Quarterly Holdings Report
for
Fidelity Advisor® Biotechnology Fund
April 30, 2024
AFBT-NPRT3-0624
1.800321.120
| Common Stocks - 97.2% | |||
| Shares | Value ($) | ||
| Biotechnology - 92.3% | |||
| Biotechnology - 92.3% | |||
| AbbVie, Inc. | 2,387,980 | 388,381,066 | |
| Acelyrin, Inc. (a) | 764,147 | 3,194,134 | |
| Aerovate Therapeutics, Inc. (b) | 224,000 | 4,482,240 | |
| Allakos, Inc. (b) | 1,918,400 | 2,014,320 | |
| Allogene Therapeutics, Inc. (b) | 555,400 | 1,532,904 | |
| Alnylam Pharmaceuticals, Inc. (b) | 400,886 | 57,707,540 | |
| ALX Oncology Holdings, Inc. (a)(b) | 649,295 | 11,051,001 | |
| Amgen, Inc. | 513,703 | 140,723,800 | |
| AnaptysBio, Inc. (a)(b) | 130,824 | 3,184,256 | |
| Annexon, Inc. (a)(b) | 1,315,548 | 5,985,743 | |
| Apogee Therapeutics, Inc. | 470,123 | 23,647,187 | |
| Arcellx, Inc. (b) | 178,800 | 8,943,576 | |
| Argenx SE ADR (b) | 104,900 | 39,389,950 | |
| Arrowhead Pharmaceuticals, Inc. (b) | 399,890 | 9,045,512 | |
| Ascendis Pharma A/S sponsored ADR (a)(b) | 474,825 | 65,734,773 | |
| Astria Therapeutics, Inc. (b) | 782,951 | 7,187,490 | |
| Astria Therapeutics, Inc. warrants (b) | 247,630 | 1,143,120 | |
| Autolus Therapeutics PLC ADR (b) | 1,947,646 | 7,167,337 | |
| AVROBIO, Inc. (c)(d)(e) | 136,300 | 1,689,995 | |
| Blueprint Medicines Corp. (b) | 223,626 | 20,425,999 | |
| Boundless Bio, Inc. | 9,400 | 93,060 | |
| Boundless Bio, Inc. (h) | 189,933 | 1,880,337 | |
| BridgeBio Pharma, Inc. (b) | 95,800 | 2,454,396 | |
| BridgeBio Pharma, Inc. (d) | 393,764 | 10,088,234 | |
| Cargo Therapeutics, Inc. (a) | 180,551 | 3,448,524 | |
| Celldex Therapeutics, Inc. (a)(b) | 513,652 | 19,220,858 | |
| Cogent Biosciences, Inc. (a)(b) | 2,015,200 | 13,098,800 | |
| Crinetics Pharmaceuticals, Inc. (b) | 367,800 | 16,116,996 | |
| Cytokinetics, Inc. (b) | 630,371 | 38,654,350 | |
| Dianthus Therapeutics, Inc. (a)(b) | 500,662 | 10,689,134 | |
| Exact Sciences Corp. (b) | 311,500 | 18,487,525 | |
| Insmed, Inc. (b) | 763,300 | 18,868,776 | |
| Janux Therapeutics, Inc. (a)(b) | 391,585 | 22,320,345 | |
| Keros Therapeutics, Inc. (b) | 409,600 | 23,097,344 | |
| Kymera Therapeutics, Inc. (b) | 43,000 | 1,445,660 | |
| Legend Biotech Corp. ADR (b) | 75,100 | 3,284,874 | |
| Madrigal Pharmaceuticals, Inc. (a)(b) | 81,600 | 16,648,032 | |
| Merus BV (b) | 76,400 | 3,431,124 | |
| Monte Rosa Therapeutics, Inc. (b) | 632,258 | 3,363,613 | |
| Moonlake Immunotherapeutics (a)(b) | 204,962 | 8,384,995 | |
| Morphic Holding, Inc. (b) | 217,512 | 5,931,552 | |
| Nuvalent, Inc. Class A (b) | 341,177 | 23,500,272 | |
| ORIC Pharmaceuticals, Inc. (a)(b) | 581,716 | 5,136,552 | |
| Oruka Therapeutics, Inc. (c)(d)(e) | 673,378 | 4,000,000 | |
| Q32 Bio, Inc. (b) | 22,954 | 628,940 | |
| Regeneron Pharmaceuticals, Inc. (b) | 146,800 | 130,748,888 | |
| Revolution Medicines, Inc. (b) | 456,000 | 16,999,680 | |
| Sarepta Therapeutics, Inc. (b) | 200,300 | 25,369,998 | |
| Scholar Rock Holding Corp. (b) | 513,280 | 7,529,818 | |
| Scholar Rock Holding Corp. warrants 12/31/25 (b)(d) | 6,000 | 49,546 | |
| Shattuck Labs, Inc. (a)(b) | 1,318,444 | 13,817,293 | |
| Spyre Therapeutics, Inc. (b) | 479,168 | 15,826,919 | |
| Tango Therapeutics, Inc. (b) | 406,869 | 3,132,891 | |
| Tango Therapeutics, Inc. (d) | 317,852 | 2,447,460 | |
| Tyra Biosciences, Inc. (a)(b) | 288,000 | 4,924,800 | |
| Tyra Biosciences, Inc. (d) | 390,888 | 6,684,185 | |
| Vaxcyte, Inc. (b) | 598,729 | 36,253,041 | |
| Vertex Pharmaceuticals, Inc. (b) | 157,400 | 61,828,294 | |
| Viking Therapeutics, Inc. (a)(b) | 716,687 | 57,033,951 | |
| Viridian Therapeutics, Inc. (b) | 1,284,907 | 17,037,867 | |
| Xenon Pharmaceuticals, Inc. (b) | 428,758 | 17,429,013 | |
| Zentalis Pharmaceuticals, Inc. (a)(b) | 667,156 | 7,378,745 | |
| 1,501,398,625 | |||
| Pharmaceuticals - 4.9% | |||
| Pharmaceuticals - 4.9% | |||
| Afferent Pharmaceuticals, Inc. rights 12/31/24 (b)(e) | 1,915,787 | 383,157 | |
| Alto Neuroscience, Inc. (a) | 289,600 | 4,491,696 | |
| Contineum Therapeutics, Inc. Class A (a) | 264,800 | 4,130,880 | |
| Edgewise Therapeutics, Inc. (b) | 315,900 | 5,667,246 | |
| Enliven Therapeutics, Inc. (a)(b) | 676,113 | 11,757,605 | |
| Enliven Therapeutics, Inc. (d) | 73,200 | 1,272,948 | |
| Enliven Therapeutics, Inc. rights (b)(e) | 739,725 | 7 | |
| Intra-Cellular Therapies, Inc. (b) | 1,000 | 71,810 | |
| Longboard Pharmaceuticals, Inc. (b) | 445,970 | 9,499,161 | |
| Merck & Co., Inc. | 144,900 | 18,723,978 | |
| Neumora Therapeutics, Inc. | 306,900 | 2,789,721 | |
| Structure Therapeutics, Inc. ADR (b) | 108,900 | 4,295,016 | |
| UCB SA | 131,700 | 17,505,532 | |
| 80,588,757 | |||
| TOTAL COMMON STOCKS (Cost $1,069,113,272) | 1,581,987,382 | ||
| Convertible Preferred Stocks - 2.1% | |||
| Shares | Value ($) | ||
| Biotechnology - 1.7% | |||
| Biotechnology - 1.7% | |||
| Bright Peak Therapeutics, Inc. Series B (b)(d)(e) | 1,920,122 | 3,187,403 | |
| Endeavor BioMedicines, Inc. Series C (d)(e) | 526,643 | 3,436,135 | |
| Fog Pharmaceuticals, Inc. Series D (b)(d)(e) | 239,281 | 1,462,007 | |
| LifeMine Therapeutics, Inc. Series C (b)(d)(e) | 1,950,028 | 3,685,553 | |
| Rapport Therapeutics, Inc. Series B (d)(e) | 1,430,189 | 2,817,472 | |
| Sonoma Biotherapeutics, Inc.: | |||
| Series B (b)(d)(e) | 1,967,762 | 5,647,477 | |
| Series B1 (b)(d)(e) | 1,049,456 | 3,389,743 | |
| T-Knife Therapeutics, Inc. Series B (b)(d)(e) | 1,300,097 | 4,784,357 | |
| Treeline Biosciences Series A (b)(d)(e) | 47,600 | 389,844 | |
| 28,799,991 | |||
| Financial Services - 0.2% | |||
| Diversified Financial Services - 0.2% | |||
| Kartos Therapeutics, Inc. Series C (d)(e) | 530,692 | 3,003,717 | |
| Health Care Technology - 0.2% | |||
| Health Care Technology - 0.2% | |||
| Wugen, Inc. Series B (b)(d)(e) | 580,277 | 3,087,074 | |
| Pharmaceuticals - 0.0% | |||
| Pharmaceuticals - 0.0% | |||
| Afferent Pharmaceuticals, Inc. Series C (b)(d)(e) | 1,915,787 | 19 | |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $42,254,339) | 34,890,801 | ||
| Money Market Funds - 5.8% | |||
| Shares | Value ($) | ||
| Fidelity Cash Central Fund 5.39% (f) | 14,589,867 | 14,592,785 | |
| Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | 79,428,583 | 79,436,526 | |
| TOTAL MONEY MARKET FUNDS (Cost $94,025,188) | 94,029,311 | ||
| TOTAL INVESTMENT IN SECURITIES - 105.1% (Cost $1,205,392,799) | 1,710,907,494 |
NET OTHER ASSETS (LIABILITIES) - (5.1)% | (83,687,962) |
| NET ASSETS - 100.0% | 1,627,219,532 |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (b) | Non-income producing |
| (c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $61,123,169 or 3.8% of net assets. |
| (e) | Level 3 security |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| (h) | Equity security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. As of period end, the total fair value of unadjusted equity securities subject to contractual sale restrictions is $1,880,337 and all restrictions are set to expire on or before September 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) |
| Afferent Pharmaceuticals, Inc. Series C | 7/01/15 | 0 |
| AVROBIO, Inc. | 1/30/24 | 1,689,995 |
| BridgeBio Pharma, Inc. | 9/25/23 | 10,737,944 |
| Bright Peak Therapeutics, Inc. Series B | 5/14/21 | 7,499,997 |
| Endeavor BioMedicines, Inc. Series C | 4/22/24 | 3,436,135 |
| Enliven Therapeutics, Inc. | 3/19/24 | 1,024,800 |
| Fog Pharmaceuticals, Inc. Series D | 11/17/22 | 2,575,405 |
| Kartos Therapeutics, Inc. Series C | 8/22/23 | 3,000,002 |
| LifeMine Therapeutics, Inc. Series C | 2/15/22 | 3,971,408 |
| Oruka Therapeutics, Inc. | 4/03/24 | 4,000,000 |
| Rapport Therapeutics, Inc. Series B | 8/11/23 | 2,398,813 |
| Scholar Rock Holding Corp. warrants 12/31/25 | 6/17/22 | 0 |
| Sonoma Biotherapeutics, Inc. Series B | 7/26/21 | 3,888,888 |
| Sonoma Biotherapeutics, Inc. Series B1 | 7/26/21 | 3,111,112 |
| T-Knife Therapeutics, Inc. Series B | 6/30/21 | 7,500,000 |
| Tango Therapeutics, Inc. | 8/09/23 | 1,636,938 |
| Treeline Biosciences Series A | 7/30/21 | 372,589 |
| Tyra Biosciences, Inc. | 2/02/24 | 5,085,453 |
| Wugen, Inc. Series B | 7/09/21 | 4,499,990 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 14,192,363 | 445,775,004 | 445,375,043 | 510,816 | 461 | - | 14,592,785 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 200,794,912 | 494,528,181 | 615,886,567 | 1,133,938 | - | - | 79,436,526 | 0.3% |
| Total | 214,987,275 | 940,303,185 | 1,061,261,610 | 1,644,754 | 461 | - | 94,029,311 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in any open-end mutual 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.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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