Quarterly Holdings Report
for
Fidelity Advisor® Capital Development Fund
December 31, 2023
ADESII-NPRT1-0224
1.827902.118
| Common Stocks - 97.8% | |||
| Shares | Value ($) | ||
| COMMUNICATION SERVICES - 10.1% | |||
| Diversified Telecommunication Services - 0.3% | |||
| Cellnex Telecom SA (a) | 160,500 | 6,319,366 | |
| Verizon Communications, Inc. | 186,106 | 7,016,196 | |
| 13,335,562 | |||
| Entertainment - 1.0% | |||
| The Walt Disney Co. | 198,100 | 17,886,449 | |
| Universal Music Group NV | 774,200 | 22,101,189 | |
| 39,987,638 | |||
| Interactive Media & Services - 6.4% | |||
| Alphabet, Inc.: | |||
| Class A (b) | 554,200 | 77,416,198 | |
| Class C (b) | 509,860 | 71,854,570 | |
| Match Group, Inc. (b) | 307,700 | 11,231,050 | |
| Meta Platforms, Inc. Class A (b) | 250,639 | 88,716,180 | |
| Snap, Inc. Class A (b) | 981,334 | 16,613,985 | |
| 265,831,983 | |||
| Media - 2.4% | |||
| Charter Communications, Inc. Class A (b) | 8,200 | 3,187,176 | |
| Comcast Corp. Class A | 1,819,300 | 79,776,305 | |
| Interpublic Group of Companies, Inc. | 476,600 | 15,556,224 | |
| 98,519,705 | |||
TOTAL COMMUNICATION SERVICES | 417,674,888 | ||
| CONSUMER DISCRETIONARY - 3.9% | |||
| Automobile Components - 0.1% | |||
| BorgWarner, Inc. | 156,160 | 5,598,336 | |
| Automobiles - 0.1% | |||
| General Motors Co. | 82,600 | 2,966,992 | |
| Broadline Retail - 0.1% | |||
| Amazon.com, Inc. (b) | 37,600 | 5,712,944 | |
| Hotels, Restaurants & Leisure - 2.1% | |||
| Amadeus IT Holding SA Class A | 113,600 | 8,136,518 | |
| Booking Holdings, Inc. (b) | 14,200 | 50,370,524 | |
| Expedia, Inc. (b) | 68,200 | 10,352,078 | |
| Marriott International, Inc. Class A | 62,900 | 14,184,579 | |
| Starbucks Corp. | 53,200 | 5,107,732 | |
| 88,151,431 | |||
| Household Durables - 0.4% | |||
| Mohawk Industries, Inc. (b) | 85,100 | 8,807,850 | |
| Sony Group Corp. sponsored ADR | 44,500 | 4,213,705 | |
| Whirlpool Corp. | 17,600 | 2,143,152 | |
| 15,164,707 | |||
| Specialty Retail - 1.0% | |||
| Lowe's Companies, Inc. | 161,800 | 36,008,590 | |
| RH (b) | 9,900 | 2,885,652 | |
| 38,894,242 | |||
| Textiles, Apparel & Luxury Goods - 0.1% | |||
| Compagnie Financiere Richemont SA Series A | 9,400 | 1,298,367 | |
| NIKE, Inc. Class B | 33,200 | 3,604,524 | |
| 4,902,891 | |||
TOTAL CONSUMER DISCRETIONARY | 161,391,543 | ||
| CONSUMER STAPLES - 5.4% | |||
| Beverages - 1.6% | |||
| Diageo PLC sponsored ADR | 99,200 | 14,449,472 | |
| Keurig Dr. Pepper, Inc. | 517,800 | 17,253,096 | |
| The Coca-Cola Co. | 565,200 | 33,307,236 | |
| 65,009,804 | |||
| Consumer Staples Distribution & Retail - 1.6% | |||
| Performance Food Group Co. (b) | 138,200 | 9,556,530 | |
| Sysco Corp. | 293,600 | 21,470,968 | |
| Target Corp. | 94,900 | 13,515,658 | |
| U.S. Foods Holding Corp. (b) | 174,700 | 7,933,127 | |
| Walmart, Inc. | 90,700 | 14,298,855 | |
| 66,775,138 | |||
| Household Products - 0.0% | |||
| Procter & Gamble Co. | 5,100 | 747,354 | |
| Personal Care Products - 1.5% | |||
| Estee Lauder Companies, Inc. Class A | 76,100 | 11,129,625 | |
| Haleon PLC ADR (c) | 2,919,300 | 24,025,839 | |
| Kenvue, Inc. | 1,341,613 | 28,884,928 | |
| 64,040,392 | |||
| Tobacco - 0.7% | |||
| Altria Group, Inc. | 584,200 | 23,566,628 | |
| Philip Morris International, Inc. | 37,300 | 3,509,184 | |
| 27,075,812 | |||
TOTAL CONSUMER STAPLES | 223,648,500 | ||
| ENERGY - 9.8% | |||
| Energy Equipment & Services - 0.1% | |||
| Tidewater, Inc. (b) | 47,600 | 3,432,436 | |
| Oil, Gas & Consumable Fuels - 9.7% | |||
| Exxon Mobil Corp. | 2,488,600 | 248,810,228 | |
| Hess Corp. | 414,620 | 59,771,619 | |
| Imperial Oil Ltd. | 555,100 | 31,620,654 | |
| Kosmos Energy Ltd. (b) | 3,069,501 | 20,596,352 | |
| MEG Energy Corp. (b) | 933,100 | 16,668,410 | |
| Shell PLC ADR | 375,300 | 24,694,740 | |
| 402,162,003 | |||
TOTAL ENERGY | 405,594,439 | ||
| FINANCIALS - 17.7% | |||
| Banks - 12.2% | |||
| Bank of America Corp. | 3,309,015 | 111,414,535 | |
| JPMorgan Chase & Co. | 288,700 | 49,107,870 | |
| M&T Bank Corp. | 71,600 | 9,814,928 | |
| PNC Financial Services Group, Inc. | 295,816 | 45,807,108 | |
| Truist Financial Corp. | 348,926 | 12,882,348 | |
| U.S. Bancorp | 793,242 | 34,331,514 | |
| Wells Fargo & Co. | 4,879,350 | 240,161,607 | |
| 503,519,910 | |||
| Capital Markets - 2.1% | |||
| Charles Schwab Corp. | 41,200 | 2,834,560 | |
| CME Group, Inc. | 5,100 | 1,074,060 | |
| KKR & Co. LP | 374,685 | 31,042,652 | |
| Moody's Corp. | 4,500 | 1,757,520 | |
| Morgan Stanley | 133,600 | 12,458,200 | |
| Northern Trust Corp. | 381,195 | 32,165,234 | |
| Raymond James Financial, Inc. | 51,050 | 5,692,075 | |
| State Street Corp. | 22,690 | 1,757,567 | |
| 88,781,868 | |||
| Financial Services - 3.2% | |||
| Edenred SA | 242,100 | 14,469,797 | |
| Fidelity National Information Services, Inc. | 158,400 | 9,515,088 | |
| Global Payments, Inc. | 30,700 | 3,898,900 | |
| MasterCard, Inc. Class A | 38,600 | 16,463,286 | |
| PayPal Holdings, Inc. (b) | 102,100 | 6,269,961 | |
| Visa, Inc. Class A | 306,800 | 79,875,380 | |
| 130,492,412 | |||
| Insurance - 0.2% | |||
| Arthur J. Gallagher & Co. | 3,600 | 809,568 | |
| Chubb Ltd. | 40,200 | 9,085,200 | |
| 9,894,768 | |||
TOTAL FINANCIALS | 732,688,958 | ||
| HEALTH CARE - 12.1% | |||
| Biotechnology - 0.6% | |||
| Alnylam Pharmaceuticals, Inc. (b) | 43,000 | 8,230,630 | |
| Argenx SE ADR (b) | 6,600 | 2,510,838 | |
| Insmed, Inc. (b) | 157,479 | 4,880,274 | |
| Vaxcyte, Inc. (b) | 104,600 | 6,568,880 | |
| Verve Therapeutics, Inc. (b)(c) | 66,900 | 932,586 | |
| 23,123,208 | |||
| Health Care Equipment & Supplies - 2.0% | |||
| Abbott Laboratories | 25,700 | 2,828,799 | |
| Becton, Dickinson & Co. | 40,600 | 9,899,498 | |
| Boston Scientific Corp. (b) | 1,047,251 | 60,541,580 | |
| GE Healthcare Holding LLC | 49,850 | 3,854,402 | |
| Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) | 183,551 | 4,282,245 | |
| 81,406,524 | |||
| Health Care Providers & Services - 5.5% | |||
| Cardinal Health, Inc. | 240,700 | 24,262,560 | |
| Centene Corp. (b) | 34,000 | 2,523,140 | |
| Cigna Group | 170,900 | 51,176,005 | |
| CVS Health Corp. | 287,300 | 22,685,208 | |
| Guardant Health, Inc. (b) | 80,400 | 2,174,820 | |
| Humana, Inc. | 14,000 | 6,409,340 | |
| McKesson Corp. | 86,180 | 39,899,616 | |
| UnitedHealth Group, Inc. | 150,800 | 79,391,676 | |
| 228,522,365 | |||
| Life Sciences Tools & Services - 0.4% | |||
| Danaher Corp. | 71,400 | 16,517,676 | |
| Thermo Fisher Scientific, Inc. | 3,500 | 1,857,765 | |
| 18,375,441 | |||
| Pharmaceuticals - 3.6% | |||
| Bristol-Myers Squibb Co. | 928,400 | 47,636,204 | |
| Eli Lilly & Co. | 55,820 | 32,538,594 | |
| GSK PLC sponsored ADR | 753,100 | 27,909,886 | |
| Johnson & Johnson | 192,657 | 30,197,058 | |
| Sanofi SA sponsored ADR | 46,200 | 2,297,526 | |
| UCB SA | 100,500 | 8,753,716 | |
| 149,332,984 | |||
TOTAL HEALTH CARE | 500,760,522 | ||
| INDUSTRIALS - 15.7% | |||
| Aerospace & Defense - 4.2% | |||
| Airbus Group NV | 170,600 | 26,355,719 | |
| General Dynamics Corp. | 49,300 | 12,801,731 | |
| Huntington Ingalls Industries, Inc. | 35,000 | 9,087,400 | |
| Safran SA | 29,100 | 5,130,633 | |
| Textron, Inc. | 36,800 | 2,959,456 | |
| The Boeing Co. (b) | 446,000 | 116,254,360 | |
| 172,589,299 | |||
| Air Freight & Logistics - 1.5% | |||
| FedEx Corp. | 78,400 | 19,832,848 | |
| United Parcel Service, Inc. Class B | 279,700 | 43,977,231 | |
| 63,810,079 | |||
| Building Products - 0.1% | |||
| Johnson Controls International PLC | 52,400 | 3,020,336 | |
| Commercial Services & Supplies - 0.2% | |||
| ACV Auctions, Inc. Class A (b) | 307,100 | 4,652,565 | |
| Veralto Corp. | 25,833 | 2,125,023 | |
| 6,777,588 | |||
| Electrical Equipment - 1.6% | |||
| Acuity Brands, Inc. | 58,700 | 12,023,521 | |
| Hubbell, Inc. Class B | 43,218 | 14,215,697 | |
| Regal Rexnord Corp. | 68,300 | 10,109,766 | |
| Vertiv Holdings Co. | 589,900 | 28,332,897 | |
| 64,681,881 | |||
| Ground Transportation - 0.4% | |||
| Knight-Swift Transportation Holdings, Inc. Class A | 290,200 | 16,730,030 | |
| Industrial Conglomerates - 6.4% | |||
| 3M Co. | 33,900 | 3,705,948 | |
| General Electric Co. | 2,054,659 | 262,236,128 | |
| 265,942,076 | |||
| Machinery - 0.9% | |||
| Chart Industries, Inc. (b) | 42,600 | 5,807,658 | |
| Cummins, Inc. | 24,400 | 5,845,508 | |
| Fortive Corp. | 112,100 | 8,253,923 | |
| Nordson Corp. | 6,800 | 1,796,288 | |
| Otis Worldwide Corp. | 71,750 | 6,419,473 | |
| Stanley Black & Decker, Inc. | 34,900 | 3,423,690 | |
| Westinghouse Air Brake Tech Co. | 34,202 | 4,340,234 | |
| 35,886,774 | |||
| Passenger Airlines - 0.1% | |||
| Copa Holdings SA Class A | 13,500 | 1,435,185 | |
| Ryanair Holdings PLC sponsored ADR (b) | 34,400 | 4,587,584 | |
| 6,022,769 | |||
| Professional Services - 0.3% | |||
| Equifax, Inc. | 15,900 | 3,931,911 | |
| Genpact Ltd. | 145,400 | 5,046,834 | |
| Paycom Software, Inc. | 10,600 | 2,191,232 | |
| 11,169,977 | |||
| Trading Companies & Distributors - 0.0% | |||
| Beijer Ref AB (B Shares) (c) | 149,599 | 2,000,873 | |
TOTAL INDUSTRIALS | 648,631,682 | ||
| INFORMATION TECHNOLOGY - 18.7% | |||
| IT Services - 0.4% | |||
| EPAM Systems, Inc. (b) | 9,300 | 2,765,262 | |
| IBM Corp. | 43,000 | 7,032,650 | |
| Snowflake, Inc. (b) | 3,300 | 656,700 | |
| Twilio, Inc. Class A (b) | 80,000 | 6,069,600 | |
| 16,524,212 | |||
| Semiconductors & Semiconductor Equipment - 4.1% | |||
| Analog Devices, Inc. | 46,200 | 9,173,472 | |
| Applied Materials, Inc. | 88,000 | 14,262,160 | |
| Broadcom, Inc. | 14,000 | 15,627,500 | |
| Lam Research Corp. | 15,700 | 12,297,182 | |
| Marvell Technology, Inc. | 477,367 | 28,790,004 | |
| NVIDIA Corp. | 124,600 | 61,704,412 | |
| Qualcomm, Inc. | 107,390 | 15,531,816 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 129,900 | 13,509,600 | |
| 170,896,146 | |||
| Software - 11.1% | |||
| Adobe, Inc. (b) | 66,600 | 39,733,560 | |
| Autodesk, Inc. (b) | 46,100 | 11,224,428 | |
| DoubleVerify Holdings, Inc. (b) | 64,200 | 2,361,276 | |
| Elastic NV (b) | 100,300 | 11,303,810 | |
| Intuit, Inc. | 23,100 | 14,438,193 | |
| Microsoft Corp. | 853,800 | 321,062,953 | |
| Oracle Corp. | 23,800 | 2,509,234 | |
| PTC, Inc. (b) | 37,900 | 6,630,984 | |
| Sage Group PLC | 183,800 | 2,746,941 | |
| Salesforce, Inc. (b) | 17,700 | 4,657,578 | |
| SAP SE sponsored ADR | 253,300 | 39,157,647 | |
| Workday, Inc. Class A (b) | 12,900 | 3,561,174 | |
| 459,387,778 | |||
| Technology Hardware, Storage & Peripherals - 3.1% | |||
| Apple, Inc. | 639,000 | 123,026,670 | |
| Samsung Electronics Co. Ltd. | 84,220 | 5,105,780 | |
| 128,132,450 | |||
TOTAL INFORMATION TECHNOLOGY | 774,940,586 | ||
| MATERIALS - 2.2% | |||
| Chemicals - 0.4% | |||
| Air Products & Chemicals, Inc. | 1,500 | 410,700 | |
| DuPont de Nemours, Inc. | 195,400 | 15,032,122 | |
| Sherwin-Williams Co. | 7,400 | 2,308,060 | |
| 17,750,882 | |||
| Metals & Mining - 1.8% | |||
| First Quantum Minerals Ltd. | 2,250,300 | 18,426,290 | |
| Freeport-McMoRan, Inc. | 1,085,479 | 46,208,841 | |
| Ivanhoe Mines Ltd. (b) | 803,700 | 7,794,079 | |
| 72,429,210 | |||
TOTAL MATERIALS | 90,180,092 | ||
| REAL ESTATE - 1.2% | |||
| Equity Real Estate Investment Trusts (REITs) - 1.2% | |||
| American Tower Corp. | 52,300 | 11,290,524 | |
| Crown Castle International Corp. | 135,400 | 15,596,726 | |
| Equinix, Inc. | 1,400 | 1,127,546 | |
| Simon Property Group, Inc. | 134,200 | 19,142,288 | |
| 47,157,084 | |||
| UTILITIES - 1.0% | |||
| Electric Utilities - 1.0% | |||
| Duke Energy Corp. | 8,700 | 844,248 | |
| Entergy Corp. | 32,200 | 3,258,318 | |
| PG&E Corp. | 227,300 | 4,098,219 | |
| Southern Co. | 470,500 | 32,991,460 | |
| 41,192,245 | |||
| Multi-Utilities - 0.0% | |||
| Sempra | 18,600 | 1,389,978 | |
TOTAL UTILITIES | 42,582,223 | ||
| TOTAL COMMON STOCKS (Cost $2,355,305,325) | 4,045,250,517 | ||
| Preferred Stocks - 0.2% | |||
| Shares | Value ($) | ||
| Convertible Preferred Stocks - 0.0% | |||
| COMMUNICATION SERVICES - 0.0% | |||
| Interactive Media & Services - 0.0% | |||
| Reddit, Inc. Series E (b)(d)(e) | 5,200 | 173,368 | |
| Nonconvertible Preferred Stocks - 0.2% | |||
| INDUSTRIALS - 0.2% | |||
| Aerospace & Defense - 0.2% | |||
| Embraer SA sponsored ADR (b) | 409,000 | 7,546,050 | |
| TOTAL PREFERRED STOCKS (Cost $4,813,943) | 7,719,418 | ||
| Money Market Funds - 2.0% | |||
| Shares | Value ($) | ||
| Fidelity Cash Central Fund 5.40% (f) | 80,145,665 | 80,161,694 | |
| Fidelity Securities Lending Cash Central Fund 5.40% (f)(g) | 1,363,995 | 1,364,131 | |
| TOTAL MONEY MARKET FUNDS (Cost $81,525,825) | 81,525,825 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $2,441,645,093) | 4,134,495,760 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | 1,932,583 |
| NET ASSETS - 100.0% | 4,136,428,343 |
Legend
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,319,366 or 0.2% of net assets. |
| (b) | Non-income producing |
| (c) | Security or a portion of the security is on loan at period end. |
| (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 $173,368 or 0.0% of net assets. |
| (e) | Level 3 security |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) |
| Reddit, Inc. Series E | 5/18/21 | 220,866 |
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 5.40% | 69,621,984 | 67,311,307 | 56,771,597 | 812,118 | - | - | 80,161,694 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 5.40% | 38,411,956 | 72,366,787 | 109,414,612 | 46,119 | - | - | 1,364,131 | 0.0% |
| Total | 108,033,940 | 139,678,094 | 166,186,209 | 858,237 | - | - | 81,525,825 | |
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.
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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