0000880195-15-000841.txt : 20150826 0000880195-15-000841.hdr.sgml : 20150826 20150826135325 ACCESSION NUMBER: 0000880195-15-000841 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150826 DATE AS OF CHANGE: 20150826 EFFECTIVENESS DATE: 20150826 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY ADVISOR SERIES I CENTRAL INDEX KEY: 0000722574 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03785 FILM NUMBER: 151075514 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR SERIES 1 DATE OF NAME CHANGE: 19930706 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY BROAD STREET TRUST DATE OF NAME CHANGE: 19920820 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR EQUITY PORTFOLIO GROWTH DATE OF NAME CHANGE: 19920703 0000722574 S000017686 Fidelity Advisor Mid Cap II Fund C000048874 Class A FIIAX C000048875 Class B FIIBX C000048876 Class C FIICX C000048877 Class T FITIX C000048878 Class I FIIMX C000130154 Class Z FZAMX N-CSRS 1 FASeries_main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3785

Fidelity Advisor Series I
(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.,

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

December 31

 

 

Date of reporting period:

June 30, 2015

Item 1. Reports to Stockholders

Contents Shareholder Expense Example Investment Changes (Unaudited) Investments June 30, 2015 (Unaudited) Financial Statements Notes to Financial Statements Contents Shareholder Expense Example Investment Changes (Unaudited) Investments June 30, 2015 (Unaudited) Financial Statements Notes to Financial Statements Contents Shareholder Expense Example Investment Changes (Unaudited) Investments June 30, 2015 (Unaudited) Financial Statements Notes to Financial Statements

(Fidelity Investment logo)(registered trademark)
Fidelity
Advisor®

Mid Cap II

Fund - Class A, Class T,
Class B and Class C

Semiannual Report

June 30, 2015

(Fidelity Cover Art)


Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

A summary of major shifts in the fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

(Click Here)

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. © 2015 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 (January 1, 2015 to June 30, 2015).

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
Expense Ratio
B

Beginning
Account Value
January 1, 2015

Ending
Account Value
June 30, 2015

Expenses Paid
During Period
*
January 1, 2015
to June 30, 2015

Class A

1.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,049.90

$ 5.34

HypotheticalA

 

$ 1,000.00

$ 1,019.59

$ 5.26

Class T

1.29%

 

 

 

Actual

 

$ 1,000.00

$ 1,048.60

$ 6.55

HypotheticalA

 

$ 1,000.00

$ 1,018.40

$ 6.46

Class B

1.89%

 

 

 

Actual

 

$ 1,000.00

$ 1,045.30

$ 9.58

HypotheticalA

 

$ 1,000.00

$ 1,015.42

$ 9.44

Class C

1.81%

 

 

 

Actual

 

$ 1,000.00

$ 1,045.90

$ 9.18

HypotheticalA

 

$ 1,000.00

$ 1,015.82

$ 9.05

Institutional Class

.76%

 

 

 

Actual

 

$ 1,000.00

$ 1,051.40

$ 3.87

HypotheticalA

 

$ 1,000.00

$ 1,021.03

$ 3.81

Class Z

.64%

 

 

 

Actual

 

$ 1,000.00

$ 1,052.40

$ 3.26

HypotheticalA

 

$ 1,000.00

$ 1,021.62

$ 3.21

A 5% return per year before expenses

B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report


Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Global Payments, Inc.

1.4

1.2

Polaris Industries, Inc.

1.3

0.8

G-III Apparel Group Ltd.

1.2

1.0

Textron, Inc.

1.2

1.2

Electronic Arts, Inc.

1.1

0.9

Cardinal Health, Inc.

1.1

1.2

CBRE Group, Inc.

1.1

1.0

Spirit Airlines, Inc.

1.1

1.3

Jones Lang LaSalle, Inc.

1.0

1.0

FedEx Corp.

1.0

1.1

 

11.5

Top Five Market Sectors as of June 30, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

23.8

25.0

Consumer Discretionary

18.5

16.6

Financials

18.0

15.5

Industrials

15.5

17.2

Health Care

13.8

13.3

Asset Allocation (% of fund's net assets)

As of June 30, 2015*

As of December 31, 2014**

eee427161

Stocks 99.5%

 

eee427163

Stocks 99.9%

 

eee427165

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.5%

 

eee427167

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.1%

 

* Foreign investments

11.6%

 

** Foreign investments

11.7%

 

eee427169

Semiannual Report


Investments June 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value

CONSUMER DISCRETIONARY - 18.5%

Auto Components - 1.3%

Delphi Automotive PLC

115,996

$ 9,870,100

Gentex Corp.

782,914

12,855,448

Johnson Controls, Inc.

89,854

4,450,469

Modine Manufacturing Co. (a)

48,900

524,697

Tenneco, Inc. (a)

58,608

3,366,444

Visteon Corp. (a)

76,446

8,025,301

 

39,092,459

Diversified Consumer Services - 0.3%

Houghton Mifflin Harcourt Co. (a)

296,000

7,459,200

ServiceMaster Global Holdings, Inc.

70,000

2,531,900

 

9,991,100

Hotels, Restaurants & Leisure - 3.1%

Brinker International, Inc.

215,542

12,425,996

Buffalo Wild Wings, Inc. (a)

29,500

4,622,355

DineEquity, Inc.

233,000

23,087,970

Jubilant Foodworks Ltd. (a)

24,798

724,746

Las Vegas Sands Corp.

161,479

8,488,951

Panera Bread Co. Class A (a)

33,100

5,784,887

Texas Roadhouse, Inc. Class A

321,700

12,041,231

Wyndham Worldwide Corp.

331,678

27,167,745

 

94,343,881

Household Durables - 3.7%

Ethan Allen Interiors, Inc.

3,400

89,556

Harman International Industries, Inc.

47,301

5,625,981

Jarden Corp. (a)

465,600

24,094,800

Lennar Corp. Class A

516,800

26,377,472

NVR, Inc. (a)

15,970

21,399,800

PulteGroup, Inc.

1,116,900

22,505,535

Toll Brothers, Inc. (a)

48,400

1,848,396

Whirlpool Corp.

54,395

9,413,055

 

111,354,595

Internet & Catalog Retail - 0.0%

Etsy, Inc.

10,600

148,930

Leisure Products - 1.6%

Brunswick Corp.

180,600

9,185,316

Polaris Industries, Inc.

257,708

38,169,132

 

47,354,448

Media - 1.0%

AMC Networks, Inc. Class A (a)

118,700

9,715,595

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

Interpublic Group of Companies, Inc.

727,694

$ 14,022,663

Naspers Ltd. Class N

20,600

3,208,696

News Corp. Class A (a)

198,900

2,901,951

 

29,848,905

Multiline Retail - 0.9%

Dollar Tree, Inc. (a)

363,800

28,736,562

Specialty Retail - 2.9%

AutoZone, Inc. (a)

16,600

11,070,540

Dick's Sporting Goods, Inc.

176,900

9,158,113

Foot Locker, Inc.

238,233

15,963,993

GNC Holdings, Inc.

240,700

10,706,336

L Brands, Inc.

43,400

3,720,682

Party City Holdco, Inc.

12,500

253,375

Signet Jewelers Ltd.

113,522

14,558,061

TJX Companies, Inc.

196,300

12,989,171

Urban Outfitters, Inc. (a)

132,300

4,630,500

Williams-Sonoma, Inc.

52,200

4,294,494

 

87,345,265

Textiles, Apparel & Luxury Goods - 3.7%

Deckers Outdoor Corp. (a)

190,400

13,703,088

G-III Apparel Group Ltd. (a)

525,330

36,956,966

Hanesbrands, Inc.

885,700

29,511,524

Page Industries Ltd.

7,027

1,671,143

PVH Corp.

114,200

13,155,840

Ralph Lauren Corp.

89,400

11,832,984

VF Corp.

70,324

4,904,396

 

111,735,941

TOTAL CONSUMER DISCRETIONARY

559,952,086

CONSUMER STAPLES - 2.5%

Beverages - 0.7%

C&C Group PLC

468,261

1,835,495

Dr. Pepper Snapple Group, Inc.

260,003

18,954,219

 

20,789,714

Food & Staples Retailing - 1.2%

CVS Health Corp.

208,190

21,834,967

Kroger Co.

195,900

14,204,709

 

36,039,676

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - 0.6%

Archer Daniels Midland Co.

67,767

$ 3,267,725

Britannia Industries Ltd. (a)

5,440

236,483

Bunge Ltd.

147,930

12,988,254

Ingredion, Inc.

26,449

2,110,895

 

18,603,357

TOTAL CONSUMER STAPLES

75,432,747

ENERGY - 3.1%

Energy Equipment & Services - 1.3%

Baker Hughes, Inc.

86,700

5,349,390

Dril-Quip, Inc. (a)

157,300

11,836,825

Ensco PLC Class A

72,400

1,612,348

Halliburton Co.

267,500

11,521,225

Oceaneering International, Inc.

189,600

8,833,464

 

39,153,252

Oil, Gas & Consumable Fuels - 1.8%

Apache Corp.

120,868

6,965,623

Chesapeake Energy Corp.

32,262

360,367

Cimarex Energy Co.

101,147

11,157,526

Emerald Oil, Inc. warrants 2/4/16 (a)

56,881

1

Energen Corp.

14,161

967,196

EOG Resources, Inc.

37,100

3,248,105

Newfield Exploration Co. (a)

185,100

6,685,812

Phillips 66 Co.

78,260

6,304,626

Suncor Energy, Inc.

589,300

16,230,520

Teekay Tankers Ltd.

28,900

191,029

Western Refining, Inc.

49,000

2,137,380

 

54,248,185

TOTAL ENERGY

93,401,437

FINANCIALS - 17.9%

Banks - 4.8%

Boston Private Financial Holdings, Inc.

570,967

7,656,667

CIT Group, Inc.

85,400

3,970,246

Comerica, Inc.

260,240

13,355,517

Commerce Bancshares, Inc. (d)

258,105

12,071,571

CVB Financial Corp.

116,500

2,051,565

First Citizen Bancshares, Inc.

15,200

3,998,208

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Banks - continued

First Commonwealth Financial Corp.

384,000

$ 3,682,560

First Republic Bank

83,100

5,237,793

Hilltop Holdings, Inc. (a)

78,296

1,886,151

Huntington Bancshares, Inc.

1,542,457

17,445,189

Investors Bancorp, Inc.

752,800

9,259,440

Lakeland Financial Corp.

196,986

8,543,283

M&T Bank Corp.

84,100

10,506,613

PacWest Bancorp

117,055

5,473,492

Prosperity Bancshares, Inc.

85,600

4,942,544

Regions Financial Corp.

955,200

9,895,872

SunTrust Banks, Inc.

309,915

13,332,543

UMB Financial Corp.

181,500

10,349,130

 

143,658,384

Capital Markets - 3.3%

Ameriprise Financial, Inc.

189,787

23,710,090

E*TRADE Financial Corp. (a)

61,000

1,826,950

Invesco Ltd.

417,500

15,652,075

Lazard Ltd. Class A

280,268

15,762,272

LPL Financial (d)

65,500

3,045,095

Raymond James Financial, Inc.

254,724

15,176,456

Stifel Financial Corp. (a)

47,200

2,725,328

The Blackstone Group LP

454,819

18,588,453

Virtus Investment Partners, Inc.

25,500

3,372,375

 

99,859,094

Consumer Finance - 1.4%

American Express Co.

32,315

2,511,522

Capital One Financial Corp.

140,400

12,350,988

SLM Corp. (a)

2,312,300

22,822,401

Springleaf Holdings, Inc. (a)

112,400

5,160,284

 

42,845,195

Diversified Financial Services - 1.1%

CRISIL Ltd.

27,931

850,588

McGraw Hill Financial, Inc.

270,771

27,198,947

Moody's Corp.

55,100

5,948,596

 

33,998,131

Insurance - 3.9%

AFLAC, Inc.

236,700

14,722,740

Bajaj Finserv Ltd. (a)

19,464

469,189

Brown & Brown, Inc.

27,600

906,936

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

First American Financial Corp.

447,600

$ 16,655,196

Hiscox Ltd.

572,793

7,551,008

Marsh & McLennan Companies, Inc.

385,415

21,853,031

Primerica, Inc.

186,758

8,532,973

Principal Financial Group, Inc.

371,400

19,049,106

Reinsurance Group of America, Inc.

216,491

20,538,501

The Chubb Corp.

71,100

6,764,454

The Travelers Companies, Inc.

3,000

289,980

 

117,333,114

Real Estate Investment Trusts - 0.2%

American Realty Capital Properties, Inc.

181,400

1,474,782

Digital Realty Trust, Inc.

36,400

2,427,152

Mid-America Apartment Communities, Inc.

39,796

2,897,547

SL Green Realty Corp.

2,800

307,692

 

7,107,173

Real Estate Management & Development - 2.1%

CBRE Group, Inc. (a)

871,391

32,241,467

Colliers International Group, Inc.

6,900

265,512

Jones Lang LaSalle, Inc.

187,131

31,999,401

 

64,506,380

Thrifts & Mortgage Finance - 1.1%

Beneficial Bancorp, Inc. (a)

120,133

1,500,461

BofI Holding, Inc. (a)

66,500

7,029,715

Essent Group Ltd. (a)

514,300

14,066,105

Housing Development Finance Corp. Ltd.

115,375

2,353,401

Ladder Capital Corp. Class A

474,242

8,228,099

 

33,177,781

TOTAL FINANCIALS

542,485,252

HEALTH CARE - 13.8%

Biotechnology - 0.3%

United Therapeutics Corp. (a)

48,600

8,453,970

Health Care Equipment & Supplies - 3.7%

Boston Scientific Corp. (a)

1,471,810

26,051,037

DENTSPLY International, Inc.

294,100

15,160,855

Hologic, Inc. (a)

684,600

26,055,876

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Steris Corp. (d)

405,800

$ 26,149,752

Zimmer Biomet Holdings, Inc.

157,800

17,236,494

 

110,654,014

Health Care Providers & Services - 4.6%

Cardinal Health, Inc.

402,255

33,648,631

Community Health Systems, Inc. (a)

164,600

10,364,862

DaVita HealthCare Partners, Inc. (a)

271,500

21,576,105

HCA Holdings, Inc. (a)

271,355

24,617,326

Laboratory Corp. of America Holdings (a)

25,700

3,115,354

McKesson Corp.

129,906

29,204,168

Molina Healthcare, Inc. (a)

10,700

752,210

Omnicare, Inc.

163,916

15,449,083

 

138,727,739

Health Care Technology - 0.6%

Inovalon Holdings, Inc. Class A (d)

10,700

298,530

MedAssets, Inc. (a)

844,728

18,634,700

 

18,933,230

Life Sciences Tools & Services - 1.2%

Agilent Technologies, Inc.

224,095

8,645,585

Bruker Corp. (a)

189,500

3,867,695

Thermo Fisher Scientific, Inc.

194,430

25,229,237

 

37,742,517

Pharmaceuticals - 3.4%

Allergan PLC (a)

81,094

24,608,785

Baxalta, Inc. (a)

29,100

929,454

Catalent, Inc. (a)

20,400

598,332

Endo Health Solutions, Inc. (a)

131,700

10,489,905

Horizon Pharma PLC (a)

183,600

6,378,264

Jazz Pharmaceuticals PLC (a)

128,366

22,601,402

Mallinckrodt PLC (a)

120,621

14,199,504

Teva Pharmaceutical Industries Ltd. sponsored ADR

381,682

22,557,406

 

102,363,052

TOTAL HEALTH CARE

416,874,522

INDUSTRIALS - 15.5%

Aerospace & Defense - 2.4%

Curtiss-Wright Corp.

161,578

11,704,710

Esterline Technologies Corp. (a)

78,644

7,497,919

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Huntington Ingalls Industries, Inc.

78,700

$ 8,860,833

Rockwell Collins, Inc.

109,800

10,140,030

Textron, Inc.

794,663

35,465,810

 

73,669,302

Air Freight & Logistics - 1.0%

FedEx Corp.

182,746

31,139,918

Airlines - 1.5%

Allegiant Travel Co.

16,600

2,952,808

Southwest Airlines Co.

263,762

8,727,885

Spirit Airlines, Inc. (a)

518,345

32,189,225

 

43,869,918

Building Products - 0.4%

A.O. Smith Corp.

68,200

4,909,036

Apogee Enterprises, Inc.

48,622

2,559,462

Lennox International, Inc.

40,589

4,371,029

 

11,839,527

Commercial Services & Supplies - 0.8%

Copart, Inc. (a)

36,400

1,291,472

G&K Services, Inc. Class A

66,800

4,618,552

Herman Miller, Inc.

100,000

2,893,000

HNI Corp.

68,680

3,512,982

KAR Auction Services, Inc.

106,592

3,986,541

Knoll, Inc.

138,500

3,466,655

Republic Services, Inc.

106,652

4,177,559

 

23,946,761

Construction & Engineering - 1.2%

EMCOR Group, Inc.

332,221

15,870,197

Granite Construction, Inc.

6,820

242,178

Jacobs Engineering Group, Inc. (a)

309,176

12,558,729

Quanta Services, Inc. (a)

291,651

8,405,382

 

37,076,486

Electrical Equipment - 0.1%

AMETEK, Inc.

60,900

3,336,102

Industrial Conglomerates - 0.5%

Roper Industries, Inc.

89,156

15,375,844

Machinery - 5.0%

AGCO Corp. (d)

246,800

14,013,304

Caterpillar, Inc.

79,663

6,757,016

Colfax Corp. (a)(d)

166,180

7,669,207

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

Cummins, Inc.

70,957

$ 9,308,849

Deere & Co.

120,700

11,713,935

IDEX Corp.

5,654

444,291

Illinois Tool Works, Inc.

161,493

14,823,442

Ingersoll-Rand PLC

187,972

12,673,072

Manitowoc Co., Inc.

289,643

5,677,003

Mueller Industries, Inc.

236,240

8,202,253

Rexnord Corp. (a)

858,895

20,536,179

Snap-On, Inc.

108,600

17,294,550

Stanley Black & Decker, Inc.

16,600

1,746,984

Valmont Industries, Inc.

55,323

6,576,245

Wabtec Corp.

38,240

3,603,738

Woodward, Inc.

174,941

9,620,006

 

150,660,074

Professional Services - 0.9%

CEB, Inc.

63,000

5,484,780

Dun & Bradstreet Corp.

169,284

20,652,648

 

26,137,428

Road & Rail - 1.3%

ArcBest Corp.

164,300

5,224,740

Con-way, Inc.

475,562

18,247,314

CSX Corp.

63,900

2,086,335

J.B. Hunt Transport Services, Inc.

13,500

1,108,215

Old Dominion Freight Lines, Inc. (a)

21,900

1,502,450

Saia, Inc. (a)

253,524

9,960,958

Swift Transporation Co. (a)

89,900

2,038,033

 

40,168,045

Trading Companies & Distributors - 0.4%

Air Lease Corp. Class A

290,288

9,840,763

Misumi Group, Inc.

254,400

3,612,756

 

13,453,519

TOTAL INDUSTRIALS

470,672,924

INFORMATION TECHNOLOGY - 23.8%

Communications Equipment - 1.3%

Brocade Communications Systems, Inc.

285,045

3,386,335

CommScope Holding Co., Inc. (a)

409,391

12,490,519

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

F5 Networks, Inc. (a)

185,555

$ 22,331,544

Juniper Networks, Inc.

82,005

2,129,670

 

40,338,068

Electronic Equipment & Components - 3.9%

Arrow Electronics, Inc. (a)

223,523

12,472,583

Avnet, Inc.

275,437

11,323,215

Belden, Inc.

252,400

20,502,452

CDW Corp.

699,351

23,973,752

IPG Photonics Corp. (a)(d)

25,500

2,171,963

Jabil Circuit, Inc.

85,500

1,820,295

Keysight Technologies, Inc. (a)

119,947

3,741,147

Methode Electronics, Inc. Class A

253,900

6,969,555

TE Connectivity Ltd.

281,530

18,102,379

Trimble Navigation Ltd. (a)

512,200

12,016,212

Zebra Technologies Corp. Class A (a)

58,900

6,540,845

 

119,634,398

Internet Software & Services - 0.5%

Google, Inc. Class C

21,873

11,385,115

Tencent Holdings Ltd.

180,200

3,603,375

 

14,988,490

IT Services - 9.2%

Alliance Data Systems Corp. (a)

79,405

23,181,496

Blackhawk Network Holdings, Inc. (a)

208,150

8,575,780

Broadridge Financial Solutions, Inc.

108,554

5,428,786

Cognizant Technology Solutions Corp. Class A (a)

10,300

629,227

Euronet Worldwide, Inc. (a)

408,691

25,216,235

EVERTEC, Inc.

320,456

6,806,485

Fidelity National Information Services, Inc.

437,043

27,009,257

Fiserv, Inc. (a)

306,994

25,428,313

FleetCor Technologies, Inc. (a)

131,664

20,547,484

Genpact Ltd. (a)

951,043

20,285,747

Global Payments, Inc.

417,371

43,177,024

Maximus, Inc.

144,700

9,511,131

The Western Union Co.

501,000

10,185,330

Total System Services, Inc.

731,947

30,573,426

Vantiv, Inc. (a)

47,100

1,798,749

Visa, Inc. Class A

135,400

9,092,110

Xerox Corp.

940,115

10,002,824

 

277,449,404

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - 4.6%

Altera Corp.

187,100

$ 9,579,520

Atmel Corp.

1,401,400

13,810,797

Broadcom Corp. Class A

325,900

16,780,591

Cree, Inc. (a)

10,400

270,712

Freescale Semiconductor, Inc. (a)

526,812

21,056,676

Intersil Corp. Class A

234,300

2,931,093

Microchip Technology, Inc. (d)

64,052

3,037,666

NVIDIA Corp.

537,943

10,818,034

NXP Semiconductors NV (a)

283,928

27,881,730

PMC-Sierra, Inc. (a)

1,629,917

13,952,090

Qorvo, Inc. (a)

180,850

14,516,830

Semtech Corp. (a)

177,400

3,521,390

 

138,157,129

Software - 3.5%

Activision Blizzard, Inc.

470,840

11,399,036

Cadence Design Systems, Inc. (a)

998,600

19,632,476

Electronic Arts, Inc. (a)

522,210

34,726,965

Fair Isaac Corp.

23,600

2,142,408

Intuit, Inc.

76,206

7,679,279

Parametric Technology Corp. (a)

314,073

12,883,274

Rovi Corp. (a)

82,790

1,320,501

Synopsys, Inc. (a)

339,000

17,170,350

 

106,954,289

Technology Hardware, Storage & Peripherals - 0.8%

EMC Corp.

498,367

13,151,905

SanDisk Corp.

103,600

6,031,592

Super Micro Computer, Inc. (a)

181,656

5,373,384

 

24,556,881

TOTAL INFORMATION TECHNOLOGY

722,078,659

MATERIALS - 3.7%

Chemicals - 3.0%

Albemarle Corp. U.S.

176,542

9,757,476

Ashland, Inc.

28,257

3,444,528

Cytec Industries, Inc.

444,906

26,930,160

Eastman Chemical Co.

188,700

15,439,434

Ferro Corp. (a)

547,104

9,180,405

Methanex Corp.

83,900

4,683,353

PolyOne Corp.

319,157

12,501,380

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

Potash Corp. of Saskatchewan, Inc.

22,800

$ 706,088

PPG Industries, Inc.

2,700

309,744

Praxair, Inc.

65,100

7,782,705

 

90,735,273

Containers & Packaging - 0.1%

Aptargroup, Inc.

62,200

3,966,494

Metals & Mining - 0.3%

B2Gold Corp. (a)

2,114,500

3,233,543

Constellium NV (a)

304,067

3,597,113

New Gold, Inc. (a)

671,800

1,801,865

 

8,632,521

Paper & Forest Products - 0.3%

Boise Cascade Co. (a)

282,100

10,347,428

TOTAL MATERIALS

113,681,716

UTILITIES - 0.6%

Electric Utilities - 0.4%

Exelon Corp.

349,000

10,965,580

OGE Energy Corp.

96,817

2,766,062

 

13,731,642

Independent Power and Renewable Electricity Producers - 0.1%

Dynegy, Inc. (a)

66,608

1,948,284

Multi-Utilities - 0.1%

CMS Energy Corp.

52,627

1,675,644

NiSource, Inc.

22,154

1,010,001

 

2,685,645

TOTAL UTILITIES

18,365,571

TOTAL COMMON STOCKS

(Cost $2,428,546,069)


3,012,944,914

Nonconvertible Preferred Stocks - 0.1%

Shares

Value

FINANCIALS - 0.1%

Capital Markets - 0.1%

GMAC Capital Trust I Series 2, 8.125%

(Cost $2,882,947)

140,930

$ 3,661,361

Money Market Funds - 1.5%

 

 

 

 

Fidelity Cash Central Fund, 0.15% (b)

6,372,503

6,372,503

Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)

38,696,525

38,696,525

TOTAL MONEY MARKET FUNDS

(Cost $45,069,028)


45,069,028

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $2,476,498,044)

3,061,675,303

NET OTHER ASSETS (LIABILITIES) - (1.0)%

(31,680,739)

NET ASSETS - 100%

$ 3,029,994,564

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

$ 7,452

Fidelity Securities Lending Cash Central Fund

68,745

Total

$ 76,197

Other Information

The following is a summary of the inputs used, as of June 30, 2015, 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

$ 559,952,086

$ 559,952,086

$ -

$ -

Consumer Staples

75,432,747

75,432,747

-

-

Energy

93,401,437

93,401,436

1

-

Financials

546,146,613

546,146,613

-

-

Health Care

416,874,522

416,874,522

-

-

Industrials

470,672,924

470,672,924

-

-

Information Technology

722,078,659

718,475,284

3,603,375

-

Materials

113,681,716

113,681,716

-

-

Utilities

18,365,571

18,365,571

-

-

Money Market Funds

45,069,028

45,069,028

-

-

Total Investments in Securities:

$ 3,061,675,303

$ 3,058,071,927

$ 3,603,376

$ -

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America

88.4%

Bermuda

4.1%

Ireland

3.2%

Netherlands

1.0%

Canada

1.0%

Others (Individually Less Than 1%)

2.3%

 

100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report


Financial Statements

Statement of Assets and Liabilities

 

 June 30, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $38,096,240) - See accompanying schedule:

Unaffiliated issuers (cost $2,431,429,016)

$ 3,016,606,275

 

Fidelity Central Funds (cost $45,069,028)

45,069,028

 

Total Investments (cost $2,476,498,044)

 

$ 3,061,675,303

Cash

 

1,293,119

Receivable for investments sold

15,847,827

Receivable for fund shares sold

2,504,964

Dividends receivable

2,216,943

Distributions receivable from Fidelity Central Funds

14,025

Other receivables

44,402

Total assets

3,083,596,583

 

 

 

Liabilities

Payable for investments purchased

$ 8,252,552

Payable for fund shares redeemed

3,963,859

Accrued management fee

1,408,557

Distribution and service plan fees payable

634,093

Other affiliated payables

579,913

Other payables and accrued expenses

66,520

Collateral on securities loaned, at value

38,696,525

Total liabilities

53,602,019

 

 

 

Net Assets

$ 3,029,994,564

Net Assets consist of:

 

Paid in capital

$ 2,391,299,668

Undistributed net investment income

1,441,785

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

52,077,686

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

585,175,425

Net Assets

$ 3,029,994,564

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

 

 June 30, 2015 (Unaudited)

Calculation of Maximum Offering Price

Class A:

Net Asset Value and redemption price per share ($937,828,852 ÷ 47,442,294 shares)

$ 19.77

 

 

 

Maximum offering price per share (100/94.25 of $19.77)

$ 20.98

Class T:

Net Asset Value and redemption price per share ($430,746,759 ÷ 22,206,069 shares)

$ 19.40

 

 

 

Maximum offering price per share (100/96.50 of $19.40)

$ 20.10

Class B:

Net Asset Value and offering price per share ($18,076,354 ÷ 991,385 shares)A

$ 18.23

 

 

 

Class C:

Net Asset Value and offering price per share ($277,469,766 ÷ 15,222,772 shares)A

$ 18.23

 

 

 

Institutional Class:

Net Asset Value, offering price and redemption price per share ($1,339,019,978 ÷ 66,090,064 shares)

$ 20.26

 

 

 

Class Z:

Net Asset Value, offering price and redemption price per share ($26,852,855 ÷ 1,324,371 shares)

$ 20.28

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 June 30, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 17,169,400

Income from Fidelity Central Funds

 

76,197

Total income

 

17,245,597

 

 

 

Expenses

Management fee

$ 8,395,999

Transfer agent fees

3,031,318

Distribution and service plan fees

3,785,563

Accounting and security lending fees

454,745

Custodian fees and expenses

33,744

Independent trustees' compensation

6,347

Registration fees

65,645

Audit

42,950

Legal

2,442

Interest

1,706

Miscellaneous

13,405

Total expenses before reductions

15,833,864

Expense reductions

(68,483)

15,765,381

Net investment income (loss)

1,480,216

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

73,426,282

Foreign currency transactions

32,394

Total net realized gain (loss)

 

73,458,676

Change in net unrealized appreciation (depreciation) on:

Investment securities

74,829,120

Assets and liabilities in foreign currencies

(172)

Total change in net unrealized appreciation (depreciation)

 

74,828,948

Net gain (loss)

148,287,624

Net increase (decrease) in net assets resulting from operations

$ 149,767,840

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
June 30, 2015
(Unaudited)

Year ended
December 31,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,480,216

$ (3,287,897)

Net realized gain (loss)

73,458,676

445,778,441

Change in net unrealized appreciation (depreciation)

74,828,948

(267,126,396)

Net increase (decrease) in net assets resulting from operations

149,767,840

175,364,148

Distributions to shareholders from net realized gain

-

(436,123,277)

Share transactions - net increase (decrease)

(143,343,813)

68,144,327

Total increase (decrease) in net assets

6,424,027

(192,614,802)

 

 

 

Net Assets

Beginning of period

3,023,570,537

3,216,185,339

End of period (including undistributed net investment income of $1,441,785 and accumulated net investment loss of $38,431, respectively)

$ 3,029,994,564

$ 3,023,570,537

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

 

Six months ended
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 18.83

$ 20.78

$ 17.43

$ 16.02

$ 17.90

$ 14.17

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .01

  (.02)

  .01

  .07

  (.05)

  (.02)

Net realized and unrealized gain (loss)

  .93

  1.13

  5.99

  2.22

  (1.83)

  3.78

Total from investment operations

  .94

  1.11

  6.00

  2.29

  (1.88)

  3.76

Distributions from net realized gain

  -

  (3.06)

  (2.65)

  (.88)

  -

  (.03)

Net asset value, end of period

$ 19.77

$ 18.83

$ 20.78

$ 17.43

$ 16.02

$ 17.90

Total ReturnB, C, D

  4.99%

  5.93%

  35.43%

  14.41%

  (10.50)%

  26.56%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.06%A

  1.07%

  1.10%

  1.15%

  1.16%

  1.16%

Expenses net of fee waivers, if any

  1.05%A

  1.07%

  1.10%

  1.15%

  1.16%

  1.16%

Expenses net of all reductions

  1.05%A

  1.06%

  1.09%

  1.13%

  1.15%

  1.15%

Net investment income (loss)

  .08%A

  (.09)%

  .06%

  .38%

  (.27)%

  (.13)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 937,829

$ 944,824

$ 1,079,380

$ 929,707

$ 1,323,551

$ 1,525,295

Portfolio turnover rateG

  22%A

  144%

  134%

  186%

  80%

  42%

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
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 18.50

$ 20.52

$ 17.23

$ 15.88

$ 17.79

$ 14.11

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.02)

  (.07)

  (.03)

  .03

  (.08)

  (.05)

Net realized and unrealized gain (loss)

  .92

  1.11

  5.92

  2.20

  (1.83)

  3.76

Total from investment operations

  .90

  1.04

  5.89

  2.23

  (1.91)

  3.71

Distributions from net realized gain

  -

  (3.06)

  (2.60)

  (.88)

  -

  (.03)

Net asset value, end of period

$ 19.40

$ 18.50

$ 20.52

$ 17.23

$ 15.88

$ 17.79

Total ReturnB, C, D

  4.86%

  5.66%

  35.23%

  14.16%

  (10.74)%

  26.31%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.29%A

  1.30%

  1.32%

  1.35%

  1.35%

  1.37%

Expenses net of fee waivers, if any

  1.29%A

  1.30%

  1.32%

  1.35%

  1.35%

  1.37%

Expenses net of all reductions

  1.29%A

  1.29%

  1.31%

  1.33%

  1.34%

  1.37%

Net investment income (loss)

  (.16)%A

  (.32)%

  (.16)%

  .18%

  (.46)%

  (.34)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 430,747

$ 429,512

$ 461,205

$ 388,598

$ 420,604

$ 523,899

Portfolio turnover rateG

  22%A

  144%

  134%

  186%

  80%

  42%

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
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 17.44

$ 19.63

$ 16.55

$ 15.37

$ 17.31

$ 13.81

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.07)

  (.18)

  (.14)

  (.06)

  (.17)

  (.13)

Net realized and unrealized gain (loss)

  .86

  1.05

  5.67

  2.12

  (1.77)

  3.66

Total from investment operations

  .79

  .87

  5.53

  2.06

  (1.94)

  3.53

Distributions from net realized gain

  -

  (3.06)

  (2.45)

  (.88)

  -

  (.03)

Net asset value, end of period

$ 18.23

$ 17.44

$ 19.63

$ 16.55

$ 15.37

$ 17.31

Total ReturnB, C, D

  4.53%

  5.04%

  34.42%

  13.52%

  (11.21)%

  25.58%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.89%A

  1.90%

  1.90%

  1.91%

  1.91%

  1.91%

Expenses net of fee waivers, if any

  1.89%A

  1.90%

  1.90%

  1.91%

  1.91%

  1.91%

Expenses net of all reductions

  1.89%A

  1.89%

  1.89%

  1.88%

  1.90%

  1.91%

Net investment income (loss)

  (.76)%A

  (.92)%

  (.74)%

  (.38)%

  (1.02)%

  (.88)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 18,076

$ 23,440

$ 35,770

$ 43,996

$ 57,534

$ 83,330

Portfolio turnover rateG

  22%A

  144%

  134%

  186%

  80%

  42%

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
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 17.43

$ 19.61

$ 16.58

$ 15.39

$ 17.32

$ 13.81

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.06)

  (.16)

  (.13)

  (.06)

  (.17)

  (.13)

Net realized and unrealized gain (loss)

  .86

  1.04

  5.67

  2.13

  (1.76)

  3.67

Total from investment operations

  .80

  .88

  5.54

  2.07

  (1.93)

  3.54

Distributions from net realized gain

  -

  (3.06)

  (2.51)

  (.88)

  -

  (.03)

Net asset value, end of period

$ 18.23

$ 17.43

$ 19.61

$ 16.58

$ 15.39

$ 17.32

Total ReturnB, C, D

  4.59%

  5.09%

  34.47%

  13.57%

  (11.14)%

  25.65%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.82%A

  1.83%

  1.85%

  1.88%

  1.87%

  1.88%

Expenses net of fee waivers, if any

  1.81%A

  1.83%

  1.85%

  1.88%

  1.87%

  1.88%

Expenses net of all reductions

  1.81%A

  1.82%

  1.84%

  1.86%

  1.86%

  1.88%

Net investment income (loss)

  (.69)%A

  (.85)%

  (.69)%

  (.35)%

  (.98)%

  (.85)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 277,470

$ 277,963

$ 301,398

$ 233,542

$ 258,215

$ 299,688

Portfolio turnover rateG

  22%A

  144%

  134%

  186%

  80%

  42%

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
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 19.27

$ 21.16

$ 17.70

$ 16.25

$ 18.12

$ 14.31

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .04

  .03

  .06

  .11

  -H

  .02

Net realized and unrealized gain (loss)

  .95

  1.14

  6.09

  2.26

  (1.87)

  3.82

Total from investment operations

  .99

  1.17

  6.15

  2.37

  (1.87)

  3.84

Distributions from net investment income

  -

  -

  (.02)

  (.04)

  -

  -

Distributions from net realized gain

  -

  (3.06)

  (2.67)

  (.88)

  -

  (.03)

Total distributions

  -

  (3.06)

  (2.69)

  (.92)

  -

  (.03)

Net asset value, end of period

$ 20.26

$ 19.27

$ 21.16

$ 17.70

$ 16.25

$ 18.12

Total ReturnB, C

  5.14%

  6.11%

  35.81%

  14.67%

  (10.32)%

  26.86%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .77%A

  .85%

  .89%

  .90%

  .90%

  .90%

Expenses net of fee waivers, if any

  .76%A

  .85%

  .89%

  .90%

  .90%

  .90%

Expenses net of all reductions

  .76%A

  .85%

  .88%

  .88%

  .89%

  .90%

Net investment income (loss)

  .36%A

  .13%

  .28%

  .63%

  (.02)%

  .13%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 1,339,020

$ 1,324,447

$ 1,326,260

$ 966,792

$ 972,531

$ 950,940

Portfolio turnover rateF

  22%A

  144%

  134%

  186%

  80%

  42%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

D Calculated based on average shares outstanding during the period.

E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class Z

 

Six months ended
June 30, 2015

Years ended
December 31,

 

(Unaudited)

2014

2013 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 19.27

$ 21.11

$ 21.33

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .05

  .07

  .04

Net realized and unrealized gain (loss)

  .96

  1.15

  2.26

Total from investment operations

  1.01

  1.22

  2.30

Distributions from net investment income

  -

  -

  (.08)

Distributions from net realized gain

  -

  (3.06)

  (2.44)

Total distributions

  -

  (3.06)

  (2.52)

Net asset value, end of period

$ 20.28

$ 19.27

$ 21.11

Total ReturnB, C

  5.24%

  6.36%

  11.35%

Ratios to Average Net Assets E, H

 

 

 

Expenses before reductions

  .64%A

  .64%

  .65%A

Expenses net of fee waivers, if any

  .64%A

  .64%

  .65%A

Expenses net of all reductions

  .64%A

  .63%

  .64%A

Net investment income (loss)

  .49%A

  .34%

  .52%A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 26,853

$ 23,384

$ 12,172

Portfolio turnover rateF

  22%A

  144%

  134%

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 December 31, 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 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 June 30, 2015 (Unaudited)

1. Organization.

Fidelity Advisor® Mid Cap II Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs),

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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 June 30, 2015 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, net operating losses, 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

$ 665,056,314

Gross unrealized depreciation

(84,503,590)

Net unrealized appreciation (depreciation) on securities

$ 580,552,724

 

 

Tax cost

$ 2,481,122,579

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.

Capital loss carryforwards were as follows:

Fiscal year of expiration

 

2016

$ (3,404,268)

The Fund acquired $3,404,268 of capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,702,134 per year.

The Fund elected to defer to its next fiscal year approximately $8,490,256 of capital losses recognized during the period November 1, 2014 to December 31, 2014.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $335,545,299 and $487,182,572, respectively.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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. For the reporting period, the total annualized management fee rate was .55% 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
Fee

Service
Fee

Total Fees

Retained
by FDC

Class A

-%

.25%

$ 1,189,379

$ 18,855

Class T

.25%

.25%

1,086,108

12,250

Class B

.75%

.25%

104,757

78,945

Class C

.75%

.25%

1,405,319

98,612

 

 

 

$ 3,785,563

$ 208,662

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

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

 

Retained
by FDC

Class A

$ 82,793

Class T

11,743

Class B*

4,618

Class C*

8,968

 

$ 108,122

* 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-Level Average
Net Assets
*

Class A

$ 1,024,440

.22

Class T

440,487

.20

Class B

30,795

.29

Class C

321,320

.23

Institutional Class

1,208,508

.18

Class Z

5,768

.05

 

$ 3,031,318

 

* 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 $10,009 for the period.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Loan
Balance

Weighted Average
Interest Rate

Interest Expense

Borrower

$ 16,283,000

.34%

$ 1,706

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 $2,379 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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 $68,745, including $171 from securities loaned to FCM.

Semiannual Report

8. Expense Reductions.

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 $330.

In addition, during the period the following classes were reimbursed and/or waived by the investment adviser for a portion of operating expenses.

 

Amount

Class A

$ 22,714

Class T

9,940

Class B

112

Class C

6,421

Institutional Class

28,966

 

$ 68,153

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
June 30,
2015

Year ended
December 31,
2014

From net realized gain

 

 

Class A

$ -

$ 137,322,056

Class T

-

62,445,073

Class B

-

3,852,399

Class C

-

43,029,289

Institutional Class

-

186,411,319

Class Z

-

3,063,141

Total

$ -

$ 436,123,277

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
June 30,
2015

Year ended
December 31,
2014

Six months ended
June 30,
2015

Year ended
December 31,
2014

Class A

 

 

 

 

Shares sold

2,641,323

5,220,254

$ 51,683,852

$ 107,688,537

Reinvestment of distributions

-

7,296,468

-

134,255,373

Shares redeemed

(5,376,428)

(14,276,131)

(104,822,160)

(294,576,344)

Net increase (decrease)

(2,735,105)

(1,759,409)

$ (53,138,308)

$ (52,632,434)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Share Transactions - continued

 

Shares

Dollars

Six months ended
June 30,
2015

Year ended
December 31,
2014

Six months ended
June 30,
2015

Year ended
December 31,
2014

Class T

 

 

 

 

Shares sold

1,735,905

3,124,595

$ 33,275,345

$ 62,967,838

Reinvestment of distributions

-

3,367,729

-

60,925,223

Shares redeemed

(2,747,808)

(5,752,274)

(52,541,235)

(116,971,540)

Net increase (decrease)

(1,011,903)

740,050

$ (19,265,890)

$ 6,921,521

Class B

 

 

 

 

Shares sold

4,785

22,395

$ 87,755

$ 418,800

Reinvestment of distributions

-

215,538

-

3,696,342

Shares redeemed

(357,406)

(716,133)

(6,438,378)

(13,868,466)

Net increase (decrease)

(352,621)

(478,200)

$ (6,350,623)

$ (9,753,324)

Class C

 

 

 

 

Shares sold

766,685

1,542,701

$ 13,870,281

$ 29,578,132

Reinvestment of distributions

-

2,310,616

-

39,449,522

Shares redeemed

(1,492,372)

(3,277,603)

(26,868,332)

(63,561,286)

Net increase (decrease)

(725,687)

575,714

$ (12,998,051)

$ 5,466,368

Institutional Class

 

 

 

 

Shares sold

6,493,393

14,246,143

$ 129,732,295

$ 300,374,725

Reinvestment of distributions

-

9,390,856

-

176,640,401

Shares redeemed

(9,129,339)

(17,598,999)

(183,604,916)

(372,200,164)

Net increase (decrease)

(2,635,946)

6,038,000

$ (53,872,621)

$ 104,814,962

Class Z

 

 

 

 

Shares sold

229,721

632,250

$ 4,658,354

$ 13,642,909

Reinvestment of distributions

-

163,698

-

3,063,141

Shares redeemed

(118,629)

(159,161)

(2,376,674)

(3,378,816)

Net increase (decrease)

111,092

636,787

$ 2,281,680

$ 13,327,234

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 Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

FMR Co., Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

(Fidelity Investment logo)(registered trademark)

AMP-USAN-0815
1.801445.110

(Fidelity Investment logo)(registered trademark)
Fidelity
Advisor
®

Mid Cap II

Fund - Institutional Class

(To be renamed Class I
effective July 1, 2015)

Semiannual Report

June 30, 2015

(Fidelity Cover Art)


Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

A summary of major shifts in the fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights.

Notes

(Click Here)

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. © 2015 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 (January 1, 2015 to June 30, 2015).

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
Expense Ratio
B

Beginning
Account Value
January 1, 2015

Ending
Account Value
June 30, 2015

Expenses Paid
During Period
*
January 1, 2015
to June 30, 2015

Class A

1.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,049.90

$ 5.34

HypotheticalA

 

$ 1,000.00

$ 1,019.59

$ 5.26

Class T

1.29%

 

 

 

Actual

 

$ 1,000.00

$ 1,048.60

$ 6.55

HypotheticalA

 

$ 1,000.00

$ 1,018.40

$ 6.46

Class B

1.89%

 

 

 

Actual

 

$ 1,000.00

$ 1,045.30

$ 9.58

HypotheticalA

 

$ 1,000.00

$ 1,015.42

$ 9.44

Class C

1.81%

 

 

 

Actual

 

$ 1,000.00

$ 1,045.90

$ 9.18

HypotheticalA

 

$ 1,000.00

$ 1,015.82

$ 9.05

Institutional Class

.76%

 

 

 

Actual

 

$ 1,000.00

$ 1,051.40

$ 3.87

HypotheticalA

 

$ 1,000.00

$ 1,021.03

$ 3.81

Class Z

.64%

 

 

 

Actual

 

$ 1,000.00

$ 1,052.40

$ 3.26

HypotheticalA

 

$ 1,000.00

$ 1,021.62

$ 3.21

A 5% return per year before expenses

B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report


Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Global Payments, Inc.

1.4

1.2

Polaris Industries, Inc.

1.3

0.8

G-III Apparel Group Ltd.

1.2

1.0

Textron, Inc.

1.2

1.2

Electronic Arts, Inc.

1.1

0.9

Cardinal Health, Inc.

1.1

1.2

CBRE Group, Inc.

1.1

1.0

Spirit Airlines, Inc.

1.1

1.3

Jones Lang LaSalle, Inc.

1.0

1.0

FedEx Corp.

1.0

1.1

 

11.5

Top Five Market Sectors as of June 30, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

23.8

25.0

Consumer Discretionary

18.5

16.6

Financials

18.0

15.5

Industrials

15.5

17.2

Health Care

13.8

13.3

Asset Allocation (% of fund's net assets)

As of June 30, 2015*

As of December 31, 2014**

eee427176

Stocks 99.5%

 

eee427178

Stocks 99.9%

 

eee427180

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.5%

 

eee427182

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.1%

 

* Foreign investments

11.6%

 

** Foreign investments

11.7%

 

eee427184

Semiannual Report


Investments June 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value

CONSUMER DISCRETIONARY - 18.5%

Auto Components - 1.3%

Delphi Automotive PLC

115,996

$ 9,870,100

Gentex Corp.

782,914

12,855,448

Johnson Controls, Inc.

89,854

4,450,469

Modine Manufacturing Co. (a)

48,900

524,697

Tenneco, Inc. (a)

58,608

3,366,444

Visteon Corp. (a)

76,446

8,025,301

 

39,092,459

Diversified Consumer Services - 0.3%

Houghton Mifflin Harcourt Co. (a)

296,000

7,459,200

ServiceMaster Global Holdings, Inc.

70,000

2,531,900

 

9,991,100

Hotels, Restaurants & Leisure - 3.1%

Brinker International, Inc.

215,542

12,425,996

Buffalo Wild Wings, Inc. (a)

29,500

4,622,355

DineEquity, Inc.

233,000

23,087,970

Jubilant Foodworks Ltd. (a)

24,798

724,746

Las Vegas Sands Corp.

161,479

8,488,951

Panera Bread Co. Class A (a)

33,100

5,784,887

Texas Roadhouse, Inc. Class A

321,700

12,041,231

Wyndham Worldwide Corp.

331,678

27,167,745

 

94,343,881

Household Durables - 3.7%

Ethan Allen Interiors, Inc.

3,400

89,556

Harman International Industries, Inc.

47,301

5,625,981

Jarden Corp. (a)

465,600

24,094,800

Lennar Corp. Class A

516,800

26,377,472

NVR, Inc. (a)

15,970

21,399,800

PulteGroup, Inc.

1,116,900

22,505,535

Toll Brothers, Inc. (a)

48,400

1,848,396

Whirlpool Corp.

54,395

9,413,055

 

111,354,595

Internet & Catalog Retail - 0.0%

Etsy, Inc.

10,600

148,930

Leisure Products - 1.6%

Brunswick Corp.

180,600

9,185,316

Polaris Industries, Inc.

257,708

38,169,132

 

47,354,448

Media - 1.0%

AMC Networks, Inc. Class A (a)

118,700

9,715,595

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

Interpublic Group of Companies, Inc.

727,694

$ 14,022,663

Naspers Ltd. Class N

20,600

3,208,696

News Corp. Class A (a)

198,900

2,901,951

 

29,848,905

Multiline Retail - 0.9%

Dollar Tree, Inc. (a)

363,800

28,736,562

Specialty Retail - 2.9%

AutoZone, Inc. (a)

16,600

11,070,540

Dick's Sporting Goods, Inc.

176,900

9,158,113

Foot Locker, Inc.

238,233

15,963,993

GNC Holdings, Inc.

240,700

10,706,336

L Brands, Inc.

43,400

3,720,682

Party City Holdco, Inc.

12,500

253,375

Signet Jewelers Ltd.

113,522

14,558,061

TJX Companies, Inc.

196,300

12,989,171

Urban Outfitters, Inc. (a)

132,300

4,630,500

Williams-Sonoma, Inc.

52,200

4,294,494

 

87,345,265

Textiles, Apparel & Luxury Goods - 3.7%

Deckers Outdoor Corp. (a)

190,400

13,703,088

G-III Apparel Group Ltd. (a)

525,330

36,956,966

Hanesbrands, Inc.

885,700

29,511,524

Page Industries Ltd.

7,027

1,671,143

PVH Corp.

114,200

13,155,840

Ralph Lauren Corp.

89,400

11,832,984

VF Corp.

70,324

4,904,396

 

111,735,941

TOTAL CONSUMER DISCRETIONARY

559,952,086

CONSUMER STAPLES - 2.5%

Beverages - 0.7%

C&C Group PLC

468,261

1,835,495

Dr. Pepper Snapple Group, Inc.

260,003

18,954,219

 

20,789,714

Food & Staples Retailing - 1.2%

CVS Health Corp.

208,190

21,834,967

Kroger Co.

195,900

14,204,709

 

36,039,676

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - 0.6%

Archer Daniels Midland Co.

67,767

$ 3,267,725

Britannia Industries Ltd. (a)

5,440

236,483

Bunge Ltd.

147,930

12,988,254

Ingredion, Inc.

26,449

2,110,895

 

18,603,357

TOTAL CONSUMER STAPLES

75,432,747

ENERGY - 3.1%

Energy Equipment & Services - 1.3%

Baker Hughes, Inc.

86,700

5,349,390

Dril-Quip, Inc. (a)

157,300

11,836,825

Ensco PLC Class A

72,400

1,612,348

Halliburton Co.

267,500

11,521,225

Oceaneering International, Inc.

189,600

8,833,464

 

39,153,252

Oil, Gas & Consumable Fuels - 1.8%

Apache Corp.

120,868

6,965,623

Chesapeake Energy Corp.

32,262

360,367

Cimarex Energy Co.

101,147

11,157,526

Emerald Oil, Inc. warrants 2/4/16 (a)

56,881

1

Energen Corp.

14,161

967,196

EOG Resources, Inc.

37,100

3,248,105

Newfield Exploration Co. (a)

185,100

6,685,812

Phillips 66 Co.

78,260

6,304,626

Suncor Energy, Inc.

589,300

16,230,520

Teekay Tankers Ltd.

28,900

191,029

Western Refining, Inc.

49,000

2,137,380

 

54,248,185

TOTAL ENERGY

93,401,437

FINANCIALS - 17.9%

Banks - 4.8%

Boston Private Financial Holdings, Inc.

570,967

7,656,667

CIT Group, Inc.

85,400

3,970,246

Comerica, Inc.

260,240

13,355,517

Commerce Bancshares, Inc. (d)

258,105

12,071,571

CVB Financial Corp.

116,500

2,051,565

First Citizen Bancshares, Inc.

15,200

3,998,208

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Banks - continued

First Commonwealth Financial Corp.

384,000

$ 3,682,560

First Republic Bank

83,100

5,237,793

Hilltop Holdings, Inc. (a)

78,296

1,886,151

Huntington Bancshares, Inc.

1,542,457

17,445,189

Investors Bancorp, Inc.

752,800

9,259,440

Lakeland Financial Corp.

196,986

8,543,283

M&T Bank Corp.

84,100

10,506,613

PacWest Bancorp

117,055

5,473,492

Prosperity Bancshares, Inc.

85,600

4,942,544

Regions Financial Corp.

955,200

9,895,872

SunTrust Banks, Inc.

309,915

13,332,543

UMB Financial Corp.

181,500

10,349,130

 

143,658,384

Capital Markets - 3.3%

Ameriprise Financial, Inc.

189,787

23,710,090

E*TRADE Financial Corp. (a)

61,000

1,826,950

Invesco Ltd.

417,500

15,652,075

Lazard Ltd. Class A

280,268

15,762,272

LPL Financial (d)

65,500

3,045,095

Raymond James Financial, Inc.

254,724

15,176,456

Stifel Financial Corp. (a)

47,200

2,725,328

The Blackstone Group LP

454,819

18,588,453

Virtus Investment Partners, Inc.

25,500

3,372,375

 

99,859,094

Consumer Finance - 1.4%

American Express Co.

32,315

2,511,522

Capital One Financial Corp.

140,400

12,350,988

SLM Corp. (a)

2,312,300

22,822,401

Springleaf Holdings, Inc. (a)

112,400

5,160,284

 

42,845,195

Diversified Financial Services - 1.1%

CRISIL Ltd.

27,931

850,588

McGraw Hill Financial, Inc.

270,771

27,198,947

Moody's Corp.

55,100

5,948,596

 

33,998,131

Insurance - 3.9%

AFLAC, Inc.

236,700

14,722,740

Bajaj Finserv Ltd. (a)

19,464

469,189

Brown & Brown, Inc.

27,600

906,936

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

First American Financial Corp.

447,600

$ 16,655,196

Hiscox Ltd.

572,793

7,551,008

Marsh & McLennan Companies, Inc.

385,415

21,853,031

Primerica, Inc.

186,758

8,532,973

Principal Financial Group, Inc.

371,400

19,049,106

Reinsurance Group of America, Inc.

216,491

20,538,501

The Chubb Corp.

71,100

6,764,454

The Travelers Companies, Inc.

3,000

289,980

 

117,333,114

Real Estate Investment Trusts - 0.2%

American Realty Capital Properties, Inc.

181,400

1,474,782

Digital Realty Trust, Inc.

36,400

2,427,152

Mid-America Apartment Communities, Inc.

39,796

2,897,547

SL Green Realty Corp.

2,800

307,692

 

7,107,173

Real Estate Management & Development - 2.1%

CBRE Group, Inc. (a)

871,391

32,241,467

Colliers International Group, Inc.

6,900

265,512

Jones Lang LaSalle, Inc.

187,131

31,999,401

 

64,506,380

Thrifts & Mortgage Finance - 1.1%

Beneficial Bancorp, Inc. (a)

120,133

1,500,461

BofI Holding, Inc. (a)

66,500

7,029,715

Essent Group Ltd. (a)

514,300

14,066,105

Housing Development Finance Corp. Ltd.

115,375

2,353,401

Ladder Capital Corp. Class A

474,242

8,228,099

 

33,177,781

TOTAL FINANCIALS

542,485,252

HEALTH CARE - 13.8%

Biotechnology - 0.3%

United Therapeutics Corp. (a)

48,600

8,453,970

Health Care Equipment & Supplies - 3.7%

Boston Scientific Corp. (a)

1,471,810

26,051,037

DENTSPLY International, Inc.

294,100

15,160,855

Hologic, Inc. (a)

684,600

26,055,876

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Steris Corp. (d)

405,800

$ 26,149,752

Zimmer Biomet Holdings, Inc.

157,800

17,236,494

 

110,654,014

Health Care Providers & Services - 4.6%

Cardinal Health, Inc.

402,255

33,648,631

Community Health Systems, Inc. (a)

164,600

10,364,862

DaVita HealthCare Partners, Inc. (a)

271,500

21,576,105

HCA Holdings, Inc. (a)

271,355

24,617,326

Laboratory Corp. of America Holdings (a)

25,700

3,115,354

McKesson Corp.

129,906

29,204,168

Molina Healthcare, Inc. (a)

10,700

752,210

Omnicare, Inc.

163,916

15,449,083

 

138,727,739

Health Care Technology - 0.6%

Inovalon Holdings, Inc. Class A (d)

10,700

298,530

MedAssets, Inc. (a)

844,728

18,634,700

 

18,933,230

Life Sciences Tools & Services - 1.2%

Agilent Technologies, Inc.

224,095

8,645,585

Bruker Corp. (a)

189,500

3,867,695

Thermo Fisher Scientific, Inc.

194,430

25,229,237

 

37,742,517

Pharmaceuticals - 3.4%

Allergan PLC (a)

81,094

24,608,785

Baxalta, Inc. (a)

29,100

929,454

Catalent, Inc. (a)

20,400

598,332

Endo Health Solutions, Inc. (a)

131,700

10,489,905

Horizon Pharma PLC (a)

183,600

6,378,264

Jazz Pharmaceuticals PLC (a)

128,366

22,601,402

Mallinckrodt PLC (a)

120,621

14,199,504

Teva Pharmaceutical Industries Ltd. sponsored ADR

381,682

22,557,406

 

102,363,052

TOTAL HEALTH CARE

416,874,522

INDUSTRIALS - 15.5%

Aerospace & Defense - 2.4%

Curtiss-Wright Corp.

161,578

11,704,710

Esterline Technologies Corp. (a)

78,644

7,497,919

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Huntington Ingalls Industries, Inc.

78,700

$ 8,860,833

Rockwell Collins, Inc.

109,800

10,140,030

Textron, Inc.

794,663

35,465,810

 

73,669,302

Air Freight & Logistics - 1.0%

FedEx Corp.

182,746

31,139,918

Airlines - 1.5%

Allegiant Travel Co.

16,600

2,952,808

Southwest Airlines Co.

263,762

8,727,885

Spirit Airlines, Inc. (a)

518,345

32,189,225

 

43,869,918

Building Products - 0.4%

A.O. Smith Corp.

68,200

4,909,036

Apogee Enterprises, Inc.

48,622

2,559,462

Lennox International, Inc.

40,589

4,371,029

 

11,839,527

Commercial Services & Supplies - 0.8%

Copart, Inc. (a)

36,400

1,291,472

G&K Services, Inc. Class A

66,800

4,618,552

Herman Miller, Inc.

100,000

2,893,000

HNI Corp.

68,680

3,512,982

KAR Auction Services, Inc.

106,592

3,986,541

Knoll, Inc.

138,500

3,466,655

Republic Services, Inc.

106,652

4,177,559

 

23,946,761

Construction & Engineering - 1.2%

EMCOR Group, Inc.

332,221

15,870,197

Granite Construction, Inc.

6,820

242,178

Jacobs Engineering Group, Inc. (a)

309,176

12,558,729

Quanta Services, Inc. (a)

291,651

8,405,382

 

37,076,486

Electrical Equipment - 0.1%

AMETEK, Inc.

60,900

3,336,102

Industrial Conglomerates - 0.5%

Roper Industries, Inc.

89,156

15,375,844

Machinery - 5.0%

AGCO Corp. (d)

246,800

14,013,304

Caterpillar, Inc.

79,663

6,757,016

Colfax Corp. (a)(d)

166,180

7,669,207

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

Cummins, Inc.

70,957

$ 9,308,849

Deere & Co.

120,700

11,713,935

IDEX Corp.

5,654

444,291

Illinois Tool Works, Inc.

161,493

14,823,442

Ingersoll-Rand PLC

187,972

12,673,072

Manitowoc Co., Inc.

289,643

5,677,003

Mueller Industries, Inc.

236,240

8,202,253

Rexnord Corp. (a)

858,895

20,536,179

Snap-On, Inc.

108,600

17,294,550

Stanley Black & Decker, Inc.

16,600

1,746,984

Valmont Industries, Inc.

55,323

6,576,245

Wabtec Corp.

38,240

3,603,738

Woodward, Inc.

174,941

9,620,006

 

150,660,074

Professional Services - 0.9%

CEB, Inc.

63,000

5,484,780

Dun & Bradstreet Corp.

169,284

20,652,648

 

26,137,428

Road & Rail - 1.3%

ArcBest Corp.

164,300

5,224,740

Con-way, Inc.

475,562

18,247,314

CSX Corp.

63,900

2,086,335

J.B. Hunt Transport Services, Inc.

13,500

1,108,215

Old Dominion Freight Lines, Inc. (a)

21,900

1,502,450

Saia, Inc. (a)

253,524

9,960,958

Swift Transporation Co. (a)

89,900

2,038,033

 

40,168,045

Trading Companies & Distributors - 0.4%

Air Lease Corp. Class A

290,288

9,840,763

Misumi Group, Inc.

254,400

3,612,756

 

13,453,519

TOTAL INDUSTRIALS

470,672,924

INFORMATION TECHNOLOGY - 23.8%

Communications Equipment - 1.3%

Brocade Communications Systems, Inc.

285,045

3,386,335

CommScope Holding Co., Inc. (a)

409,391

12,490,519

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

F5 Networks, Inc. (a)

185,555

$ 22,331,544

Juniper Networks, Inc.

82,005

2,129,670

 

40,338,068

Electronic Equipment & Components - 3.9%

Arrow Electronics, Inc. (a)

223,523

12,472,583

Avnet, Inc.

275,437

11,323,215

Belden, Inc.

252,400

20,502,452

CDW Corp.

699,351

23,973,752

IPG Photonics Corp. (a)(d)

25,500

2,171,963

Jabil Circuit, Inc.

85,500

1,820,295

Keysight Technologies, Inc. (a)

119,947

3,741,147

Methode Electronics, Inc. Class A

253,900

6,969,555

TE Connectivity Ltd.

281,530

18,102,379

Trimble Navigation Ltd. (a)

512,200

12,016,212

Zebra Technologies Corp. Class A (a)

58,900

6,540,845

 

119,634,398

Internet Software & Services - 0.5%

Google, Inc. Class C

21,873

11,385,115

Tencent Holdings Ltd.

180,200

3,603,375

 

14,988,490

IT Services - 9.2%

Alliance Data Systems Corp. (a)

79,405

23,181,496

Blackhawk Network Holdings, Inc. (a)

208,150

8,575,780

Broadridge Financial Solutions, Inc.

108,554

5,428,786

Cognizant Technology Solutions Corp. Class A (a)

10,300

629,227

Euronet Worldwide, Inc. (a)

408,691

25,216,235

EVERTEC, Inc.

320,456

6,806,485

Fidelity National Information Services, Inc.

437,043

27,009,257

Fiserv, Inc. (a)

306,994

25,428,313

FleetCor Technologies, Inc. (a)

131,664

20,547,484

Genpact Ltd. (a)

951,043

20,285,747

Global Payments, Inc.

417,371

43,177,024

Maximus, Inc.

144,700

9,511,131

The Western Union Co.

501,000

10,185,330

Total System Services, Inc.

731,947

30,573,426

Vantiv, Inc. (a)

47,100

1,798,749

Visa, Inc. Class A

135,400

9,092,110

Xerox Corp.

940,115

10,002,824

 

277,449,404

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - 4.6%

Altera Corp.

187,100

$ 9,579,520

Atmel Corp.

1,401,400

13,810,797

Broadcom Corp. Class A

325,900

16,780,591

Cree, Inc. (a)

10,400

270,712

Freescale Semiconductor, Inc. (a)

526,812

21,056,676

Intersil Corp. Class A

234,300

2,931,093

Microchip Technology, Inc. (d)

64,052

3,037,666

NVIDIA Corp.

537,943

10,818,034

NXP Semiconductors NV (a)

283,928

27,881,730

PMC-Sierra, Inc. (a)

1,629,917

13,952,090

Qorvo, Inc. (a)

180,850

14,516,830

Semtech Corp. (a)

177,400

3,521,390

 

138,157,129

Software - 3.5%

Activision Blizzard, Inc.

470,840

11,399,036

Cadence Design Systems, Inc. (a)

998,600

19,632,476

Electronic Arts, Inc. (a)

522,210

34,726,965

Fair Isaac Corp.

23,600

2,142,408

Intuit, Inc.

76,206

7,679,279

Parametric Technology Corp. (a)

314,073

12,883,274

Rovi Corp. (a)

82,790

1,320,501

Synopsys, Inc. (a)

339,000

17,170,350

 

106,954,289

Technology Hardware, Storage & Peripherals - 0.8%

EMC Corp.

498,367

13,151,905

SanDisk Corp.

103,600

6,031,592

Super Micro Computer, Inc. (a)

181,656

5,373,384

 

24,556,881

TOTAL INFORMATION TECHNOLOGY

722,078,659

MATERIALS - 3.7%

Chemicals - 3.0%

Albemarle Corp. U.S.

176,542

9,757,476

Ashland, Inc.

28,257

3,444,528

Cytec Industries, Inc.

444,906

26,930,160

Eastman Chemical Co.

188,700

15,439,434

Ferro Corp. (a)

547,104

9,180,405

Methanex Corp.

83,900

4,683,353

PolyOne Corp.

319,157

12,501,380

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

Potash Corp. of Saskatchewan, Inc.

22,800

$ 706,088

PPG Industries, Inc.

2,700

309,744

Praxair, Inc.

65,100

7,782,705

 

90,735,273

Containers & Packaging - 0.1%

Aptargroup, Inc.

62,200

3,966,494

Metals & Mining - 0.3%

B2Gold Corp. (a)

2,114,500

3,233,543

Constellium NV (a)

304,067

3,597,113

New Gold, Inc. (a)

671,800

1,801,865

 

8,632,521

Paper & Forest Products - 0.3%

Boise Cascade Co. (a)

282,100

10,347,428

TOTAL MATERIALS

113,681,716

UTILITIES - 0.6%

Electric Utilities - 0.4%

Exelon Corp.

349,000

10,965,580

OGE Energy Corp.

96,817

2,766,062

 

13,731,642

Independent Power and Renewable Electricity Producers - 0.1%

Dynegy, Inc. (a)

66,608

1,948,284

Multi-Utilities - 0.1%

CMS Energy Corp.

52,627

1,675,644

NiSource, Inc.

22,154

1,010,001

 

2,685,645

TOTAL UTILITIES

18,365,571

TOTAL COMMON STOCKS

(Cost $2,428,546,069)


3,012,944,914

Nonconvertible Preferred Stocks - 0.1%

Shares

Value

FINANCIALS - 0.1%

Capital Markets - 0.1%

GMAC Capital Trust I Series 2, 8.125%

(Cost $2,882,947)

140,930

$ 3,661,361

Money Market Funds - 1.5%

 

 

 

 

Fidelity Cash Central Fund, 0.15% (b)

6,372,503

6,372,503

Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)

38,696,525

38,696,525

TOTAL MONEY MARKET FUNDS

(Cost $45,069,028)


45,069,028

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $2,476,498,044)

3,061,675,303

NET OTHER ASSETS (LIABILITIES) - (1.0)%

(31,680,739)

NET ASSETS - 100%

$ 3,029,994,564

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

$ 7,452

Fidelity Securities Lending Cash Central Fund

68,745

Total

$ 76,197

Other Information

The following is a summary of the inputs used, as of June 30, 2015, 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

$ 559,952,086

$ 559,952,086

$ -

$ -

Consumer Staples

75,432,747

75,432,747

-

-

Energy

93,401,437

93,401,436

1

-

Financials

546,146,613

546,146,613

-

-

Health Care

416,874,522

416,874,522

-

-

Industrials

470,672,924

470,672,924

-

-

Information Technology

722,078,659

718,475,284

3,603,375

-

Materials

113,681,716

113,681,716

-

-

Utilities

18,365,571

18,365,571

-

-

Money Market Funds

45,069,028

45,069,028

-

-

Total Investments in Securities:

$ 3,061,675,303

$ 3,058,071,927

$ 3,603,376

$ -

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America

88.4%

Bermuda

4.1%

Ireland

3.2%

Netherlands

1.0%

Canada

1.0%

Others (Individually Less Than 1%)

2.3%

 

100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report


Financial Statements

Statement of Assets and Liabilities

 

 June 30, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $38,096,240) - See accompanying schedule:

Unaffiliated issuers (cost $2,431,429,016)

$ 3,016,606,275

 

Fidelity Central Funds (cost $45,069,028)

45,069,028

 

Total Investments (cost $2,476,498,044)

 

$ 3,061,675,303

Cash

 

1,293,119

Receivable for investments sold

15,847,827

Receivable for fund shares sold

2,504,964

Dividends receivable

2,216,943

Distributions receivable from Fidelity Central Funds

14,025

Other receivables

44,402

Total assets

3,083,596,583

 

 

 

Liabilities

Payable for investments purchased

$ 8,252,552

Payable for fund shares redeemed

3,963,859

Accrued management fee

1,408,557

Distribution and service plan fees payable

634,093

Other affiliated payables

579,913

Other payables and accrued expenses

66,520

Collateral on securities loaned, at value

38,696,525

Total liabilities

53,602,019

 

 

 

Net Assets

$ 3,029,994,564

Net Assets consist of:

 

Paid in capital

$ 2,391,299,668

Undistributed net investment income

1,441,785

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

52,077,686

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

585,175,425

Net Assets

$ 3,029,994,564

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

 

 June 30, 2015 (Unaudited)

Calculation of Maximum Offering Price

Class A:

Net Asset Value and redemption price per share ($937,828,852 ÷ 47,442,294 shares)

$ 19.77

 

 

 

Maximum offering price per share (100/94.25 of $19.77)

$ 20.98

Class T:

Net Asset Value and redemption price per share ($430,746,759 ÷ 22,206,069 shares)

$ 19.40

 

 

 

Maximum offering price per share (100/96.50 of $19.40)

$ 20.10

Class B:

Net Asset Value and offering price per share ($18,076,354 ÷ 991,385 shares)A

$ 18.23

 

 

 

Class C:

Net Asset Value and offering price per share ($277,469,766 ÷ 15,222,772 shares)A

$ 18.23

 

 

 

Institutional Class:

Net Asset Value, offering price and redemption price per share ($1,339,019,978 ÷ 66,090,064 shares)

$ 20.26

 

 

 

Class Z:

Net Asset Value, offering price and redemption price per share ($26,852,855 ÷ 1,324,371 shares)

$ 20.28

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 June 30, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 17,169,400

Income from Fidelity Central Funds

 

76,197

Total income

 

17,245,597

 

 

 

Expenses

Management fee

$ 8,395,999

Transfer agent fees

3,031,318

Distribution and service plan fees

3,785,563

Accounting and security lending fees

454,745

Custodian fees and expenses

33,744

Independent trustees' compensation

6,347

Registration fees

65,645

Audit

42,950

Legal

2,442

Interest

1,706

Miscellaneous

13,405

Total expenses before reductions

15,833,864

Expense reductions

(68,483)

15,765,381

Net investment income (loss)

1,480,216

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

73,426,282

Foreign currency transactions

32,394

Total net realized gain (loss)

 

73,458,676

Change in net unrealized appreciation (depreciation) on:

Investment securities

74,829,120

Assets and liabilities in foreign currencies

(172)

Total change in net unrealized appreciation (depreciation)

 

74,828,948

Net gain (loss)

148,287,624

Net increase (decrease) in net assets resulting from operations

$ 149,767,840

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
June 30, 2015
(Unaudited)

Year ended
December 31,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,480,216

$ (3,287,897)

Net realized gain (loss)

73,458,676

445,778,441

Change in net unrealized appreciation (depreciation)

74,828,948

(267,126,396)

Net increase (decrease) in net assets resulting from operations

149,767,840

175,364,148

Distributions to shareholders from net realized gain

-

(436,123,277)

Share transactions - net increase (decrease)

(143,343,813)

68,144,327

Total increase (decrease) in net assets

6,424,027

(192,614,802)

 

 

 

Net Assets

Beginning of period

3,023,570,537

3,216,185,339

End of period (including undistributed net investment income of $1,441,785 and accumulated net investment loss of $38,431, respectively)

$ 3,029,994,564

$ 3,023,570,537

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

 

Six months ended
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 18.83

$ 20.78

$ 17.43

$ 16.02

$ 17.90

$ 14.17

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .01

  (.02)

  .01

  .07

  (.05)

  (.02)

Net realized and unrealized gain (loss)

  .93

  1.13

  5.99

  2.22

  (1.83)

  3.78

Total from investment operations

  .94

  1.11

  6.00

  2.29

  (1.88)

  3.76

Distributions from net realized gain

  -

  (3.06)

  (2.65)

  (.88)

  -

  (.03)

Net asset value, end of period

$ 19.77

$ 18.83

$ 20.78

$ 17.43

$ 16.02

$ 17.90

Total ReturnB, C, D

  4.99%

  5.93%

  35.43%

  14.41%

  (10.50)%

  26.56%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.06%A

  1.07%

  1.10%

  1.15%

  1.16%

  1.16%

Expenses net of fee waivers, if any

  1.05%A

  1.07%

  1.10%

  1.15%

  1.16%

  1.16%

Expenses net of all reductions

  1.05%A

  1.06%

  1.09%

  1.13%

  1.15%

  1.15%

Net investment income (loss)

  .08%A

  (.09)%

  .06%

  .38%

  (.27)%

  (.13)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 937,829

$ 944,824

$ 1,079,380

$ 929,707

$ 1,323,551

$ 1,525,295

Portfolio turnover rateG

  22%A

  144%

  134%

  186%

  80%

  42%

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
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 18.50

$ 20.52

$ 17.23

$ 15.88

$ 17.79

$ 14.11

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.02)

  (.07)

  (.03)

  .03

  (.08)

  (.05)

Net realized and unrealized gain (loss)

  .92

  1.11

  5.92

  2.20

  (1.83)

  3.76

Total from investment operations

  .90

  1.04

  5.89

  2.23

  (1.91)

  3.71

Distributions from net realized gain

  -

  (3.06)

  (2.60)

  (.88)

  -

  (.03)

Net asset value, end of period

$ 19.40

$ 18.50

$ 20.52

$ 17.23

$ 15.88

$ 17.79

Total ReturnB, C, D

  4.86%

  5.66%

  35.23%

  14.16%

  (10.74)%

  26.31%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.29%A

  1.30%

  1.32%

  1.35%

  1.35%

  1.37%

Expenses net of fee waivers, if any

  1.29%A

  1.30%

  1.32%

  1.35%

  1.35%

  1.37%

Expenses net of all reductions

  1.29%A

  1.29%

  1.31%

  1.33%

  1.34%

  1.37%

Net investment income (loss)

  (.16)%A

  (.32)%

  (.16)%

  .18%

  (.46)%

  (.34)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 430,747

$ 429,512

$ 461,205

$ 388,598

$ 420,604

$ 523,899

Portfolio turnover rateG

  22%A

  144%

  134%

  186%

  80%

  42%

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
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 17.44

$ 19.63

$ 16.55

$ 15.37

$ 17.31

$ 13.81

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.07)

  (.18)

  (.14)

  (.06)

  (.17)

  (.13)

Net realized and unrealized gain (loss)

  .86

  1.05

  5.67

  2.12

  (1.77)

  3.66

Total from investment operations

  .79

  .87

  5.53

  2.06

  (1.94)

  3.53

Distributions from net realized gain

  -

  (3.06)

  (2.45)

  (.88)

  -

  (.03)

Net asset value, end of period

$ 18.23

$ 17.44

$ 19.63

$ 16.55

$ 15.37

$ 17.31

Total ReturnB, C, D

  4.53%

  5.04%

  34.42%

  13.52%

  (11.21)%

  25.58%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.89%A

  1.90%

  1.90%

  1.91%

  1.91%

  1.91%

Expenses net of fee waivers, if any

  1.89%A

  1.90%

  1.90%

  1.91%

  1.91%

  1.91%

Expenses net of all reductions

  1.89%A

  1.89%

  1.89%

  1.88%

  1.90%

  1.91%

Net investment income (loss)

  (.76)%A

  (.92)%

  (.74)%

  (.38)%

  (1.02)%

  (.88)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 18,076

$ 23,440

$ 35,770

$ 43,996

$ 57,534

$ 83,330

Portfolio turnover rateG

  22%A

  144%

  134%

  186%

  80%

  42%

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
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 17.43

$ 19.61

$ 16.58

$ 15.39

$ 17.32

$ 13.81

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.06)

  (.16)

  (.13)

  (.06)

  (.17)

  (.13)

Net realized and unrealized gain (loss)

  .86

  1.04

  5.67

  2.13

  (1.76)

  3.67

Total from investment operations

  .80

  .88

  5.54

  2.07

  (1.93)

  3.54

Distributions from net realized gain

  -

  (3.06)

  (2.51)

  (.88)

  -

  (.03)

Net asset value, end of period

$ 18.23

$ 17.43

$ 19.61

$ 16.58

$ 15.39

$ 17.32

Total ReturnB, C, D

  4.59%

  5.09%

  34.47%

  13.57%

  (11.14)%

  25.65%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.82%A

  1.83%

  1.85%

  1.88%

  1.87%

  1.88%

Expenses net of fee waivers, if any

  1.81%A

  1.83%

  1.85%

  1.88%

  1.87%

  1.88%

Expenses net of all reductions

  1.81%A

  1.82%

  1.84%

  1.86%

  1.86%

  1.88%

Net investment income (loss)

  (.69)%A

  (.85)%

  (.69)%

  (.35)%

  (.98)%

  (.85)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 277,470

$ 277,963

$ 301,398

$ 233,542

$ 258,215

$ 299,688

Portfolio turnover rateG

  22%A

  144%

  134%

  186%

  80%

  42%

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
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 19.27

$ 21.16

$ 17.70

$ 16.25

$ 18.12

$ 14.31

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .04

  .03

  .06

  .11

  -H

  .02

Net realized and unrealized gain (loss)

  .95

  1.14

  6.09

  2.26

  (1.87)

  3.82

Total from investment operations

  .99

  1.17

  6.15

  2.37

  (1.87)

  3.84

Distributions from net investment income

  -

  -

  (.02)

  (.04)

  -

  -

Distributions from net realized gain

  -

  (3.06)

  (2.67)

  (.88)

  -

  (.03)

Total distributions

  -

  (3.06)

  (2.69)

  (.92)

  -

  (.03)

Net asset value, end of period

$ 20.26

$ 19.27

$ 21.16

$ 17.70

$ 16.25

$ 18.12

Total ReturnB, C

  5.14%

  6.11%

  35.81%

  14.67%

  (10.32)%

  26.86%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .77%A

  .85%

  .89%

  .90%

  .90%

  .90%

Expenses net of fee waivers, if any

  .76%A

  .85%

  .89%

  .90%

  .90%

  .90%

Expenses net of all reductions

  .76%A

  .85%

  .88%

  .88%

  .89%

  .90%

Net investment income (loss)

  .36%A

  .13%

  .28%

  .63%

  (.02)%

  .13%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 1,339,020

$ 1,324,447

$ 1,326,260

$ 966,792

$ 972,531

$ 950,940

Portfolio turnover rateF

  22%A

  144%

  134%

  186%

  80%

  42%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

D Calculated based on average shares outstanding during the period.

E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class Z

 

Six months ended
June 30, 2015

Years ended
December 31,

 

(Unaudited)

2014

2013 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 19.27

$ 21.11

$ 21.33

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .05

  .07

  .04

Net realized and unrealized gain (loss)

  .96

  1.15

  2.26

Total from investment operations

  1.01

  1.22

  2.30

Distributions from net investment income

  -

  -

  (.08)

Distributions from net realized gain

  -

  (3.06)

  (2.44)

Total distributions

  -

  (3.06)

  (2.52)

Net asset value, end of period

$ 20.28

$ 19.27

$ 21.11

Total ReturnB, C

  5.24%

  6.36%

  11.35%

Ratios to Average Net Assets E, H

 

 

 

Expenses before reductions

  .64%A

  .64%

  .65%A

Expenses net of fee waivers, if any

  .64%A

  .64%

  .65%A

Expenses net of all reductions

  .64%A

  .63%

  .64%A

Net investment income (loss)

  .49%A

  .34%

  .52%A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 26,853

$ 23,384

$ 12,172

Portfolio turnover rateF

  22%A

  144%

  134%

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 December 31, 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 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 June 30, 2015 (Unaudited)

1. Organization.

Fidelity Advisor® Mid Cap II Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs),

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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 June 30, 2015 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, net operating losses, 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

$ 665,056,314

Gross unrealized depreciation

(84,503,590)

Net unrealized appreciation (depreciation) on securities

$ 580,552,724

 

 

Tax cost

$ 2,481,122,579

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.

Capital loss carryforwards were as follows:

Fiscal year of expiration

 

2016

$ (3,404,268)

The Fund acquired $3,404,268 of capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,702,134 per year.

The Fund elected to defer to its next fiscal year approximately $8,490,256 of capital losses recognized during the period November 1, 2014 to December 31, 2014.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $335,545,299 and $487,182,572, respectively.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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. For the reporting period, the total annualized management fee rate was .55% 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
Fee

Service
Fee

Total Fees

Retained
by FDC

Class A

-%

.25%

$ 1,189,379

$ 18,855

Class T

.25%

.25%

1,086,108

12,250

Class B

.75%

.25%

104,757

78,945

Class C

.75%

.25%

1,405,319

98,612

 

 

 

$ 3,785,563

$ 208,662

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

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

 

Retained
by FDC

Class A

$ 82,793

Class T

11,743

Class B*

4,618

Class C*

8,968

 

$ 108,122

* 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-Level Average
Net Assets
*

Class A

$ 1,024,440

.22

Class T

440,487

.20

Class B

30,795

.29

Class C

321,320

.23

Institutional Class

1,208,508

.18

Class Z

5,768

.05

 

$ 3,031,318

 

* 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 $10,009 for the period.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Loan
Balance

Weighted Average
Interest Rate

Interest Expense

Borrower

$ 16,283,000

.34%

$ 1,706

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 $2,379 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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 $68,745, including $171 from securities loaned to FCM.

Semiannual Report

8. Expense Reductions.

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 $330.

In addition, during the period the following classes were reimbursed and/or waived by the investment adviser for a portion of operating expenses.

 

Amount

Class A

$ 22,714

Class T

9,940

Class B

112

Class C

6,421

Institutional Class

28,966

 

$ 68,153

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
June 30,
2015

Year ended
December 31,
2014

From net realized gain

 

 

Class A

$ -

$ 137,322,056

Class T

-

62,445,073

Class B

-

3,852,399

Class C

-

43,029,289

Institutional Class

-

186,411,319

Class Z

-

3,063,141

Total

$ -

$ 436,123,277

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
June 30,
2015

Year ended
December 31,
2014

Six months ended
June 30,
2015

Year ended
December 31,
2014

Class A

 

 

 

 

Shares sold

2,641,323

5,220,254

$ 51,683,852

$ 107,688,537

Reinvestment of distributions

-

7,296,468

-

134,255,373

Shares redeemed

(5,376,428)

(14,276,131)

(104,822,160)

(294,576,344)

Net increase (decrease)

(2,735,105)

(1,759,409)

$ (53,138,308)

$ (52,632,434)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Share Transactions - continued

 

Shares

Dollars

Six months ended
June 30,
2015

Year ended
December 31,
2014

Six months ended
June 30,
2015

Year ended
December 31,
2014

Class T

 

 

 

 

Shares sold

1,735,905

3,124,595

$ 33,275,345

$ 62,967,838

Reinvestment of distributions

-

3,367,729

-

60,925,223

Shares redeemed

(2,747,808)

(5,752,274)

(52,541,235)

(116,971,540)

Net increase (decrease)

(1,011,903)

740,050

$ (19,265,890)

$ 6,921,521

Class B

 

 

 

 

Shares sold

4,785

22,395

$ 87,755

$ 418,800

Reinvestment of distributions

-

215,538

-

3,696,342

Shares redeemed

(357,406)

(716,133)

(6,438,378)

(13,868,466)

Net increase (decrease)

(352,621)

(478,200)

$ (6,350,623)

$ (9,753,324)

Class C

 

 

 

 

Shares sold

766,685

1,542,701

$ 13,870,281

$ 29,578,132

Reinvestment of distributions

-

2,310,616

-

39,449,522

Shares redeemed

(1,492,372)

(3,277,603)

(26,868,332)

(63,561,286)

Net increase (decrease)

(725,687)

575,714

$ (12,998,051)

$ 5,466,368

Institutional Class

 

 

 

 

Shares sold

6,493,393

14,246,143

$ 129,732,295

$ 300,374,725

Reinvestment of distributions

-

9,390,856

-

176,640,401

Shares redeemed

(9,129,339)

(17,598,999)

(183,604,916)

(372,200,164)

Net increase (decrease)

(2,635,946)

6,038,000

$ (53,872,621)

$ 104,814,962

Class Z

 

 

 

 

Shares sold

229,721

632,250

$ 4,658,354

$ 13,642,909

Reinvestment of distributions

-

163,698

-

3,063,141

Shares redeemed

(118,629)

(159,161)

(2,376,674)

(3,378,816)

Net increase (decrease)

111,092

636,787

$ 2,281,680

$ 13,327,234

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 Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

FMR Co., Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

(Fidelity Investment logo)(registered trademark)

AMPI-USAN-0815
1.801447.110

(Fidelity Investment logo)(registered trademark)
Fidelity
Advisor
®

Mid Cap II

Fund - Class Z

Semiannual Report

June 30, 2015

(Fidelity Cover Art)


Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

A summary of major shifts in the fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights.

Notes

(Click Here)

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. © 2015 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 (January 1, 2015 to June 30, 2015).

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
Expense Ratio
B

Beginning
Account Value
January 1, 2015

Ending
Account Value
June 30, 2015

Expenses Paid
During Period
*
January 1, 2015
to June 30, 2015

Class A

1.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,049.90

$ 5.34

HypotheticalA

 

$ 1,000.00

$ 1,019.59

$ 5.26

Class T

1.29%

 

 

 

Actual

 

$ 1,000.00

$ 1,048.60

$ 6.55

HypotheticalA

 

$ 1,000.00

$ 1,018.40

$ 6.46

Class B

1.89%

 

 

 

Actual

 

$ 1,000.00

$ 1,045.30

$ 9.58

HypotheticalA

 

$ 1,000.00

$ 1,015.42

$ 9.44

Class C

1.81%

 

 

 

Actual

 

$ 1,000.00

$ 1,045.90

$ 9.18

HypotheticalA

 

$ 1,000.00

$ 1,015.82

$ 9.05

Institutional Class

.76%

 

 

 

Actual

 

$ 1,000.00

$ 1,051.40

$ 3.87

HypotheticalA

 

$ 1,000.00

$ 1,021.03

$ 3.81

Class Z

.64%

 

 

 

Actual

 

$ 1,000.00

$ 1,052.40

$ 3.26

HypotheticalA

 

$ 1,000.00

$ 1,021.62

$ 3.21

A 5% return per year before expenses

B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report


Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Global Payments, Inc.

1.4

1.2

Polaris Industries, Inc.

1.3

0.8

G-III Apparel Group Ltd.

1.2

1.0

Textron, Inc.

1.2

1.2

Electronic Arts, Inc.

1.1

0.9

Cardinal Health, Inc.

1.1

1.2

CBRE Group, Inc.

1.1

1.0

Spirit Airlines, Inc.

1.1

1.3

Jones Lang LaSalle, Inc.

1.0

1.0

FedEx Corp.

1.0

1.1

 

11.5

Top Five Market Sectors as of June 30, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

23.8

25.0

Consumer Discretionary

18.5

16.6

Financials

18.0

15.5

Industrials

15.5

17.2

Health Care

13.8

13.3

Asset Allocation (% of fund's net assets)

As of June 30, 2015*

As of December 31, 2014**

eee427191

Stocks 99.5%

 

eee427193

Stocks 99.9%

 

eee427195

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.5%

 

eee427197

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.1%

 

* Foreign investments

11.6%

 

** Foreign investments

11.7%

 

eee427199

Semiannual Report


Investments June 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value

CONSUMER DISCRETIONARY - 18.5%

Auto Components - 1.3%

Delphi Automotive PLC

115,996

$ 9,870,100

Gentex Corp.

782,914

12,855,448

Johnson Controls, Inc.

89,854

4,450,469

Modine Manufacturing Co. (a)

48,900

524,697

Tenneco, Inc. (a)

58,608

3,366,444

Visteon Corp. (a)

76,446

8,025,301

 

39,092,459

Diversified Consumer Services - 0.3%

Houghton Mifflin Harcourt Co. (a)

296,000

7,459,200

ServiceMaster Global Holdings, Inc.

70,000

2,531,900

 

9,991,100

Hotels, Restaurants & Leisure - 3.1%

Brinker International, Inc.

215,542

12,425,996

Buffalo Wild Wings, Inc. (a)

29,500

4,622,355

DineEquity, Inc.

233,000

23,087,970

Jubilant Foodworks Ltd. (a)

24,798

724,746

Las Vegas Sands Corp.

161,479

8,488,951

Panera Bread Co. Class A (a)

33,100

5,784,887

Texas Roadhouse, Inc. Class A

321,700

12,041,231

Wyndham Worldwide Corp.

331,678

27,167,745

 

94,343,881

Household Durables - 3.7%

Ethan Allen Interiors, Inc.

3,400

89,556

Harman International Industries, Inc.

47,301

5,625,981

Jarden Corp. (a)

465,600

24,094,800

Lennar Corp. Class A

516,800

26,377,472

NVR, Inc. (a)

15,970

21,399,800

PulteGroup, Inc.

1,116,900

22,505,535

Toll Brothers, Inc. (a)

48,400

1,848,396

Whirlpool Corp.

54,395

9,413,055

 

111,354,595

Internet & Catalog Retail - 0.0%

Etsy, Inc.

10,600

148,930

Leisure Products - 1.6%

Brunswick Corp.

180,600

9,185,316

Polaris Industries, Inc.

257,708

38,169,132

 

47,354,448

Media - 1.0%

AMC Networks, Inc. Class A (a)

118,700

9,715,595

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

Interpublic Group of Companies, Inc.

727,694

$ 14,022,663

Naspers Ltd. Class N

20,600

3,208,696

News Corp. Class A (a)

198,900

2,901,951

 

29,848,905

Multiline Retail - 0.9%

Dollar Tree, Inc. (a)

363,800

28,736,562

Specialty Retail - 2.9%

AutoZone, Inc. (a)

16,600

11,070,540

Dick's Sporting Goods, Inc.

176,900

9,158,113

Foot Locker, Inc.

238,233

15,963,993

GNC Holdings, Inc.

240,700

10,706,336

L Brands, Inc.

43,400

3,720,682

Party City Holdco, Inc.

12,500

253,375

Signet Jewelers Ltd.

113,522

14,558,061

TJX Companies, Inc.

196,300

12,989,171

Urban Outfitters, Inc. (a)

132,300

4,630,500

Williams-Sonoma, Inc.

52,200

4,294,494

 

87,345,265

Textiles, Apparel & Luxury Goods - 3.7%

Deckers Outdoor Corp. (a)

190,400

13,703,088

G-III Apparel Group Ltd. (a)

525,330

36,956,966

Hanesbrands, Inc.

885,700

29,511,524

Page Industries Ltd.

7,027

1,671,143

PVH Corp.

114,200

13,155,840

Ralph Lauren Corp.

89,400

11,832,984

VF Corp.

70,324

4,904,396

 

111,735,941

TOTAL CONSUMER DISCRETIONARY

559,952,086

CONSUMER STAPLES - 2.5%

Beverages - 0.7%

C&C Group PLC

468,261

1,835,495

Dr. Pepper Snapple Group, Inc.

260,003

18,954,219

 

20,789,714

Food & Staples Retailing - 1.2%

CVS Health Corp.

208,190

21,834,967

Kroger Co.

195,900

14,204,709

 

36,039,676

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - 0.6%

Archer Daniels Midland Co.

67,767

$ 3,267,725

Britannia Industries Ltd. (a)

5,440

236,483

Bunge Ltd.

147,930

12,988,254

Ingredion, Inc.

26,449

2,110,895

 

18,603,357

TOTAL CONSUMER STAPLES

75,432,747

ENERGY - 3.1%

Energy Equipment & Services - 1.3%

Baker Hughes, Inc.

86,700

5,349,390

Dril-Quip, Inc. (a)

157,300

11,836,825

Ensco PLC Class A

72,400

1,612,348

Halliburton Co.

267,500

11,521,225

Oceaneering International, Inc.

189,600

8,833,464

 

39,153,252

Oil, Gas & Consumable Fuels - 1.8%

Apache Corp.

120,868

6,965,623

Chesapeake Energy Corp.

32,262

360,367

Cimarex Energy Co.

101,147

11,157,526

Emerald Oil, Inc. warrants 2/4/16 (a)

56,881

1

Energen Corp.

14,161

967,196

EOG Resources, Inc.

37,100

3,248,105

Newfield Exploration Co. (a)

185,100

6,685,812

Phillips 66 Co.

78,260

6,304,626

Suncor Energy, Inc.

589,300

16,230,520

Teekay Tankers Ltd.

28,900

191,029

Western Refining, Inc.

49,000

2,137,380

 

54,248,185

TOTAL ENERGY

93,401,437

FINANCIALS - 17.9%

Banks - 4.8%

Boston Private Financial Holdings, Inc.

570,967

7,656,667

CIT Group, Inc.

85,400

3,970,246

Comerica, Inc.

260,240

13,355,517

Commerce Bancshares, Inc. (d)

258,105

12,071,571

CVB Financial Corp.

116,500

2,051,565

First Citizen Bancshares, Inc.

15,200

3,998,208

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Banks - continued

First Commonwealth Financial Corp.

384,000

$ 3,682,560

First Republic Bank

83,100

5,237,793

Hilltop Holdings, Inc. (a)

78,296

1,886,151

Huntington Bancshares, Inc.

1,542,457

17,445,189

Investors Bancorp, Inc.

752,800

9,259,440

Lakeland Financial Corp.

196,986

8,543,283

M&T Bank Corp.

84,100

10,506,613

PacWest Bancorp

117,055

5,473,492

Prosperity Bancshares, Inc.

85,600

4,942,544

Regions Financial Corp.

955,200

9,895,872

SunTrust Banks, Inc.

309,915

13,332,543

UMB Financial Corp.

181,500

10,349,130

 

143,658,384

Capital Markets - 3.3%

Ameriprise Financial, Inc.

189,787

23,710,090

E*TRADE Financial Corp. (a)

61,000

1,826,950

Invesco Ltd.

417,500

15,652,075

Lazard Ltd. Class A

280,268

15,762,272

LPL Financial (d)

65,500

3,045,095

Raymond James Financial, Inc.

254,724

15,176,456

Stifel Financial Corp. (a)

47,200

2,725,328

The Blackstone Group LP

454,819

18,588,453

Virtus Investment Partners, Inc.

25,500

3,372,375

 

99,859,094

Consumer Finance - 1.4%

American Express Co.

32,315

2,511,522

Capital One Financial Corp.

140,400

12,350,988

SLM Corp. (a)

2,312,300

22,822,401

Springleaf Holdings, Inc. (a)

112,400

5,160,284

 

42,845,195

Diversified Financial Services - 1.1%

CRISIL Ltd.

27,931

850,588

McGraw Hill Financial, Inc.

270,771

27,198,947

Moody's Corp.

55,100

5,948,596

 

33,998,131

Insurance - 3.9%

AFLAC, Inc.

236,700

14,722,740

Bajaj Finserv Ltd. (a)

19,464

469,189

Brown & Brown, Inc.

27,600

906,936

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

First American Financial Corp.

447,600

$ 16,655,196

Hiscox Ltd.

572,793

7,551,008

Marsh & McLennan Companies, Inc.

385,415

21,853,031

Primerica, Inc.

186,758

8,532,973

Principal Financial Group, Inc.

371,400

19,049,106

Reinsurance Group of America, Inc.

216,491

20,538,501

The Chubb Corp.

71,100

6,764,454

The Travelers Companies, Inc.

3,000

289,980

 

117,333,114

Real Estate Investment Trusts - 0.2%

American Realty Capital Properties, Inc.

181,400

1,474,782

Digital Realty Trust, Inc.

36,400

2,427,152

Mid-America Apartment Communities, Inc.

39,796

2,897,547

SL Green Realty Corp.

2,800

307,692

 

7,107,173

Real Estate Management & Development - 2.1%

CBRE Group, Inc. (a)

871,391

32,241,467

Colliers International Group, Inc.

6,900

265,512

Jones Lang LaSalle, Inc.

187,131

31,999,401

 

64,506,380

Thrifts & Mortgage Finance - 1.1%

Beneficial Bancorp, Inc. (a)

120,133

1,500,461

BofI Holding, Inc. (a)

66,500

7,029,715

Essent Group Ltd. (a)

514,300

14,066,105

Housing Development Finance Corp. Ltd.

115,375

2,353,401

Ladder Capital Corp. Class A

474,242

8,228,099

 

33,177,781

TOTAL FINANCIALS

542,485,252

HEALTH CARE - 13.8%

Biotechnology - 0.3%

United Therapeutics Corp. (a)

48,600

8,453,970

Health Care Equipment & Supplies - 3.7%

Boston Scientific Corp. (a)

1,471,810

26,051,037

DENTSPLY International, Inc.

294,100

15,160,855

Hologic, Inc. (a)

684,600

26,055,876

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Steris Corp. (d)

405,800

$ 26,149,752

Zimmer Biomet Holdings, Inc.

157,800

17,236,494

 

110,654,014

Health Care Providers & Services - 4.6%

Cardinal Health, Inc.

402,255

33,648,631

Community Health Systems, Inc. (a)

164,600

10,364,862

DaVita HealthCare Partners, Inc. (a)

271,500

21,576,105

HCA Holdings, Inc. (a)

271,355

24,617,326

Laboratory Corp. of America Holdings (a)

25,700

3,115,354

McKesson Corp.

129,906

29,204,168

Molina Healthcare, Inc. (a)

10,700

752,210

Omnicare, Inc.

163,916

15,449,083

 

138,727,739

Health Care Technology - 0.6%

Inovalon Holdings, Inc. Class A (d)

10,700

298,530

MedAssets, Inc. (a)

844,728

18,634,700

 

18,933,230

Life Sciences Tools & Services - 1.2%

Agilent Technologies, Inc.

224,095

8,645,585

Bruker Corp. (a)

189,500

3,867,695

Thermo Fisher Scientific, Inc.

194,430

25,229,237

 

37,742,517

Pharmaceuticals - 3.4%

Allergan PLC (a)

81,094

24,608,785

Baxalta, Inc. (a)

29,100

929,454

Catalent, Inc. (a)

20,400

598,332

Endo Health Solutions, Inc. (a)

131,700

10,489,905

Horizon Pharma PLC (a)

183,600

6,378,264

Jazz Pharmaceuticals PLC (a)

128,366

22,601,402

Mallinckrodt PLC (a)

120,621

14,199,504

Teva Pharmaceutical Industries Ltd. sponsored ADR

381,682

22,557,406

 

102,363,052

TOTAL HEALTH CARE

416,874,522

INDUSTRIALS - 15.5%

Aerospace & Defense - 2.4%

Curtiss-Wright Corp.

161,578

11,704,710

Esterline Technologies Corp. (a)

78,644

7,497,919

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Huntington Ingalls Industries, Inc.

78,700

$ 8,860,833

Rockwell Collins, Inc.

109,800

10,140,030

Textron, Inc.

794,663

35,465,810

 

73,669,302

Air Freight & Logistics - 1.0%

FedEx Corp.

182,746

31,139,918

Airlines - 1.5%

Allegiant Travel Co.

16,600

2,952,808

Southwest Airlines Co.

263,762

8,727,885

Spirit Airlines, Inc. (a)

518,345

32,189,225

 

43,869,918

Building Products - 0.4%

A.O. Smith Corp.

68,200

4,909,036

Apogee Enterprises, Inc.

48,622

2,559,462

Lennox International, Inc.

40,589

4,371,029

 

11,839,527

Commercial Services & Supplies - 0.8%

Copart, Inc. (a)

36,400

1,291,472

G&K Services, Inc. Class A

66,800

4,618,552

Herman Miller, Inc.

100,000

2,893,000

HNI Corp.

68,680

3,512,982

KAR Auction Services, Inc.

106,592

3,986,541

Knoll, Inc.

138,500

3,466,655

Republic Services, Inc.

106,652

4,177,559

 

23,946,761

Construction & Engineering - 1.2%

EMCOR Group, Inc.

332,221

15,870,197

Granite Construction, Inc.

6,820

242,178

Jacobs Engineering Group, Inc. (a)

309,176

12,558,729

Quanta Services, Inc. (a)

291,651

8,405,382

 

37,076,486

Electrical Equipment - 0.1%

AMETEK, Inc.

60,900

3,336,102

Industrial Conglomerates - 0.5%

Roper Industries, Inc.

89,156

15,375,844

Machinery - 5.0%

AGCO Corp. (d)

246,800

14,013,304

Caterpillar, Inc.

79,663

6,757,016

Colfax Corp. (a)(d)

166,180

7,669,207

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

Cummins, Inc.

70,957

$ 9,308,849

Deere & Co.

120,700

11,713,935

IDEX Corp.

5,654

444,291

Illinois Tool Works, Inc.

161,493

14,823,442

Ingersoll-Rand PLC

187,972

12,673,072

Manitowoc Co., Inc.

289,643

5,677,003

Mueller Industries, Inc.

236,240

8,202,253

Rexnord Corp. (a)

858,895

20,536,179

Snap-On, Inc.

108,600

17,294,550

Stanley Black & Decker, Inc.

16,600

1,746,984

Valmont Industries, Inc.

55,323

6,576,245

Wabtec Corp.

38,240

3,603,738

Woodward, Inc.

174,941

9,620,006

 

150,660,074

Professional Services - 0.9%

CEB, Inc.

63,000

5,484,780

Dun & Bradstreet Corp.

169,284

20,652,648

 

26,137,428

Road & Rail - 1.3%

ArcBest Corp.

164,300

5,224,740

Con-way, Inc.

475,562

18,247,314

CSX Corp.

63,900

2,086,335

J.B. Hunt Transport Services, Inc.

13,500

1,108,215

Old Dominion Freight Lines, Inc. (a)

21,900

1,502,450

Saia, Inc. (a)

253,524

9,960,958

Swift Transporation Co. (a)

89,900

2,038,033

 

40,168,045

Trading Companies & Distributors - 0.4%

Air Lease Corp. Class A

290,288

9,840,763

Misumi Group, Inc.

254,400

3,612,756

 

13,453,519

TOTAL INDUSTRIALS

470,672,924

INFORMATION TECHNOLOGY - 23.8%

Communications Equipment - 1.3%

Brocade Communications Systems, Inc.

285,045

3,386,335

CommScope Holding Co., Inc. (a)

409,391

12,490,519

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

F5 Networks, Inc. (a)

185,555

$ 22,331,544

Juniper Networks, Inc.

82,005

2,129,670

 

40,338,068

Electronic Equipment & Components - 3.9%

Arrow Electronics, Inc. (a)

223,523

12,472,583

Avnet, Inc.

275,437

11,323,215

Belden, Inc.

252,400

20,502,452

CDW Corp.

699,351

23,973,752

IPG Photonics Corp. (a)(d)

25,500

2,171,963

Jabil Circuit, Inc.

85,500

1,820,295

Keysight Technologies, Inc. (a)

119,947

3,741,147

Methode Electronics, Inc. Class A

253,900

6,969,555

TE Connectivity Ltd.

281,530

18,102,379

Trimble Navigation Ltd. (a)

512,200

12,016,212

Zebra Technologies Corp. Class A (a)

58,900

6,540,845

 

119,634,398

Internet Software & Services - 0.5%

Google, Inc. Class C

21,873

11,385,115

Tencent Holdings Ltd.

180,200

3,603,375

 

14,988,490

IT Services - 9.2%

Alliance Data Systems Corp. (a)

79,405

23,181,496

Blackhawk Network Holdings, Inc. (a)

208,150

8,575,780

Broadridge Financial Solutions, Inc.

108,554

5,428,786

Cognizant Technology Solutions Corp. Class A (a)

10,300

629,227

Euronet Worldwide, Inc. (a)

408,691

25,216,235

EVERTEC, Inc.

320,456

6,806,485

Fidelity National Information Services, Inc.

437,043

27,009,257

Fiserv, Inc. (a)

306,994

25,428,313

FleetCor Technologies, Inc. (a)

131,664

20,547,484

Genpact Ltd. (a)

951,043

20,285,747

Global Payments, Inc.

417,371

43,177,024

Maximus, Inc.

144,700

9,511,131

The Western Union Co.

501,000

10,185,330

Total System Services, Inc.

731,947

30,573,426

Vantiv, Inc. (a)

47,100

1,798,749

Visa, Inc. Class A

135,400

9,092,110

Xerox Corp.

940,115

10,002,824

 

277,449,404

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - 4.6%

Altera Corp.

187,100

$ 9,579,520

Atmel Corp.

1,401,400

13,810,797

Broadcom Corp. Class A

325,900

16,780,591

Cree, Inc. (a)

10,400

270,712

Freescale Semiconductor, Inc. (a)

526,812

21,056,676

Intersil Corp. Class A

234,300

2,931,093

Microchip Technology, Inc. (d)

64,052

3,037,666

NVIDIA Corp.

537,943

10,818,034

NXP Semiconductors NV (a)

283,928

27,881,730

PMC-Sierra, Inc. (a)

1,629,917

13,952,090

Qorvo, Inc. (a)

180,850

14,516,830

Semtech Corp. (a)

177,400

3,521,390

 

138,157,129

Software - 3.5%

Activision Blizzard, Inc.

470,840

11,399,036

Cadence Design Systems, Inc. (a)

998,600

19,632,476

Electronic Arts, Inc. (a)

522,210

34,726,965

Fair Isaac Corp.

23,600

2,142,408

Intuit, Inc.

76,206

7,679,279

Parametric Technology Corp. (a)

314,073

12,883,274

Rovi Corp. (a)

82,790

1,320,501

Synopsys, Inc. (a)

339,000

17,170,350

 

106,954,289

Technology Hardware, Storage & Peripherals - 0.8%

EMC Corp.

498,367

13,151,905

SanDisk Corp.

103,600

6,031,592

Super Micro Computer, Inc. (a)

181,656

5,373,384

 

24,556,881

TOTAL INFORMATION TECHNOLOGY

722,078,659

MATERIALS - 3.7%

Chemicals - 3.0%

Albemarle Corp. U.S.

176,542

9,757,476

Ashland, Inc.

28,257

3,444,528

Cytec Industries, Inc.

444,906

26,930,160

Eastman Chemical Co.

188,700

15,439,434

Ferro Corp. (a)

547,104

9,180,405

Methanex Corp.

83,900

4,683,353

PolyOne Corp.

319,157

12,501,380

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

Potash Corp. of Saskatchewan, Inc.

22,800

$ 706,088

PPG Industries, Inc.

2,700

309,744

Praxair, Inc.

65,100

7,782,705

 

90,735,273

Containers & Packaging - 0.1%

Aptargroup, Inc.

62,200

3,966,494

Metals & Mining - 0.3%

B2Gold Corp. (a)

2,114,500

3,233,543

Constellium NV (a)

304,067

3,597,113

New Gold, Inc. (a)

671,800

1,801,865

 

8,632,521

Paper & Forest Products - 0.3%

Boise Cascade Co. (a)

282,100

10,347,428

TOTAL MATERIALS

113,681,716

UTILITIES - 0.6%

Electric Utilities - 0.4%

Exelon Corp.

349,000

10,965,580

OGE Energy Corp.

96,817

2,766,062

 

13,731,642

Independent Power and Renewable Electricity Producers - 0.1%

Dynegy, Inc. (a)

66,608

1,948,284

Multi-Utilities - 0.1%

CMS Energy Corp.

52,627

1,675,644

NiSource, Inc.

22,154

1,010,001

 

2,685,645

TOTAL UTILITIES

18,365,571

TOTAL COMMON STOCKS

(Cost $2,428,546,069)


3,012,944,914

Nonconvertible Preferred Stocks - 0.1%

Shares

Value

FINANCIALS - 0.1%

Capital Markets - 0.1%

GMAC Capital Trust I Series 2, 8.125%

(Cost $2,882,947)

140,930

$ 3,661,361

Money Market Funds - 1.5%

 

 

 

 

Fidelity Cash Central Fund, 0.15% (b)

6,372,503

6,372,503

Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)

38,696,525

38,696,525

TOTAL MONEY MARKET FUNDS

(Cost $45,069,028)


45,069,028

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $2,476,498,044)

3,061,675,303

NET OTHER ASSETS (LIABILITIES) - (1.0)%

(31,680,739)

NET ASSETS - 100%

$ 3,029,994,564

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

$ 7,452

Fidelity Securities Lending Cash Central Fund

68,745

Total

$ 76,197

Other Information

The following is a summary of the inputs used, as of June 30, 2015, 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

$ 559,952,086

$ 559,952,086

$ -

$ -

Consumer Staples

75,432,747

75,432,747

-

-

Energy

93,401,437

93,401,436

1

-

Financials

546,146,613

546,146,613

-

-

Health Care

416,874,522

416,874,522

-

-

Industrials

470,672,924

470,672,924

-

-

Information Technology

722,078,659

718,475,284

3,603,375

-

Materials

113,681,716

113,681,716

-

-

Utilities

18,365,571

18,365,571

-

-

Money Market Funds

45,069,028

45,069,028

-

-

Total Investments in Securities:

$ 3,061,675,303

$ 3,058,071,927

$ 3,603,376

$ -

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America

88.4%

Bermuda

4.1%

Ireland

3.2%

Netherlands

1.0%

Canada

1.0%

Others (Individually Less Than 1%)

2.3%

 

100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report


Financial Statements

Statement of Assets and Liabilities

 

 June 30, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $38,096,240) - See accompanying schedule:

Unaffiliated issuers (cost $2,431,429,016)

$ 3,016,606,275

 

Fidelity Central Funds (cost $45,069,028)

45,069,028

 

Total Investments (cost $2,476,498,044)

 

$ 3,061,675,303

Cash

 

1,293,119

Receivable for investments sold

15,847,827

Receivable for fund shares sold

2,504,964

Dividends receivable

2,216,943

Distributions receivable from Fidelity Central Funds

14,025

Other receivables

44,402

Total assets

3,083,596,583

 

 

 

Liabilities

Payable for investments purchased

$ 8,252,552

Payable for fund shares redeemed

3,963,859

Accrued management fee

1,408,557

Distribution and service plan fees payable

634,093

Other affiliated payables

579,913

Other payables and accrued expenses

66,520

Collateral on securities loaned, at value

38,696,525

Total liabilities

53,602,019

 

 

 

Net Assets

$ 3,029,994,564

Net Assets consist of:

 

Paid in capital

$ 2,391,299,668

Undistributed net investment income

1,441,785

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

52,077,686

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

585,175,425

Net Assets

$ 3,029,994,564

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

 

 June 30, 2015 (Unaudited)

Calculation of Maximum Offering Price

Class A:

Net Asset Value and redemption price per share ($937,828,852 ÷ 47,442,294 shares)

$ 19.77

 

 

 

Maximum offering price per share (100/94.25 of $19.77)

$ 20.98

Class T:

Net Asset Value and redemption price per share ($430,746,759 ÷ 22,206,069 shares)

$ 19.40

 

 

 

Maximum offering price per share (100/96.50 of $19.40)

$ 20.10

Class B:

Net Asset Value and offering price per share ($18,076,354 ÷ 991,385 shares)A

$ 18.23

 

 

 

Class C:

Net Asset Value and offering price per share ($277,469,766 ÷ 15,222,772 shares)A

$ 18.23

 

 

 

Institutional Class:

Net Asset Value, offering price and redemption price per share ($1,339,019,978 ÷ 66,090,064 shares)

$ 20.26

 

 

 

Class Z:

Net Asset Value, offering price and redemption price per share ($26,852,855 ÷ 1,324,371 shares)

$ 20.28

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 June 30, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 17,169,400

Income from Fidelity Central Funds

 

76,197

Total income

 

17,245,597

 

 

 

Expenses

Management fee

$ 8,395,999

Transfer agent fees

3,031,318

Distribution and service plan fees

3,785,563

Accounting and security lending fees

454,745

Custodian fees and expenses

33,744

Independent trustees' compensation

6,347

Registration fees

65,645

Audit

42,950

Legal

2,442

Interest

1,706

Miscellaneous

13,405

Total expenses before reductions

15,833,864

Expense reductions

(68,483)

15,765,381

Net investment income (loss)

1,480,216

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

73,426,282

Foreign currency transactions

32,394

Total net realized gain (loss)

 

73,458,676

Change in net unrealized appreciation (depreciation) on:

Investment securities

74,829,120

Assets and liabilities in foreign currencies

(172)

Total change in net unrealized appreciation (depreciation)

 

74,828,948

Net gain (loss)

148,287,624

Net increase (decrease) in net assets resulting from operations

$ 149,767,840

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
June 30, 2015
(Unaudited)

Year ended
December 31,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,480,216

$ (3,287,897)

Net realized gain (loss)

73,458,676

445,778,441

Change in net unrealized appreciation (depreciation)

74,828,948

(267,126,396)

Net increase (decrease) in net assets resulting from operations

149,767,840

175,364,148

Distributions to shareholders from net realized gain

-

(436,123,277)

Share transactions - net increase (decrease)

(143,343,813)

68,144,327

Total increase (decrease) in net assets

6,424,027

(192,614,802)

 

 

 

Net Assets

Beginning of period

3,023,570,537

3,216,185,339

End of period (including undistributed net investment income of $1,441,785 and accumulated net investment loss of $38,431, respectively)

$ 3,029,994,564

$ 3,023,570,537

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

 

Six months ended
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 18.83

$ 20.78

$ 17.43

$ 16.02

$ 17.90

$ 14.17

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .01

  (.02)

  .01

  .07

  (.05)

  (.02)

Net realized and unrealized gain (loss)

  .93

  1.13

  5.99

  2.22

  (1.83)

  3.78

Total from investment operations

  .94

  1.11

  6.00

  2.29

  (1.88)

  3.76

Distributions from net realized gain

  -

  (3.06)

  (2.65)

  (.88)

  -

  (.03)

Net asset value, end of period

$ 19.77

$ 18.83

$ 20.78

$ 17.43

$ 16.02

$ 17.90

Total ReturnB, C, D

  4.99%

  5.93%

  35.43%

  14.41%

  (10.50)%

  26.56%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.06%A

  1.07%

  1.10%

  1.15%

  1.16%

  1.16%

Expenses net of fee waivers, if any

  1.05%A

  1.07%

  1.10%

  1.15%

  1.16%

  1.16%

Expenses net of all reductions

  1.05%A

  1.06%

  1.09%

  1.13%

  1.15%

  1.15%

Net investment income (loss)

  .08%A

  (.09)%

  .06%

  .38%

  (.27)%

  (.13)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 937,829

$ 944,824

$ 1,079,380

$ 929,707

$ 1,323,551

$ 1,525,295

Portfolio turnover rateG

  22%A

  144%

  134%

  186%

  80%

  42%

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
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 18.50

$ 20.52

$ 17.23

$ 15.88

$ 17.79

$ 14.11

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.02)

  (.07)

  (.03)

  .03

  (.08)

  (.05)

Net realized and unrealized gain (loss)

  .92

  1.11

  5.92

  2.20

  (1.83)

  3.76

Total from investment operations

  .90

  1.04

  5.89

  2.23

  (1.91)

  3.71

Distributions from net realized gain

  -

  (3.06)

  (2.60)

  (.88)

  -

  (.03)

Net asset value, end of period

$ 19.40

$ 18.50

$ 20.52

$ 17.23

$ 15.88

$ 17.79

Total ReturnB, C, D

  4.86%

  5.66%

  35.23%

  14.16%

  (10.74)%

  26.31%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.29%A

  1.30%

  1.32%

  1.35%

  1.35%

  1.37%

Expenses net of fee waivers, if any

  1.29%A

  1.30%

  1.32%

  1.35%

  1.35%

  1.37%

Expenses net of all reductions

  1.29%A

  1.29%

  1.31%

  1.33%

  1.34%

  1.37%

Net investment income (loss)

  (.16)%A

  (.32)%

  (.16)%

  .18%

  (.46)%

  (.34)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 430,747

$ 429,512

$ 461,205

$ 388,598

$ 420,604

$ 523,899

Portfolio turnover rateG

  22%A

  144%

  134%

  186%

  80%

  42%

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
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 17.44

$ 19.63

$ 16.55

$ 15.37

$ 17.31

$ 13.81

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.07)

  (.18)

  (.14)

  (.06)

  (.17)

  (.13)

Net realized and unrealized gain (loss)

  .86

  1.05

  5.67

  2.12

  (1.77)

  3.66

Total from investment operations

  .79

  .87

  5.53

  2.06

  (1.94)

  3.53

Distributions from net realized gain

  -

  (3.06)

  (2.45)

  (.88)

  -

  (.03)

Net asset value, end of period

$ 18.23

$ 17.44

$ 19.63

$ 16.55

$ 15.37

$ 17.31

Total ReturnB, C, D

  4.53%

  5.04%

  34.42%

  13.52%

  (11.21)%

  25.58%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.89%A

  1.90%

  1.90%

  1.91%

  1.91%

  1.91%

Expenses net of fee waivers, if any

  1.89%A

  1.90%

  1.90%

  1.91%

  1.91%

  1.91%

Expenses net of all reductions

  1.89%A

  1.89%

  1.89%

  1.88%

  1.90%

  1.91%

Net investment income (loss)

  (.76)%A

  (.92)%

  (.74)%

  (.38)%

  (1.02)%

  (.88)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 18,076

$ 23,440

$ 35,770

$ 43,996

$ 57,534

$ 83,330

Portfolio turnover rateG

  22%A

  144%

  134%

  186%

  80%

  42%

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
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 17.43

$ 19.61

$ 16.58

$ 15.39

$ 17.32

$ 13.81

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.06)

  (.16)

  (.13)

  (.06)

  (.17)

  (.13)

Net realized and unrealized gain (loss)

  .86

  1.04

  5.67

  2.13

  (1.76)

  3.67

Total from investment operations

  .80

  .88

  5.54

  2.07

  (1.93)

  3.54

Distributions from net realized gain

  -

  (3.06)

  (2.51)

  (.88)

  -

  (.03)

Net asset value, end of period

$ 18.23

$ 17.43

$ 19.61

$ 16.58

$ 15.39

$ 17.32

Total ReturnB, C, D

  4.59%

  5.09%

  34.47%

  13.57%

  (11.14)%

  25.65%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.82%A

  1.83%

  1.85%

  1.88%

  1.87%

  1.88%

Expenses net of fee waivers, if any

  1.81%A

  1.83%

  1.85%

  1.88%

  1.87%

  1.88%

Expenses net of all reductions

  1.81%A

  1.82%

  1.84%

  1.86%

  1.86%

  1.88%

Net investment income (loss)

  (.69)%A

  (.85)%

  (.69)%

  (.35)%

  (.98)%

  (.85)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 277,470

$ 277,963

$ 301,398

$ 233,542

$ 258,215

$ 299,688

Portfolio turnover rateG

  22%A

  144%

  134%

  186%

  80%

  42%

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
June 30, 2015

Years ended December 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 19.27

$ 21.16

$ 17.70

$ 16.25

$ 18.12

$ 14.31

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .04

  .03

  .06

  .11

  -H

  .02

Net realized and unrealized gain (loss)

  .95

  1.14

  6.09

  2.26

  (1.87)

  3.82

Total from investment operations

  .99

  1.17

  6.15

  2.37

  (1.87)

  3.84

Distributions from net investment income

  -

  -

  (.02)

  (.04)

  -

  -

Distributions from net realized gain

  -

  (3.06)

  (2.67)

  (.88)

  -

  (.03)

Total distributions

  -

  (3.06)

  (2.69)

  (.92)

  -

  (.03)

Net asset value, end of period

$ 20.26

$ 19.27

$ 21.16

$ 17.70

$ 16.25

$ 18.12

Total ReturnB, C

  5.14%

  6.11%

  35.81%

  14.67%

  (10.32)%

  26.86%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .77%A

  .85%

  .89%

  .90%

  .90%

  .90%

Expenses net of fee waivers, if any

  .76%A

  .85%

  .89%

  .90%

  .90%

  .90%

Expenses net of all reductions

  .76%A

  .85%

  .88%

  .88%

  .89%

  .90%

Net investment income (loss)

  .36%A

  .13%

  .28%

  .63%

  (.02)%

  .13%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 1,339,020

$ 1,324,447

$ 1,326,260

$ 966,792

$ 972,531

$ 950,940

Portfolio turnover rateF

  22%A

  144%

  134%

  186%

  80%

  42%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

D Calculated based on average shares outstanding during the period.

E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class Z

 

Six months ended
June 30, 2015

Years ended
December 31,

 

(Unaudited)

2014

2013 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 19.27

$ 21.11

$ 21.33

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .05

  .07

  .04

Net realized and unrealized gain (loss)

  .96

  1.15

  2.26

Total from investment operations

  1.01

  1.22

  2.30

Distributions from net investment income

  -

  -

  (.08)

Distributions from net realized gain

  -

  (3.06)

  (2.44)

Total distributions

  -

  (3.06)

  (2.52)

Net asset value, end of period

$ 20.28

$ 19.27

$ 21.11

Total ReturnB, C

  5.24%

  6.36%

  11.35%

Ratios to Average Net Assets E, H

 

 

 

Expenses before reductions

  .64%A

  .64%

  .65%A

Expenses net of fee waivers, if any

  .64%A

  .64%

  .65%A

Expenses net of all reductions

  .64%A

  .63%

  .64%A

Net investment income (loss)

  .49%A

  .34%

  .52%A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 26,853

$ 23,384

$ 12,172

Portfolio turnover rateF

  22%A

  144%

  134%

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 December 31, 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 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 June 30, 2015 (Unaudited)

1. Organization.

Fidelity Advisor® Mid Cap II Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs),

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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 June 30, 2015 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, net operating losses, 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

$ 665,056,314

Gross unrealized depreciation

(84,503,590)

Net unrealized appreciation (depreciation) on securities

$ 580,552,724

 

 

Tax cost

$ 2,481,122,579

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.

Capital loss carryforwards were as follows:

Fiscal year of expiration

 

2016

$ (3,404,268)

The Fund acquired $3,404,268 of capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,702,134 per year.

The Fund elected to defer to its next fiscal year approximately $8,490,256 of capital losses recognized during the period November 1, 2014 to December 31, 2014.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $335,545,299 and $487,182,572, respectively.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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. For the reporting period, the total annualized management fee rate was .55% 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
Fee

Service
Fee

Total Fees

Retained
by FDC

Class A

-%

.25%

$ 1,189,379

$ 18,855

Class T

.25%

.25%

1,086,108

12,250

Class B

.75%

.25%

104,757

78,945

Class C

.75%

.25%

1,405,319

98,612

 

 

 

$ 3,785,563

$ 208,662

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

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

 

Retained
by FDC

Class A

$ 82,793

Class T

11,743

Class B*

4,618

Class C*

8,968

 

$ 108,122

* 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-Level Average
Net Assets
*

Class A

$ 1,024,440

.22

Class T

440,487

.20

Class B

30,795

.29

Class C

321,320

.23

Institutional Class

1,208,508

.18

Class Z

5,768

.05

 

$ 3,031,318

 

* 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 $10,009 for the period.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Loan
Balance

Weighted Average
Interest Rate

Interest Expense

Borrower

$ 16,283,000

.34%

$ 1,706

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 $2,379 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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 $68,745, including $171 from securities loaned to FCM.

Semiannual Report

8. Expense Reductions.

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 $330.

In addition, during the period the following classes were reimbursed and/or waived by the investment adviser for a portion of operating expenses.

 

Amount

Class A

$ 22,714

Class T

9,940

Class B

112

Class C

6,421

Institutional Class

28,966

 

$ 68,153

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
June 30,
2015

Year ended
December 31,
2014

From net realized gain

 

 

Class A

$ -

$ 137,322,056

Class T

-

62,445,073

Class B

-

3,852,399

Class C

-

43,029,289

Institutional Class

-

186,411,319

Class Z

-

3,063,141

Total

$ -

$ 436,123,277

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
June 30,
2015

Year ended
December 31,
2014

Six months ended
June 30,
2015

Year ended
December 31,
2014

Class A

 

 

 

 

Shares sold

2,641,323

5,220,254

$ 51,683,852

$ 107,688,537

Reinvestment of distributions

-

7,296,468

-

134,255,373

Shares redeemed

(5,376,428)

(14,276,131)

(104,822,160)

(294,576,344)

Net increase (decrease)

(2,735,105)

(1,759,409)

$ (53,138,308)

$ (52,632,434)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Share Transactions - continued

 

Shares

Dollars

Six months ended
June 30,
2015

Year ended
December 31,
2014

Six months ended
June 30,
2015

Year ended
December 31,
2014

Class T

 

 

 

 

Shares sold

1,735,905

3,124,595

$ 33,275,345

$ 62,967,838

Reinvestment of distributions

-

3,367,729

-

60,925,223

Shares redeemed

(2,747,808)

(5,752,274)

(52,541,235)

(116,971,540)

Net increase (decrease)

(1,011,903)

740,050

$ (19,265,890)

$ 6,921,521

Class B

 

 

 

 

Shares sold

4,785

22,395

$ 87,755

$ 418,800

Reinvestment of distributions

-

215,538

-

3,696,342

Shares redeemed

(357,406)

(716,133)

(6,438,378)

(13,868,466)

Net increase (decrease)

(352,621)

(478,200)

$ (6,350,623)

$ (9,753,324)

Class C

 

 

 

 

Shares sold

766,685

1,542,701

$ 13,870,281

$ 29,578,132

Reinvestment of distributions

-

2,310,616

-

39,449,522

Shares redeemed

(1,492,372)

(3,277,603)

(26,868,332)

(63,561,286)

Net increase (decrease)

(725,687)

575,714

$ (12,998,051)

$ 5,466,368

Institutional Class

 

 

 

 

Shares sold

6,493,393

14,246,143

$ 129,732,295

$ 300,374,725

Reinvestment of distributions

-

9,390,856

-

176,640,401

Shares redeemed

(9,129,339)

(17,598,999)

(183,604,916)

(372,200,164)

Net increase (decrease)

(2,635,946)

6,038,000

$ (53,872,621)

$ 104,814,962

Class Z

 

 

 

 

Shares sold

229,721

632,250

$ 4,658,354

$ 13,642,909

Reinvestment of distributions

-

163,698

-

3,063,141

Shares redeemed

(118,629)

(159,161)

(2,376,674)

(3,378,816)

Net increase (decrease)

111,092

636,787

$ 2,281,680

$ 13,327,234

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 Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

FMR Co., Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

(Fidelity Investment logo)(registered trademark)

AMPZ-USAN-0815
1.9585886.101

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series I's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)

 

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series I

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 26, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 26, 2015

By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

August 26, 2015

EX-99.CERT 2 ex99.htm

Exhibit EX-99.CERT

I, Kenneth B. Robins, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Advisor Series I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 26, 2015

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Howard J. Galligan III, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Advisor Series I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 26, 2015

/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer

EX-99.906 CERT 3 ex99_906.htm

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of Fidelity Advisor Series I (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: August 26, 2015

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

Dated: August 26, 2015

/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

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