceutical Co. Ltd. |
300,000 |
18,706 |
|
|
|
86,981 |
||
|
TOTAL HEALTH CARE |
380,114 |
||
|
INDUSTRIALS - 16.8% |
|||
|
Aerospace & Defense - 2.8% |
|||
|
Engility Holdings, Inc. (a) |
600,000 |
23,190 |
|
|
Moog, Inc. Class A (a) |
400,000 |
28,824 |
|
|
Teledyne Technologies, Inc. (a) |
400,000 |
37,908 |
|
|
|
89,922 |
||
|
Commercial Services & Supplies - 3.9% |
|||
|
Deluxe Corp. |
500,000 |
28,045 |
|
|
Mitie Group PLC |
5,600,000 |
31,474 |
|
|
UniFirst Corp. |
250,000 |
24,738 |
|
|
West Corp. |
1,500,000 |
40,200 |
|
|
|
124,457 |
||
|
Construction & Engineering - 0.9% |
|||
|
Badger Daylighting Ltd. |
900,000 |
29,051 |
|
|
Machinery - 4.5% |
|||
|
Federal Signal Corp. |
1,800,000 |
24,696 |
|
|
Hy-Lok Corp. (f) |
699,000 |
20,956 |
|
|
Standex International Corp. |
450,000 |
33,228 |
|
|
TriMas Corp. (a) |
900,000 |
31,599 |
|
|
Valmont Industries, Inc. |
200,000 |
30,990 |
|
|
|
141,469 |
||
|
Marine - 0.3% |
|||
|
SITC International Holdings Co. Ltd. |
19,000,000 |
8,308 |
|
|
Professional Services - 0.4% |
|||
|
Benefit One, Inc. |
1,500,000 |
11,325 |
|
|
Trading Companies & Distributors - 3.3% |
|||
|
Aceto Corp. |
1,200,000 |
20,916 |
|
|
Textainer Group Holdings Ltd. |
750,000 |
29,055 |
|
|
WESCO International, Inc. (a) |
620,000 |
52,960 |
|
|
|
102,931 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
INDUSTRIALS - continued |
|||
|
Transportation Infrastructure - 0.7% |
|||
|
Wesco Aircraft Holdings, Inc. (a) |
1,000,000 |
$ 21,740 |
|
|
TOTAL INDUSTRIALS |
529,203 |
||
|
INFORMATION TECHNOLOGY - 18.7% |
|||
|
Electronic Equipment & Components - 6.0% |
|||
|
Belden, Inc. |
400,000 |
28,796 |
|
|
CDW Corp. |
1,800,000 |
52,938 |
|
|
Insight Enterprises, Inc. (a) |
900,000 |
24,462 |
|
|
ScanSource, Inc. (a) |
350,000 |
12,985 |
|
|
SYNNEX Corp. (a) |
500,000 |
33,055 |
|
|
Zebra Technologies Corp. Class A (a) |
500,000 |
37,150 |
|
|
|
189,386 |
||
|
Internet Software & Services - 2.3% |
|||
|
Conversant, Inc. (a)(e) |
1,300,000 |
30,654 |
|
|
Perficient, Inc. (a) |
800,000 |
14,112 |
|
|
Stamps.com, Inc. (a)(f) |
850,000 |
27,472 |
|
|
|
72,238 |
||
|
IT Services - 7.5% |
|||
|
EPAM Systems, Inc. (a) |
1,000,000 |
42,070 |
|
|
Genpact Ltd. (a) |
1,300,000 |
21,905 |
|
|
Global Payments, Inc. |
900,000 |
61,704 |
|
|
Syntel, Inc. (a) |
350,000 |
28,315 |
|
|
VeriFone Systems, Inc. (a) |
1,900,000 |
62,339 |
|
|
WEX, Inc. (a) |
200,000 |
19,258 |
|
|
|
235,591 |
||
|
Software - 2.9% |
|||
|
NIIT Technologies Ltd. (f) |
3,800,000 |
25,126 |
|
|
Sword Group (f) |
587,339 |
15,933 |
|
|
Verint Systems, Inc. (a) |
620,000 |
28,725 |
|
|
Zensar Technologies Ltd. (f) |
3,500,000 |
21,602 |
|
|
|
91,386 |
||
|
TOTAL INFORMATION TECHNOLOGY |
588,601 |
||
|
MATERIALS - 1.8% |
|||
|
Chemicals - 0.9% |
|||
|
PolyOne Corp. |
700,000 |
28,091 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
MATERIALS - continued |
|||
|
Containers & Packaging - 0.9% |
|||
|
Sealed Air Corp. |
900,000 |
$ 29,637 |
|
|
TOTAL MATERIALS |
57,728 |
||
|
TELECOMMUNICATION SERVICES - 0.3% |
|||
|
Diversified Telecommunication Services - 0.3% |
|||
|
Amcom Telecommunications Ltd. |
1,700,000 |
3,449 |
|
|
Asia Satellite Telecommunications Holdings Ltd. |
800,000 |
3,230 |
|
|
iiNet Ltd. |
500,000 |
3,453 |
|
|
|
10,132 |
||
|
UTILITIES - 0.5% |
|||
|
Gas Utilities - 0.5% |
|||
|
New Jersey Resources Corp. |
300,000 |
16,503 |
|
|
TOTAL COMMON STOCKS (Cost $2,363,126) |
|
||
|
U.S. Treasury Obligations - 0.1% |
||||
|
|
Principal |
|
||
|
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 7/17/14 to 8/21/14 (j) |
|
$ 3,230 |
|
|
|
Preferred Securities - 0.6% |
||||
|
|
|
|
|
|
|
FINANCIALS - 0.6% |
||||
|
Diversified Financial Services - 0.6% |
||||
|
Baggot Securities Ltd. 10.24% (g)(h) |
EUR |
12,000 |
|
|
|
Money Market Funds - 4.0% |
|||
|
Shares |
Value (000s) |
||
|
Fidelity Cash Central Fund, 0.10% (b) |
91,089,172 |
$ 91,089 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
34,652,403 |
34,652 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $125,741) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $2,510,740) |
3,195,928 |
||
|
NET OTHER ASSETS (LIABILITIES) - (1.6)% |
(51,432) |
||
|
NET ASSETS - 100% |
$ 3,144,496 |
||
|
Futures Contracts |
|||||
|
|
Expiration |
Underlying |
Unrealized |
||
|
Purchased |
|||||
|
Equity Index Contracts |
|||||
|
601 ICE Russell 2000 Index Contracts (United States) |
June 2014 |
$ 68,105 |
$ 785 |
||
|
|
|
The face value of futures purchased as a percentage of net assets is 2.2% |
|
Currency Abbreviations |
||
|
EUR |
- |
European Monetary Unit |
|
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) Amount is stated in United States dollars unless otherwise noted. |
|
(e) Security or a portion of the security is on loan at period end. |
|
(f) Affiliated company |
|
(g) 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 $29,193,000 or 0.9% of net assets. |
|
(h) Security is perpetual in nature with no stated maturity date. |
|
(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
|
(j) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,230,000. |
|
Affiliated Central Funds |
|
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
|
Fund |
Income earned |
|
Fidelity Cash Central Fund |
$ 52 |
|
Fidelity Securities Lending Cash Central Fund |
450 |
|
Total |
$ 502 |
|
Other Affiliated Issuers |
|
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
|
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
|
Atrium Innovations, Inc. |
$ 46,147 |
$ - |
$ 44,191 |
$ - |
$ - |
|
Badger Daylighting Ltd. |
60,809 |
365 |
39,687 |
179 |
- |
|
Best Bridal, Inc. |
18,568 |
69 |
- |
120 |
16,719 |
|
Cathedral Energy Services Ltd. |
14,931 |
- |
- |
407 |
14,226 |
|
Hy-Lok Corp. |
10,584 |
7,747 |
- |
110 |
20,956 |
|
Meiko Network Japan Co. Ltd. |
16,280 |
- |
- |
222 |
18,464 |
|
NIIT Technologies Ltd. |
19,396 |
- |
- |
- |
25,126 |
|
Stamps.com, Inc. |
40,385 |
- |
1,143 |
- |
27,472 |
|
Sword Group |
12,673 |
- |
- |
693 |
15,933 |
|
The Ensign Group, Inc. |
55,437 |
- |
1,216 |
168 |
56,280 |
|
Zensar Technologies Ltd. |
18,120 |
- |
- |
224 |
21,602 |
|
Total |
$ 313,330 |
$ 8,181 |
$ 86,237 |
$ 2,123 |
$ 216,778 |
|
Other Information |
|
The following is a summary of the inputs used, as of May 31, 2014, 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 |
$ 488,884 |
$ 437,063 |
$ 51,821 |
$ - |
|
Consumer Staples |
122,399 |
63,968 |
58,431 |
- |
|
Energy |
208,030 |
208,030 |
- |
- |
|
Financials |
647,014 |
635,452 |
11,562 |
- |
|
Health Care |
380,114 |
361,408 |
18,706 |
- |
|
Industrials |
529,203 |
517,878 |
11,325 |
- |
|
Information Technology |
588,601 |
588,601 |
- |
- |
|
Materials |
57,728 |
57,728 |
- |
- |
|
Telecommunication Services |
10,132 |
10,132 |
- |
- |
|
Utilities |
16,503 |
16,503 |
- |
- |
|
U.S. Government and Government Agency Obligations |
3,230 |
- |
3,230 |
- |
|
Preferred Securities |
18,349 |
- |
18,349 |
- |
|
Money Market Funds |
125,741 |
125,741 |
- |
- |
|
Total Investments in Securities: |
$ 3,195,928 |
$ 3,022,504 |
$ 173,424 |
$ - |
|
Derivative Instruments: |
||||
|
Assets |
||||
|
Futures Contracts |
$ 785 |
$ 785 |
$ - |
$ - |
|
The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2014. 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 (000s) |
|
Level 1 to Level 2 |
$ 142,028 |
|
Level 2 to Level 1 |
$ - |
|
Value of Derivative Instruments |
|
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2014. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
|
Primary Risk Exposure / (Amounts in thousands) |
Value |
|
|
|
Asset |
Liability |
|
Equity Risk |
||
|
Futures Contracts (a) |
$ 785 |
$ - |
|
Total Value of Derivatives |
$ 785 |
$ - |
|
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
|
United States of America |
81.7% |
|
Japan |
4.9% |
|
Bermuda |
4.2% |
|
Canada |
2.8% |
|
India |
1.5% |
|
Ireland |
1.3% |
|
United Kingdom |
1.0% |
|
Others (Individually Less Than 1%) |
2.6% |
|
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including securities loaned of $33,273) - See accompanying schedule: Unaffiliated issuers (cost $2,217,958) |
$ 2,853,409 |
|
|
Fidelity Central Funds (cost $125,741) |
125,741 |
|
|
Other affiliated issuers (cost $167,041) |
216,778 |
|
|
Total Investments (cost $2,510,740) |
|
$ 3,195,928 |
|
Cash |
|
1,161 |
|
Receivable for investments sold |
|
7,064 |
|
Receivable for fund shares sold |
|
2,120 |
|
Dividends receivable |
|
1,982 |
|
Distributions receivable from Fidelity Central Funds |
|
61 |
|
Prepaid expenses |
|
1 |
|
Other receivables |
|
20 |
|
Total assets |
|
3,208,337 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 10,503 |
|
|
Delayed delivery |
8,025 |
|
|
Payable for fund shares redeemed |
7,437 |
|
|
Accrued management fee |
1,166 |
|
|
Distribution and service plan fees payable |
957 |
|
|
Payable for daily variation margin for derivative instruments |
397 |
|
|
Other affiliated payables |
640 |
|
|
Other payables and accrued expenses |
64 |
|
|
Collateral on securities loaned, at value |
34,652 |
|
|
Total liabilities |
|
63,841 |
|
|
|
|
|
Net Assets |
|
$ 3,144,496 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 2,156,674 |
|
Undistributed net investment income |
|
446 |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
301,403 |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
685,973 |
|
Net Assets |
|
$ 3,144,496 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
Amounts in thousands (except per-share amounts) |
May 31, 2014 (Unaudited) |
|
|
|
|
|
|
Calculation of Maximum Offering Price Class A: |
|
$ 28.33 |
|
|
|
|
|
Maximum offering price per share (100/94.25 of $28.33) |
|
$ 30.06 |
|
Class T: |
|
$ 26.99 |
|
|
|
|
|
Maximum offering price per share (100/96.50 of $26.99) |
|
$ 27.97 |
|
Class B: |
|
$ 23.57 |
|
|
|
|
|
Class C: |
|
$ 23.91 |
|
|
|
|
|
Institutional Class: |
|
$ 30.14 |
|
|
|
|
|
Class Z: |
|
$ 30.08 |
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
Statement of Operations
|
Amounts in thousands Six months ended May 31, 2014 (Unaudited) |
||
|
|
|
|
|
Investment Income |
|
|
|
Dividends (including $2,123 earned from other affiliated issuers) |
|
$ 18,443 |
|
Income from Fidelity Central Funds |
|
502 |
|
Total income |
|
18,945 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 11,384 |
|
|
Performance adjustment |
(4,040) |
|
|
Transfer agent fees |
3,477 |
|
|
Distribution and service plan fees |
5,892 |
|
|
Accounting and security lending fees |
483 |
|
|
Custodian fees and expenses |
64 |
|
|
Independent trustees' compensation |
7 |
|
|
Registration fees |
80 |
|
|
Audit |
41 |
|
|
Legal |
5 |
|
|
Miscellaneous |
14 |
|
|
Total expenses before reductions |
17,407 |
|
|
Expense reductions |
(66) |
17,341 |
|
Net investment income (loss) |
|
1,604 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
270,300 |
|
|
Other affiliated issuers |
41,108 |
|
|
Foreign currency transactions |
(673) |
|
|
Futures contracts |
4,698 |
|
|
Total net realized gain (loss) |
|
315,433 |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
(202,925) |
|
|
Assets and liabilities in foreign currencies |
13 |
|
|
Futures contracts |
(6,553) |
|
|
Total change in net unrealized appreciation (depreciation) |
|
(209,465) |
|
Net gain (loss) |
|
105,968 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ 107,572 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
Amounts in thousands |
Six months ended |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 1,604 |
$ 15,726 |
|
Net realized gain (loss) |
315,433 |
686,475 |
|
Change in net unrealized appreciation (depreciation) |
(209,465) |
501,751 |
|
Net increase (decrease) in net assets resulting |
107,572 |
1,203,952 |
|
Distributions to shareholders from net investment income |
(1,611) |
(9,250) |
|
Distributions to shareholders from net realized gain |
(400,187) |
(2,080) |
|
Total distributions |
(401,798) |
(11,330) |
|
Share transactions - net increase (decrease) |
(34,544) |
(1,450,861) |
|
Total increase (decrease) in net assets |
(328,770) |
(258,239) |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
3,473,266 |
3,731,505 |
|
End of period (including undistributed net investment income of $446 and undistributed net investment income of $453, respectively) |
$ 3,144,496 |
$ 3,473,266 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 30.96 |
$ 22.45 |
$ 23.60 |
$ 24.35 |
$ 21.00 |
$ 17.69 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)E |
.03 |
.12H |
(.03) |
(.09)I |
(.13) |
(.03) |
|
Net realized and unrealized gain (loss) |
.85 |
8.45 |
.79 |
.67 |
3.48 |
4.09 |
|
Total from investment operations |
.88 |
8.57 |
.76 |
.58 |
3.35 |
4.06 |
|
Distributions from net investment income |
(.01) |
(.05) |
- |
- |
- |
(.03) |
|
Distributions from net realized gain |
(3.50) |
(.01) |
(1.91) |
(1.33) |
- |
(.72) |
|
Total distributions |
(3.51) |
(.06) |
(1.91) |
(1.33) |
- |
(.75) |
|
Net asset value, end of period |
$ 28.33 |
$ 30.96 |
$ 22.45 |
$ 23.60 |
$ 24.35 |
$ 21.00 |
|
Total ReturnB, C, D |
3.51% |
38.30% |
3.87% |
2.17% |
15.95% |
24.04% |
|
Ratios to Average Net Assets F, J |
|
|
|
|
|
|
|
Expenses before reductions |
.97%A |
1.01% |
1.06% |
1.31% |
1.44% |
1.53% |
|
Expenses net of fee waivers, if any |
.97%A |
1.01% |
1.06% |
1.31% |
1.40% |
1.40% |
|
Expenses net of all reductions |
.97%A |
1.00% |
1.06% |
1.31% |
1.40% |
1.40% |
|
Net investment income (loss) |
.20%A |
.46%H |
(.13)% |
(.35)%I |
(.58)% |
(.16)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,164 |
$ 1,263 |
$ 1,212 |
$ 1,461 |
$ 1,501 |
$ 1,223 |
|
Portfolio turnover rateG |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .29%.
I Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.50)%.
J 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 29.69 |
$ 21.52 |
$ 22.75 |
$ 23.57 |
$ 20.37 |
$ 17.20 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)E |
-K |
.06H |
(.07) |
(.13)I |
(.18) |
(.07) |
|
Net realized and unrealized gain (loss) |
.80 |
8.13 |
.75 |
.64 |
3.38 |
3.96 |
|
Total from investment operations |
.80 |
8.19 |
.68 |
.51 |
3.20 |
3.89 |
|
Distributions from net investment income |
- |
(.01) |
- |
- |
- |
- |
|
Distributions from net realized gain |
(3.50) |
(.01) |
(1.91) |
(1.33) |
- |
(.72) |
|
Total distributions |
(3.50) |
(.02) |
(1.91) |
(1.33) |
- |
(.72) |
|
Net asset value, end of period |
$ 26.99 |
$ 29.69 |
$ 21.52 |
$ 22.75 |
$ 23.57 |
$ 20.37 |
|
Total ReturnB, C, D |
3.39% |
38.11% |
3.64% |
1.94% |
15.71% |
23.69% |
|
Ratios to Average Net Assets F, J |
|
|
|
|
|
|
|
Expenses before reductions |
1.19%A |
1.22% |
1.26% |
1.51% |
1.63% |
1.74% |
|
Expenses net of fee waivers, if any |
1.19%A |
1.22% |
1.26% |
1.51% |
1.63% |
1.65% |
|
Expenses net of all reductions |
1.19%A |
1.21% |
1.25% |
1.51% |
1.63% |
1.65% |
|
Net investment income (loss) |
(.02)%A |
.25%H |
(.33)% |
(.55)%I |
(.81)% |
(.41)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,018 |
$ 1,113 |
$ 1,054 |
$ 1,244 |
$ 1,356 |
$ 1,277 |
|
Portfolio turnover rateG |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .09%.
I Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.70)%.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 26.45 |
$ 19.27 |
$ 20.69 |
$ 21.66 |
$ 18.82 |
$ 16.02 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)E |
(.07) |
(.08)H |
(.18) |
(.25)I |
(.27) |
(.15) |
|
Net realized and unrealized gain (loss) |
.69 |
7.26 |
.67 |
.61 |
3.11 |
3.67 |
|
Total from investment operations |
.62 |
7.18 |
.49 |
.36 |
2.84 |
3.52 |
|
Distributions from net realized gain |
(3.50) |
- |
(1.91) |
(1.33) |
- |
(.72) |
|
Net asset value, end of period |
$ 23.57 |
$ 26.45 |
$ 19.27 |
$ 20.69 |
$ 21.66 |
$ 18.82 |
|
Total ReturnB, C, D |
3.08% |
37.26% |
3.03% |
1.39% |
15.09% |
23.10% |
|
Ratios to Average Net Assets F, J |
|
|
|
|
|
|
|
Expenses before reductions |
1.80%A |
1.81% |
1.85% |
2.10% |
2.22% |
2.31% |
|
Expenses net of fee waivers, if any |
1.80%A |
1.81% |
1.85% |
2.10% |
2.15% |
2.15% |
|
Expenses net of all reductions |
1.79%A |
1.80% |
1.84% |
2.10% |
2.14% |
2.15% |
|
Net investment income (loss) |
(.63)%A |
(.34)%H |
(.92)% |
(1.14)%I |
(1.33)% |
(.91)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 35 |
$ 40 |
$ 40 |
$ 55 |
$ 76 |
$ 89 |
|
Portfolio turnover rateG |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.51)%.
I Investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.29)%.
J 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 26.77 |
$ 19.50 |
$ 20.90 |
$ 21.87 |
$ 19.00 |
$ 16.16 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)E |
(.07) |
(.07)H |
(.17) |
(.24)I |
(.27) |
(.15) |
|
Net realized and unrealized gain (loss) |
.71 |
7.34 |
.68 |
.60 |
3.14 |
3.71 |
|
Total from investment operations |
.64 |
7.27 |
.51 |
.36 |
2.87 |
3.56 |
|
Distributions from net realized gain |
(3.50) |
- |
(1.91) |
(1.33) |
- |
(.72) |
|
Net asset value, end of period |
$ 23.91 |
$ 26.77 |
$ 19.50 |
$ 20.90 |
$ 21.87 |
$ 19.00 |
|
Total ReturnB, C, D |
3.12% |
37.28% |
3.10% |
1.37% |
15.11% |
23.15% |
|
Ratios to Average Net Assets F, J |
|
|
|
|
|
|
|
Expenses before reductions |
1.73%A |
1.76% |
1.81% |
2.06% |
2.18% |
2.28% |
|
Expenses net of fee waivers, if any |
1.73%A |
1.76% |
1.81% |
2.06% |
2.15% |
2.15% |
|
Expenses net of all reductions |
1.72%A |
1.75% |
1.80% |
2.05% |
2.14% |
2.15% |
|
Net investment income (loss) |
(.56)%A |
(.29)%H |
(.88)% |
(1.10)%I |
(1.33)% |
(.91)% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 320 |
$ 334 |
$ 284 |
$ 328 |
$ 336 |
$ 299 |
|
Portfolio turnover rateG |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.45)%.
I Investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.25)%.
J 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended |
Years ended November 30, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 32.73 |
$ 23.73 |
$ 24.77 |
$ 25.42 |
$ 21.86 |
$ 18.42 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss)D |
.07 |
.21G |
.04 |
(.01)H |
(.07) |
.02 |
|
Net realized and unrealized gain (loss) |
.90 |
8.94 |
.83 |
.69 |
3.63 |
4.24 |
|
Total from investment operations |
.97 |
9.15 |
.87 |
.68 |
3.56 |
4.26 |
|
Distributions from net investment income |
(.06) |
(.13) |
- |
- |
- |
(.10) |
|
Distributions from net realized gain |
(3.50) |
(.01) |
(1.91) |
(1.33) |
- |
(.72) |
|
Total distributions |
(3.56) |
(.15)J |
(1.91) |
(1.33) |
- |
(.82) |
|
Net asset value, end of period |
$ 30.14 |
$ 32.73 |
$ 23.73 |
$ 24.77 |
$ 25.42 |
$ 21.86 |
|
Total ReturnB, C |
3.63% |
38.79% |
4.15% |
2.49% |
16.29% |
24.31% |
|
Ratios to Average Net Assets E, I |
|
|
|
|
|
|
|
Expenses before reductions |
.70%A |
.71% |
.75% |
1.01% |
1.12% |
1.21% |
|
Expenses net of fee waivers, if any |
.70%A |
.71% |
.75% |
1.01% |
1.12% |
1.15% |
|
Expenses net of all reductions |
.69%A |
.70% |
.74% |
1.00% |
1.12% |
1.15% |
|
Net investment income (loss) |
.47%A |
.76%G |
.18% |
(.05)%H |
(.30)% |
.09% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 601 |
$ 718 |
$ 1,141 |
$ 1,314 |
$ 1,165 |
$ 977 |
|
Portfolio turnover rateF |
51%A |
34% |
69% |
38% |
43% |
46% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .59%.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.19)%.
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 Total distributions of $.15 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.014 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
|
|
Six months ended |
Year ended |
|
|
(Unaudited) |
2013H |
|
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 32.74 |
$ 29.79 |
|
Income from Investment Operations |
|
|
|
Net investment income (loss)D |
.09 |
.02G |
|
Net realized and unrealized gain (loss) |
.91 |
2.93 |
|
Total from investment operations |
1.00 |
2.95 |
|
Distributions from net investment income |
(.16) |
- |
|
Distributions from net realized gain |
(3.50) |
- |
|
Total distributions |
(3.66) |
- |
|
Net asset value, end of period |
$ 30.08 |
$ 32.74 |
|
Total ReturnB, C |
3.73% |
9.90% |
|
Ratios to Average Net Assets E, I |
|
|
|
Expenses before reductions |
.54%A |
.56%A |
|
Expenses net of fee waivers, if any |
.54%A |
.56%A |
|
Expenses net of all reductions |
.54%A |
.55%A |
|
Net investment income (loss) |
.63%A |
.26%A, G |
|
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 7 |
$ 5 |
|
Portfolio turnover rateF |
51%A |
34% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been .09%.
H For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.
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. Expense ratios before reductions for start-up periods may not be representative of long-term operating periods. 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor® Small Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z 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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fidelity Management & Research Company (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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and 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. For equity securities, including restricted securities, where observable inputs are
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations, are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, 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 |
$ 762,749 |
|
Gross unrealized depreciation |
(77,561) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 685,188 |
|
|
|
|
Tax cost |
$ 2,510,740 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
|
Equity Risk |
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and
Semiannual Report
4. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $4,698 and a change in net unrealized appreciation (depreciation) of $(6,553) related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $795,959 and $1,043,311, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment advisor)and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .45% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
|
Distribution |
Service |
Total Fees |
Retained |
|
Class A |
-% |
.25% |
$ 1,492 |
$ 17 |
|
Class T |
.25% |
.25% |
2,607 |
15 |
|
Class B |
.75% |
.25% |
184 |
138 |
|
Class C |
.75% |
.25% |
1,609 |
123 |
|
|
|
|
$ 5,892 |
$ 293 |
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.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
|
|
Retained |
|
Class A |
$ 83 |
|
Class T |
14 |
|
Class B* |
17 |
|
Class C* |
7 |
|
|
$ 121 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Class A |
$ 1,361 |
.23 |
|
Class T |
1,031 |
.20 |
|
Class B |
55 |
.30 |
|
Class C |
371 |
.23 |
|
Institutional Class |
658 |
.20 |
|
Class Z |
1 |
.05 |
|
|
$ 3,477 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Fees and Other Transactions with Affiliates - continued
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 $28 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. 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. 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 $450, including three hundred and twenty-two dollars from securities loaned to FCM.
Semiannual Report
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $66 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended |
Year ended |
|
From net investment income |
|
|
|
Class A |
$ 284 |
$ 2,598 |
|
Class T |
- |
386 |
|
Institutional Class |
1,305 |
6,266 |
|
Class Z |
22 |
- |
|
Total |
$ 1,611 |
$ 9,250 |
|
From net realized gain |
|
|
|
Class A |
$ 142,771 |
$ 743 |
|
Class T |
131,370 |
678 |
|
Class B |
5,267 |
- |
|
Class C |
43,783 |
- |
|
Institutional Class |
76,492 |
659 |
|
Class Z |
504 |
- |
|
Total |
$ 400,187 |
$ 2,080 |
11. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended |
Year ended |
Six months ended |
Year ended |
|
Class A |
|
|
|
|
|
Shares sold |
3,113 |
8,347 |
$ 86,167 |
$ 219,693 |
|
Reinvestment of distributions |
4,985 |
140 |
134,212 |
3,122 |
|
Shares redeemed |
(7,818) |
(21,663) |
(216,800) |
(562,269) |
|
Net increase (decrease) |
280 |
(13,176) |
$ 3,579 |
$ (339,454) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
11. Share Transactions - continued
|
|
Shares |
Dollars |
||
|
|
Six months ended |
Year ended |
Six months ended |
Year ended |
|
Class T |
|
|
|
|
|
Shares sold |
3,171 |
7,343 |
$ 83,720 |
$ 185,578 |
|
Reinvestment of distributions |
4,931 |
47 |
126,639 |
1,017 |
|
Shares redeemed |
(7,885) |
(18,873) |
(208,168) |
(469,350) |
|
Net increase (decrease) |
217 |
(11,483) |
$ 2,191 |
$ (282,755) |
|
Class B |
|
|
|
|
|
Shares sold |
11 |
15 |
$ 258 |
$ 339 |
|
Reinvestment of distributions |
220 |
- |
4,958 |
- |
|
Shares redeemed |
(267) |
(591) |
(6,178) |
(13,025) |
|
Net increase (decrease) |
(36) |
(576) |
$ (962) |
$ (12,686) |
|
Class C |
|
|
|
|
|
Shares sold |
801 |
1,802 |
$ 18,785 |
$ 41,461 |
|
Reinvestment of distributions |
1,754 |
- |
40,042 |
- |
|
Shares redeemed |
(1,637) |
(3,914) |
(38,396) |
(89,461) |
|
Net increase (decrease) |
918 |
(2,112) |
$ 20,431 |
$ (48,000) |
|
Institutional Class |
|
|
|
|
|
Shares sold |
2,765 |
9,471 |
$ 81,272 |
$ 253,670 |
|
Reinvestment of distributions |
2,348 |
264 |
67,135 |
6,205 |
|
Shares redeemed |
(7,115) |
(35,873)B |
(210,479) |
(1,032,519)B |
|
Net increase (decrease) |
(2,002) |
(26,138) |
$ (62,072) |
$ (772,644) |
|
Class Z |
|
|
|
|
|
Shares sold |
94 |
146 |
$ 2,725 |
$ 4,691 |
|
Reinvestment of distributions |
18 |
- |
526 |
- |
|
Shares redeemed |
(33) |
-* |
(962) |
(13) |
|
Net increase (decrease) |
79 |
146 |
$ 2,289 |
$ 4,678 |
A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.
B Amount includes in-kind redemptions.
* Amount represents three hundred eighty eight.
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) 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
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
ASCFZ-USAN-0714 1.9585489.100
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: |
July 24, 2014 |
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: |
July 24, 2014 |
|
By: |
/s/Christine Reynolds |
|
|
Christine Reynolds |
|
|
Chief Financial Officer |
|
|
|
|
Date: |
July 24, 2014 |