Quarterly Holdings Report
for
Fidelity Advisor® Equity Income Fund
February 28, 2022
EPI-NPRT1-0422
1.797924.118
Common Stocks - 97.1% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 8.3% | |||
Diversified Telecommunication Services - 4.0% | |||
Deutsche Telekom AG | 770,500 | 13,811 | |
Verizon Communications, Inc. | 992,790 | 53,283 | |
67,094 | |||
Entertainment - 1.1% | |||
Activision Blizzard, Inc. | 156,700 | 12,771 | |
The Walt Disney Co. (a) | 38,300 | 5,686 | |
18,457 | |||
Media - 3.2% | |||
Cogeco Communications, Inc. | 112,300 | 8,966 | |
Comcast Corp. Class A | 465,000 | 21,743 | |
Omnicom Group, Inc. | 285,100 | 23,917 | |
54,626 | |||
TOTAL COMMUNICATION SERVICES | 140,177 | ||
CONSUMER DISCRETIONARY - 5.3% | |||
Household Durables - 1.4% | |||
Leggett & Platt, Inc. (b) | 123,000 | 4,561 | |
Whirlpool Corp. (b) | 92,200 | 18,557 | |
23,118 | |||
Internet & Direct Marketing Retail - 1.0% | |||
eBay, Inc. | 308,300 | 16,830 | |
Multiline Retail - 0.4% | |||
Kohl's Corp. | 106,500 | 5,924 | |
Nordstrom, Inc. (a) | 71,000 | 1,473 | |
7,397 | |||
Specialty Retail - 2.0% | |||
Best Buy Co., Inc. | 59,000 | 5,702 | |
Camping World Holdings, Inc. (b) | 143,600 | 4,410 | |
Lowe's Companies, Inc. | 31,600 | 6,985 | |
Ross Stores, Inc. | 92,700 | 8,472 | |
Williams-Sonoma, Inc. (b) | 56,900 | 8,243 | |
33,812 | |||
Textiles, Apparel & Luxury Goods - 0.5% | |||
Kontoor Brands, Inc. | 14,136 | 700 | |
Tapestry, Inc. | 199,500 | 8,160 | |
8,860 | |||
TOTAL CONSUMER DISCRETIONARY | 90,017 | ||
CONSUMER STAPLES - 10.2% | |||
Beverages - 2.6% | |||
Anheuser-Busch InBev SA NV ADR (b) | 180,400 | 11,154 | |
Keurig Dr. Pepper, Inc. | 236,000 | 9,126 | |
The Coca-Cola Co. | 368,400 | 22,929 | |
43,209 | |||
Household Products - 2.1% | |||
Kimberly-Clark Corp. | 56,600 | 7,366 | |
Procter & Gamble Co. | 105,000 | 16,368 | |
Reynolds Consumer Products, Inc. | 414,300 | 12,334 | |
36,068 | |||
Personal Products - 2.9% | |||
Unilever PLC sponsored ADR | 971,800 | 48,852 | |
Tobacco - 2.6% | |||
Altria Group, Inc. | 278,100 | 14,264 | |
Philip Morris International, Inc. | 301,600 | 30,483 | |
44,747 | |||
TOTAL CONSUMER STAPLES | 172,876 | ||
ENERGY - 3.8% | |||
Oil, Gas & Consumable Fuels - 3.8% | |||
Enterprise Products Partners LP | 949,000 | 23,175 | |
Exxon Mobil Corp. | 118,500 | 9,293 | |
Parkland Corp. | 382,100 | 9,999 | |
Shell PLC ADR | 411,300 | 21,548 | |
64,015 | |||
FINANCIALS - 15.4% | |||
Banks - 6.6% | |||
Citigroup, Inc. | 276,900 | 16,401 | |
Huntington Bancshares, Inc. | 677,200 | 10,510 | |
M&T Bank Corp. | 135,000 | 24,601 | |
PNC Financial Services Group, Inc. | 117,800 | 23,472 | |
Wells Fargo & Co. | 675,050 | 36,027 | |
111,011 | |||
Capital Markets - 2.7% | |||
Bank of New York Mellon Corp. | 219,400 | 11,661 | |
Lazard Ltd. Class A | 192,100 | 6,643 | |
State Street Corp. | 328,299 | 28,014 | |
46,318 | |||
Insurance - 6.1% | |||
Assurant, Inc. | 74,100 | 12,576 | |
AXA SA | 478,900 | 12,958 | |
Chubb Ltd. | 84,084 | 17,123 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 21,300 | 10,326 | |
First American Financial Corp. | 195,600 | 13,113 | |
Old Republic International Corp. | 439,700 | 11,586 | |
The Travelers Companies, Inc. | 150,200 | 25,809 | |
103,491 | |||
TOTAL FINANCIALS | 260,820 | ||
HEALTH CARE - 17.2% | |||
Biotechnology - 0.4% | |||
AbbVie, Inc. | 49,700 | 7,344 | |
Health Care Providers & Services - 5.8% | |||
AmerisourceBergen Corp. | 153,600 | 21,893 | |
Anthem, Inc. | 30,200 | 13,646 | |
Cigna Corp. | 97,300 | 23,136 | |
CVS Health Corp. | 101,836 | 10,555 | |
McKesson Corp. | 61,900 | 17,020 | |
UnitedHealth Group, Inc. | 25,000 | 11,897 | |
98,147 | |||
Pharmaceuticals - 11.0% | |||
Bristol-Myers Squibb Co. | 833,000 | 57,199 | |
Johnson & Johnson | 257,618 | 42,396 | |
Merck & Co., Inc. | 413,300 | 31,651 | |
Organon & Co. | 281,030 | 10,491 | |
Royalty Pharma PLC | 255,000 | 10,011 | |
Sanofi SA sponsored ADR | 643,200 | 33,736 | |
185,484 | |||
TOTAL HEALTH CARE | 290,975 | ||
INDUSTRIALS - 11.5% | |||
Aerospace & Defense - 3.6% | |||
General Dynamics Corp. | 100,200 | 23,492 | |
Lockheed Martin Corp. | 23,100 | 10,021 | |
Raytheon Technologies Corp. | 273,907 | 28,130 | |
61,643 | |||
Air Freight & Logistics - 0.8% | |||
C.H. Robinson Worldwide, Inc. | 48,100 | 4,650 | |
United Parcel Service, Inc. Class B | 38,600 | 8,122 | |
12,772 | |||
Building Products - 1.0% | |||
Owens Corning | 190,100 | 17,715 | |
Electrical Equipment - 0.6% | |||
Regal Rexnord Corp. | 63,200 | 10,134 | |
Industrial Conglomerates - 2.1% | |||
3M Co. | 91,800 | 13,646 | |
General Electric Co. | 85,794 | 8,194 | |
Hitachi Ltd. | 286,100 | 14,060 | |
35,900 | |||
Machinery - 1.9% | |||
Allison Transmission Holdings, Inc. | 475,900 | 19,007 | |
Stanley Black & Decker, Inc. | 85,100 | 13,846 | |
32,853 | |||
Professional Services - 1.5% | |||
Booz Allen Hamilton Holding Corp. Class A | 57,700 | 4,656 | |
Manpower, Inc. | 85,700 | 9,108 | |
Science Applications International Corp. | 123,700 | 10,847 | |
24,611 | |||
TOTAL INDUSTRIALS | 195,628 | ||
INFORMATION TECHNOLOGY - 13.1% | |||
Communications Equipment - 1.7% | |||
Cisco Systems, Inc. | 515,153 | 28,730 | |
IT Services - 7.3% | |||
Amdocs Ltd. | 517,822 | 40,753 | |
Capgemini SA | 35,700 | 7,473 | |
Fidelity National Information Services, Inc. | 269,900 | 25,703 | |
Fiserv, Inc. (a) | 44,400 | 4,337 | |
Genpact Ltd. | 221,000 | 9,247 | |
Global Payments, Inc. | 117,900 | 15,726 | |
IBM Corp. | 89,000 | 10,903 | |
Maximus, Inc. | 118,800 | 9,369 | |
123,511 | |||
Semiconductors & Semiconductor Equipment - 1.0% | |||
Microchip Technology, Inc. | 248,700 | 17,491 | |
Software - 2.1% | |||
Micro Focus International PLC | 520,300 | 2,704 | |
Open Text Corp. | 462,300 | 20,119 | |
SS&C Technologies Holdings, Inc. | 166,400 | 12,475 | |
35,298 | |||
Technology Hardware, Storage & Peripherals - 1.0% | |||
Samsung Electronics Co. Ltd. | 273,980 | 16,510 | |
TOTAL INFORMATION TECHNOLOGY | 221,540 | ||
MATERIALS - 3.5% | |||
Chemicals - 2.4% | |||
Celanese Corp. Class A | 60,600 | 8,440 | |
CF Industries Holdings, Inc. | 201,500 | 16,360 | |
DuPont de Nemours, Inc. | 103,666 | 8,021 | |
LyondellBasell Industries NV Class A | 75,800 | 7,370 | |
40,191 | |||
Metals & Mining - 1.1% | |||
Newmont Corp. | 296,500 | 19,628 | |
TOTAL MATERIALS | 59,819 | ||
REAL ESTATE - 2.7% | |||
Equity Real Estate Investment Trusts (REITs) - 2.7% | |||
American Tower Corp. | 18,500 | 4,197 | |
Corporate Office Properties Trust (SBI) | 425,400 | 11,150 | |
Douglas Emmett, Inc. | 153,000 | 4,850 | |
Highwoods Properties, Inc. (SBI) | 326,400 | 14,231 | |
National Retail Properties, Inc. | 254,800 | 10,857 | |
45,285 | |||
UTILITIES - 6.1% | |||
Electric Utilities - 4.1% | |||
Constellation Energy Corp. | 141,399 | 6,502 | |
Duke Energy Corp. | 157,500 | 15,815 | |
Edison International | 302,864 | 19,208 | |
Exelon Corp. | 228,300 | 9,716 | |
FirstEnergy Corp. | 217,100 | 9,086 | |
PPL Corp. | 363,600 | 9,515 | |
69,842 | |||
Independent Power and Renewable Electricity Producers - 1.1% | |||
The AES Corp. | 296,300 | 6,290 | |
Vistra Corp. | 505,500 | 11,536 | |
17,826 | |||
Multi-Utilities - 0.9% | |||
CenterPoint Energy, Inc. | 322,300 | 8,815 | |
Sempra Energy | 49,900 | 7,197 | |
16,012 | |||
TOTAL UTILITIES | 103,680 | ||
TOTAL COMMON STOCKS (Cost $1,385,751) | 1,644,832 | ||
Other - 0.1% | |||
Shares | Value ($) (000s) | ||
Other - 0.1% | |||
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e) (Cost $5,783) | 4,524,530 | 1,620 | |
Money Market Funds - 3.7% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 0.07% (f) | 43,628,969 | 43,638 | |
Fidelity Securities Lending Cash Central Fund 0.07% (f)(g) | 18,712,810 | 18,715 | |
TOTAL MONEY MARKET FUNDS (Cost $62,353) | 62,353 | ||
TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $1,453,887) | 1,708,805 |
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (15,168) |
NET ASSETS - 100.0% | 1,693,637 |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(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 $1,620,000 or 0.1% of net assets. |
(e) | Level 3 security |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Utica Shale Drilling Program (non-operating revenue interest) | 10/05/16 - 12/16/20 | 5,783 |
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 (Amounts in thousands) | 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 0.07% | 35,910 | 82,680 | 74,952 | 7 | - | - | 43,638 | 0.1% |
Fidelity Securities Lending Cash Central Fund 0.07% | 11,224 | 35,652 | 28,161 | 7 | - | - | 18,715 | 0.0% |
Total | 47,134 | 118,332 | 103,113 | 14 | - | - | 62,353 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Amount 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The 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 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 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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