0000917286-14-000028.txt : 20140327 0000917286-14-000028.hdr.sgml : 20140327 20140327164753 ACCESSION NUMBER: 0000917286-14-000028 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 24 CONFORMED PERIOD OF REPORT: 20140131 FILED AS OF DATE: 20140327 DATE AS OF CHANGE: 20140327 EFFECTIVENESS DATE: 20140327 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: 14722207 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 S000005113 Fidelity Advisor Leveraged Company Stock Fund C000013946 Class A FLSAX C000013947 Class B FLCBX C000013948 Class C FLSCX C000013949 Class T FLSTX C000013950 Institutional Class FLVIX C000130148 Class Z FZAKX N-CSRS 1 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:

July 31

 

 

Date of reporting period:

January 31, 2014

Item 1. Reports to Stockholders

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

Leveraged Company Stock

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

Semiannual Report

January 31, 2014

(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. © 2014 FMR LLC. All rights reserved.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2013 to January 31, 2014) for Class A, Class T, Class B, Class C and Institutional Class and for the period (August 13, 2013 to January 31, 2014) for Class Z. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2013 to January 31, 2014).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized Expense Ratio B

Beginning
Account Value

Ending
Account Value
January 31, 2014

Expenses Paid
During Period

Class A

1.08%

 

 

 

Actual

 

$ 1,000.00

$ 1,071.90

$ 5.64 C

HypotheticalA

 

$ 1,000.00

$ 1,019.76

$ 5.50 D

Class T

1.32%

 

 

 

Actual

 

$ 1,000.00

$ 1,070.50

$ 6.89 C

HypotheticalA

 

$ 1,000.00

$ 1,018.55

$ 6.72 D

Class B

1.88%

 

 

 

Actual

 

$ 1,000.00

$ 1,067.50

$ 9.80 C

HypotheticalA

 

$ 1,000.00

$ 1,015.73

$ 9.55 D

Class C

1.83%

 

 

 

Actual

 

$ 1,000.00

$ 1,067.90

$ 9.54 C

HypotheticalA

 

$ 1,000.00

$ 1,015.98

$ 9.30 D

Institutional Class

.82%

 

 

 

Actual

 

$ 1,000.00

$ 1,073.20

$ 4.28 C

HypotheticalA

 

$ 1,000.00

$ 1,021.07

$ 4.18 D

Class Z

.68%

 

 

 

Actual

 

$ 1,000.00

$ 1,070.00

$ 3.32 C

HypotheticalA

 

$ 1,000.00

$ 1,021.78

$ 3.47 D

A 5% return per year before expenses

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

C Actual expenses are equal to each Class' annualized expense ratio; multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Class A, Class T, Class B, Class C and Institutional Class and multiplied by 172/365 (to reflect the period August 13, 2013 to January 31, 2014) for Class Z. The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.

D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of January 31, 2014

 

% of fund's
net assets

% of fund's net assets
6 months ago

LyondellBasell Industries NV Class A

8.2

7.2

Comcast Corp. Class A

4.0

3.6

Service Corp. International

3.6

4.2

General Motors Co.

2.8

3.1

Bank of America Corp.

2.6

2.1

Boston Scientific Corp.

2.5

2.0

Ford Motor Co.

2.4

2.9

Delta Air Lines, Inc.

2.0

1.5

The AES Corp.

1.9

1.8

Rock-Tenn Co. Class A

1.7

1.7

 

31.7

Top Five Market Sectors as of January 31, 2014

 

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

23.6

26.0

Materials

12.3

11.3

Financials

11.4

9.9

Health Care

10.9

10.6

Industrials

10.7

11.2

Asset Allocation (% of fund's net assets)

As of January 31, 2014*

As of July 31, 2013**

lsf123150

Stocks 91.7%

 

lsf123150

Stocks 91.2%

 

lsf123153

Bonds 0.6%

 

lsf123153

Bonds 0.3%

 

lsf123156

Convertible
Securities 0.1%

 

lsf123156

Convertible
Securities 0.1%

 

lsf123159

Other Investments 0.0%

 

lsf123161

Other Investments 0.1%

 

lsf123163

Short-Term
Investments and
Net Other Assets (Liabilities) 7.6%

 

lsf123163

Short-Term
Investments and
Net Other Assets (Liabilities) 8.3%

 

* Foreign investments

14.9%

 

** Foreign investments

13.4%

 

lsf123166

Semiannual Report

Investments January 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 23.0%

Auto Components - 1.9%

Delphi Automotive PLC

446,000

$ 27,157

Tenneco, Inc. (a)

630,300

35,826

TRW Automotive Holdings Corp. (a)

298,400

22,126

 

85,109

Automobiles - 5.7%

Ford Motor Co.

7,095,667

106,151

General Motors Co.

3,475,822

125,408

General Motors Co.:

warrants 7/10/16 (a)

384,439

10,245

warrants 7/10/19 (a)

384,439

7,258

Motors Liquidation Co. GUC Trust (a)

100,812

3,110

 

252,172

Diversified Consumer Services - 3.6%

Service Corp. International

8,897,167

157,480

Hotels, Restaurants & Leisure - 0.1%

Penn National Gaming, Inc. (a)

297,660

3,492

Station Holdco LLC unit (g)(h)

116,342

14

 

3,506

Household Durables - 2.1%

Hovnanian Enterprises, Inc. Class A (a)(e)

1,181,000

7,121

Lennar Corp. Class A

576,600

23,156

Newell Rubbermaid, Inc.

1,935,853

59,818

 

90,095

Media - 6.8%

Cinemark Holdings, Inc.

2,129,655

62,420

Comcast Corp. Class A

3,208,166

174,685

Gray Television, Inc. (a)(f)

3,167,163

36,042

Nexstar Broadcasting Group, Inc. Class A

478,402

22,987

 

296,134

Specialty Retail - 2.8%

Asbury Automotive Group, Inc. (a)

314,878

14,806

GameStop Corp. Class A (e)

2,061,075

72,282

Sally Beauty Holdings, Inc. (a)

1,303,600

36,996

 

124,084

TOTAL CONSUMER DISCRETIONARY

1,008,580

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 1.6%

Food Products - 1.4%

ConAgra Foods, Inc.

438,800

$ 13,949

Darling International, Inc. (a)

2,452,617

47,973

 

61,922

Personal Products - 0.2%

Revlon, Inc. (a)

459,739

10,795

TOTAL CONSUMER STAPLES

72,717

ENERGY - 9.3%

Energy Equipment & Services - 2.6%

Ensco PLC Class A

90,000

4,533

Halliburton Co.

943,707

46,251

Noble Corp.

753,990

23,396

Oil States International, Inc. (a)

203,434

19,113

Schlumberger Ltd.

90,600

7,934

Transocean Ltd. (United States)

316,300

13,689

 

114,916

Oil, Gas & Consumable Fuels - 6.7%

Alpha Natural Resources, Inc. (a)

5,150,437

29,254

Continental Resources, Inc. (a)(e)

384,513

42,373

Hess Corp.

633,490

47,822

HollyFrontier Corp.

1,208,529

55,955

Kodiak Oil & Gas Corp. (a)

1,639,653

17,397

Peabody Energy Corp.

677,175

11,546

Range Resources Corp.

202,800

17,479

Valero Energy Corp.

1,003,334

51,270

Western Refining, Inc. (e)

511,986

20,024

 

293,120

TOTAL ENERGY

408,036

FINANCIALS - 11.2%

Commercial Banks - 4.1%

Barclays PLC sponsored ADR (e)

1,945,679

34,828

CIT Group, Inc.

170,690

7,946

Huntington Bancshares, Inc.

7,094,120

64,344

Regions Financial Corp.

4,218,220

42,899

SunTrust Banks, Inc.

836,400

30,964

 

180,981

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Consumer Finance - 1.0%

American Express Co.

515,752

$ 43,849

Diversified Financial Services - 3.8%

Bank of America Corp.

6,881,001

115,257

Citigroup, Inc.

1,110,553

52,674

 

167,931

Insurance - 1.2%

AFLAC, Inc.

530,400

33,299

Lincoln National Corp.

360,400

17,310

 

50,609

Real Estate Investment Trusts - 0.6%

Host Hotels & Resorts, Inc.

832,331

15,307

Sabra Health Care REIT, Inc.

452,492

13,091

 

28,398

Real Estate Management & Development - 0.4%

Realogy Holdings Corp. (a)

369,860

16,855

Thrifts & Mortgage Finance - 0.1%

MGIC Investment Corp. (a)

328,300

2,787

TOTAL FINANCIALS

491,410

HEALTH CARE - 10.9%

Health Care Equipment & Supplies - 2.9%

Boston Scientific Corp. (a)

8,034,144

108,702

Covidien PLC

286,325

19,539

 

128,241

Health Care Providers & Services - 5.3%

Community Health Systems, Inc. (a)

1,152,373

47,720

DaVita HealthCare Partners, Inc. (a)

606,706

39,393

HCA Holdings, Inc. (a)

998,521

50,196

Tenet Healthcare Corp. (a)

1,535,663

70,656

Universal Health Services, Inc. Class B

317,795

26,066

 

234,031

Pharmaceuticals - 2.7%

Johnson & Johnson

127,900

11,315

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Merck & Co., Inc.

1,321,200

$ 69,984

Sanofi SA sponsored ADR

745,266

36,444

 

117,743

TOTAL HEALTH CARE

480,015

INDUSTRIALS - 10.6%

Aerospace & Defense - 1.6%

Honeywell International, Inc.

387,924

35,390

Huntington Ingalls Industries, Inc.

196,360

18,658

Textron, Inc.

497,300

17,654

 

71,702

Airlines - 3.5%

American Airlines Group, Inc. (a)(e)

1,236,200

41,475

Delta Air Lines, Inc.

2,920,820

89,406

Southwest Airlines Co.

478,033

10,015

United Continental Holdings, Inc. (a)

309,700

14,197

 

155,093

Building Products - 1.0%

Allegion PLC (a)

201,992

9,968

Armstrong World Industries, Inc. (a)

580,581

32,327

 

42,295

Commercial Services & Supplies - 0.9%

Deluxe Corp.

626,387

30,411

Tyco International Ltd.

267,791

10,843

 

41,254

Electrical Equipment - 0.6%

Emerson Electric Co.

136,500

9,001

Generac Holdings, Inc.

373,058

17,955

 

26,956

Industrial Conglomerates - 0.5%

General Electric Co.

896,117

22,519

Machinery - 1.7%

Harsco Corp.

854,076

21,685

Ingersoll-Rand PLC

605,977

35,625

Pentair Ltd.

64,254

4,776

Timken Co.

187,566

10,566

 

72,652

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Marine - 0.4%

Navios Maritime Holdings, Inc.

1,788,039

$ 16,951

Road & Rail - 0.4%

Hertz Global Holdings, Inc. (a)

583,000

15,170

TOTAL INDUSTRIALS

464,592

INFORMATION TECHNOLOGY - 8.6%

Communications Equipment - 1.0%

Cisco Systems, Inc.

1,982,651

43,440

Computers & Peripherals - 1.6%

EMC Corp.

1,160,700

28,135

Gaming & Leisure Properties

297,660

10,329

NCR Corp. (a)

882,069

31,040

 

69,504

Electronic Equipment & Components - 1.8%

Avnet, Inc.

489,587

20,107

Belden, Inc.

649,536

42,031

Corning, Inc.

605,400

10,419

Viasystems Group, Inc. (a)

441,914

5,771

 

78,328

Internet Software & Services - 0.3%

VeriSign, Inc. (a)

194,300

11,415

Semiconductors & Semiconductor Equipment - 2.6%

Advanced Micro Devices, Inc. (a)(e)

1,295,308

4,443

Freescale Semiconductor Holdings I Ltd. (a)(e)

939,600

17,035

Intersil Corp. Class A

1,177,013

13,347

Micron Technology, Inc. (a)

1,890,455

43,556

ON Semiconductor Corp. (a)

4,465,694

37,333

 

115,714

Software - 1.3%

Citrix Systems, Inc. (a)

190,801

10,317

Microsoft Corp.

1,258,432

47,632

 

57,949

TOTAL INFORMATION TECHNOLOGY

376,350

MATERIALS - 12.3%

Chemicals - 9.6%

H.B. Fuller Co.

380,376

17,718

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

LyondellBasell Industries NV Class A

4,550,590

$ 358,403

OMNOVA Solutions, Inc. (a)(f)

2,609,132

23,587

Phosphate Holdings, Inc. (a)

192,500

73

W.R. Grace & Co. (a)

209,004

19,713

 

419,494

Containers & Packaging - 2.0%

Rock-Tenn Co. Class A

755,151

76,633

Sealed Air Corp.

378,366

11,801

 

88,434

Metals & Mining - 0.0%

Ormet Corp. (a)

650,000

3

 

 

Paper & Forest Products - 0.7%

Louisiana-Pacific Corp. (a)

1,221,110

21,406

Neenah Paper, Inc.

231,700

10,065

 

31,471

TOTAL MATERIALS

539,402

TELECOMMUNICATION SERVICES - 1.0%

Diversified Telecommunication Services - 1.0%

Frontier Communications Corp. (e)

4,666,144

21,931

Intelsat SA

855,300

17,089

Level 3 Communications, Inc. (a)

184,741

5,930

 

44,950

UTILITIES - 3.0%

Electric Utilities - 0.2%

FirstEnergy Corp.

341,796

10,763

Independent Power Producers & Energy Traders - 2.8%

Calpine Corp. (a)

1,970,200

37,394

The AES Corp.

5,982,695

84,117

 

121,511

TOTAL UTILITIES

132,274

TOTAL COMMON STOCKS

(Cost $2,631,315)


$ 4,018,326

Nonconvertible Preferred Stocks - 0.2%

Shares

Value (000s)

FINANCIALS - 0.2%

Diversified Financial Services - 0.2%

GMAC Capital Trust I Series 2, 8.125%

(Cost $9,025)

360,987


$ 9,884

Corporate Bonds - 0.7%

 

Principal Amount (000s)

 

Convertible Bonds - 0.1%

INDUSTRIALS - 0.1%

Marine - 0.1%

Genco Shipping & Trading Ltd. 5% 8/15/15

$ 9,034

4,884

Nonconvertible Bonds - 0.6%

CONSUMER DISCRETIONARY - 0.6%

Automobiles - 0.0%

General Motors Corp.:

6.75% 5/1/28 (d)

2,515

0

7.125% 7/15/49 (d)

6,805

0

7.2% 1/15/11 (d)

18,790

0

8.25% 7/15/23 (d)

20,460

0

8.375% 7/15/33 (d)

41,210

0

8.8% 3/1/21 (d)

8,800

0

 

0

Multiline Retail - 0.6%

The Bon-Ton Department Stores, Inc.:

8% 6/15/21

11,475

11,116

10.625% 7/15/17

13,962

13,927

 

25,043

TOTAL CORPORATE BONDS

(Cost $29,088)


$ 29,927

Money Market Funds - 10.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.10% (b)

340,100,055

$ 340,100

Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)

115,143,633

115,144

TOTAL MONEY MARKET FUNDS

(Cost $455,244)


$ 455,244

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $3,124,672)

4,513,381

NET OTHER ASSETS (LIABILITIES) - (2.7)%

(120,661)

NET ASSETS - 100%

$ 4,392,720

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) Non-income producing - Security is in default.

(e) Security or a portion of the security is on loan at period end.

(f) Affiliated company

(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Station Holdco LLC unit

10/28/08 - 12/1/08

$ 4,745

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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 189

Fidelity Securities Lending Cash Central Fund

286

Total

$ 475

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Gray Television, Inc.

$ 24,736

$ -

$ -

$ -

$ 36,042

OMNOVA Solutions, Inc.

21,030

-

-

-

23,587

Total

$ 45,766

$ -

$ -

$ -

$ 59,629

Other Information

The following is a summary of the inputs used, as of January 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 1,008,580

$ 1,008,566

$ -

$ 14

Consumer Staples

72,717

72,717

-

-

Energy

408,036

408,036

-

-

Financials

501,294

501,294

-

-

Health Care

480,015

480,015

-

-

Industrials

464,592

464,592

-

-

Information Technology

376,350

376,350

-

-

Materials

539,402

539,402

-

-

Telecommunication Services

44,950

44,950

-

-

Utilities

132,274

132,274

-

-

Corporate Bonds

29,927

-

29,927

-

Money Market Funds

455,244

455,244

-

-

Total Investments in Securities:

$ 4,513,381

$ 4,483,440

$ 29,927

$ 14

Other Information - continued

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

United States of America

85.1%

Netherlands

8.2%

Ireland

1.4%

United Kingdom

1.4%

Others (Individually Less Than 1%)

3.9%

 

100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

 Amounts in thousands (except per-share amounts)

January 31, 2014 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $111,636) - See accompanying schedule:

Unaffiliated issuers (cost $2,634,463)

$ 3,998,508

 

Fidelity Central Funds (cost $455,244)

455,244

 

Other affiliated issuers (cost $34,965)

59,629

 

Total Investments (cost $3,124,672)

 

$ 4,513,381

Receivable for fund shares sold

7,742

Dividends receivable

5,359

Interest receivable

888

Distributions receivable from Fidelity Central Funds

126

Prepaid expenses

9

Other receivables

12

Total assets

4,527,517

 

 

 

Liabilities

Payable for investments purchased

$ 4,768

Payable for fund shares redeemed

10,234

Accrued management fee

2,244

Distribution and service plan fees payable

1,319

Other affiliated payables

759

Other payables and accrued expenses

329

Collateral on securities loaned, at value

115,144

Total liabilities

134,797

 

 

 

Net Assets

$ 4,392,720

Net Assets consist of:

 

Paid in capital

$ 3,356,192

Undistributed net investment income

3,687

Accumulated undistributed net realized gain (loss) on investments

(355,868)

Net unrealized appreciation (depreciation) on investments

1,388,709

Net Assets

$ 4,392,720

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

Semiannual Report

Statement of Assets and Liabilities - continued

 Amounts in thousands (except per-share amounts)

January 31, 2014 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($1,680,374 ÷ 32,341.16 shares)

$ 51.96

 

 

 

Maximum offering price per share (100/94.25 of $51.96)

$ 55.13

Class T:
Net Asset Value and redemption price per share ($975,849 ÷ 19,170.21 shares)

$ 50.90

 

 

 

Maximum offering price per share (100/96.50 of $50.90)

$ 52.75

Class B:
Net Asset Value and offering price per share ($69,257 ÷ 1,422.59 shares)A

$ 48.68

 

 

 

Class C:
Net Asset Value and offering price per share ($570,829 ÷ 11,709.68 shares)A

$ 48.75

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,088,458 ÷ 20,648.31 shares)

$ 52.71

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($7,953 ÷ 150.86 shares)

$ 52.72

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Financial Statements - continued

Statement of Operations

 Amounts in thousands Six months ended January 31, 2014 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 30,173

Interest

 

2,358

Income from Fidelity Central Funds

 

475

Total income

 

33,006

 

 

 

Expenses

Management fee

$ 12,854

Transfer agent fees

4,002

Distribution and service plan fees

7,657

Accounting and security lending fees

533

Custodian fees and expenses

21

Independent trustees' compensation

9

Registration fees

138

Audit

41

Legal

10

Miscellaneous

15

Total expenses before reductions

25,280

Expense reductions

(40)

25,240

Net investment income (loss)

7,766

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

 

3,228

Change in net unrealized appreciation (depreciation) on investment securities

279,234

Net gain (loss)

282,462

Net increase (decrease) in net assets resulting from operations

$ 290,228

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

Semiannual Report

Statement of Changes in Net Assets

 Amounts in thousands

Six months ended January 31, 2014 (Unaudited)

Year ended
July 31,
2013

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 7,766

$ 33,015

Net realized gain (loss)

3,228

272,683

Change in net unrealized appreciation (depreciation)

279,234

883,039

Net increase (decrease) in net assets resulting
from operations

290,228

1,188,737

Distributions to shareholders from net investment income

(11,575)

(2,596)

Share transactions - net increase (decrease)

39,869

(90,255)

Total increase (decrease) in net assets

318,522

1,095,886

 

 

 

Net Assets

Beginning of period

4,074,198

2,978,312

End of period (including undistributed net investment income of $3,687 and undistributed net investment income of $7,496, respectively)

$ 4,392,720

$ 4,074,198

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 48.63

$ 34.29

$ 35.01

$ 28.55

$ 23.69

$ 36.47

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .12

  .44 H

  .11

  (.08)

  .05

  .27

Net realized and unrealized gain (loss)

  3.37

  13.94

  (.51)

  6.61

  4.91

  (12.93)

Total from investment operations

  3.49

  14.38

  (.40)

  6.53

  4.96

  (12.66)

Distributions from net investment income

  (.16)

  (.04)

  (.32)

  (.01) I

  (.09)

  (.12)

Distributions from net realized gain

  -

  -

  -

  (.06) I

  (.01)

  -

Total distributions

  (.16)

  (.04)

  (.32)

  (.07)

  (.10)

  (.12)

Net asset value, end of period

$ 51.96

$ 48.63

$ 34.29

$ 35.01

$ 28.55

$ 23.69

Total Return B, C, D

  7.19%

  41.95%

  (1.04)%

  22.88%

  20.96%

  (34.57)%

Ratios to Average Net Assets F, J

 

 

 

 

 

 

Expenses before reductions

  1.08% A

  1.11%

  1.13%

  1.13%

  1.15%

  1.20%

Expenses net of fee waivers, if any

  1.08% A

  1.11%

  1.13%

  1.13%

  1.15%

  1.20%

Expenses net of all reductions

  1.08% A

  1.10%

  1.13%

  1.12%

  1.15%

  1.20%

Net investment income (loss)

  .47% A

  1.07% H

  .33%

  (.23)%

  .18%

  1.27%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,680

$ 1,490

$ 1,106

$ 1,426

$ 1,428

$ 1,343

Portfolio turnover rate G

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .84%. IThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. JExpense 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.

Semiannual Report

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

Financial Highlights - Class T

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 47.59

$ 33.60

$ 34.36

$ 28.05

$ 23.30

$ 35.91

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .06

  .34 H

  .03

  (.15)

  (.01)

  .22

Net realized and unrealized gain (loss)

  3.29

  13.65

  (.50)

  6.48

  4.83

  (12.73)

Total from investment operations

  3.35

  13.99

  (.47)

  6.33

  4.82

  (12.51)

Distributions from net investment income

  (.04)

  - K

  (.29)

  - I

  (.06)

  (.10)

Distributions from net realized gain

  -

  -

  -

  (.02) I

  (.01)

  -

Total distributions

  (.04)

  - K

  (.29)

  (.02)

  (.07)

  (.10)

Net asset value, end of period

$ 50.90

$ 47.59

$ 33.60

$ 34.36

$ 28.05

$ 23.30

Total Return B, C, D

  7.05%

  41.65%

  (1.26)%

  22.58%

  20.72%

  (34.71)%

Ratios to Average Net Assets F, J

 

 

 

 

 

 

Expenses before reductions

  1.32% A

  1.34%

  1.35%

  1.35%

  1.37%

  1.42%

Expenses net of fee waivers, if any

  1.32% A

  1.34%

  1.35%

  1.35%

  1.37%

  1.42%

Expenses net of all reductions

  1.32% A

  1.33%

  1.35%

  1.35%

  1.37%

  1.42%

Net investment income (loss)

  .23% A

  .85% H

  .11%

  (.45)%

  (.04)%

  1.05%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 976

$ 1,012

$ 753

$ 906

$ 867

$ 728

Portfolio turnover rate G

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .61%. IThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. JExpense 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. KAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class B

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 45.60

$ 32.38

$ 33.24

$ 27.27

$ 22.73

$ 35.10

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.08)

  .10 H

  (.15)

  (.33)

  (.17)

  .10

Net realized and unrealized gain (loss)

  3.16

  13.12

  (.49)

  6.30

  4.72

  (12.43)

Total from investment operations

  3.08

  13.22

  (.64)

  5.97

  4.55

  (12.33)

Distributions from net investment income

  -

  -

  (.22)

  -

  -

  (.04)

Distributions from net realized gain

  -

  -

  -

  -

  (.01)

  -

Total distributions

  -

  -

  (.22)

  -

  (.01)

  (.04)

Net asset value, end of period

$ 48.68

$ 45.60

$ 32.38

$ 33.24

$ 27.27

$ 22.73

Total Return B, C, D

  6.75%

  40.83%

  (1.85)%

  21.89%

  20.00%

  (35.06)%

Ratios to Average Net Assets F, I

 

 

 

 

 

 

Expenses before reductions

  1.88% A

  1.91%

  1.94%

  1.93%

  1.96%

  1.97%

Expenses net of fee waivers, if any

  1.88% A

  1.91%

  1.94%

  1.93%

  1.96%

  1.97%

Expenses net of all reductions

  1.88% A

  1.91%

  1.93%

  1.92%

  1.96%

  1.97%

Net investment income (loss)

  (.33)% A

  .27% H

  (.48)%

  (1.03)%

  (.63)%

  .49%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 69

$ 80

$ 84

$ 121

$ 131

$ 128

Portfolio turnover rate G

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .04%. IExpense 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.

Semiannual Report

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

Financial Highlights - Class C

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 45.65

$ 32.40

$ 33.24

$ 27.26

$ 22.70

$ 35.05

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.07)

  .13 H

  (.12)

  (.31)

  (.15)

  .11

Net realized and unrealized gain (loss)

  3.17

  13.12

  (.49)

  6.29

  4.72

  (12.42)

Total from investment operations

  3.10

  13.25

  (.61)

  5.98

  4.57

  (12.31)

Distributions from net investment income

  -

  -

  (.23)

  -

  - J

  (.04)

Distributions from net realized gain

  -

  -

  -

  -

  (.01)

  -

Total distributions

  -

  -

  (.23)

  -

  (.01)

  (.04)

Net asset value, end of period

$ 48.75

$ 45.65

$ 32.40

$ 33.24

$ 27.26

$ 22.70

Total Return B, C, D

  6.79%

  40.90%

  (1.76)%

  21.94%

  20.13%

  (35.06)%

Ratios to Average Net Assets F, I

 

 

 

 

 

 

Expenses before reductions

  1.83% A

  1.85%

  1.87%

  1.86%

  1.89%

  1.94%

Expenses net of fee waivers, if any

  1.83% A

  1.85%

  1.87%

  1.86%

  1.89%

  1.94%

Expenses net of all reductions

  1.83% A

  1.85%

  1.86%

  1.86%

  1.89%

  1.94%

Net investment income (loss)

  (.28)% A

  .33% H

  (.41)%

  (.97)%

  (.56)%

  .53%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 571

$ 527

$ 405

$ 522

$ 525

$ 496

Portfolio turnover rate G

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .10%. IExpense 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. JAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Institutional Class

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 49.39

$ 34.77

$ 35.44

$ 28.90

$ 23.97

$ 36.85

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .19

  .57 G

  .20

  .02

  .13

  .33

Net realized and unrealized gain (loss)

  3.41

  14.13

  (.52)

  6.67

  4.96

  (13.06)

Total from investment operations

  3.60

  14.70

  (.32)

  6.69

  5.09

  (12.73)

Distributions from net investment income

  (.28)

  (.08)

  (.35)

  (.05) H

  (.15)

  (.15)

Distributions from net realized gain

  -

  -

  -

  (.10) H

  (.01)

  -

Total distributions

  (.28)

  (.08)

  (.35)

  (.15)

  (.16)

  (.15)

Net asset value, end of period

$ 52.71

$ 49.39

$ 34.77

$ 35.44

$ 28.90

$ 23.97

Total Return B, C

  7.32%

  42.34%

  (.77)%

  23.21%

  21.30%

  (34.38)%

Ratios to Average Net Assets E, I

 

 

 

 

 

 

Expenses before reductions

  .82% A

  .84%

  .86%

  .85%

  .87%

  .93%

Expenses net of fee waivers, if any

  .82% A

  .84%

  .86%

  .85%

  .87%

  .93%

Expenses net of all reductions

  .82% A

  .84%

  .85%

  .85%

  .87%

  .93%

Net investment income (loss)

  .73% A

  1.34% G

  .60%

  .04%

  .46%

  1.54%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,088

$ 965

$ 631

$ 694

$ 710

$ 561

Portfolio turnover rate F

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees 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. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%. HThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. IExpense 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.

Semiannual Report

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

Financial Highlights - Class Z

 

Period ended
January 31, 2014 G

 

(Unaudited)

Selected Per-Share Data

 

Net asset value, beginning of period

$ 49.58

Income from Investment Operations

 

Net investment income (loss) D

  .21

Net realized and unrealized gain (loss)

  3.25

Total from investment operations

  3.46

Distributions from net investment income

  (.32)

Net asset value, end of period

$ 52.72

Total Return B, C

  7.00%

Ratios to Average Net Assets E, H

 

Expenses before reductions

  .68% A

Expenses net of fee waivers, if any

  .68% A

Expenses net of all reductions

  .68% A

Net investment income (loss)

  .86% A

Supplemental Data

 

Net assets, end of period (in millions)

$ 8

Portfolio turnover rate F

  12% A

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 January 31, 2014.

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

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

Semiannual Report

Notes to Financial Statements

For the period ended January 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Leveraged Company Stock 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 commenced sale of Class Z shares on August 13, 2013. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of

Semiannual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

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

Level 1 - quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of January 31, 2014, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Semiannual Report

3. Significant Accounting Policies - continued

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, market discount, equity-debt classifications, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation

$ 1,508,719

Gross unrealized depreciation

(117,993)

Net unrealized appreciation (depreciation) on securities and other investments

$ 1,390,726

 

 

Tax cost

$ 3,122,655

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration

 

2018

$ (358,992)

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $275,490 and $236,074, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% 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

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

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 .60% 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%

$ 1,996

$ 58

Class T

.25%

.25%

2,521

-

Class B

.75%

.25%

377

284

Class C

.75%

.25%

2,763

332

 

 

 

$ 7,657

$ 674

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

 

Retained
by FDC

Class A

$ 189

Class T

17

Class B*

17

Class C*

11

 

$ 234

* 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

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
Average
Net Assets*

Class A

$ 1,527

.19

Class T

911

.18

Class B

90

.24

Class C

527

.19

Institutional Class

946

.18

Class Z

1

.05

 

$ 4,002

 

* 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 $9 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Semiannual Report

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $3,245. 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 $286, including one hundred fifty-eight dollars from securities loaned to FCM.

8. Expense Reductions.

The investment adviser voluntarily agreed to reimburse a portion of the Advisor Leveraged Company Stock Fund's Class A, Class T, Class B, Class C and Institutional Class operating expenses. During the period, this reimbursement reduced expenses as follows:

 

Reimbursement

Class A

$ 5

Class T

4

Class B

-*

Class C

2

Institutional Class

3

 

$ 14

* Amount represents two hundred fifty-nine dollars.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $26 for the period.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
January 31,
2014 A

Year ended
July 31,
2013

From net investment income

 

 

Class A

$ 5,026

$ 1,121

Class T

905

84

Institutional Class

5,634

1,391

Class Z

10

-

Total

$ 11,575

$ 2,596

A Distributions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to January 31, 2014.

10. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

Six months ended January 31,
2014 A

Year ended
July 31,
2013

Six months ended January 31,
2014 A

Year ended
July 31,
2013

Class A

 

 

 

 

Shares sold

5,363

7,818

$ 272,948

$ 326,978

Reinvestment of distributions

94

27

4,657

1,036

Shares redeemed

(3,765)

(9,447)

(191,595)

(384,545)

Net increase (decrease)

1,692

(1,602)

$ 86,010

$ (56,531)

Class T

 

 

 

 

Shares sold

2,302

6,400

$ 114,357

$ 261,455

Reinvestment of distributions

18

2

845

79

Shares redeemed

(4,413)

(7,533)

(219,308)

(301,128)

Net increase (decrease)

(2,093)

(1,131)

$ (104,106)

$ (39,594)

Class B

 

 

 

 

Shares sold

10

34

$ 452

$ 1,361

Shares redeemed

(339)

(874)

(16,090)

(33,817)

Net increase (decrease)

(329)

(840)

$ (15,638)

$ (32,456)

Class C

 

 

 

 

Shares sold

972

1,725

$ 46,353

$ 69,238

Shares redeemed

(796)

(2,699)

(37,803)

(102,735)

Net increase (decrease)

176

(974)

$ 8,550

$ (33,497)

Institutional Class

 

 

 

 

Shares sold

3,933

9,112

$ 203,071

$ 385,989

Reinvestment of distributions

93

29

4,709

1,155

Shares redeemed

(2,926)

(7,736)

(150,795)

(315,321)

Net increase (decrease)

1,100

1,405

$ 56,985

$ 71,823

Semiannual Report

10. Share Transactions - continued

 

Shares

Dollars

Six months ended January 31,
2014 A

Year ended
July 31,
2013

Six months ended January 31,
2014 A

Year ended
July 31,
2013

Class Z

 

 

 

 

Shares sold

160

-

$ 8,524

$ -

Reinvestment of distributions

-*

-

10

-

Shares redeemed

(9)

-

(466)

-

Net increase (decrease)

151

-

$ 8,068

$ -

A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to January 31, 2014.

* Amount represents one hundred eighty-seven shares.

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)

ALSF-USAN-0314
1.786797.111

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

Leveraged Company Stock

Fund - Institutional Class

Semiannual Report

January 31, 2014

(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. © 2014 FMR LLC. All rights reserved.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2013 to January 31, 2014) for Class A, Class T, Class B, Class C and Institutional Class and for the period (August 13, 2013 to January 31, 2014) for Class Z. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2013 to January 31, 2014).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized Expense Ratio B

Beginning
Account Value

Ending
Account Value
January 31, 2014

Expenses Paid
During Period

Class A

1.08%

 

 

 

Actual

 

$ 1,000.00

$ 1,071.90

$ 5.64 C

HypotheticalA

 

$ 1,000.00

$ 1,019.76

$ 5.50 D

Class T

1.32%

 

 

 

Actual

 

$ 1,000.00

$ 1,070.50

$ 6.89 C

HypotheticalA

 

$ 1,000.00

$ 1,018.55

$ 6.72 D

Class B

1.88%

 

 

 

Actual

 

$ 1,000.00

$ 1,067.50

$ 9.80 C

HypotheticalA

 

$ 1,000.00

$ 1,015.73

$ 9.55 D

Class C

1.83%

 

 

 

Actual

 

$ 1,000.00

$ 1,067.90

$ 9.54 C

HypotheticalA

 

$ 1,000.00

$ 1,015.98

$ 9.30 D

Institutional Class

.82%

 

 

 

Actual

 

$ 1,000.00

$ 1,073.20

$ 4.28 C

HypotheticalA

 

$ 1,000.00

$ 1,021.07

$ 4.18 D

Class Z

.68%

 

 

 

Actual

 

$ 1,000.00

$ 1,070.00

$ 3.32 C

HypotheticalA

 

$ 1,000.00

$ 1,021.78

$ 3.47 D

A 5% return per year before expenses

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

C Actual expenses are equal to each Class' annualized expense ratio; multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Class A, Class T, Class B, Class C and Institutional Class and multiplied by 172/365 (to reflect the period August 13, 2013 to January 31, 2014) for Class Z. The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.

D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of January 31, 2014

 

% of fund's
net assets

% of fund's net assets
6 months ago

LyondellBasell Industries NV Class A

8.2

7.2

Comcast Corp. Class A

4.0

3.6

Service Corp. International

3.6

4.2

General Motors Co.

2.8

3.1

Bank of America Corp.

2.6

2.1

Boston Scientific Corp.

2.5

2.0

Ford Motor Co.

2.4

2.9

Delta Air Lines, Inc.

2.0

1.5

The AES Corp.

1.9

1.8

Rock-Tenn Co. Class A

1.7

1.7

 

31.7

Top Five Market Sectors as of January 31, 2014

 

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

23.6

26.0

Materials

12.3

11.3

Financials

11.4

9.9

Health Care

10.9

10.6

Industrials

10.7

11.2

Asset Allocation (% of fund's net assets)

As of January 31, 2014*

As of July 31, 2013**

sfi246676

Stocks 91.7%

 

sfi246676

Stocks 91.2%

 

sfi246679

Bonds 0.6%

 

sfi246679

Bonds 0.3%

 

sfi246682

Convertible
Securities 0.1%

 

sfi246682

Convertible
Securities 0.1%

 

sfi246685

Other Investments 0.0%

 

sfi246687

Other Investments 0.1%

 

sfi246689

Short-Term
Investments and
Net Other Assets (Liabilities) 7.6%

 

sfi246689

Short-Term
Investments and
Net Other Assets (Liabilities) 8.3%

 

* Foreign investments

14.9%

 

** Foreign investments

13.4%

 

sfi246692

Semiannual Report

Investments January 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 23.0%

Auto Components - 1.9%

Delphi Automotive PLC

446,000

$ 27,157

Tenneco, Inc. (a)

630,300

35,826

TRW Automotive Holdings Corp. (a)

298,400

22,126

 

85,109

Automobiles - 5.7%

Ford Motor Co.

7,095,667

106,151

General Motors Co.

3,475,822

125,408

General Motors Co.:

warrants 7/10/16 (a)

384,439

10,245

warrants 7/10/19 (a)

384,439

7,258

Motors Liquidation Co. GUC Trust (a)

100,812

3,110

 

252,172

Diversified Consumer Services - 3.6%

Service Corp. International

8,897,167

157,480

Hotels, Restaurants & Leisure - 0.1%

Penn National Gaming, Inc. (a)

297,660

3,492

Station Holdco LLC unit (g)(h)

116,342

14

 

3,506

Household Durables - 2.1%

Hovnanian Enterprises, Inc. Class A (a)(e)

1,181,000

7,121

Lennar Corp. Class A

576,600

23,156

Newell Rubbermaid, Inc.

1,935,853

59,818

 

90,095

Media - 6.8%

Cinemark Holdings, Inc.

2,129,655

62,420

Comcast Corp. Class A

3,208,166

174,685

Gray Television, Inc. (a)(f)

3,167,163

36,042

Nexstar Broadcasting Group, Inc. Class A

478,402

22,987

 

296,134

Specialty Retail - 2.8%

Asbury Automotive Group, Inc. (a)

314,878

14,806

GameStop Corp. Class A (e)

2,061,075

72,282

Sally Beauty Holdings, Inc. (a)

1,303,600

36,996

 

124,084

TOTAL CONSUMER DISCRETIONARY

1,008,580

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 1.6%

Food Products - 1.4%

ConAgra Foods, Inc.

438,800

$ 13,949

Darling International, Inc. (a)

2,452,617

47,973

 

61,922

Personal Products - 0.2%

Revlon, Inc. (a)

459,739

10,795

TOTAL CONSUMER STAPLES

72,717

ENERGY - 9.3%

Energy Equipment & Services - 2.6%

Ensco PLC Class A

90,000

4,533

Halliburton Co.

943,707

46,251

Noble Corp.

753,990

23,396

Oil States International, Inc. (a)

203,434

19,113

Schlumberger Ltd.

90,600

7,934

Transocean Ltd. (United States)

316,300

13,689

 

114,916

Oil, Gas & Consumable Fuels - 6.7%

Alpha Natural Resources, Inc. (a)

5,150,437

29,254

Continental Resources, Inc. (a)(e)

384,513

42,373

Hess Corp.

633,490

47,822

HollyFrontier Corp.

1,208,529

55,955

Kodiak Oil & Gas Corp. (a)

1,639,653

17,397

Peabody Energy Corp.

677,175

11,546

Range Resources Corp.

202,800

17,479

Valero Energy Corp.

1,003,334

51,270

Western Refining, Inc. (e)

511,986

20,024

 

293,120

TOTAL ENERGY

408,036

FINANCIALS - 11.2%

Commercial Banks - 4.1%

Barclays PLC sponsored ADR (e)

1,945,679

34,828

CIT Group, Inc.

170,690

7,946

Huntington Bancshares, Inc.

7,094,120

64,344

Regions Financial Corp.

4,218,220

42,899

SunTrust Banks, Inc.

836,400

30,964

 

180,981

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Consumer Finance - 1.0%

American Express Co.

515,752

$ 43,849

Diversified Financial Services - 3.8%

Bank of America Corp.

6,881,001

115,257

Citigroup, Inc.

1,110,553

52,674

 

167,931

Insurance - 1.2%

AFLAC, Inc.

530,400

33,299

Lincoln National Corp.

360,400

17,310

 

50,609

Real Estate Investment Trusts - 0.6%

Host Hotels & Resorts, Inc.

832,331

15,307

Sabra Health Care REIT, Inc.

452,492

13,091

 

28,398

Real Estate Management & Development - 0.4%

Realogy Holdings Corp. (a)

369,860

16,855

Thrifts & Mortgage Finance - 0.1%

MGIC Investment Corp. (a)

328,300

2,787

TOTAL FINANCIALS

491,410

HEALTH CARE - 10.9%

Health Care Equipment & Supplies - 2.9%

Boston Scientific Corp. (a)

8,034,144

108,702

Covidien PLC

286,325

19,539

 

128,241

Health Care Providers & Services - 5.3%

Community Health Systems, Inc. (a)

1,152,373

47,720

DaVita HealthCare Partners, Inc. (a)

606,706

39,393

HCA Holdings, Inc. (a)

998,521

50,196

Tenet Healthcare Corp. (a)

1,535,663

70,656

Universal Health Services, Inc. Class B

317,795

26,066

 

234,031

Pharmaceuticals - 2.7%

Johnson & Johnson

127,900

11,315

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Merck & Co., Inc.

1,321,200

$ 69,984

Sanofi SA sponsored ADR

745,266

36,444

 

117,743

TOTAL HEALTH CARE

480,015

INDUSTRIALS - 10.6%

Aerospace & Defense - 1.6%

Honeywell International, Inc.

387,924

35,390

Huntington Ingalls Industries, Inc.

196,360

18,658

Textron, Inc.

497,300

17,654

 

71,702

Airlines - 3.5%

American Airlines Group, Inc. (a)(e)

1,236,200

41,475

Delta Air Lines, Inc.

2,920,820

89,406

Southwest Airlines Co.

478,033

10,015

United Continental Holdings, Inc. (a)

309,700

14,197

 

155,093

Building Products - 1.0%

Allegion PLC (a)

201,992

9,968

Armstrong World Industries, Inc. (a)

580,581

32,327

 

42,295

Commercial Services & Supplies - 0.9%

Deluxe Corp.

626,387

30,411

Tyco International Ltd.

267,791

10,843

 

41,254

Electrical Equipment - 0.6%

Emerson Electric Co.

136,500

9,001

Generac Holdings, Inc.

373,058

17,955

 

26,956

Industrial Conglomerates - 0.5%

General Electric Co.

896,117

22,519

Machinery - 1.7%

Harsco Corp.

854,076

21,685

Ingersoll-Rand PLC

605,977

35,625

Pentair Ltd.

64,254

4,776

Timken Co.

187,566

10,566

 

72,652

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Marine - 0.4%

Navios Maritime Holdings, Inc.

1,788,039

$ 16,951

Road & Rail - 0.4%

Hertz Global Holdings, Inc. (a)

583,000

15,170

TOTAL INDUSTRIALS

464,592

INFORMATION TECHNOLOGY - 8.6%

Communications Equipment - 1.0%

Cisco Systems, Inc.

1,982,651

43,440

Computers & Peripherals - 1.6%

EMC Corp.

1,160,700

28,135

Gaming & Leisure Properties

297,660

10,329

NCR Corp. (a)

882,069

31,040

 

69,504

Electronic Equipment & Components - 1.8%

Avnet, Inc.

489,587

20,107

Belden, Inc.

649,536

42,031

Corning, Inc.

605,400

10,419

Viasystems Group, Inc. (a)

441,914

5,771

 

78,328

Internet Software & Services - 0.3%

VeriSign, Inc. (a)

194,300

11,415

Semiconductors & Semiconductor Equipment - 2.6%

Advanced Micro Devices, Inc. (a)(e)

1,295,308

4,443

Freescale Semiconductor Holdings I Ltd. (a)(e)

939,600

17,035

Intersil Corp. Class A

1,177,013

13,347

Micron Technology, Inc. (a)

1,890,455

43,556

ON Semiconductor Corp. (a)

4,465,694

37,333

 

115,714

Software - 1.3%

Citrix Systems, Inc. (a)

190,801

10,317

Microsoft Corp.

1,258,432

47,632

 

57,949

TOTAL INFORMATION TECHNOLOGY

376,350

MATERIALS - 12.3%

Chemicals - 9.6%

H.B. Fuller Co.

380,376

17,718

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

LyondellBasell Industries NV Class A

4,550,590

$ 358,403

OMNOVA Solutions, Inc. (a)(f)

2,609,132

23,587

Phosphate Holdings, Inc. (a)

192,500

73

W.R. Grace & Co. (a)

209,004

19,713

 

419,494

Containers & Packaging - 2.0%

Rock-Tenn Co. Class A

755,151

76,633

Sealed Air Corp.

378,366

11,801

 

88,434

Metals & Mining - 0.0%

Ormet Corp. (a)

650,000

3

 

 

Paper & Forest Products - 0.7%

Louisiana-Pacific Corp. (a)

1,221,110

21,406

Neenah Paper, Inc.

231,700

10,065

 

31,471

TOTAL MATERIALS

539,402

TELECOMMUNICATION SERVICES - 1.0%

Diversified Telecommunication Services - 1.0%

Frontier Communications Corp. (e)

4,666,144

21,931

Intelsat SA

855,300

17,089

Level 3 Communications, Inc. (a)

184,741

5,930

 

44,950

UTILITIES - 3.0%

Electric Utilities - 0.2%

FirstEnergy Corp.

341,796

10,763

Independent Power Producers & Energy Traders - 2.8%

Calpine Corp. (a)

1,970,200

37,394

The AES Corp.

5,982,695

84,117

 

121,511

TOTAL UTILITIES

132,274

TOTAL COMMON STOCKS

(Cost $2,631,315)


$ 4,018,326

Nonconvertible Preferred Stocks - 0.2%

Shares

Value (000s)

FINANCIALS - 0.2%

Diversified Financial Services - 0.2%

GMAC Capital Trust I Series 2, 8.125%

(Cost $9,025)

360,987


$ 9,884

Corporate Bonds - 0.7%

 

Principal Amount (000s)

 

Convertible Bonds - 0.1%

INDUSTRIALS - 0.1%

Marine - 0.1%

Genco Shipping & Trading Ltd. 5% 8/15/15

$ 9,034

4,884

Nonconvertible Bonds - 0.6%

CONSUMER DISCRETIONARY - 0.6%

Automobiles - 0.0%

General Motors Corp.:

6.75% 5/1/28 (d)

2,515

0

7.125% 7/15/49 (d)

6,805

0

7.2% 1/15/11 (d)

18,790

0

8.25% 7/15/23 (d)

20,460

0

8.375% 7/15/33 (d)

41,210

0

8.8% 3/1/21 (d)

8,800

0

 

0

Multiline Retail - 0.6%

The Bon-Ton Department Stores, Inc.:

8% 6/15/21

11,475

11,116

10.625% 7/15/17

13,962

13,927

 

25,043

TOTAL CORPORATE BONDS

(Cost $29,088)


$ 29,927

Money Market Funds - 10.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.10% (b)

340,100,055

$ 340,100

Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)

115,143,633

115,144

TOTAL MONEY MARKET FUNDS

(Cost $455,244)


$ 455,244

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $3,124,672)

4,513,381

NET OTHER ASSETS (LIABILITIES) - (2.7)%

(120,661)

NET ASSETS - 100%

$ 4,392,720

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) Non-income producing - Security is in default.

(e) Security or a portion of the security is on loan at period end.

(f) Affiliated company

(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Station Holdco LLC unit

10/28/08 - 12/1/08

$ 4,745

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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 189

Fidelity Securities Lending Cash Central Fund

286

Total

$ 475

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Gray Television, Inc.

$ 24,736

$ -

$ -

$ -

$ 36,042

OMNOVA Solutions, Inc.

21,030

-

-

-

23,587

Total

$ 45,766

$ -

$ -

$ -

$ 59,629

Other Information

The following is a summary of the inputs used, as of January 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 1,008,580

$ 1,008,566

$ -

$ 14

Consumer Staples

72,717

72,717

-

-

Energy

408,036

408,036

-

-

Financials

501,294

501,294

-

-

Health Care

480,015

480,015

-

-

Industrials

464,592

464,592

-

-

Information Technology

376,350

376,350

-

-

Materials

539,402

539,402

-

-

Telecommunication Services

44,950

44,950

-

-

Utilities

132,274

132,274

-

-

Corporate Bonds

29,927

-

29,927

-

Money Market Funds

455,244

455,244

-

-

Total Investments in Securities:

$ 4,513,381

$ 4,483,440

$ 29,927

$ 14

Other Information - continued

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

United States of America

85.1%

Netherlands

8.2%

Ireland

1.4%

United Kingdom

1.4%

Others (Individually Less Than 1%)

3.9%

 

100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

 Amounts in thousands (except per-share amounts)

January 31, 2014 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $111,636) - See accompanying schedule:

Unaffiliated issuers (cost $2,634,463)

$ 3,998,508

 

Fidelity Central Funds (cost $455,244)

455,244

 

Other affiliated issuers (cost $34,965)

59,629

 

Total Investments (cost $3,124,672)

 

$ 4,513,381

Receivable for fund shares sold

7,742

Dividends receivable

5,359

Interest receivable

888

Distributions receivable from Fidelity Central Funds

126

Prepaid expenses

9

Other receivables

12

Total assets

4,527,517

 

 

 

Liabilities

Payable for investments purchased

$ 4,768

Payable for fund shares redeemed

10,234

Accrued management fee

2,244

Distribution and service plan fees payable

1,319

Other affiliated payables

759

Other payables and accrued expenses

329

Collateral on securities loaned, at value

115,144

Total liabilities

134,797

 

 

 

Net Assets

$ 4,392,720

Net Assets consist of:

 

Paid in capital

$ 3,356,192

Undistributed net investment income

3,687

Accumulated undistributed net realized gain (loss) on investments

(355,868)

Net unrealized appreciation (depreciation) on investments

1,388,709

Net Assets

$ 4,392,720

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

Semiannual Report

Statement of Assets and Liabilities - continued

 Amounts in thousands (except per-share amounts)

January 31, 2014 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($1,680,374 ÷ 32,341.16 shares)

$ 51.96

 

 

 

Maximum offering price per share (100/94.25 of $51.96)

$ 55.13

Class T:
Net Asset Value and redemption price per share ($975,849 ÷ 19,170.21 shares)

$ 50.90

 

 

 

Maximum offering price per share (100/96.50 of $50.90)

$ 52.75

Class B:
Net Asset Value and offering price per share ($69,257 ÷ 1,422.59 shares)A

$ 48.68

 

 

 

Class C:
Net Asset Value and offering price per share ($570,829 ÷ 11,709.68 shares)A

$ 48.75

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,088,458 ÷ 20,648.31 shares)

$ 52.71

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($7,953 ÷ 150.86 shares)

$ 52.72

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Financial Statements - continued

Statement of Operations

 Amounts in thousands Six months ended January 31, 2014 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 30,173

Interest

 

2,358

Income from Fidelity Central Funds

 

475

Total income

 

33,006

 

 

 

Expenses

Management fee

$ 12,854

Transfer agent fees

4,002

Distribution and service plan fees

7,657

Accounting and security lending fees

533

Custodian fees and expenses

21

Independent trustees' compensation

9

Registration fees

138

Audit

41

Legal

10

Miscellaneous

15

Total expenses before reductions

25,280

Expense reductions

(40)

25,240

Net investment income (loss)

7,766

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

 

3,228

Change in net unrealized appreciation (depreciation) on investment securities

279,234

Net gain (loss)

282,462

Net increase (decrease) in net assets resulting from operations

$ 290,228

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

Semiannual Report

Statement of Changes in Net Assets

 Amounts in thousands

Six months ended January 31, 2014 (Unaudited)

Year ended
July 31,
2013

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 7,766

$ 33,015

Net realized gain (loss)

3,228

272,683

Change in net unrealized appreciation (depreciation)

279,234

883,039

Net increase (decrease) in net assets resulting
from operations

290,228

1,188,737

Distributions to shareholders from net investment income

(11,575)

(2,596)

Share transactions - net increase (decrease)

39,869

(90,255)

Total increase (decrease) in net assets

318,522

1,095,886

 

 

 

Net Assets

Beginning of period

4,074,198

2,978,312

End of period (including undistributed net investment income of $3,687 and undistributed net investment income of $7,496, respectively)

$ 4,392,720

$ 4,074,198

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 48.63

$ 34.29

$ 35.01

$ 28.55

$ 23.69

$ 36.47

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .12

  .44 H

  .11

  (.08)

  .05

  .27

Net realized and unrealized gain (loss)

  3.37

  13.94

  (.51)

  6.61

  4.91

  (12.93)

Total from investment operations

  3.49

  14.38

  (.40)

  6.53

  4.96

  (12.66)

Distributions from net investment income

  (.16)

  (.04)

  (.32)

  (.01) I

  (.09)

  (.12)

Distributions from net realized gain

  -

  -

  -

  (.06) I

  (.01)

  -

Total distributions

  (.16)

  (.04)

  (.32)

  (.07)

  (.10)

  (.12)

Net asset value, end of period

$ 51.96

$ 48.63

$ 34.29

$ 35.01

$ 28.55

$ 23.69

Total Return B, C, D

  7.19%

  41.95%

  (1.04)%

  22.88%

  20.96%

  (34.57)%

Ratios to Average Net Assets F, J

 

 

 

 

 

 

Expenses before reductions

  1.08% A

  1.11%

  1.13%

  1.13%

  1.15%

  1.20%

Expenses net of fee waivers, if any

  1.08% A

  1.11%

  1.13%

  1.13%

  1.15%

  1.20%

Expenses net of all reductions

  1.08% A

  1.10%

  1.13%

  1.12%

  1.15%

  1.20%

Net investment income (loss)

  .47% A

  1.07% H

  .33%

  (.23)%

  .18%

  1.27%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,680

$ 1,490

$ 1,106

$ 1,426

$ 1,428

$ 1,343

Portfolio turnover rate G

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .84%. IThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. JExpense 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.

Semiannual Report

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

Financial Highlights - Class T

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 47.59

$ 33.60

$ 34.36

$ 28.05

$ 23.30

$ 35.91

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .06

  .34 H

  .03

  (.15)

  (.01)

  .22

Net realized and unrealized gain (loss)

  3.29

  13.65

  (.50)

  6.48

  4.83

  (12.73)

Total from investment operations

  3.35

  13.99

  (.47)

  6.33

  4.82

  (12.51)

Distributions from net investment income

  (.04)

  - K

  (.29)

  - I

  (.06)

  (.10)

Distributions from net realized gain

  -

  -

  -

  (.02) I

  (.01)

  -

Total distributions

  (.04)

  - K

  (.29)

  (.02)

  (.07)

  (.10)

Net asset value, end of period

$ 50.90

$ 47.59

$ 33.60

$ 34.36

$ 28.05

$ 23.30

Total Return B, C, D

  7.05%

  41.65%

  (1.26)%

  22.58%

  20.72%

  (34.71)%

Ratios to Average Net Assets F, J

 

 

 

 

 

 

Expenses before reductions

  1.32% A

  1.34%

  1.35%

  1.35%

  1.37%

  1.42%

Expenses net of fee waivers, if any

  1.32% A

  1.34%

  1.35%

  1.35%

  1.37%

  1.42%

Expenses net of all reductions

  1.32% A

  1.33%

  1.35%

  1.35%

  1.37%

  1.42%

Net investment income (loss)

  .23% A

  .85% H

  .11%

  (.45)%

  (.04)%

  1.05%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 976

$ 1,012

$ 753

$ 906

$ 867

$ 728

Portfolio turnover rate G

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .61%. IThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. JExpense 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. KAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class B

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 45.60

$ 32.38

$ 33.24

$ 27.27

$ 22.73

$ 35.10

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.08)

  .10 H

  (.15)

  (.33)

  (.17)

  .10

Net realized and unrealized gain (loss)

  3.16

  13.12

  (.49)

  6.30

  4.72

  (12.43)

Total from investment operations

  3.08

  13.22

  (.64)

  5.97

  4.55

  (12.33)

Distributions from net investment income

  -

  -

  (.22)

  -

  -

  (.04)

Distributions from net realized gain

  -

  -

  -

  -

  (.01)

  -

Total distributions

  -

  -

  (.22)

  -

  (.01)

  (.04)

Net asset value, end of period

$ 48.68

$ 45.60

$ 32.38

$ 33.24

$ 27.27

$ 22.73

Total Return B, C, D

  6.75%

  40.83%

  (1.85)%

  21.89%

  20.00%

  (35.06)%

Ratios to Average Net Assets F, I

 

 

 

 

 

 

Expenses before reductions

  1.88% A

  1.91%

  1.94%

  1.93%

  1.96%

  1.97%

Expenses net of fee waivers, if any

  1.88% A

  1.91%

  1.94%

  1.93%

  1.96%

  1.97%

Expenses net of all reductions

  1.88% A

  1.91%

  1.93%

  1.92%

  1.96%

  1.97%

Net investment income (loss)

  (.33)% A

  .27% H

  (.48)%

  (1.03)%

  (.63)%

  .49%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 69

$ 80

$ 84

$ 121

$ 131

$ 128

Portfolio turnover rate G

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .04%. IExpense 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.

Semiannual Report

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

Financial Highlights - Class C

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 45.65

$ 32.40

$ 33.24

$ 27.26

$ 22.70

$ 35.05

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.07)

  .13 H

  (.12)

  (.31)

  (.15)

  .11

Net realized and unrealized gain (loss)

  3.17

  13.12

  (.49)

  6.29

  4.72

  (12.42)

Total from investment operations

  3.10

  13.25

  (.61)

  5.98

  4.57

  (12.31)

Distributions from net investment income

  -

  -

  (.23)

  -

  - J

  (.04)

Distributions from net realized gain

  -

  -

  -

  -

  (.01)

  -

Total distributions

  -

  -

  (.23)

  -

  (.01)

  (.04)

Net asset value, end of period

$ 48.75

$ 45.65

$ 32.40

$ 33.24

$ 27.26

$ 22.70

Total Return B, C, D

  6.79%

  40.90%

  (1.76)%

  21.94%

  20.13%

  (35.06)%

Ratios to Average Net Assets F, I

 

 

 

 

 

 

Expenses before reductions

  1.83% A

  1.85%

  1.87%

  1.86%

  1.89%

  1.94%

Expenses net of fee waivers, if any

  1.83% A

  1.85%

  1.87%

  1.86%

  1.89%

  1.94%

Expenses net of all reductions

  1.83% A

  1.85%

  1.86%

  1.86%

  1.89%

  1.94%

Net investment income (loss)

  (.28)% A

  .33% H

  (.41)%

  (.97)%

  (.56)%

  .53%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 571

$ 527

$ 405

$ 522

$ 525

$ 496

Portfolio turnover rate G

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .10%. IExpense 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. JAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Institutional Class

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 49.39

$ 34.77

$ 35.44

$ 28.90

$ 23.97

$ 36.85

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .19

  .57 G

  .20

  .02

  .13

  .33

Net realized and unrealized gain (loss)

  3.41

  14.13

  (.52)

  6.67

  4.96

  (13.06)

Total from investment operations

  3.60

  14.70

  (.32)

  6.69

  5.09

  (12.73)

Distributions from net investment income

  (.28)

  (.08)

  (.35)

  (.05) H

  (.15)

  (.15)

Distributions from net realized gain

  -

  -

  -

  (.10) H

  (.01)

  -

Total distributions

  (.28)

  (.08)

  (.35)

  (.15)

  (.16)

  (.15)

Net asset value, end of period

$ 52.71

$ 49.39

$ 34.77

$ 35.44

$ 28.90

$ 23.97

Total Return B, C

  7.32%

  42.34%

  (.77)%

  23.21%

  21.30%

  (34.38)%

Ratios to Average Net Assets E, I

 

 

 

 

 

 

Expenses before reductions

  .82% A

  .84%

  .86%

  .85%

  .87%

  .93%

Expenses net of fee waivers, if any

  .82% A

  .84%

  .86%

  .85%

  .87%

  .93%

Expenses net of all reductions

  .82% A

  .84%

  .85%

  .85%

  .87%

  .93%

Net investment income (loss)

  .73% A

  1.34% G

  .60%

  .04%

  .46%

  1.54%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,088

$ 965

$ 631

$ 694

$ 710

$ 561

Portfolio turnover rate F

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees 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. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%. HThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. IExpense 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.

Semiannual Report

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

Financial Highlights - Class Z

 

Period ended
January 31, 2014 G

 

(Unaudited)

Selected Per-Share Data

 

Net asset value, beginning of period

$ 49.58

Income from Investment Operations

 

Net investment income (loss) D

  .21

Net realized and unrealized gain (loss)

  3.25

Total from investment operations

  3.46

Distributions from net investment income

  (.32)

Net asset value, end of period

$ 52.72

Total Return B, C

  7.00%

Ratios to Average Net Assets E, H

 

Expenses before reductions

  .68% A

Expenses net of fee waivers, if any

  .68% A

Expenses net of all reductions

  .68% A

Net investment income (loss)

  .86% A

Supplemental Data

 

Net assets, end of period (in millions)

$ 8

Portfolio turnover rate F

  12% A

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 January 31, 2014.

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

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

Semiannual Report

Notes to Financial Statements

For the period ended January 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Leveraged Company Stock 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 commenced sale of Class Z shares on August 13, 2013. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of

Semiannual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

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

Level 1 - quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of January 31, 2014, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Semiannual Report

3. Significant Accounting Policies - continued

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, market discount, equity-debt classifications, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation

$ 1,508,719

Gross unrealized depreciation

(117,993)

Net unrealized appreciation (depreciation) on securities and other investments

$ 1,390,726

 

 

Tax cost

$ 3,122,655

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration

 

2018

$ (358,992)

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $275,490 and $236,074, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% 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

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

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 .60% 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%

$ 1,996

$ 58

Class T

.25%

.25%

2,521

-

Class B

.75%

.25%

377

284

Class C

.75%

.25%

2,763

332

 

 

 

$ 7,657

$ 674

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

 

Retained
by FDC

Class A

$ 189

Class T

17

Class B*

17

Class C*

11

 

$ 234

* 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

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
Average
Net Assets*

Class A

$ 1,527

.19

Class T

911

.18

Class B

90

.24

Class C

527

.19

Institutional Class

946

.18

Class Z

1

.05

 

$ 4,002

 

* 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 $9 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Semiannual Report

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $3,245. 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 $286, including one hundred fifty-eight dollars from securities loaned to FCM.

8. Expense Reductions.

The investment adviser voluntarily agreed to reimburse a portion of the Advisor Leveraged Company Stock Fund's Class A, Class T, Class B, Class C and Institutional Class operating expenses. During the period, this reimbursement reduced expenses as follows:

 

Reimbursement

Class A

$ 5

Class T

4

Class B

-*

Class C

2

Institutional Class

3

 

$ 14

* Amount represents two hundred fifty-nine dollars.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $26 for the period.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
January 31,
2014 A

Year ended
July 31,
2013

From net investment income

 

 

Class A

$ 5,026

$ 1,121

Class T

905

84

Institutional Class

5,634

1,391

Class Z

10

-

Total

$ 11,575

$ 2,596

A Distributions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to January 31, 2014.

10. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

Six months ended January 31,
2014 A

Year ended
July 31,
2013

Six months ended January 31,
2014 A

Year ended
July 31,
2013

Class A

 

 

 

 

Shares sold

5,363

7,818

$ 272,948

$ 326,978

Reinvestment of distributions

94

27

4,657

1,036

Shares redeemed

(3,765)

(9,447)

(191,595)

(384,545)

Net increase (decrease)

1,692

(1,602)

$ 86,010

$ (56,531)

Class T

 

 

 

 

Shares sold

2,302

6,400

$ 114,357

$ 261,455

Reinvestment of distributions

18

2

845

79

Shares redeemed

(4,413)

(7,533)

(219,308)

(301,128)

Net increase (decrease)

(2,093)

(1,131)

$ (104,106)

$ (39,594)

Class B

 

 

 

 

Shares sold

10

34

$ 452

$ 1,361

Shares redeemed

(339)

(874)

(16,090)

(33,817)

Net increase (decrease)

(329)

(840)

$ (15,638)

$ (32,456)

Class C

 

 

 

 

Shares sold

972

1,725

$ 46,353

$ 69,238

Shares redeemed

(796)

(2,699)

(37,803)

(102,735)

Net increase (decrease)

176

(974)

$ 8,550

$ (33,497)

Institutional Class

 

 

 

 

Shares sold

3,933

9,112

$ 203,071

$ 385,989

Reinvestment of distributions

93

29

4,709

1,155

Shares redeemed

(2,926)

(7,736)

(150,795)

(315,321)

Net increase (decrease)

1,100

1,405

$ 56,985

$ 71,823

Semiannual Report

10. Share Transactions - continued

 

Shares

Dollars

Six months ended January 31,
2014 A

Year ended
July 31,
2013

Six months ended January 31,
2014 A

Year ended
July 31,
2013

Class Z

 

 

 

 

Shares sold

160

-

$ 8,524

$ -

Reinvestment of distributions

-*

-

10

-

Shares redeemed

(9)

-

(466)

-

Net increase (decrease)

151

-

$ 8,068

$ -

A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to January 31, 2014.

* Amount represents one hundred eighty-seven shares.

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)

ALSFI-USAN-0314
1.786798.111

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

Leveraged Company Stock

Fund - Class Z

Semiannual Report

January 31, 2014

(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. © 2014 FMR LLC. All rights reserved.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2013 to January 31, 2014) for Class A, Class T, Class B, Class C and Institutional Class and for the period (August 13, 2013 to January 31, 2014) for Class Z. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2013 to January 31, 2014).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized Expense Ratio B

Beginning
Account Value

Ending
Account Value
January 31, 2014

Expenses Paid
During Period

Class A

1.08%

 

 

 

Actual

 

$ 1,000.00

$ 1,071.90

$ 5.64 C

HypotheticalA

 

$ 1,000.00

$ 1,019.76

$ 5.50 D

Class T

1.32%

 

 

 

Actual

 

$ 1,000.00

$ 1,070.50

$ 6.89 C

HypotheticalA

 

$ 1,000.00

$ 1,018.55

$ 6.72 D

Class B

1.88%

 

 

 

Actual

 

$ 1,000.00

$ 1,067.50

$ 9.80 C

HypotheticalA

 

$ 1,000.00

$ 1,015.73

$ 9.55 D

Class C

1.83%

 

 

 

Actual

 

$ 1,000.00

$ 1,067.90

$ 9.54 C

HypotheticalA

 

$ 1,000.00

$ 1,015.98

$ 9.30 D

Institutional Class

.82%

 

 

 

Actual

 

$ 1,000.00

$ 1,073.20

$ 4.28 C

HypotheticalA

 

$ 1,000.00

$ 1,021.07

$ 4.18 D

Class Z

.68%

 

 

 

Actual

 

$ 1,000.00

$ 1,070.00

$ 3.32 C

HypotheticalA

 

$ 1,000.00

$ 1,021.78

$ 3.47 D

A 5% return per year before expenses

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

C Actual expenses are equal to each Class' annualized expense ratio; multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Class A, Class T, Class B, Class C and Institutional Class and multiplied by 172/365 (to reflect the period August 13, 2013 to January 31, 2014) for Class Z. The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.

D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of January 31, 2014

 

% of fund's
net assets

% of fund's net assets
6 months ago

LyondellBasell Industries NV Class A

8.2

7.2

Comcast Corp. Class A

4.0

3.6

Service Corp. International

3.6

4.2

General Motors Co.

2.8

3.1

Bank of America Corp.

2.6

2.1

Boston Scientific Corp.

2.5

2.0

Ford Motor Co.

2.4

2.9

Delta Air Lines, Inc.

2.0

1.5

The AES Corp.

1.9

1.8

Rock-Tenn Co. Class A

1.7

1.7

 

31.7

Top Five Market Sectors as of January 31, 2014

 

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

23.6

26.0

Materials

12.3

11.3

Financials

11.4

9.9

Health Care

10.9

10.6

Industrials

10.7

11.2

Asset Allocation (% of fund's net assets)

As of January 31, 2014*

As of July 31, 2013**

sfz370204

Stocks 91.7%

 

sfz370204

Stocks 91.2%

 

sfz370207

Bonds 0.6%

 

sfz370207

Bonds 0.3%

 

sfz370210

Convertible
Securities 0.1%

 

sfz370210

Convertible
Securities 0.1%

 

sfz370213

Other Investments 0.0%

 

sfz370215

Other Investments 0.1%

 

sfz370217

Short-Term
Investments and
Net Other Assets (Liabilities) 7.6%

 

sfz370217

Short-Term
Investments and
Net Other Assets (Liabilities) 8.3%

 

* Foreign investments

14.9%

 

** Foreign investments

13.4%

 

sfz370220

Semiannual Report

Investments January 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 23.0%

Auto Components - 1.9%

Delphi Automotive PLC

446,000

$ 27,157

Tenneco, Inc. (a)

630,300

35,826

TRW Automotive Holdings Corp. (a)

298,400

22,126

 

85,109

Automobiles - 5.7%

Ford Motor Co.

7,095,667

106,151

General Motors Co.

3,475,822

125,408

General Motors Co.:

warrants 7/10/16 (a)

384,439

10,245

warrants 7/10/19 (a)

384,439

7,258

Motors Liquidation Co. GUC Trust (a)

100,812

3,110

 

252,172

Diversified Consumer Services - 3.6%

Service Corp. International

8,897,167

157,480

Hotels, Restaurants & Leisure - 0.1%

Penn National Gaming, Inc. (a)

297,660

3,492

Station Holdco LLC unit (g)(h)

116,342

14

 

3,506

Household Durables - 2.1%

Hovnanian Enterprises, Inc. Class A (a)(e)

1,181,000

7,121

Lennar Corp. Class A

576,600

23,156

Newell Rubbermaid, Inc.

1,935,853

59,818

 

90,095

Media - 6.8%

Cinemark Holdings, Inc.

2,129,655

62,420

Comcast Corp. Class A

3,208,166

174,685

Gray Television, Inc. (a)(f)

3,167,163

36,042

Nexstar Broadcasting Group, Inc. Class A

478,402

22,987

 

296,134

Specialty Retail - 2.8%

Asbury Automotive Group, Inc. (a)

314,878

14,806

GameStop Corp. Class A (e)

2,061,075

72,282

Sally Beauty Holdings, Inc. (a)

1,303,600

36,996

 

124,084

TOTAL CONSUMER DISCRETIONARY

1,008,580

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 1.6%

Food Products - 1.4%

ConAgra Foods, Inc.

438,800

$ 13,949

Darling International, Inc. (a)

2,452,617

47,973

 

61,922

Personal Products - 0.2%

Revlon, Inc. (a)

459,739

10,795

TOTAL CONSUMER STAPLES

72,717

ENERGY - 9.3%

Energy Equipment & Services - 2.6%

Ensco PLC Class A

90,000

4,533

Halliburton Co.

943,707

46,251

Noble Corp.

753,990

23,396

Oil States International, Inc. (a)

203,434

19,113

Schlumberger Ltd.

90,600

7,934

Transocean Ltd. (United States)

316,300

13,689

 

114,916

Oil, Gas & Consumable Fuels - 6.7%

Alpha Natural Resources, Inc. (a)

5,150,437

29,254

Continental Resources, Inc. (a)(e)

384,513

42,373

Hess Corp.

633,490

47,822

HollyFrontier Corp.

1,208,529

55,955

Kodiak Oil & Gas Corp. (a)

1,639,653

17,397

Peabody Energy Corp.

677,175

11,546

Range Resources Corp.

202,800

17,479

Valero Energy Corp.

1,003,334

51,270

Western Refining, Inc. (e)

511,986

20,024

 

293,120

TOTAL ENERGY

408,036

FINANCIALS - 11.2%

Commercial Banks - 4.1%

Barclays PLC sponsored ADR (e)

1,945,679

34,828

CIT Group, Inc.

170,690

7,946

Huntington Bancshares, Inc.

7,094,120

64,344

Regions Financial Corp.

4,218,220

42,899

SunTrust Banks, Inc.

836,400

30,964

 

180,981

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Consumer Finance - 1.0%

American Express Co.

515,752

$ 43,849

Diversified Financial Services - 3.8%

Bank of America Corp.

6,881,001

115,257

Citigroup, Inc.

1,110,553

52,674

 

167,931

Insurance - 1.2%

AFLAC, Inc.

530,400

33,299

Lincoln National Corp.

360,400

17,310

 

50,609

Real Estate Investment Trusts - 0.6%

Host Hotels & Resorts, Inc.

832,331

15,307

Sabra Health Care REIT, Inc.

452,492

13,091

 

28,398

Real Estate Management & Development - 0.4%

Realogy Holdings Corp. (a)

369,860

16,855

Thrifts & Mortgage Finance - 0.1%

MGIC Investment Corp. (a)

328,300

2,787

TOTAL FINANCIALS

491,410

HEALTH CARE - 10.9%

Health Care Equipment & Supplies - 2.9%

Boston Scientific Corp. (a)

8,034,144

108,702

Covidien PLC

286,325

19,539

 

128,241

Health Care Providers & Services - 5.3%

Community Health Systems, Inc. (a)

1,152,373

47,720

DaVita HealthCare Partners, Inc. (a)

606,706

39,393

HCA Holdings, Inc. (a)

998,521

50,196

Tenet Healthcare Corp. (a)

1,535,663

70,656

Universal Health Services, Inc. Class B

317,795

26,066

 

234,031

Pharmaceuticals - 2.7%

Johnson & Johnson

127,900

11,315

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Merck & Co., Inc.

1,321,200

$ 69,984

Sanofi SA sponsored ADR

745,266

36,444

 

117,743

TOTAL HEALTH CARE

480,015

INDUSTRIALS - 10.6%

Aerospace & Defense - 1.6%

Honeywell International, Inc.

387,924

35,390

Huntington Ingalls Industries, Inc.

196,360

18,658

Textron, Inc.

497,300

17,654

 

71,702

Airlines - 3.5%

American Airlines Group, Inc. (a)(e)

1,236,200

41,475

Delta Air Lines, Inc.

2,920,820

89,406

Southwest Airlines Co.

478,033

10,015

United Continental Holdings, Inc. (a)

309,700

14,197

 

155,093

Building Products - 1.0%

Allegion PLC (a)

201,992

9,968

Armstrong World Industries, Inc. (a)

580,581

32,327

 

42,295

Commercial Services & Supplies - 0.9%

Deluxe Corp.

626,387

30,411

Tyco International Ltd.

267,791

10,843

 

41,254

Electrical Equipment - 0.6%

Emerson Electric Co.

136,500

9,001

Generac Holdings, Inc.

373,058

17,955

 

26,956

Industrial Conglomerates - 0.5%

General Electric Co.

896,117

22,519

Machinery - 1.7%

Harsco Corp.

854,076

21,685

Ingersoll-Rand PLC

605,977

35,625

Pentair Ltd.

64,254

4,776

Timken Co.

187,566

10,566

 

72,652

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Marine - 0.4%

Navios Maritime Holdings, Inc.

1,788,039

$ 16,951

Road & Rail - 0.4%

Hertz Global Holdings, Inc. (a)

583,000

15,170

TOTAL INDUSTRIALS

464,592

INFORMATION TECHNOLOGY - 8.6%

Communications Equipment - 1.0%

Cisco Systems, Inc.

1,982,651

43,440

Computers & Peripherals - 1.6%

EMC Corp.

1,160,700

28,135

Gaming & Leisure Properties

297,660

10,329

NCR Corp. (a)

882,069

31,040

 

69,504

Electronic Equipment & Components - 1.8%

Avnet, Inc.

489,587

20,107

Belden, Inc.

649,536

42,031

Corning, Inc.

605,400

10,419

Viasystems Group, Inc. (a)

441,914

5,771

 

78,328

Internet Software & Services - 0.3%

VeriSign, Inc. (a)

194,300

11,415

Semiconductors & Semiconductor Equipment - 2.6%

Advanced Micro Devices, Inc. (a)(e)

1,295,308

4,443

Freescale Semiconductor Holdings I Ltd. (a)(e)

939,600

17,035

Intersil Corp. Class A

1,177,013

13,347

Micron Technology, Inc. (a)

1,890,455

43,556

ON Semiconductor Corp. (a)

4,465,694

37,333

 

115,714

Software - 1.3%

Citrix Systems, Inc. (a)

190,801

10,317

Microsoft Corp.

1,258,432

47,632

 

57,949

TOTAL INFORMATION TECHNOLOGY

376,350

MATERIALS - 12.3%

Chemicals - 9.6%

H.B. Fuller Co.

380,376

17,718

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

LyondellBasell Industries NV Class A

4,550,590

$ 358,403

OMNOVA Solutions, Inc. (a)(f)

2,609,132

23,587

Phosphate Holdings, Inc. (a)

192,500

73

W.R. Grace & Co. (a)

209,004

19,713

 

419,494

Containers & Packaging - 2.0%

Rock-Tenn Co. Class A

755,151

76,633

Sealed Air Corp.

378,366

11,801

 

88,434

Metals & Mining - 0.0%

Ormet Corp. (a)

650,000

3

 

 

Paper & Forest Products - 0.7%

Louisiana-Pacific Corp. (a)

1,221,110

21,406

Neenah Paper, Inc.

231,700

10,065

 

31,471

TOTAL MATERIALS

539,402

TELECOMMUNICATION SERVICES - 1.0%

Diversified Telecommunication Services - 1.0%

Frontier Communications Corp. (e)

4,666,144

21,931

Intelsat SA

855,300

17,089

Level 3 Communications, Inc. (a)

184,741

5,930

 

44,950

UTILITIES - 3.0%

Electric Utilities - 0.2%

FirstEnergy Corp.

341,796

10,763

Independent Power Producers & Energy Traders - 2.8%

Calpine Corp. (a)

1,970,200

37,394

The AES Corp.

5,982,695

84,117

 

121,511

TOTAL UTILITIES

132,274

TOTAL COMMON STOCKS

(Cost $2,631,315)


$ 4,018,326

Nonconvertible Preferred Stocks - 0.2%

Shares

Value (000s)

FINANCIALS - 0.2%

Diversified Financial Services - 0.2%

GMAC Capital Trust I Series 2, 8.125%

(Cost $9,025)

360,987


$ 9,884

Corporate Bonds - 0.7%

 

Principal Amount (000s)

 

Convertible Bonds - 0.1%

INDUSTRIALS - 0.1%

Marine - 0.1%

Genco Shipping & Trading Ltd. 5% 8/15/15

$ 9,034

4,884

Nonconvertible Bonds - 0.6%

CONSUMER DISCRETIONARY - 0.6%

Automobiles - 0.0%

General Motors Corp.:

6.75% 5/1/28 (d)

2,515

0

7.125% 7/15/49 (d)

6,805

0

7.2% 1/15/11 (d)

18,790

0

8.25% 7/15/23 (d)

20,460

0

8.375% 7/15/33 (d)

41,210

0

8.8% 3/1/21 (d)

8,800

0

 

0

Multiline Retail - 0.6%

The Bon-Ton Department Stores, Inc.:

8% 6/15/21

11,475

11,116

10.625% 7/15/17

13,962

13,927

 

25,043

TOTAL CORPORATE BONDS

(Cost $29,088)


$ 29,927

Money Market Funds - 10.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.10% (b)

340,100,055

$ 340,100

Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)

115,143,633

115,144

TOTAL MONEY MARKET FUNDS

(Cost $455,244)


$ 455,244

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $3,124,672)

4,513,381

NET OTHER ASSETS (LIABILITIES) - (2.7)%

(120,661)

NET ASSETS - 100%

$ 4,392,720

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) Non-income producing - Security is in default.

(e) Security or a portion of the security is on loan at period end.

(f) Affiliated company

(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Station Holdco LLC unit

10/28/08 - 12/1/08

$ 4,745

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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 189

Fidelity Securities Lending Cash Central Fund

286

Total

$ 475

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Gray Television, Inc.

$ 24,736

$ -

$ -

$ -

$ 36,042

OMNOVA Solutions, Inc.

21,030

-

-

-

23,587

Total

$ 45,766

$ -

$ -

$ -

$ 59,629

Other Information

The following is a summary of the inputs used, as of January 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 1,008,580

$ 1,008,566

$ -

$ 14

Consumer Staples

72,717

72,717

-

-

Energy

408,036

408,036

-

-

Financials

501,294

501,294

-

-

Health Care

480,015

480,015

-

-

Industrials

464,592

464,592

-

-

Information Technology

376,350

376,350

-

-

Materials

539,402

539,402

-

-

Telecommunication Services

44,950

44,950

-

-

Utilities

132,274

132,274

-

-

Corporate Bonds

29,927

-

29,927

-

Money Market Funds

455,244

455,244

-

-

Total Investments in Securities:

$ 4,513,381

$ 4,483,440

$ 29,927

$ 14

Other Information - continued

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

United States of America

85.1%

Netherlands

8.2%

Ireland

1.4%

United Kingdom

1.4%

Others (Individually Less Than 1%)

3.9%

 

100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

 Amounts in thousands (except per-share amounts)

January 31, 2014 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $111,636) - See accompanying schedule:

Unaffiliated issuers (cost $2,634,463)

$ 3,998,508

 

Fidelity Central Funds (cost $455,244)

455,244

 

Other affiliated issuers (cost $34,965)

59,629

 

Total Investments (cost $3,124,672)

 

$ 4,513,381

Receivable for fund shares sold

7,742

Dividends receivable

5,359

Interest receivable

888

Distributions receivable from Fidelity Central Funds

126

Prepaid expenses

9

Other receivables

12

Total assets

4,527,517

 

 

 

Liabilities

Payable for investments purchased

$ 4,768

Payable for fund shares redeemed

10,234

Accrued management fee

2,244

Distribution and service plan fees payable

1,319

Other affiliated payables

759

Other payables and accrued expenses

329

Collateral on securities loaned, at value

115,144

Total liabilities

134,797

 

 

 

Net Assets

$ 4,392,720

Net Assets consist of:

 

Paid in capital

$ 3,356,192

Undistributed net investment income

3,687

Accumulated undistributed net realized gain (loss) on investments

(355,868)

Net unrealized appreciation (depreciation) on investments

1,388,709

Net Assets

$ 4,392,720

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

Semiannual Report

Statement of Assets and Liabilities - continued

 Amounts in thousands (except per-share amounts)

January 31, 2014 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($1,680,374 ÷ 32,341.16 shares)

$ 51.96

 

 

 

Maximum offering price per share (100/94.25 of $51.96)

$ 55.13

Class T:
Net Asset Value and redemption price per share ($975,849 ÷ 19,170.21 shares)

$ 50.90

 

 

 

Maximum offering price per share (100/96.50 of $50.90)

$ 52.75

Class B:
Net Asset Value and offering price per share ($69,257 ÷ 1,422.59 shares)A

$ 48.68

 

 

 

Class C:
Net Asset Value and offering price per share ($570,829 ÷ 11,709.68 shares)A

$ 48.75

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,088,458 ÷ 20,648.31 shares)

$ 52.71

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($7,953 ÷ 150.86 shares)

$ 52.72

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Financial Statements - continued

Statement of Operations

 Amounts in thousands Six months ended January 31, 2014 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 30,173

Interest

 

2,358

Income from Fidelity Central Funds

 

475

Total income

 

33,006

 

 

 

Expenses

Management fee

$ 12,854

Transfer agent fees

4,002

Distribution and service plan fees

7,657

Accounting and security lending fees

533

Custodian fees and expenses

21

Independent trustees' compensation

9

Registration fees

138

Audit

41

Legal

10

Miscellaneous

15

Total expenses before reductions

25,280

Expense reductions

(40)

25,240

Net investment income (loss)

7,766

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

 

3,228

Change in net unrealized appreciation (depreciation) on investment securities

279,234

Net gain (loss)

282,462

Net increase (decrease) in net assets resulting from operations

$ 290,228

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

Semiannual Report

Statement of Changes in Net Assets

 Amounts in thousands

Six months ended January 31, 2014 (Unaudited)

Year ended
July 31,
2013

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 7,766

$ 33,015

Net realized gain (loss)

3,228

272,683

Change in net unrealized appreciation (depreciation)

279,234

883,039

Net increase (decrease) in net assets resulting
from operations

290,228

1,188,737

Distributions to shareholders from net investment income

(11,575)

(2,596)

Share transactions - net increase (decrease)

39,869

(90,255)

Total increase (decrease) in net assets

318,522

1,095,886

 

 

 

Net Assets

Beginning of period

4,074,198

2,978,312

End of period (including undistributed net investment income of $3,687 and undistributed net investment income of $7,496, respectively)

$ 4,392,720

$ 4,074,198

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 48.63

$ 34.29

$ 35.01

$ 28.55

$ 23.69

$ 36.47

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .12

  .44 H

  .11

  (.08)

  .05

  .27

Net realized and unrealized gain (loss)

  3.37

  13.94

  (.51)

  6.61

  4.91

  (12.93)

Total from investment operations

  3.49

  14.38

  (.40)

  6.53

  4.96

  (12.66)

Distributions from net investment income

  (.16)

  (.04)

  (.32)

  (.01) I

  (.09)

  (.12)

Distributions from net realized gain

  -

  -

  -

  (.06) I

  (.01)

  -

Total distributions

  (.16)

  (.04)

  (.32)

  (.07)

  (.10)

  (.12)

Net asset value, end of period

$ 51.96

$ 48.63

$ 34.29

$ 35.01

$ 28.55

$ 23.69

Total Return B, C, D

  7.19%

  41.95%

  (1.04)%

  22.88%

  20.96%

  (34.57)%

Ratios to Average Net Assets F, J

 

 

 

 

 

 

Expenses before reductions

  1.08% A

  1.11%

  1.13%

  1.13%

  1.15%

  1.20%

Expenses net of fee waivers, if any

  1.08% A

  1.11%

  1.13%

  1.13%

  1.15%

  1.20%

Expenses net of all reductions

  1.08% A

  1.10%

  1.13%

  1.12%

  1.15%

  1.20%

Net investment income (loss)

  .47% A

  1.07% H

  .33%

  (.23)%

  .18%

  1.27%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,680

$ 1,490

$ 1,106

$ 1,426

$ 1,428

$ 1,343

Portfolio turnover rate G

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .84%. IThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. JExpense 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.

Semiannual Report

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

Financial Highlights - Class T

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 47.59

$ 33.60

$ 34.36

$ 28.05

$ 23.30

$ 35.91

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .06

  .34 H

  .03

  (.15)

  (.01)

  .22

Net realized and unrealized gain (loss)

  3.29

  13.65

  (.50)

  6.48

  4.83

  (12.73)

Total from investment operations

  3.35

  13.99

  (.47)

  6.33

  4.82

  (12.51)

Distributions from net investment income

  (.04)

  - K

  (.29)

  - I

  (.06)

  (.10)

Distributions from net realized gain

  -

  -

  -

  (.02) I

  (.01)

  -

Total distributions

  (.04)

  - K

  (.29)

  (.02)

  (.07)

  (.10)

Net asset value, end of period

$ 50.90

$ 47.59

$ 33.60

$ 34.36

$ 28.05

$ 23.30

Total Return B, C, D

  7.05%

  41.65%

  (1.26)%

  22.58%

  20.72%

  (34.71)%

Ratios to Average Net Assets F, J

 

 

 

 

 

 

Expenses before reductions

  1.32% A

  1.34%

  1.35%

  1.35%

  1.37%

  1.42%

Expenses net of fee waivers, if any

  1.32% A

  1.34%

  1.35%

  1.35%

  1.37%

  1.42%

Expenses net of all reductions

  1.32% A

  1.33%

  1.35%

  1.35%

  1.37%

  1.42%

Net investment income (loss)

  .23% A

  .85% H

  .11%

  (.45)%

  (.04)%

  1.05%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 976

$ 1,012

$ 753

$ 906

$ 867

$ 728

Portfolio turnover rate G

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .61%. IThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. JExpense 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. KAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class B

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 45.60

$ 32.38

$ 33.24

$ 27.27

$ 22.73

$ 35.10

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.08)

  .10 H

  (.15)

  (.33)

  (.17)

  .10

Net realized and unrealized gain (loss)

  3.16

  13.12

  (.49)

  6.30

  4.72

  (12.43)

Total from investment operations

  3.08

  13.22

  (.64)

  5.97

  4.55

  (12.33)

Distributions from net investment income

  -

  -

  (.22)

  -

  -

  (.04)

Distributions from net realized gain

  -

  -

  -

  -

  (.01)

  -

Total distributions

  -

  -

  (.22)

  -

  (.01)

  (.04)

Net asset value, end of period

$ 48.68

$ 45.60

$ 32.38

$ 33.24

$ 27.27

$ 22.73

Total Return B, C, D

  6.75%

  40.83%

  (1.85)%

  21.89%

  20.00%

  (35.06)%

Ratios to Average Net Assets F, I

 

 

 

 

 

 

Expenses before reductions

  1.88% A

  1.91%

  1.94%

  1.93%

  1.96%

  1.97%

Expenses net of fee waivers, if any

  1.88% A

  1.91%

  1.94%

  1.93%

  1.96%

  1.97%

Expenses net of all reductions

  1.88% A

  1.91%

  1.93%

  1.92%

  1.96%

  1.97%

Net investment income (loss)

  (.33)% A

  .27% H

  (.48)%

  (1.03)%

  (.63)%

  .49%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 69

$ 80

$ 84

$ 121

$ 131

$ 128

Portfolio turnover rate G

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .04%. IExpense 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.

Semiannual Report

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

Financial Highlights - Class C

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 45.65

$ 32.40

$ 33.24

$ 27.26

$ 22.70

$ 35.05

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.07)

  .13 H

  (.12)

  (.31)

  (.15)

  .11

Net realized and unrealized gain (loss)

  3.17

  13.12

  (.49)

  6.29

  4.72

  (12.42)

Total from investment operations

  3.10

  13.25

  (.61)

  5.98

  4.57

  (12.31)

Distributions from net investment income

  -

  -

  (.23)

  -

  - J

  (.04)

Distributions from net realized gain

  -

  -

  -

  -

  (.01)

  -

Total distributions

  -

  -

  (.23)

  -

  (.01)

  (.04)

Net asset value, end of period

$ 48.75

$ 45.65

$ 32.40

$ 33.24

$ 27.26

$ 22.70

Total Return B, C, D

  6.79%

  40.90%

  (1.76)%

  21.94%

  20.13%

  (35.06)%

Ratios to Average Net Assets F, I

 

 

 

 

 

 

Expenses before reductions

  1.83% A

  1.85%

  1.87%

  1.86%

  1.89%

  1.94%

Expenses net of fee waivers, if any

  1.83% A

  1.85%

  1.87%

  1.86%

  1.89%

  1.94%

Expenses net of all reductions

  1.83% A

  1.85%

  1.86%

  1.86%

  1.89%

  1.94%

Net investment income (loss)

  (.28)% A

  .33% H

  (.41)%

  (.97)%

  (.56)%

  .53%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 571

$ 527

$ 405

$ 522

$ 525

$ 496

Portfolio turnover rate G

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .10%. IExpense 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. JAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Institutional Class

 

Six months ended January 31, 2014

Years ended July 31,

 

(Unaudited)

2013

2012

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 49.39

$ 34.77

$ 35.44

$ 28.90

$ 23.97

$ 36.85

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .19

  .57 G

  .20

  .02

  .13

  .33

Net realized and unrealized gain (loss)

  3.41

  14.13

  (.52)

  6.67

  4.96

  (13.06)

Total from investment operations

  3.60

  14.70

  (.32)

  6.69

  5.09

  (12.73)

Distributions from net investment income

  (.28)

  (.08)

  (.35)

  (.05) H

  (.15)

  (.15)

Distributions from net realized gain

  -

  -

  -

  (.10) H

  (.01)

  -

Total distributions

  (.28)

  (.08)

  (.35)

  (.15)

  (.16)

  (.15)

Net asset value, end of period

$ 52.71

$ 49.39

$ 34.77

$ 35.44

$ 28.90

$ 23.97

Total Return B, C

  7.32%

  42.34%

  (.77)%

  23.21%

  21.30%

  (34.38)%

Ratios to Average Net Assets E, I

 

 

 

 

 

 

Expenses before reductions

  .82% A

  .84%

  .86%

  .85%

  .87%

  .93%

Expenses net of fee waivers, if any

  .82% A

  .84%

  .86%

  .85%

  .87%

  .93%

Expenses net of all reductions

  .82% A

  .84%

  .85%

  .85%

  .87%

  .93%

Net investment income (loss)

  .73% A

  1.34% G

  .60%

  .04%

  .46%

  1.54%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,088

$ 965

$ 631

$ 694

$ 710

$ 561

Portfolio turnover rate F

  12% A

  17%

  30%

  18%

  22%

  45%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees 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. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%. HThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. IExpense 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.

Semiannual Report

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

Financial Highlights - Class Z

 

Period ended
January 31, 2014 G

 

(Unaudited)

Selected Per-Share Data

 

Net asset value, beginning of period

$ 49.58

Income from Investment Operations

 

Net investment income (loss) D

  .21

Net realized and unrealized gain (loss)

  3.25

Total from investment operations

  3.46

Distributions from net investment income

  (.32)

Net asset value, end of period

$ 52.72

Total Return B, C

  7.00%

Ratios to Average Net Assets E, H

 

Expenses before reductions

  .68% A

Expenses net of fee waivers, if any

  .68% A

Expenses net of all reductions

  .68% A

Net investment income (loss)

  .86% A

Supplemental Data

 

Net assets, end of period (in millions)

$ 8

Portfolio turnover rate F

  12% A

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 January 31, 2014.

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

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

Semiannual Report

Notes to Financial Statements

For the period ended January 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Leveraged Company Stock 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 commenced sale of Class Z shares on August 13, 2013. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of

Semiannual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

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

Level 1 - quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of January 31, 2014, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Semiannual Report

3. Significant Accounting Policies - continued

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, market discount, equity-debt classifications, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation

$ 1,508,719

Gross unrealized depreciation

(117,993)

Net unrealized appreciation (depreciation) on securities and other investments

$ 1,390,726

 

 

Tax cost

$ 3,122,655

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration

 

2018

$ (358,992)

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $275,490 and $236,074, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% 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

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

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 .60% 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%

$ 1,996

$ 58

Class T

.25%

.25%

2,521

-

Class B

.75%

.25%

377

284

Class C

.75%

.25%

2,763

332

 

 

 

$ 7,657

$ 674

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

 

Retained
by FDC

Class A

$ 189

Class T

17

Class B*

17

Class C*

11

 

$ 234

* 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

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
Average
Net Assets*

Class A

$ 1,527

.19

Class T

911

.18

Class B

90

.24

Class C

527

.19

Institutional Class

946

.18

Class Z

1

.05

 

$ 4,002

 

* 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 $9 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Semiannual Report

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $3,245. 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 $286, including one hundred fifty-eight dollars from securities loaned to FCM.

8. Expense Reductions.

The investment adviser voluntarily agreed to reimburse a portion of the Advisor Leveraged Company Stock Fund's Class A, Class T, Class B, Class C and Institutional Class operating expenses. During the period, this reimbursement reduced expenses as follows:

 

Reimbursement

Class A

$ 5

Class T

4

Class B

-*

Class C

2

Institutional Class

3

 

$ 14

* Amount represents two hundred fifty-nine dollars.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $26 for the period.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
January 31,
2014 A

Year ended
July 31,
2013

From net investment income

 

 

Class A

$ 5,026

$ 1,121

Class T

905

84

Institutional Class

5,634

1,391

Class Z

10

-

Total

$ 11,575

$ 2,596

A Distributions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to January 31, 2014.

10. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

Six months ended January 31,
2014 A

Year ended
July 31,
2013

Six months ended January 31,
2014 A

Year ended
July 31,
2013

Class A

 

 

 

 

Shares sold

5,363

7,818

$ 272,948

$ 326,978

Reinvestment of distributions

94

27

4,657

1,036

Shares redeemed

(3,765)

(9,447)

(191,595)

(384,545)

Net increase (decrease)

1,692

(1,602)

$ 86,010

$ (56,531)

Class T

 

 

 

 

Shares sold

2,302

6,400

$ 114,357

$ 261,455

Reinvestment of distributions

18

2

845

79

Shares redeemed

(4,413)

(7,533)

(219,308)

(301,128)

Net increase (decrease)

(2,093)

(1,131)

$ (104,106)

$ (39,594)

Class B

 

 

 

 

Shares sold

10

34

$ 452

$ 1,361

Shares redeemed

(339)

(874)

(16,090)

(33,817)

Net increase (decrease)

(329)

(840)

$ (15,638)

$ (32,456)

Class C

 

 

 

 

Shares sold

972

1,725

$ 46,353

$ 69,238

Shares redeemed

(796)

(2,699)

(37,803)

(102,735)

Net increase (decrease)

176

(974)

$ 8,550

$ (33,497)

Institutional Class

 

 

 

 

Shares sold

3,933

9,112

$ 203,071

$ 385,989

Reinvestment of distributions

93

29

4,709

1,155

Shares redeemed

(2,926)

(7,736)

(150,795)

(315,321)

Net increase (decrease)

1,100

1,405

$ 56,985

$ 71,823

Semiannual Report

10. Share Transactions - continued

 

Shares

Dollars

Six months ended January 31,
2014 A

Year ended
July 31,
2013

Six months ended January 31,
2014 A

Year ended
July 31,
2013

Class Z

 

 

 

 

Shares sold

160

-

$ 8,524

$ -

Reinvestment of distributions

-*

-

10

-

Shares redeemed

(9)

-

(466)

-

Net increase (decrease)

151

-

$ 8,068

$ -

A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to January 31, 2014.

* Amount represents one hundred eighty-seven shares.

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)

ALSFZ-USAN-0314
1.9586380.100

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)

 

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

SIGNATURES

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

Fidelity Advisor Series I

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

March 27, 2014

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

March 27, 2014

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

March 27, 2014

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: March 27, 2014

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Christine Reynolds, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: March 27, 2014

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

EX-99.906 CERT 3 ex906.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: March 27, 2014

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

Dated: March 27, 2014

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

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

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