Quarterly Holdings Report
for
Fidelity Advisor® Small Cap Fund
February 29, 2024
ASCF-NPRT1-0424
1.797929.120
| Common Stocks - 97.1% | |||
| Shares | Value ($) (000s) | ||
| COMMUNICATION SERVICES - 2.5% | |||
| Entertainment - 0.1% | |||
| Vivid Seats, Inc. Class A (a) | 467,980 | 2,817 | |
| Interactive Media & Services - 1.4% | |||
| Cars.com, Inc. (a) | 963,600 | 17,672 | |
| Ziff Davis, Inc. (a) | 153,400 | 10,548 | |
| 28,220 | |||
| Media - 0.7% | |||
| TechTarget, Inc. (a) | 409,271 | 12,978 | |
| Wireless Telecommunication Services - 0.3% | |||
| Gogo, Inc. (a) | 720,900 | 5,883 | |
TOTAL COMMUNICATION SERVICES | 49,898 | ||
| CONSUMER DISCRETIONARY - 11.0% | |||
| Automobile Components - 2.7% | |||
| Adient PLC (a) | 493,200 | 16,739 | |
| Patrick Industries, Inc. | 303,964 | 36,457 | |
| 53,196 | |||
| Diversified Consumer Services - 0.1% | |||
| Laureate Education, Inc. Class A | 115,477 | 1,549 | |
| Hotels, Restaurants & Leisure - 0.7% | |||
| Brinker International, Inc. (a) | 299,200 | 13,865 | |
| Household Durables - 2.3% | |||
| SharkNinja Hong Kong Co. Ltd. (b) | 272,866 | 14,735 | |
| Skyline Champion Corp. (a) | 262,986 | 22,036 | |
| Tempur Sealy International, Inc. (b) | 184,600 | 10,055 | |
| 46,826 | |||
| Leisure Products - 0.7% | |||
| BRP, Inc. | 201,100 | 13,274 | |
| Specialty Retail - 3.4% | |||
| Academy Sports & Outdoors, Inc. | 148,905 | 11,126 | |
| Murphy U.S.A., Inc. | 75,900 | 31,651 | |
| Valvoline, Inc. (a)(b) | 605,100 | 25,801 | |
| 68,578 | |||
| Textiles, Apparel & Luxury Goods - 1.1% | |||
| Crocs, Inc. (a)(b) | 174,121 | 21,286 | |
TOTAL CONSUMER DISCRETIONARY | 218,574 | ||
| CONSUMER STAPLES - 3.7% | |||
| Beverages - 0.1% | |||
| The Vita Coco Co., Inc. (a) | 65,096 | 1,699 | |
| Consumer Staples Distribution & Retail - 2.9% | |||
| BJ's Wholesale Club Holdings, Inc. (a) | 253,130 | 18,489 | |
| Performance Food Group Co. (a) | 243,300 | 18,678 | |
| Sprouts Farmers Market LLC (a) | 321,600 | 20,081 | |
| 57,248 | |||
| Food Products - 0.7% | |||
| Nomad Foods Ltd. | 750,200 | 13,826 | |
TOTAL CONSUMER STAPLES | 72,773 | ||
| ENERGY - 5.3% | |||
| Energy Equipment & Services - 3.9% | |||
| Cactus, Inc. | 490,000 | 22,491 | |
| Championx Corp. | 650,600 | 20,208 | |
| Liberty Oilfield Services, Inc. Class A (b) | 1,118,500 | 23,914 | |
| TechnipFMC PLC | 494,100 | 10,717 | |
| 77,330 | |||
| Oil, Gas & Consumable Fuels - 1.4% | |||
| Antero Resources Corp. (a) | 728,400 | 18,720 | |
| Hess Midstream LP (b) | 262,548 | 8,950 | |
| 27,670 | |||
TOTAL ENERGY | 105,000 | ||
| FINANCIALS - 13.8% | |||
| Banks - 5.0% | |||
| ConnectOne Bancorp, Inc. | 958,855 | 18,976 | |
| First Interstate Bancsystem, Inc. | 628,400 | 16,539 | |
| Independent Bank Group, Inc. | 453,000 | 19,810 | |
| Metropolitan Bank Holding Corp. (a) | 266,382 | 10,445 | |
| Pinnacle Financial Partners, Inc. | 265,400 | 21,954 | |
| Trico Bancshares | 343,200 | 11,466 | |
| 99,190 | |||
| Capital Markets - 3.7% | |||
| Houlihan Lokey (b) | 159,700 | 20,547 | |
| Lazard, Inc. Class A | 374,200 | 14,422 | |
| Morningstar, Inc. | 33,709 | 10,065 | |
| Patria Investments Ltd. | 792,660 | 11,811 | |
| TMX Group Ltd. | 653,800 | 17,150 | |
| 73,995 | |||
| Consumer Finance - 0.5% | |||
| PROG Holdings, Inc. | 327,214 | 10,101 | |
| Financial Services - 1.3% | |||
| Essent Group Ltd. | 473,523 | 25,367 | |
| Insurance - 3.3% | |||
| Old Republic International Corp. | 517,400 | 14,984 | |
| Primerica, Inc. | 123,300 | 30,241 | |
| Selective Insurance Group, Inc. | 187,500 | 19,590 | |
| Stewart Information Services Corp. | 12,200 | 768 | |
| 65,583 | |||
TOTAL FINANCIALS | 274,236 | ||
| HEALTH CARE - 14.1% | |||
| Biotechnology - 4.9% | |||
| Allogene Therapeutics, Inc. (a) | 580,000 | 2,848 | |
| Arcellx, Inc. (a) | 76,800 | 5,055 | |
| Astria Therapeutics, Inc. (a) | 226,800 | 3,225 | |
| Blueprint Medicines Corp. (a) | 61,800 | 5,780 | |
| Celldex Therapeutics, Inc. (a) | 94,300 | 4,532 | |
| Cogent Biosciences, Inc. (a)(b) | 323,000 | 2,261 | |
| Cogent Biosciences, Inc. (c) | 129,072 | 904 | |
| Crinetics Pharmaceuticals, Inc. (a) | 121,500 | 4,974 | |
| Cytokinetics, Inc. (a) | 169,800 | 12,266 | |
| Keros Therapeutics, Inc. (a) | 112,700 | 7,607 | |
| Legend Biotech Corp. ADR (a) | 77,800 | 5,069 | |
| Scholar Rock Holding Corp. (a) | 189,400 | 2,936 | |
| Tyra Biosciences, Inc. (a) | 171,700 | 3,432 | |
| Vaxcyte, Inc. (a) | 152,800 | 11,280 | |
| Viking Therapeutics, Inc. (a) | 164,700 | 12,690 | |
| Viridian Therapeutics, Inc. (a) | 159,200 | 2,979 | |
| Xenon Pharmaceuticals, Inc. (a) | 152,500 | 7,198 | |
| Zentalis Pharmaceuticals, Inc. (a) | 145,446 | 2,169 | |
| 97,205 | |||
| Health Care Equipment & Supplies - 3.8% | |||
| Envista Holdings Corp. (a) | 375,200 | 7,748 | |
| Haemonetics Corp. (a) | 146,000 | 10,655 | |
| Masimo Corp. (a) | 41,000 | 5,270 | |
| Merit Medical Systems, Inc. (a) | 177,200 | 13,503 | |
| Neogen Corp. (a) | 620,000 | 10,658 | |
| Pulmonx Corp. (a) | 653,500 | 6,025 | |
| RxSight, Inc. (a) | 145,500 | 7,940 | |
| TransMedics Group, Inc. (a)(b) | 164,000 | 13,382 | |
| 75,181 | |||
| Health Care Providers & Services - 4.7% | |||
| Acadia Healthcare Co., Inc. (a) | 329,600 | 27,505 | |
| Chemed Corp. | 39,000 | 24,419 | |
| Option Care Health, Inc. (a) | 318,537 | 10,279 | |
| The Ensign Group, Inc. (b) | 241,500 | 30,168 | |
| 92,371 | |||
| Life Sciences Tools & Services - 0.2% | |||
| BioLife Solutions, Inc. (a) | 240,100 | 4,058 | |
| Pharmaceuticals - 0.5% | |||
| Edgewise Therapeutics, Inc. (a) | 189,700 | 3,098 | |
| Intra-Cellular Therapies, Inc. (a) | 95,100 | 6,611 | |
| 9,709 | |||
TOTAL HEALTH CARE | 278,524 | ||
| INDUSTRIALS - 20.3% | |||
| Building Products - 2.0% | |||
| CSW Industrials, Inc. (b) | 66,534 | 15,329 | |
| Simpson Manufacturing Co. Ltd. | 118,900 | 24,812 | |
| 40,141 | |||
| Construction & Engineering - 3.2% | |||
| EMCOR Group, Inc. | 97,500 | 30,568 | |
| Granite Construction, Inc. | 224,600 | 11,574 | |
| Sterling Construction Co., Inc. (a) | 194,100 | 20,699 | |
| 62,841 | |||
| Electrical Equipment - 2.8% | |||
| Array Technologies, Inc. (a) | 735,032 | 10,026 | |
| Atkore, Inc. (b) | 97,800 | 16,567 | |
| Nextracker, Inc. Class A | 321,900 | 18,104 | |
| Thermon Group Holdings, Inc. (a) | 387,200 | 10,567 | |
| 55,264 | |||
| Ground Transportation - 1.0% | |||
| TFI International, Inc. | 139,600 | 20,636 | |
| Machinery - 1.9% | |||
| ITT, Inc. | 103,200 | 13,018 | |
| Terex Corp. | 420,700 | 24,127 | |
| 37,145 | |||
| Professional Services - 4.4% | |||
| ASGN, Inc. (a) | 218,300 | 21,682 | |
| Concentrix Corp. | 128,641 | 9,320 | |
| ExlService Holdings, Inc. (a) | 682,900 | 21,252 | |
| KBR, Inc. | 406,500 | 24,402 | |
| NV5 Global, Inc. (a) | 108,080 | 10,993 | |
| 87,649 | |||
| Trading Companies & Distributors - 5.0% | |||
| Applied Industrial Technologies, Inc. | 100,900 | 19,160 | |
| Beacon Roofing Supply, Inc. (a) | 194,600 | 16,714 | |
| FTAI Aviation Ltd. | 392,500 | 22,094 | |
| GMS, Inc. (a) | 192,618 | 17,203 | |
| Rush Enterprises, Inc. Class A | 495,391 | 24,126 | |
| 99,297 | |||
TOTAL INDUSTRIALS | 402,973 | ||
| INFORMATION TECHNOLOGY - 14.1% | |||
| Communications Equipment - 0.4% | |||
| Extreme Networks, Inc. (a) | 664,400 | 8,398 | |
| Electronic Equipment, Instruments & Components - 6.1% | |||
| Advanced Energy Industries, Inc. (b) | 202,600 | 20,503 | |
| Fabrinet (a) | 151,800 | 32,724 | |
| Insight Enterprises, Inc. (a) | 173,872 | 32,688 | |
| Napco Security Technologies, Inc. (b) | 279,702 | 12,595 | |
| TD SYNNEX Corp. | 215,341 | 22,374 | |
| 120,884 | |||
| IT Services - 1.1% | |||
| Endava PLC ADR (a) | 146,108 | 5,431 | |
| Wix.com Ltd. (a) | 111,700 | 15,658 | |
| 21,089 | |||
| Semiconductors & Semiconductor Equipment - 3.5% | |||
| AEHR Test Systems (a)(b) | 200,400 | 3,261 | |
| Allegro MicroSystems LLC (a) | 432,100 | 13,607 | |
| Diodes, Inc. (a) | 214,500 | 14,582 | |
| MACOM Technology Solutions Holdings, Inc. (a) | 252,100 | 22,268 | |
| Nova Ltd. (a) | 85,889 | 14,897 | |
| 68,615 | |||
| Software - 3.0% | |||
| Five9, Inc. (a) | 139,400 | 8,503 | |
| Intapp, Inc. (a) | 261,939 | 10,276 | |
| PROS Holdings, Inc. (a) | 282,000 | 10,082 | |
| Rapid7, Inc. (a) | 158,900 | 9,308 | |
| Tenable Holdings, Inc. (a) | 446,900 | 21,523 | |
| 59,692 | |||
TOTAL INFORMATION TECHNOLOGY | 278,678 | ||
| MATERIALS - 7.2% | |||
| Chemicals - 2.1% | |||
| Element Solutions, Inc. | 1,141,200 | 26,818 | |
| The Chemours Co. LLC | 277,100 | 5,451 | |
| Tronox Holdings PLC | 657,000 | 9,658 | |
| 41,927 | |||
| Construction Materials - 2.0% | |||
| Eagle Materials, Inc. | 157,200 | 39,850 | |
| Metals & Mining - 3.1% | |||
| Commercial Metals Co. | 548,700 | 29,630 | |
| Constellium NV (a) | 1,637,500 | 31,751 | |
| 61,381 | |||
TOTAL MATERIALS | 143,158 | ||
| REAL ESTATE - 4.0% | |||
| Equity Real Estate Investment Trusts (REITs) - 3.3% | |||
| Essential Properties Realty Trust, Inc. | 896,301 | 21,413 | |
| Lamar Advertising Co. Class A | 260,200 | 28,765 | |
| Urban Edge Properties | 861,000 | 14,646 | |
| 64,824 | |||
| Real Estate Management & Development - 0.7% | |||
| Colliers International Group, Inc. | 122,100 | 14,209 | |
TOTAL REAL ESTATE | 79,033 | ||
| UTILITIES - 1.1% | |||
| Gas Utilities - 1.1% | |||
| Brookfield Infrastructure Corp. A Shares | 627,967 | 20,830 | |
| TOTAL COMMON STOCKS (Cost $1,397,030) | 1,923,677 | ||
| Money Market Funds - 5.4% | |||
| Shares | Value ($) (000s) | ||
| Fidelity Cash Central Fund 5.39% (d) | 34,959,798 | 34,967 | |
| Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | 71,296,530 | 71,304 | |
| TOTAL MONEY MARKET FUNDS (Cost $106,271) | 106,271 | ||
| Equity Funds - 1.0% | |||
| Shares | Value ($) (000s) | ||
| Small Blend Funds - 1.0% | |||
iShares Russell 2000 Index ETF (b) (Cost $18,438) | 94,300 | 19,212 | |
| TOTAL INVESTMENT IN SECURITIES - 103.5% (Cost $1,521,739) | 2,049,160 |
NET OTHER ASSETS (LIABILITIES) - (3.5)% | (69,028) |
| NET ASSETS - 100.0% | 1,980,132 |
Security Type Abbreviations
| ETF | - | EXCHANGE-TRADED FUND |
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) | 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 $904,000 or 0.0% of net assets. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| Cogent Biosciences, Inc. | 2/14/24 | 968 |
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 5.39% | 1,022 | 120,776 | 86,831 | 133 | - | - | 34,967 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 45,249 | 208,016 | 181,961 | 15 | - | - | 71,304 | 0.2% |
| Total | 46,271 | 328,792 | 268,792 | 148 | - | - | 106,271 | |
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.
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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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