CUMULATIVE PERFORMANCE
October 2, 2018 through July 31, 2026.
Initial investment of $10,000.
 |
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 811-03010
Fidelity Advisor Series VII
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, 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: | July 31, 2026 |
Item 1.
Reports to Stockholders
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
|
|
1 Year
|
5 Year
|
Life of Fund A
|
|
Class Z
|
|||
MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Semiconductors & Semiconductor Equipment
|
||
Technology Hardware, Storage & Peripherals
|
||
Electronic Equipment, Instruments & Components
|
||
Electrical Equipment
|
||
Software
|
||
Financial Services
|
||
Metals & Mining
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 98.5
|
|
Preferred Stocks - 1.0
|
|
Preferred Securities - 0.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 85.1
|
|
Netherlands - 9.1
|
|
Japan - 2.3
|
|
Israel - 2.0
|
|
Taiwan - 1.3
|
|
Korea (South) - 0.2
|
|
Canada - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Broadcom Inc
|
||
Marvell Technology Inc
|
||
Astera Labs Inc
|
||
Monolithic Power Systems Inc
|
||
ASML Holding NV depository receipt
|
||
ON Semiconductor Corp
|
||
NXP Semiconductors NV
|
||
Micron Technology Inc
|
||
Lam Research Corp
|
||
76.6
|
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
 |
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913445.102 3296-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class M (incl. 3.50% sales charge)
|
|||
Class M (without 3.50% sales charge)
|
|||
MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Semiconductors & Semiconductor Equipment
|
||
Technology Hardware, Storage & Peripherals
|
||
Electronic Equipment, Instruments & Components
|
||
Electrical Equipment
|
||
Software
|
||
Financial Services
|
||
Metals & Mining
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 98.5
|
|
Preferred Stocks - 1.0
|
|
Preferred Securities - 0.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 85.1
|
|
Netherlands - 9.1
|
|
Japan - 2.3
|
|
Israel - 2.0
|
|
Taiwan - 1.3
|
|
Korea (South) - 0.2
|
|
Canada - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Broadcom Inc
|
||
Marvell Technology Inc
|
||
Astera Labs Inc
|
||
Monolithic Power Systems Inc
|
||
ASML Holding NV depository receipt
|
||
ON Semiconductor Corp
|
||
NXP Semiconductors NV
|
||
Micron Technology Inc
|
||
Lam Research Corp
|
||
76.6
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913444.102 139-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class I
|
|||
MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Semiconductors & Semiconductor Equipment
|
||
Technology Hardware, Storage & Peripherals
|
||
Electronic Equipment, Instruments & Components
|
||
Electrical Equipment
|
||
Software
|
||
Financial Services
|
||
Metals & Mining
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 98.5
|
|
Preferred Stocks - 1.0
|
|
Preferred Securities - 0.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 85.1
|
|
Netherlands - 9.1
|
|
Japan - 2.3
|
|
Israel - 2.0
|
|
Taiwan - 1.3
|
|
Korea (South) - 0.2
|
|
Canada - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Broadcom Inc
|
||
Marvell Technology Inc
|
||
Astera Labs Inc
|
||
Monolithic Power Systems Inc
|
||
ASML Holding NV depository receipt
|
||
ON Semiconductor Corp
|
||
NXP Semiconductors NV
|
||
Micron Technology Inc
|
||
Lam Research Corp
|
||
76.6
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913442.102 121-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class C (incl. contingent deferred sales charge)
|
|||
Class C
|
|||
MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Semiconductors & Semiconductor Equipment
|
||
Technology Hardware, Storage & Peripherals
|
||
Electronic Equipment, Instruments & Components
|
||
Electrical Equipment
|
||
Software
|
||
Financial Services
|
||
Metals & Mining
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 98.5
|
|
Preferred Stocks - 1.0
|
|
Preferred Securities - 0.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 85.1
|
|
Netherlands - 9.1
|
|
Japan - 2.3
|
|
Israel - 2.0
|
|
Taiwan - 1.3
|
|
Korea (South) - 0.2
|
|
Canada - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Broadcom Inc
|
||
Marvell Technology Inc
|
||
Astera Labs Inc
|
||
Monolithic Power Systems Inc
|
||
ASML Holding NV depository receipt
|
||
ON Semiconductor Corp
|
||
NXP Semiconductors NV
|
||
Micron Technology Inc
|
||
Lam Research Corp
|
||
76.6
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913441.102 119-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class A (incl. 5.75% sales charge)
|
|||
Class A (without 5.75% sales charge)
|
|||
MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Semiconductors & Semiconductor Equipment
|
||
Technology Hardware, Storage & Peripherals
|
||
Electronic Equipment, Instruments & Components
|
||
Electrical Equipment
|
||
Software
|
||
Financial Services
|
||
Metals & Mining
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 98.5
|
|
Preferred Stocks - 1.0
|
|
Preferred Securities - 0.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 85.1
|
|
Netherlands - 9.1
|
|
Japan - 2.3
|
|
Israel - 2.0
|
|
Taiwan - 1.3
|
|
Korea (South) - 0.2
|
|
Canada - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Broadcom Inc
|
||
Marvell Technology Inc
|
||
Astera Labs Inc
|
||
Monolithic Power Systems Inc
|
||
ASML Holding NV depository receipt
|
||
ON Semiconductor Corp
|
||
NXP Semiconductors NV
|
||
Micron Technology Inc
|
||
Lam Research Corp
|
||
76.6
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913443.102 138-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class Z
|
|||
MSCI U.S. IMI Industrials 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Aerospace & Defense
|
||
Machinery
|
||
Electrical Equipment
|
||
Building Products
|
||
Ground Transportation
|
||
Construction & Engineering
|
||
Commercial Services & Supplies
|
||
Trading Companies & Distributors
|
||
Industrial Conglomerates
|
||
Others
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 98.7
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 100.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
GE Aerospace
|
||
GE Vernova Inc
|
||
Boeing Co
|
||
Trane Technologies PLC
|
||
Howmet Aerospace Inc
|
||
Parker-Hannifin Corp
|
||
Eaton Corp PLC
|
||
RTX Corp
|
||
PACCAR Inc
|
||
Quanta Services Inc
|
||
46.9
|
Industrials Portfolio merged into Fidelity Advisor® Industrials Fund on October 17, 2025.
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
 |
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913401.102 3295-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class M (incl. 3.50% sales charge)
|
|||
Class M (without 3.50% sales charge)
|
|||
MSCI U.S. IMI Industrials 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Aerospace & Defense
|
||
Machinery
|
||
Electrical Equipment
|
||
Building Products
|
||
Ground Transportation
|
||
Construction & Engineering
|
||
Commercial Services & Supplies
|
||
Trading Companies & Distributors
|
||
Industrial Conglomerates
|
||
Others
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 98.7
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 100.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
GE Aerospace
|
||
GE Vernova Inc
|
||
Boeing Co
|
||
Trane Technologies PLC
|
||
Howmet Aerospace Inc
|
||
Parker-Hannifin Corp
|
||
Eaton Corp PLC
|
||
RTX Corp
|
||
PACCAR Inc
|
||
Quanta Services Inc
|
||
46.9
|
Industrials Portfolio merged into Fidelity Advisor® Industrials Fund on October 17, 2025.
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913398.102 194-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class I
|
|||
MSCI U.S. IMI Industrials 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Aerospace & Defense
|
||
Machinery
|
||
Electrical Equipment
|
||
Building Products
|
||
Ground Transportation
|
||
Construction & Engineering
|
||
Commercial Services & Supplies
|
||
Trading Companies & Distributors
|
||
Industrial Conglomerates
|
||
Others
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 98.7
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 100.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
GE Aerospace
|
||
GE Vernova Inc
|
||
Boeing Co
|
||
Trane Technologies PLC
|
||
Howmet Aerospace Inc
|
||
Parker-Hannifin Corp
|
||
Eaton Corp PLC
|
||
RTX Corp
|
||
PACCAR Inc
|
||
Quanta Services Inc
|
||
46.9
|
Industrials Portfolio merged into Fidelity Advisor® Industrials Fund on October 17, 2025.
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913399.102 204-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class C (incl. contingent deferred sales charge)
|
|||
Class C
|
|||
MSCI U.S. IMI Industrials 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Aerospace & Defense
|
||
Machinery
|
||
Electrical Equipment
|
||
Building Products
|
||
Ground Transportation
|
||
Construction & Engineering
|
||
Commercial Services & Supplies
|
||
Trading Companies & Distributors
|
||
Industrial Conglomerates
|
||
Others
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 98.7
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 100.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
GE Aerospace
|
||
GE Vernova Inc
|
||
Boeing Co
|
||
Trane Technologies PLC
|
||
Howmet Aerospace Inc
|
||
Parker-Hannifin Corp
|
||
Eaton Corp PLC
|
||
RTX Corp
|
||
PACCAR Inc
|
||
Quanta Services Inc
|
||
46.9
|
Industrials Portfolio merged into Fidelity Advisor® Industrials Fund on October 17, 2025.
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913400.102 283-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class A (incl. 5.75% sales charge)
|
|||
Class A (without 5.75% sales charge)
|
|||
MSCI U.S. IMI Industrials 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Aerospace & Defense
|
||
Machinery
|
||
Electrical Equipment
|
||
Building Products
|
||
Ground Transportation
|
||
Construction & Engineering
|
||
Commercial Services & Supplies
|
||
Trading Companies & Distributors
|
||
Industrial Conglomerates
|
||
Others
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 98.7
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 100.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
GE Aerospace
|
||
GE Vernova Inc
|
||
Boeing Co
|
||
Trane Technologies PLC
|
||
Howmet Aerospace Inc
|
||
Parker-Hannifin Corp
|
||
Eaton Corp PLC
|
||
RTX Corp
|
||
PACCAR Inc
|
||
Quanta Services Inc
|
||
46.9
|
Industrials Portfolio merged into Fidelity Advisor® Industrials Fund on October 17, 2025.
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913397.102 184-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class Z
|
|||
MSCI U.S. IMI Financials 5% Capped Linked Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Banks
|
||
Capital Markets
|
||
Insurance
|
||
Financial Services
|
||
Consumer Finance
|
||
Professional Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.7
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
United Kingdom - 1.6
|
|
Puerto Rico - 0.8
|
|
Australia - 0.7
|
|
Grand Cayman (UK Overseas Ter) - 0.7
|
|
Mexico - 0.6
|
|
France - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Mastercard Inc Class A
|
||
Bank of America Corp
|
||
Wells Fargo & Co
|
||
Charles Schwab Corp/The
|
||
State Street Corp
|
||
Citigroup Inc
|
||
Reinsurance Group of America Inc
|
||
Morgan Stanley
|
||
Chubb Ltd
|
||
Capital One Financial Corp
|
||
45.8
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
 |
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913396.102 3293-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class M (incl. 3.50% sales charge)
|
|||
Class M (without 3.50% sales charge)
|
|||
MSCI U.S. IMI Financials 5% Capped Linked Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Banks
|
||
Capital Markets
|
||
Insurance
|
||
Financial Services
|
||
Consumer Finance
|
||
Professional Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 99.7
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 95.1
|
|
United Kingdom - 1.6
|
|
Puerto Rico - 0.8
|
|
Australia - 0.7
|
|
Grand Cayman (UK Overseas Ter) - 0.7
|
|
Mexico - 0.6
|
|
France - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Mastercard Inc Class A
|
||
Bank of America Corp
|
||
Wells Fargo & Co
|
||
Charles Schwab Corp/The
|
||
State Street Corp
|
||
Citigroup Inc
|
||
Reinsurance Group of America Inc
|
||
Morgan Stanley
|
||
Chubb Ltd
|
||
Capital One Financial Corp
|
||
45.8
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913393.102 193-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class I
|
|||
MSCI U.S. IMI Financials 5% Capped Linked Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Banks
|
||
Capital Markets
|
||
Insurance
|
||
Financial Services
|
||
Consumer Finance
|
||
Professional Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 99.7
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 95.1
|
|
United Kingdom - 1.6
|
|
Puerto Rico - 0.8
|
|
Australia - 0.7
|
|
Grand Cayman (UK Overseas Ter) - 0.7
|
|
Mexico - 0.6
|
|
France - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Mastercard Inc Class A
|
||
Bank of America Corp
|
||
Wells Fargo & Co
|
||
Charles Schwab Corp/The
|
||
State Street Corp
|
||
Citigroup Inc
|
||
Reinsurance Group of America Inc
|
||
Morgan Stanley
|
||
Chubb Ltd
|
||
Capital One Financial Corp
|
||
45.8
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913394.102 273-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class C (incl. contingent deferred sales charge)
|
|||
Class C
|
|||
MSCI U.S. IMI Financials 5% Capped Linked Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Banks
|
||
Capital Markets
|
||
Insurance
|
||
Financial Services
|
||
Consumer Finance
|
||
Professional Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 99.7
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 95.1
|
|
United Kingdom - 1.6
|
|
Puerto Rico - 0.8
|
|
Australia - 0.7
|
|
Grand Cayman (UK Overseas Ter) - 0.7
|
|
Mexico - 0.6
|
|
France - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Mastercard Inc Class A
|
||
Bank of America Corp
|
||
Wells Fargo & Co
|
||
Charles Schwab Corp/The
|
||
State Street Corp
|
||
Citigroup Inc
|
||
Reinsurance Group of America Inc
|
||
Morgan Stanley
|
||
Chubb Ltd
|
||
Capital One Financial Corp
|
||
45.8
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913395.102 284-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class A (incl. 5.75% sales charge)
|
|||
Class A (without 5.75% sales charge)
|
|||
MSCI U.S. IMI Financials 5% Capped Linked Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Banks
|
||
Capital Markets
|
||
Insurance
|
||
Financial Services
|
||
Consumer Finance
|
||
Professional Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 99.7
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 95.1
|
|
United Kingdom - 1.6
|
|
Puerto Rico - 0.8
|
|
Australia - 0.7
|
|
Grand Cayman (UK Overseas Ter) - 0.7
|
|
Mexico - 0.6
|
|
France - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Mastercard Inc Class A
|
||
Bank of America Corp
|
||
Wells Fargo & Co
|
||
Charles Schwab Corp/The
|
||
State Street Corp
|
||
Citigroup Inc
|
||
Reinsurance Group of America Inc
|
||
Morgan Stanley
|
||
Chubb Ltd
|
||
Capital One Financial Corp
|
||
45.8
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913392.102 183-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class Z
|
|||
MSCI U.S. IMI Biotechnology 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Biotechnology
|
||
Pharmaceuticals
|
||
Health Care Technology
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.5
|
|
Preferred Stocks - 1.5
|
|
Bonds - 0.1
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.9
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 90.6
|
|
Netherlands - 4.0
|
|
Denmark - 3.0
|
|
Canada - 1.0
|
|
France - 0.4
|
|
Belgium - 0.4
|
|
United Kingdom - 0.3
|
|
Germany - 0.2
|
|
Australia - 0.1
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
AbbVie Inc
|
||
Gilead Sciences Inc
|
||
Spyre Therapeutics Inc
|
||
Alnylam Pharmaceuticals Inc
|
||
Dianthus Therapeutics Inc
|
||
Cogent Biosciences Inc
|
||
Oruka Therapeutics Inc
|
||
Insmed Inc
|
||
Revolution Medicines Inc
|
||
Argenx SE ADR
|
||
46.9
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
 |
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913428.102 3290-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class M (incl. 3.50% sales charge)
|
|||
Class M (without 3.50% sales charge)
|
|||
MSCI U.S. IMI Biotechnology 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Biotechnology
|
||
Pharmaceuticals
|
||
Health Care Technology
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.5
|
|
Preferred Stocks - 1.5
|
|
Bonds - 0.1
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.9
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 90.6
|
|
Netherlands - 4.0
|
|
Denmark - 3.0
|
|
Canada - 1.0
|
|
France - 0.4
|
|
Belgium - 0.4
|
|
United Kingdom - 0.3
|
|
Germany - 0.2
|
|
Australia - 0.1
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
AbbVie Inc
|
||
Gilead Sciences Inc
|
||
Spyre Therapeutics Inc
|
||
Alnylam Pharmaceuticals Inc
|
||
Dianthus Therapeutics Inc
|
||
Cogent Biosciences Inc
|
||
Oruka Therapeutics Inc
|
||
Insmed Inc
|
||
Revolution Medicines Inc
|
||
Argenx SE ADR
|
||
46.9
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913426.102 115-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class I
|
|||
MSCI U.S. IMI Biotechnology 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Biotechnology
|
||
Pharmaceuticals
|
||
Health Care Technology
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.5
|
|
Preferred Stocks - 1.5
|
|
Bonds - 0.1
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.9
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 90.6
|
|
Netherlands - 4.0
|
|
Denmark - 3.0
|
|
Canada - 1.0
|
|
France - 0.4
|
|
Belgium - 0.4
|
|
United Kingdom - 0.3
|
|
Germany - 0.2
|
|
Australia - 0.1
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
AbbVie Inc
|
||
Gilead Sciences Inc
|
||
Spyre Therapeutics Inc
|
||
Alnylam Pharmaceuticals Inc
|
||
Dianthus Therapeutics Inc
|
||
Cogent Biosciences Inc
|
||
Oruka Therapeutics Inc
|
||
Insmed Inc
|
||
Revolution Medicines Inc
|
||
Argenx SE ADR
|
||
46.9
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913427.102 116-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class C (incl. contingent deferred sales charge)
|
|||
Class C
|
|||
MSCI U.S. IMI Biotechnology 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Biotechnology
|
||
Pharmaceuticals
|
||
Health Care Technology
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.5
|
|
Preferred Stocks - 1.5
|
|
Bonds - 0.1
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.9
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 90.6
|
|
Netherlands - 4.0
|
|
Denmark - 3.0
|
|
Canada - 1.0
|
|
France - 0.4
|
|
Belgium - 0.4
|
|
United Kingdom - 0.3
|
|
Germany - 0.2
|
|
Australia - 0.1
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
AbbVie Inc
|
||
Gilead Sciences Inc
|
||
Spyre Therapeutics Inc
|
||
Alnylam Pharmaceuticals Inc
|
||
Dianthus Therapeutics Inc
|
||
Cogent Biosciences Inc
|
||
Oruka Therapeutics Inc
|
||
Insmed Inc
|
||
Revolution Medicines Inc
|
||
Argenx SE ADR
|
||
46.9
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913425.102 114-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class A (incl. 5.75% sales charge)
|
|||
Class A (without 5.75% sales charge)
|
|||
MSCI U.S. IMI Biotechnology 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Biotechnology
|
||
Pharmaceuticals
|
||
Health Care Technology
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.5
|
|
Preferred Stocks - 1.5
|
|
Bonds - 0.1
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.9
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 90.6
|
|
Netherlands - 4.0
|
|
Denmark - 3.0
|
|
Canada - 1.0
|
|
France - 0.4
|
|
Belgium - 0.4
|
|
United Kingdom - 0.3
|
|
Germany - 0.2
|
|
Australia - 0.1
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
AbbVie Inc
|
||
Gilead Sciences Inc
|
||
Spyre Therapeutics Inc
|
||
Alnylam Pharmaceuticals Inc
|
||
Dianthus Therapeutics Inc
|
||
Cogent Biosciences Inc
|
||
Oruka Therapeutics Inc
|
||
Insmed Inc
|
||
Revolution Medicines Inc
|
||
Argenx SE ADR
|
||
46.9
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913424.102 112-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Industrials PortfolioA
|
$
|
 |
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Aerospace & Defense
|
||
Machinery
|
||
Electrical Equipment
|
||
Building Products
|
||
Ground Transportation
|
||
Construction & Engineering
|
||
Commercial Services & Supplies
|
||
Trading Companies & Distributors
|
||
Industrial Conglomerates
|
||
Others
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 98.7
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 100.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
GE Aerospace
|
||
GE Vernova Inc
|
||
Boeing Co
|
||
Trane Technologies PLC
|
||
Howmet Aerospace Inc
|
||
Parker-Hannifin Corp
|
||
Eaton Corp PLC
|
||
RTX Corp
|
||
PACCAR Inc
|
||
Quanta Services Inc
|
||
46.9
|
Industrials Portfolio merged into Fidelity Advisor® Industrials Fund on October 17, 2025.
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9920882.100 9108-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class Z
|
|||
MSCI U.S. IMI Health Care 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Biotechnology
|
||
Life Sciences Tools & Services
|
||
Pharmaceuticals
|
||
Health Care Providers & Services
|
||
Health Care Equipment & Supplies
|
||
Health Care Technology
|
||
Chemicals
|
||
Financial Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.3
|
|
Preferred Stocks - 2.1
|
|
Bonds - 0.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.5
|
|
Netherlands - 2.9
|
|
Denmark - 2.0
|
|
Belgium - 1.3
|
|
Canada - 0.9
|
|
France - 0.8
|
|
United Kingdom - 0.3
|
|
Israel - 0.2
|
|
Australia - 0.1
|
|
China - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Eli Lilly & Co
|
||
Danaher Corp
|
||
Thermo Fisher Scientific Inc
|
||
UnitedHealth Group Inc
|
||
Johnson & Johnson
|
||
AbbVie Inc
|
||
West Pharmaceutical Services Inc
|
||
Argenx SE ADR
|
||
Merck & Co Inc
|
||
Ascendis Pharma A/S
|
||
40.8
|
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
 |
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913391.102 3294-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class M (incl. 3.50% sales charge)
|
|||
Class M (without 3.50% sales charge)
|
|||
MSCI U.S. IMI Health Care 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Biotechnology
|
||
Life Sciences Tools & Services
|
||
Pharmaceuticals
|
||
Health Care Providers & Services
|
||
Health Care Equipment & Supplies
|
||
Health Care Technology
|
||
Chemicals
|
||
Financial Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.3
|
|
Preferred Stocks - 2.1
|
|
Bonds - 0.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 91.5
|
|
Netherlands - 2.9
|
|
Denmark - 2.0
|
|
Belgium - 1.3
|
|
Canada - 0.9
|
|
France - 0.8
|
|
United Kingdom - 0.3
|
|
Israel - 0.2
|
|
Australia - 0.1
|
|
China - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Eli Lilly & Co
|
||
Danaher Corp
|
||
Thermo Fisher Scientific Inc
|
||
UnitedHealth Group Inc
|
||
Johnson & Johnson
|
||
AbbVie Inc
|
||
West Pharmaceutical Services Inc
|
||
Argenx SE ADR
|
||
Merck & Co Inc
|
||
Ascendis Pharma A/S
|
||
40.8
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913388.102 191-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class I
|
|||
MSCI U.S. IMI Health Care 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Biotechnology
|
||
Life Sciences Tools & Services
|
||
Pharmaceuticals
|
||
Health Care Providers & Services
|
||
Health Care Equipment & Supplies
|
||
Health Care Technology
|
||
Chemicals
|
||
Financial Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.3
|
|
Preferred Stocks - 2.1
|
|
Bonds - 0.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 91.5
|
|
Netherlands - 2.9
|
|
Denmark - 2.0
|
|
Belgium - 1.3
|
|
Canada - 0.9
|
|
France - 0.8
|
|
United Kingdom - 0.3
|
|
Israel - 0.2
|
|
Australia - 0.1
|
|
China - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Eli Lilly & Co
|
||
Danaher Corp
|
||
Thermo Fisher Scientific Inc
|
||
UnitedHealth Group Inc
|
||
Johnson & Johnson
|
||
AbbVie Inc
|
||
West Pharmaceutical Services Inc
|
||
Argenx SE ADR
|
||
Merck & Co Inc
|
||
Ascendis Pharma A/S
|
||
40.8
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913389.102 271-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class C (incl. contingent deferred sales charge)
|
|||
Class C
|
|||
MSCI U.S. IMI Health Care 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Biotechnology
|
||
Life Sciences Tools & Services
|
||
Pharmaceuticals
|
||
Health Care Providers & Services
|
||
Health Care Equipment & Supplies
|
||
Health Care Technology
|
||
Chemicals
|
||
Financial Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.3
|
|
Preferred Stocks - 2.1
|
|
Bonds - 0.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 91.5
|
|
Netherlands - 2.9
|
|
Denmark - 2.0
|
|
Belgium - 1.3
|
|
Canada - 0.9
|
|
France - 0.8
|
|
United Kingdom - 0.3
|
|
Israel - 0.2
|
|
Australia - 0.1
|
|
China - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Eli Lilly & Co
|
||
Danaher Corp
|
||
Thermo Fisher Scientific Inc
|
||
UnitedHealth Group Inc
|
||
Johnson & Johnson
|
||
AbbVie Inc
|
||
West Pharmaceutical Services Inc
|
||
Argenx SE ADR
|
||
Merck & Co Inc
|
||
Ascendis Pharma A/S
|
||
40.8
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913390.102 285-TSRA-0926
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class A (incl. 5.75% sales charge)
|
|||
Class A (without 5.75% sales charge)
|
|||
MSCI U.S. IMI Health Care 25-50 Index
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
TOP INDUSTRIES
(% of Fund's net assets)
|
||
Biotechnology
|
||
Life Sciences Tools & Services
|
||
Pharmaceuticals
|
||
Health Care Providers & Services
|
||
Health Care Equipment & Supplies
|
||
Health Care Technology
|
||
Chemicals
|
||
Financial Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.3
|
|
Preferred Stocks - 2.1
|
|
Bonds - 0.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 91.5
|
|
Netherlands - 2.9
|
|
Denmark - 2.0
|
|
Belgium - 1.3
|
|
Canada - 0.9
|
|
France - 0.8
|
|
United Kingdom - 0.3
|
|
Israel - 0.2
|
|
Australia - 0.1
|
|
China - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Eli Lilly & Co
|
||
Danaher Corp
|
||
Thermo Fisher Scientific Inc
|
||
UnitedHealth Group Inc
|
||
Johnson & Johnson
|
||
AbbVie Inc
|
||
West Pharmaceutical Services Inc
|
||
Argenx SE ADR
|
||
Merck & Co Inc
|
||
Ascendis Pharma A/S
|
||
40.8
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913387.102 177-TSRA-0926
|
Item 2.
Code of Ethics
As of the end of the period, July 31, 2026, Fidelity Advisor Series VII (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Karen B. Peetz is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Peetz is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Advisor Biotechnology Fund, Fidelity Advisor Financials Fund, Fidelity Advisor Health Care Fund, Fidelity Advisor Industrials Fund, and Fidelity Advisor Semiconductors Fund (the “Funds”):
Services Billed by Deloitte Entities
July 31, 2026 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Biotechnology Fund | $53,200 | $- | $8,000 | $1,100 |
Fidelity Advisor Financials Fund | $37,300 | $- | $8,100 | $800 |
Fidelity Advisor Health Care Fund | $44,700 | $- | $10,000 | $800 |
Fidelity Advisor Industrials Fund | $37,500 | $- | $12,700 | $800 |
Fidelity Advisor Semiconductors Fund | $35,300 | $- | $8,400 | $800 |
|
|
|
|
|
July 31, 2025 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Biotechnology Fund | $54,100 | $- | $7,500 | $1,000 |
Fidelity Advisor Financials Fund | $39,700 | $- | $10,000 | $800 |
Fidelity Advisor Health Care Fund | $38,100 | $- | $9,200 | $800 |
Fidelity Advisor Industrials Fund | $40,100 | $- | $9,000 | $800 |
Fidelity Advisor Semiconductors Fund | $36,000 | $- | $7,800 | $700 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
Billed By | July 31, 2026A | July 31, 2025A |
Audit-Related Fees | $154,800 | $125,000 |
Tax Fees | $- | $- |
All Other Fees | $- | $2,970,400 |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | July 31, 2026A | July 31, 2025A |
Deloitte Entities | $2,640,900 | $3,492,700 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Contents
Common Stocks - 97.5%
|
|||
Shares
|
Value ($)
|
||
BELGIUM - 0.4%
|
|||
Health Care - 0.4%
|
|||
Pharmaceuticals - 0.4%
|
|||
UCB SA
|
32,600
|
8,379,411
|
|
CANADA - 1.0%
|
|||
Health Care - 1.0%
|
|||
Biotechnology - 1.0%
|
|||
Xenon Pharmaceuticals Inc (b)
|
342,258
|
21,449,309
|
|
DENMARK - 3.0%
|
|||
Health Care - 3.0%
|
|||
Biotechnology - 3.0%
|
|||
Ascendis Pharma A/S (b)
|
269,225
|
65,666,670
|
|
FRANCE - 0.4%
|
|||
Health Care - 0.4%
|
|||
Biotechnology - 0.4%
|
|||
DBV Technologies SA ADR (b)(c)
|
428,800
|
5,788,800
|
|
Inventiva SA ADR (b)
|
685,400
|
3,070,592
|
|
TOTAL FRANCE
|
8,859,392
|
||
GERMANY - 0.2%
|
|||
Health Care - 0.2%
|
|||
Biotechnology - 0.2%
|
|||
InflaRx NV (b)(c)
|
3,196,071
|
5,433,321
|
|
NETHERLANDS - 4.0%
|
|||
Health Care - 4.0%
|
|||
Biotechnology - 4.0%
|
|||
Argenx SE ADR (b)
|
77,200
|
65,914,904
|
|
Newamsterdam Pharma Co NV (b)
|
448,000
|
12,449,920
|
|
uniQure NV (b)(c)
|
223,500
|
9,751,305
|
|
TOTAL NETHERLANDS
|
88,116,129
|
||
UNITED KINGDOM - 0.2%
|
|||
Health Care - 0.2%
|
|||
Biotechnology - 0.2%
|
|||
Silence Therapeutics PLC ADR (b)
|
495,788
|
5,200,816
|
|
UNITED STATES - 88.3%
|
|||
Health Care - 88.3%
|
|||
Biotechnology - 78.5%
|
|||
AbbVie Inc
|
1,289,880
|
323,682,487
|
|
Alnylam Pharmaceuticals Inc (b)
|
387,186
|
79,574,467
|
|
Amgen Inc
|
135,103
|
52,036,271
|
|
Annexon Inc (b)
|
1,661,500
|
8,465,343
|
|
Arcus Biosciences Inc (b)
|
417,900
|
11,780,601
|
|
Avalo Therapeutics Inc (b)(c)
|
639,700
|
11,674,525
|
|
Biogen Inc (b)
|
294,100
|
59,687,595
|
|
Bridgebio Pharma Inc (b)
|
46,900
|
3,756,221
|
|
Celldex Therapeutics Inc (b)
|
512,352
|
19,500,117
|
|
CG oncology Inc (b)
|
157,700
|
11,226,663
|
|
Climb Bio Inc (b)(c)
|
996,400
|
11,857,160
|
|
Cogent Biosciences Inc (b)
|
1,834,818
|
71,429,465
|
|
Crescent Biopharma Inc (b)
|
358,290
|
5,184,456
|
|
Crescent Biopharma Inc (b)(d)
|
98,300
|
1,422,401
|
|
CytomX Therapeutics Inc (b)
|
2,490,551
|
7,720,708
|
|
Damora Therapeutics Inc (b)(c)
|
298,142
|
8,643,137
|
|
Dianthus Therapeutics Inc (b)(c)
|
730,062
|
78,058,229
|
|
Disc Medicine Inc (b)
|
80,922
|
6,230,994
|
|
Dyne Therapeutics Inc (b)
|
482,000
|
12,136,760
|
|
First Tracks Biotherapeutics Inc
|
341,150
|
15,024,246
|
|
Gilead Sciences Inc
|
963,500
|
125,457,335
|
|
Hemab Therapeutics Holdings Inc (c)
|
179,100
|
8,516,205
|
|
Insmed Inc (b)
|
680,300
|
67,077,580
|
|
Jade Biosciences Inc (b)
|
698,671
|
13,798,752
|
|
Janux Therapeutics Inc (b)
|
320,385
|
4,860,240
|
|
Kiniksa Pharmaceuticals International Plc Class A (b)
|
417,600
|
31,044,384
|
|
Kodiak Sciences Inc (b)
|
88,300
|
3,671,514
|
|
Kymera Therapeutics Inc (b)
|
231,700
|
23,957,780
|
|
Madrigal Pharmaceuticals Inc (b)
|
10,300
|
4,813,396
|
|
MapLight Therapeutics Inc (c)
|
202,900
|
2,641,758
|
|
Mineralys Therapeutics Inc (b)
|
331,100
|
8,449,672
|
|
Mirum Pharmaceuticals Inc (b)
|
135,100
|
14,313,845
|
|
Moderna Inc (b)
|
640,800
|
35,128,656
|
|
Natera Inc (b)
|
117,200
|
31,381,472
|
|
Neurogene Inc (b)(c)
|
177,200
|
5,828,108
|
|
Olema Pharmaceuticals Inc (b)
|
777,200
|
8,898,940
|
|
Oruka Therapeutics Inc (b)
|
737,386
|
71,165,123
|
|
Parabilis Medicines Inc (f)(g)
|
319,443
|
10,311,939
|
|
Parabilis Medicines Inc (f)
|
209,706
|
7,125,810
|
|
Praxis Precision Medicines Inc (b)
|
74,200
|
22,840,986
|
|
Regeneron Pharmaceuticals Inc
|
22,500
|
17,159,175
|
|
Relay Therapeutics Inc (b)
|
1,850,700
|
34,848,681
|
|
Revolution Medicines Inc (b)
|
352,200
|
66,048,066
|
|
Roivant Sciences Ltd (b)
|
776,700
|
26,337,897
|
|
Scholar Rock Holding Corp (b)(c)
|
118,168
|
5,588,756
|
|
Solid Biosciences Inc (b)
|
677,565
|
5,461,174
|
|
Spyre Therapeutics Inc (b)
|
857,347
|
84,302,931
|
|
Stoke Therapeutics Inc (b)
|
317,700
|
9,168,822
|
|
Tectonic Therapeutic Inc (b)(c)
|
120,995
|
3,391,490
|
|
Tenax Therapeutics Inc (b)
|
445,100
|
6,097,870
|
|
Tubulis GmbH escrow shares (d)(e)
|
6,300
|
21,924
|
|
Tubulis GmbH escrow shares (d)(e)
|
6,300
|
126
|
|
Tubulis GmbH rights (b)(d)(e)
|
69,300
|
2,280,348
|
|
Tyra Biosciences Inc (b)
|
354,200
|
11,291,896
|
|
Upstream Bio Inc (b)
|
691,003
|
4,360,229
|
|
Vaxcyte Inc (b)
|
801,529
|
43,346,688
|
|
Vertex Pharmaceuticals Inc (b)
|
63,900
|
30,486,690
|
|
Viking Therapeutics Inc (b)(c)
|
450,187
|
14,288,935
|
|
Viridian Therapeutics Inc (b)
|
1,782,464
|
33,724,219
|
|
Vor BioPharma Inc (b)
|
343,954
|
7,274,627
|
|
X4 Pharmaceuticals Inc (b)
|
1,341,800
|
5,340,364
|
|
Zenas Biopharma Inc (b)(c)
|
491,724
|
15,459,803
|
|
Zenas Biopharma Inc (d)
|
86,234
|
2,711,197
|
|
1,729,367,249
|
|||
Health Care Technology - 0.0%
|
|||
Candid Therapeutics (d)(e)
|
1,500,060
|
15,001
|
|
Candid Therapeutics (d)(e)
|
1,500,060
|
15
|
|
Candid Therapeutics milestone 1 rights (b)(d)(e)
|
1,500,060
|
105,004
|
|
Candid Therapeutics milestone 2 rights (b)(d)(e)
|
1,500,060
|
60,002
|
|
180,022
|
|||
Pharmaceuticals - 9.8%
|
|||
Alumis Inc (b)
|
946,500
|
26,738,625
|
|
Amylyx Pharmaceuticals Inc (b)
|
2,433,200
|
49,418,292
|
|
Avalyn Pharma Inc
|
162,100
|
4,666,859
|
|
Contineum Therapeutics Inc Class A (b)
|
224,900
|
3,483,701
|
|
Definium Therapeutics Inc (b)
|
161,200
|
7,015,424
|
|
Edgewise Therapeutics Inc (b)
|
144,500
|
5,553,135
|
|
Enliven Therapeutics Inc (b)(c)
|
501,368
|
27,479,980
|
|
Enliven Therapeutics Inc (b)(d)
|
73,200
|
4,012,092
|
|
Enliven Therapeutics Inc rights (b)(e)
|
739,725
|
7
|
|
LB Pharmaceuticals Inc
|
30,374
|
1,217,390
|
|
LB Pharmaceuticals Inc (d)
|
14,800
|
533,866
|
|
MBX Biosciences Inc (b)
|
817,600
|
53,904,368
|
|
Structure Therapeutics Inc ADR (b)
|
527,900
|
25,360,316
|
|
Tarsus Pharmaceuticals Inc (b)
|
110,000
|
6,494,400
|
|
215,878,455
|
|||
TOTAL UNITED STATES
|
1,945,425,726
|
||
|
TOTAL COMMON STOCKS
(Cost $1,144,303,269)
|
2,148,530,774
|
||
Convertible Corporate Bonds - 0.1%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
AUSTRALIA - 0.0%
|
|||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Advancell Pty Ltd 0% 12/31/2199 (d)(e)
|
981,027
|
981,027
|
|
UNITED STATES - 0.1%
|
|||
Health Care - 0.1%
|
|||
Health Care Technology - 0.1%
|
|||
Allotera Therapeutics Inc 0% 12/31/2199 (d)(e)(h)
|
831,313
|
863,901
|
|
Pharmaceuticals - 0.0%
|
|||
Kartos Therapeutics Inc 3.6% (d)(e)(i)
|
41,466
|
57,463
|
|
Kartos Therapeutics Inc 3.6% 3/4/2027 (d)(e)
|
165,791
|
230,300
|
|
Kartos Therapeutics Inc 3.78% 7/10/2027 (d)(e)
|
60,792
|
84,149
|
|
Kartos Therapeutics Inc 3.78% 7/31/2027 (d)(e)
|
38,683
|
53,518
|
|
425,430
|
|||
TOTAL UNITED STATES
|
1,289,331
|
||
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $2,119,072)
|
2,270,358
|
||
Convertible Preferred Stocks - 1.5%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.1%
|
|||
Health Care - 0.1%
|
|||
Biotechnology - 0.1%
|
|||
Advancell Pty Ltd Series D (d)(e)
|
699,784
|
1,962,054
|
|
UNITED KINGDOM - 0.1%
|
|||
Health Care - 0.1%
|
|||
Biotechnology - 0.1%
|
|||
CellCentric Ltd Series D (d)(e)
|
662,801
|
3,141,677
|
|
UNITED STATES - 1.3%
|
|||
Health Care - 1.3%
|
|||
Biotechnology - 0.9%
|
|||
Bright Peak Therapeutics Inc. Series B (b)(d)(e)
|
1,920,122
|
2,227,342
|
|
Bright Peak Therapeutics Inc. Series C (b)(d)(e)
|
873,604
|
777,507
|
|
Cardurion Pharmaceuticals Inc Series B (b)(d)(e)
|
331,596
|
1,900,045
|
|
City Therapeutics Inc Series B (d)(e)
|
43,200
|
630,720
|
|
Endeavor BioMedicines Inc Series C (b)(d)(e)
|
526,643
|
3,433,712
|
|
LifeMine Therapeutics Inc Series C (b)(d)(e)
|
1,950,028
|
2,925,042
|
|
Sonoma Biotherapeutics Inc Series B (b)(d)(e)
|
1,967,762
|
3,089,387
|
|
Sonoma Biotherapeutics Inc Series B1 (b)(d)(e)
|
1,049,456
|
1,930,999
|
|
T-Knife Therapeutics Inc Series B (b)(d)(e)
|
1,300,097
|
897,067
|
|
Treeline Biosciences Series A (b)(d)(e)
|
47,600
|
442,680
|
|
18,254,501
|
|||
Health Care Technology - 0.0%
|
|||
Allotera Therapeutics Inc Series B (b)(d)(e)
|
580,277
|
899,429
|
|
Pharmaceuticals - 0.4%
|
|||
Afferent Pharmaceuticals Inc Series C (b)(d)(e)
|
1,915,787
|
19
|
|
Kartos Therapeutics Inc Series C (b)(d)(e)
|
530,692
|
4,367,595
|
|
Mentari Therapeutics Inc Series A (d)(e)
|
1,457,407
|
4,343,073
|
|
8,710,687
|
|||
TOTAL UNITED STATES
|
27,864,617
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $47,666,554)
|
32,968,348
|
||
Preferred Securities - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Bright Peak Therapeutics Inc. 8% 2/28/2027 (d)(e)
(Cost $756,033)
|
756,034
|
769,575
|
|
Money Market Funds - 2.6%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (j)
|
3.69
|
8,490,313
|
8,492,011
|
|
Fidelity Securities Lending Cash Central Fund (j)(k)
|
3.72
|
49,412,405
|
49,417,346
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $57,905,850)
|
57,909,357
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 101.7%
(Cost $1,252,750,778)
|
2,242,448,412
|
NET OTHER ASSETS (LIABILITIES) - (1.7)%
|
(38,127,837)
|
NET ASSETS - 100.0%
|
2,204,320,575
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(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 $47,170,257 or 2.1% of net assets.
|
(e)
|
Level 3 security.
|
(f)
|
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $17,437,749 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(g)
|
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 $10,311,939 or 0.5% of net assets.
|
(h)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(i)
|
Security is perpetual in nature with no stated maturity date.
|
(j)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(k)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Advancell Pty Ltd 0% 12/31/2199
|
7/10/2026
|
981,027
|
Advancell Pty Ltd Series D
|
7/10/2026
|
1,962,054
|
Afferent Pharmaceuticals Inc Series C
|
7/1/2015
|
0
|
Allotera Therapeutics Inc 0% 12/31/2199
|
6/14/2024
|
831,313
|
Allotera Therapeutics Inc Series B
|
7/9/2021
|
4,499,990
|
Bright Peak Therapeutics Inc. 8% 2/28/2027
|
6/2/2026
|
756,033
|
Bright Peak Therapeutics Inc. Series B
|
5/14/2021
|
7,499,997
|
Bright Peak Therapeutics Inc. Series C
|
5/7/2024
|
990,230
|
Candid Therapeutics
|
6/17/2026
|
15
|
Candid Therapeutics
|
6/17/2026
|
15,001
|
Candid Therapeutics milestone 1 rights
|
6/17/2026
|
105,004
|
Candid Therapeutics milestone 2 rights
|
6/17/2026
|
60,002
|
Cardurion Pharmaceuticals Inc Series B
|
7/10/2024
|
1,624,025
|
CellCentric Ltd Series D
|
5/1/2026
|
3,178,131
|
City Therapeutics Inc Series B
|
5/20/2026
|
631,994
|
Crescent Biopharma Inc
|
10/28/2024 - 12/4/2025
|
1,305,135
|
Endeavor BioMedicines Inc Series C
|
4/22/2024
|
3,436,135
|
Enliven Therapeutics Inc
|
3/19/2024
|
1,024,800
|
Kartos Therapeutics Inc 3.6%
|
5/29/2026
|
41,466
|
Kartos Therapeutics Inc 3.6% 3/4/2027
|
3/4/2026
|
165,791
|
Kartos Therapeutics Inc 3.78% 7/10/2027
|
7/10/2026
|
60,792
|
Kartos Therapeutics Inc 3.78% 7/31/2027
|
7/31/2026
|
38,683
|
Kartos Therapeutics Inc Series C
|
8/22/2023
|
3,000,002
|
LB Pharmaceuticals Inc
|
7/29/2026
|
517,112
|
LifeMine Therapeutics Inc Series C
|
2/15/2022
|
3,971,408
|
Mentari Therapeutics Inc Series A
|
9/18/2025
|
2,000,000
|
Sonoma Biotherapeutics Inc Series B
|
7/26/2021
|
3,888,888
|
Sonoma Biotherapeutics Inc Series B1
|
7/26/2021
|
3,111,112
|
T-Knife Therapeutics Inc Series B
|
6/30/2021
|
7,500,000
|
Treeline Biosciences Series A
|
7/30/2021
|
372,588
|
Tubulis GmbH escrow shares
|
5/21/2026
|
126
|
Tubulis GmbH escrow shares
|
5/21/2026
|
21,798
|
Tubulis GmbH rights
|
5/21/2026
|
2,279,025
|
Zenas Biopharma Inc
|
10/8/2025
|
1,638,446
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
Parabilis Medicines Inc
|
12/7/2026
|
Parabilis Medicines Inc
|
12/7/2026
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Fidelity Cash Central Fund
|
20,544,411
|
518,670,129
|
530,721,976
|
575,731
|
(704)
|
151
|
8,492,011
|
8,490,313
|
Fidelity Securities Lending Cash Central Fund
|
99,831,900
|
609,186,449
|
659,607,820
|
689,344
|
7,584
|
(767)
|
49,417,346
|
49,412,405
|
120,376,311
|
1,127,856,578
|
1,190,329,796
|
1,265,075
|
6,880
|
(616)
|
57,909,357
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Tenax Therapeutics Inc
|
-
|
5,833,762
|
-
|
-
|
-
|
264,108
|
-
|
-
|
Total
|
-
|
5,833,762
|
-
|
-
|
-
|
264,108
|
-
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Health Care
|
2,148,530,774
|
2,128,076,732
|
17,971,615
|
2,482,427
|
Convertible Corporate Bonds
|
||||
Health Care
|
2,270,358
|
-
|
-
|
2,270,358
|
Convertible Preferred Stocks
|
||||
Health Care
|
32,968,348
|
-
|
-
|
32,968,348
|
Preferred Securities
|
||||
Health Care
|
769,575
|
-
|
-
|
769,575
|
Money Market Funds
|
57,909,357
|
57,909,357
|
-
|
-
|
Total Investments in Securities:
|
2,242,448,412
|
2,185,986,089
|
17,971,615
|
38,490,708
|
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments
|
963,316
|
-
|
-
|
963,316
|
Beginning Balance ($)
|
Net Realized Gain (Loss) on Investment Securities ($)
|
Net Unrealized Gain (Loss) on Investment Securities ($)
|
Cost of Purchases ($)
|
Proceeds of Sales ($)
|
Amortization/
Accretion ($)
|
Transfers into Level 3 ($)
|
Transfers out of Level 3 ($)
|
Ending Balance ($)
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2026 ($)
|
|
Common Stocks
|
7
|
-
|
1,449
|
2,480,971
|
-
|
-
|
-
|
-
|
2,482,427
|
1,449
|
Convertible Preferred Stocks
|
27,188,319
|
4,190,536
|
2,383,327
|
7,772,179
|
(8,566,013)
|
-
|
-
|
-
|
32,968,348
|
856,811
|
Convertible Corporate Bonds
|
989,512
|
-
|
(6,913)
|
1,287,759
|
-
|
-
|
-
|
-
|
2,270,358
|
(6,913)
|
Preferred Securities
|
-
|
-
|
13,541
|
756,034
|
-
|
-
|
-
|
-
|
769,575
|
13,541
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations.
|
||||||||||
Statement of Assets and Liabilities
|
||
As of July 31, 2026
|
||
Assets
|
||
Investments in securities, at value - unaffiliated issuers
|
$
|
2,184,539,055
|
Investments in securities, at value - affiliated issuers
|
57,909,357
|
|
Receivable for investments sold
|
8,925,972
|
|
Unrealized appreciation on unfunded commitments
|
963,316
|
|
Receivable for fund shares sold
|
5,916,114
|
|
Dividends receivable
|
2,280,939
|
|
Interest receivable
|
101,679
|
|
Distributions receivable from affiliated funds
|
126,778
|
|
Prepaid expenses
|
286
|
|
Total assets
|
2,260,763,496
|
|
Liabilities
|
||
Payable to custodian bank
|
3,276,571
|
|
Payable for investments purchased
|
1,394,527
|
|
Payable for fund shares redeemed
|
770,774
|
|
Accrued management fee
|
1,228,747
|
|
Distribution and service plan fees payable
|
309,948
|
|
Other payables and accrued expenses
|
84,929
|
|
Collateral on securities loaned
|
49,377,425
|
|
Total liabilities
|
56,442,921
|
|
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
||
Net Assets
|
$
|
2,204,320,575
|
Net assets consist of:
|
||
Paid in capital
|
920,062,744
|
|
Total accumulated earnings (loss)
|
1,284,257,831
|
|
Net Assets
|
$
|
2,204,320,575
|
Net Asset Value and Maximum Offering
|
||
Class A
|
||
Net Asset Value and redemption price per share ($884,348,905/19,585,786 shares) a
|
$
|
45.15
|
Maximum offering price per share (100/94.25 of $45.15)
|
$
|
47.91
|
Class M
|
||
Net Asset Value and redemption price per share ($153,296,822/3,749,792 shares) a
|
$
|
40.88
|
Maximum offering price per share (100/96.50 of $40.88)
|
$
|
42.36
|
Class C
|
||
Net Asset Value and offering price per share ($65,304,985/1,894,013 shares) a
|
$
|
34.48
|
Class I
|
||
Net Asset Value, offering price and redemption price per share ($911,298,794/18,291,297 shares)
|
$
|
49.82
|
Class Z
|
||
Net Asset Value, offering price and redemption price per share ($190,071,069/3,803,017 shares)
|
$
|
49.98
|
(a)Redemption price per unit is equal to net asset value less any applicable contingent deferred sales charge.
|
||
Other Information
|
||
Unaffiliated issuers, cost
|
1,194,844,928
|
|
Affiliated issuers, cost
|
57,905,850
|
|
Securities loaned, market value
|
95,721,847
|
|
Statement of Operations
|
||
Year ended July 31, 2026
|
||
Investment Income
|
||
Dividends - unaffiliated issuers
|
$
|
13,500,357
|
Dividends - affiliated issuers
|
1,265,075
|
|
Security lending income - unaffiliated issuers
|
50,175
|
|
Non-Cash dividends
|
3,043,684
|
|
Interest
|
7,620
|
|
Total investment income
|
17,866,911
|
|
Expenses
|
||
Management fee
|
12,169,643
|
|
Distribution and service plan fees
|
3,172,598
|
|
Custodian fees and expenses
|
33,881
|
|
Independent trustees' fees and expenses
|
5,881
|
|
Registration fees
|
92,679
|
|
Audit
|
71,371
|
|
Legal
|
2,693
|
|
Commitment fee
|
2,379
|
|
Miscellaneous
|
3,412
|
|
Total expenses
|
15,554,537
|
|
Expense reimbursements and reductions
|
(5,944)
|
|
Total expenses after reductions
|
15,548,593
|
|
Net investment income (loss)
|
2,318,318
|
|
Net realized gain (loss)
|
||
Investments - unaffiliated issuers
|
372,099,916
|
|
Investments - affiliated issuers
|
6,880
|
|
Foreign currency transactions
|
50,355
|
|
Net realized gain (loss)
|
372,157,151
|
|
Change in net unrealized appreciation (depreciation)
|
||
Investments - unaffiliated issuers
|
473,522,874
|
|
Investments - affiliated issuers
|
(616)
|
|
Unfunded commitments
|
963,316
|
|
Assets and liabilities in foreign currencies
|
513
|
|
Total change in net unrealized appreciation (depreciation)
|
474,486,087
|
|
Net gain (loss)
|
846,643,238
|
|
Net increase (decrease) in net assets resulting from operations
|
$
|
848,961,556
|
Other Information
|
||
Income from securities lending - Affiliated Issuers
|
689,344
|
|
Statement of Changes in Net Assets
|
||||
Year ended
July 31, 2026
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
2,318,318
|
$
|
3,656,261
|
Net realized gain (loss)
|
372,157,151
|
3,774,677
|
||
Change in net unrealized appreciation (depreciation)
|
474,486,087
|
(160,729,426)
|
||
Net increase (decrease) in net assets resulting from operations
|
848,961,556
|
(153,298,488)
|
||
Distributions to shareholders
|
||||
Distributions to shareholders
|
(26,227,583)
|
(87,826,457)
|
||
Total distributions
|
(26,227,583)
|
(87,826,457)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
(17,453,100)
|
(172,019,334)
|
||
Total increase (decrease) in net assets
|
805,280,873
|
(413,144,279)
|
||
Net Assets
|
||||
Beginning of period
|
1,399,039,702
|
1,812,183,981
|
||
End of period
|
$
|
2,204,320,575
|
$
|
1,399,039,702
|
Fidelity Advisor® Biotechnology Fund Class A |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
28.23
|
$
|
32.34
|
$
|
25.34
|
$
|
22.00
|
$
|
32.58
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
.01
|
.05
|
.10
|
.02
|
(.06)
|
|||||
Net realized and unrealized gain (loss)
|
17.45
|
(2.53)
|
7.22
|
3.32
|
(5.16)
|
|||||
Total from investment operations
|
17.46
|
(2.48)
|
7.32
|
3.34
|
(5.22)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
(.45)
|
(.80)
|
(.32)
|
-
|
(.11)
|
|||||
Distributions from net realized gain
|
(.10)
|
(.84)
|
-
|
-
|
(5.25)
|
|||||
Total distributions
|
(.54) C
|
(1.63) C
|
(.32)
|
-
|
(5.36)
|
|||||
Net asset value, end of period
|
$
|
45.15
|
$
|
28.23
|
$
|
32.34
|
$
|
25.34
|
$
|
22.00
|
Total Return D, E
|
62.21%
|
(7.60)%
|
29.21%
|
15.18%
|
(18.95)%
|
|||||
Ratios and Supplemental Data A, F, G
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.94%
|
.96%
|
.99%
|
1.01%
|
1.00%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.94%
|
.96%
|
.98%
|
1.00%
|
1.00%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.94%
|
.96%
|
.98%
|
1.00%
|
1.00%
|
|||||
Ratio of net investment income (loss) to average net assets
|
.04%
|
.16%
|
.39%
|
.07%
|
(.23)%
|
|||||
Net assets, end of period
|
$
|
884,348,905
|
$
|
585,073,845
|
$
|
737,152,466
|
$
|
636,504,638
|
$
|
594,911,472
|
Portfolio turnover rate H
|
54%
|
51%
|
73%
|
78%
|
43%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CTotal distributions per share do not sum due to rounding.
|
DTotal returns do not include the effect of the sales charges.
|
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Biotechnology Fund Class M |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
25.65
|
$
|
29.56
|
$
|
23.17
|
$
|
20.17
|
$
|
30.35
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.07)
|
(.02)
|
.03
|
(.05)
|
(.13)
|
|||||
Net realized and unrealized gain (loss)
|
15.82
|
(2.30)
|
6.59
|
3.05
|
(4.73)
|
|||||
Total from investment operations
|
15.75
|
(2.32)
|
6.62
|
3.00
|
(4.86)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
(.42)
|
(.75)
|
(.23)
|
-
|
(.07)
|
|||||
Distributions from net realized gain
|
(.10)
|
(.84)
|
-
|
-
|
(5.25)
|
|||||
Total distributions
|
(.52)
|
(1.59)
|
(.23)
|
-
|
(5.32)
|
|||||
Net asset value, end of period
|
$
|
40.88
|
$
|
25.65
|
$
|
29.56
|
$
|
23.17
|
$
|
20.17
|
Total Return C, D
|
61.77%
|
(7.81)%
|
28.87%
|
14.87%
|
(19.18)%
|
|||||
Ratios and Supplemental Data B, E, F
|
||||||||||
Ratio of expenses to average net assets before reductions
|
1.19%
|
1.21%
|
1.25%
|
1.29%
|
1.28%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
1.19%
|
1.21%
|
1.24%
|
1.28%
|
1.28%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
1.19%
|
1.21%
|
1.24%
|
1.28%
|
1.28%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(.21)%
|
(.09)%
|
.13%
|
(.20)%
|
(.51)%
|
|||||
Net assets, end of period
|
$
|
153,296,822
|
$
|
107,181,380
|
$
|
130,546,655
|
$
|
113,960,429
|
$
|
109,815,145
|
Portfolio turnover rate G
|
54%
|
51%
|
73%
|
78%
|
43%
|
|||||
ACalculated based on average shares outstanding during the period.
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
CTotal returns do not include the effect of the sales charges.
|
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Biotechnology Fund Class C |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
21.77
|
$
|
25.31
|
$
|
19.75
|
$
|
17.27
|
$
|
26.79
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.20)
|
(.13)
|
(.07)
|
(.13)
|
(.21)
|
|||||
Net realized and unrealized gain (loss)
|
13.39
|
(1.97)
|
5.63
|
2.61
|
(4.07)
|
|||||
Total from investment operations
|
13.19
|
(2.10)
|
5.56
|
2.48
|
(4.28)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
(.39)
|
(.60)
|
-
|
-
|
-
|
|||||
Distributions from net realized gain
|
(.10)
|
(.84)
|
-
|
-
|
(5.24)
|
|||||
Total distributions
|
(.48) C
|
(1.44)
|
-
|
-
|
(5.24)
|
|||||
Net asset value, end of period
|
$
|
34.48
|
$
|
21.77
|
$
|
25.31
|
$
|
19.75
|
$
|
17.27
|
Total Return D, E
|
60.99%
|
(8.25)%
|
28.15%
|
14.36%
|
(19.54)%
|
|||||
Ratios and Supplemental Data B, F, G
|
||||||||||
Ratio of expenses to average net assets before reductions
|
1.69%
|
1.71%
|
1.72%
|
1.76%
|
1.75%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
1.69%
|
1.71%
|
1.72%
|
1.76%
|
1.74%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
1.69%
|
1.71%
|
1.72%
|
1.76%
|
1.74%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(.72)%
|
(.59)%
|
(.35)%
|
(.69)%
|
(.97)%
|
|||||
Net assets, end of period
|
$
|
65,304,985
|
$
|
54,984,888
|
$
|
92,045,601
|
$
|
119,843,423
|
$
|
168,796,936
|
Portfolio turnover rate H
|
54%
|
51%
|
73%
|
78%
|
43%
|
|||||
ACalculated based on average shares outstanding during the period.
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
CTotal distributions per share do not sum due to rounding.
|
DTotal returns do not include the effect of the contingent deferred sales charge.
|
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Biotechnology Fund Class I |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
31.06
|
$
|
35.37
|
$
|
27.71
|
$
|
23.99
|
$
|
35.00
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
.12
|
.13
|
.19
|
.09
|
.01
|
|||||
Net realized and unrealized gain (loss)
|
19.21
|
(2.74)
|
7.88
|
3.63
|
(5.61)
|
|||||
Total from investment operations
|
19.33
|
(2.61)
|
8.07
|
3.72
|
(5.60)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
(.47)
|
(.86)
|
(.41)
|
-
|
(.16)
|
|||||
Distributions from net realized gain
|
(.10)
|
(.84)
|
-
|
-
|
(5.25)
|
|||||
Total distributions
|
(.57)
|
(1.70)
|
(.41)
|
-
|
(5.41)
|
|||||
Net asset value, end of period
|
$
|
49.82
|
$
|
31.06
|
$
|
35.37
|
$
|
27.71
|
$
|
23.99
|
Total Return C
|
62.58%
|
(7.32)%
|
29.53%
|
15.51%
|
(18.74)%
|
|||||
Ratios and Supplemental Data A, D, E
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.69%
|
.71%
|
.72%
|
.74%
|
.73%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.69%
|
.71%
|
.72%
|
.73%
|
.73%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.69%
|
.71%
|
.72%
|
.73%
|
.73%
|
|||||
Ratio of net investment income (loss) to average net assets
|
.29%
|
.41%
|
.65%
|
.34%
|
.04%
|
|||||
Net assets, end of period
|
$
|
911,298,794
|
$
|
561,341,862
|
$
|
768,135,863
|
$
|
701,785,844
|
$
|
697,078,898
|
Portfolio turnover rate F
|
54%
|
51%
|
73%
|
78%
|
43%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Biotechnology Fund Class Z |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
31.13
|
$
|
35.47
|
$
|
27.81
|
$
|
24.04
|
$
|
35.05
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
.18
|
.17
|
.23
|
.13
|
.05
|
|||||
Net realized and unrealized gain (loss)
|
19.27
|
(2.76)
|
7.90
|
3.64
|
(5.62)
|
|||||
Total from investment operations
|
19.45
|
(2.59)
|
8.13
|
3.77
|
(5.57)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
(.50)
|
(.91)
|
(.47)
|
-
|
(.19)
|
|||||
Distributions from net realized gain
|
(.10)
|
(.84)
|
-
|
-
|
(5.25)
|
|||||
Total distributions
|
(.60)
|
(1.75)
|
(.47)
|
-
|
(5.44)
|
|||||
Net asset value, end of period
|
$
|
49.98
|
$
|
31.13
|
$
|
35.47
|
$
|
27.81
|
$
|
24.04
|
Total Return C
|
62.81%
|
(7.24)%
|
29.69%
|
15.68%
|
(18.63)%
|
|||||
Ratios and Supplemental Data A, D, E
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.57%
|
.58%
|
.60%
|
.61%
|
.61%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.57%
|
.58%
|
.60%
|
.60%
|
.60%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.57%
|
.58%
|
.59%
|
.60%
|
.60%
|
|||||
Ratio of net investment income (loss) to average net assets
|
.42%
|
.54%
|
.78%
|
.47%
|
.16%
|
|||||
Net assets, end of period
|
$
|
190,071,069
|
$
|
90,457,727
|
$
|
84,303,396
|
$
|
61,043,624
|
$
|
62,728,768
|
Portfolio turnover rate F
|
54%
|
51%
|
73%
|
78%
|
43%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
DExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Common Stocks - 99.7%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.7%
|
|||
Financials - 0.7%
|
|||
Insurance - 0.7%
|
|||
AUB Group Ltd
|
244,332
|
4,761,075
|
|
FRANCE - 0.5%
|
|||
Financials - 0.5%
|
|||
Capital Markets - 0.5%
|
|||
Amundi SA (c)(d)
|
33,100
|
3,601,270
|
|
GRAND CAYMAN (UK OVERSEAS TER) - 0.7%
|
|||
Financials - 0.7%
|
|||
Capital Markets - 0.7%
|
|||
Patria Investments Ltd Class A (a)
|
433,600
|
4,691,552
|
|
MEXICO - 0.6%
|
|||
Financials - 0.6%
|
|||
Capital Markets - 0.6%
|
|||
Bolsa Mexicana de Valores SAB de CV
|
1,741,141
|
3,869,426
|
|
PUERTO RICO - 0.8%
|
|||
Financials - 0.8%
|
|||
Banks - 0.8%
|
|||
Popular Inc
|
30,071
|
5,268,740
|
|
UNITED KINGDOM - 1.6%
|
|||
Financials - 1.6%
|
|||
Insurance - 1.6%
|
|||
Hiscox Ltd
|
269,400
|
6,568,187
|
|
Lancashire Holdings Ltd
|
538,766
|
4,374,884
|
|
TOTAL UNITED KINGDOM
|
10,943,071
|
||
UNITED STATES - 94.8%
|
|||
Financials - 93.8%
|
|||
Banks - 33.2%
|
|||
Associated Banc-Corp
|
208,847
|
6,449,195
|
|
Bank of America Corp
|
754,856
|
46,763,329
|
|
BOK Financial Corp
|
39,500
|
5,580,955
|
|
Citigroup Inc
|
192,305
|
25,470,797
|
|
East West Bancorp Inc
|
42,600
|
5,580,600
|
|
Eastern Bankshares Inc (a)
|
275,100
|
6,316,296
|
|
First Interstate BancSystem Inc Class A (a)
|
75,252
|
2,861,081
|
|
Huntington Bancshares Inc/OH
|
288,000
|
4,907,520
|
|
KeyCorp
|
283,700
|
6,408,783
|
|
M&T Bank Corp
|
32,088
|
7,902,954
|
|
Old National Bancorp/IN
|
413,633
|
11,019,183
|
|
Truist Financial Corp
|
233,100
|
12,083,904
|
|
UMB Financial Corp
|
55,345
|
8,065,427
|
|
United Community Banks Inc/GA
|
98,500
|
3,490,840
|
|
US Bancorp
|
195,100
|
12,293,251
|
|
Wells Fargo & Co
|
523,528
|
45,258,996
|
|
WesBanco Inc
|
115,100
|
4,762,838
|
|
Wintrust Financial Corp
|
32,066
|
5,115,810
|
|
Zions Bancorp NA
|
54,900
|
3,826,530
|
|
224,158,289
|
|||
Capital Markets - 26.6%
|
|||
Blue Owl Capital Inc Class A (a)
|
648,600
|
6,680,580
|
|
Carlyle Group Inc/The
|
82,600
|
3,801,252
|
|
Charles Schwab Corp/The
|
301,600
|
31,740,384
|
|
Evercore Inc Class A
|
7,500
|
2,404,200
|
|
Intercontinental Exchange Inc
|
17,700
|
2,698,896
|
|
KKR & Co Inc Class A
|
159,000
|
16,127,370
|
|
Lazard Inc
|
157,652
|
6,681,292
|
|
Lincoln International Inc Class A
|
4,300
|
89,440
|
|
LPL Financial Holdings Inc
|
26,500
|
9,373,050
|
|
MarketAxess Holdings Inc
|
21,200
|
3,440,760
|
|
Moody's Corp
|
17,000
|
8,132,460
|
|
Morgan Stanley
|
84,800
|
17,843,616
|
|
Nasdaq Inc
|
88,500
|
8,335,815
|
|
Northern Trust Corp
|
43,000
|
7,834,170
|
|
Perella Weinberg Partners Class A
|
138,000
|
2,435,700
|
|
Raymond James Financial Inc
|
70,750
|
12,450,585
|
|
State Street Corp
|
143,200
|
26,371,712
|
|
Virtu Financial Inc Class A
|
227,160
|
13,341,107
|
|
179,782,389
|
|||
Consumer Finance - 4.5%
|
|||
Capital One Financial Corp
|
78,557
|
16,419,199
|
|
FirstCash Holdings Inc
|
35,771
|
7,297,642
|
|
SLM Corp (a)
|
263,400
|
6,847,082
|
|
30,563,923
|
|||
Financial Services - 14.6%
|
|||
Apollo Global Management Inc
|
115,109
|
14,456,539
|
|
Corebridge Financial Inc
|
208,700
|
6,509,353
|
|
Corpay Inc (b)
|
23,700
|
9,056,007
|
|
Mastercard Inc Class A
|
103,700
|
59,430,470
|
|
Voya Financial Inc
|
96,400
|
9,585,052
|
|
99,037,421
|
|||
Insurance - 14.9%
|
|||
American Financial Group Inc/OH
|
52,300
|
7,411,956
|
|
Arthur J Gallagher & Co
|
52,800
|
13,169,376
|
|
Assurant Inc
|
32,400
|
9,045,756
|
|
Baldwin Insurance Group Inc/The Class A (a)(b)
|
285,804
|
7,928,203
|
|
Brown & Brown Inc
|
96,000
|
6,758,400
|
|
Chubb Ltd
|
48,600
|
17,043,048
|
|
First American Financial Corp
|
128,400
|
9,628,716
|
|
Reinsurance Group of America Inc
|
95,400
|
22,595,490
|
|
Selective Insurance Group Inc
|
78,900
|
7,478,931
|
|
101,059,876
|
|||
TOTAL FINANCIALS
|
634,601,898
|
||
Industrials - 1.0%
|
|||
Professional Services - 1.0%
|
|||
TransUnion
|
87,200
|
6,855,664
|
|
TOTAL UNITED STATES
|
641,457,562
|
||
|
TOTAL COMMON STOCKS
(Cost $427,830,010)
|
674,592,696
|
||
Money Market Funds - 2.1%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (e)
|
3.69
|
2,292,956
|
2,293,414
|
|
Fidelity Securities Lending Cash Central Fund (e)(f)
|
3.72
|
11,585,388
|
11,586,546
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $13,879,950)
|
13,879,960
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 101.8%
(Cost $441,709,960)
|
688,472,656
|
NET OTHER ASSETS (LIABILITIES) - (1.8)%
|
(12,014,282)
|
NET ASSETS - 100.0%
|
676,458,374
|
(a)
|
Security or a portion of the security is on loan at period end.
|
(b)
|
Non-income producing.
|
(c)
|
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 $3,601,270 or 0.5% of net assets.
|
(d)
|
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $3,601,270 or 0.5% of net assets.
|
(e)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(f)
|
Investment made with cash collateral received from securities on loan.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Fidelity Cash Central Fund
|
1,494,495
|
83,649,198
|
82,849,948
|
59,248
|
(341)
|
10
|
2,293,414
|
2,292,956
|
Fidelity Securities Lending Cash Central Fund
|
530,700
|
229,583,230
|
218,526,428
|
26,928
|
(956)
|
-
|
11,586,546
|
11,585,388
|
2,025,195
|
313,232,428
|
301,376,376
|
86,176
|
(1,297)
|
10
|
13,879,960
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Financials
|
667,737,032
|
662,975,957
|
4,761,075
|
-
|
Industrials
|
6,855,664
|
6,855,664
|
-
|
-
|
Money Market Funds
|
13,879,960
|
13,879,960
|
-
|
-
|
Total Investments in Securities:
|
688,472,656
|
683,711,581
|
4,761,075
|
-
|
Statement of Assets and Liabilities
|
||
As of July 31, 2026
|
||
Assets
|
||
Investments in securities, at value - unaffiliated issuers
|
$
|
674,592,696
|
Investments in securities, at value - affiliated issuers
|
13,879,960
|
|
Cash
|
2,189,655
|
|
Receivable for investments sold
|
70,863
|
|
Receivable for fund shares sold
|
309,604
|
|
Dividends receivable
|
224,638
|
|
Distributions receivable from affiliated funds
|
8,241
|
|
Prepaid expenses
|
58
|
|
Total assets
|
691,275,715
|
|
Liabilities
|
||
Payable for investments purchased
|
2,189,655
|
|
Payable for fund shares redeemed
|
485,213
|
|
Accrued management fee
|
380,366
|
|
Distribution and service plan fees payable
|
123,073
|
|
Other payables and accrued expenses
|
51,531
|
|
Collateral on securities loaned
|
11,587,503
|
|
Total liabilities
|
14,817,341
|
|
Net Assets
|
$
|
676,458,374
|
Net assets consist of:
|
||
Paid in capital
|
404,598,103
|
|
Total accumulated earnings (loss)
|
271,860,271
|
|
Net Assets
|
$
|
676,458,374
|
Net Asset Value and Maximum Offering
|
||
Class A
|
||
Net Asset Value and redemption price per share ($276,782,200/6,695,927 shares) a
|
$
|
41.34
|
Maximum offering price per share (100/94.25 of $41.34)
|
$
|
43.86
|
Class M
|
||
Net Asset Value and redemption price per share ($97,614,518/2,400,215 shares) a
|
$
|
40.67
|
Maximum offering price per share (100/96.50 of $40.67)
|
$
|
42.14
|
Class C
|
||
Net Asset Value and offering price per share ($31,671,799/836,042 shares) a
|
$
|
37.88
|
Class I
|
||
Net Asset Value, offering price and redemption price per share ($206,898,930/4,807,826 shares)
|
$
|
43.03
|
Class Z
|
||
Net Asset Value, offering price and redemption price per share ($63,490,927/1,476,580 shares)
|
$
|
43.00
|
(a)Redemption price per unit is equal to net asset value less any applicable contingent deferred sales charge.
|
||
Other Information
|
||
Unaffiliated issuers, cost
|
427,830,010
|
|
Affiliated issuers, cost
|
13,879,950
|
|
Securities loaned, market value
|
28,471,431
|
|
Statement of Operations
|
||
Year ended July 31, 2026
|
||
Investment Income
|
||
Dividends - unaffiliated issuers
|
$
|
15,066,657
|
Dividends - affiliated issuers
|
86,176
|
|
Security lending income - unaffiliated issuers
|
5,458
|
|
Total investment income
|
15,158,291
|
|
Expenses
|
||
Management fee
|
4,639,325
|
|
Distribution and service plan fees
|
1,444,470
|
|
Custodian fees and expenses
|
25,026
|
|
Independent trustees' fees and expenses
|
2,381
|
|
Registration fees
|
112,425
|
|
Audit
|
53,537
|
|
Legal
|
1,004
|
|
Interest
|
12,247
|
|
Commitment fee
|
969
|
|
Miscellaneous
|
1,483
|
|
Total expenses
|
6,292,867
|
|
Net investment income (loss)
|
8,865,424
|
|
Net realized gain (loss)
|
||
Investments - unaffiliated issuers
|
35,687,837
|
|
Investments - affiliated issuers
|
(1,297)
|
|
Foreign currency transactions
|
(1,961)
|
|
Net realized gain (loss)
|
35,684,579
|
|
Change in net unrealized appreciation (depreciation)
|
||
Investments - unaffiliated issuers
|
54,431,883
|
|
Investments - affiliated issuers
|
10
|
|
Assets and liabilities in foreign currencies
|
(171)
|
|
Total change in net unrealized appreciation (depreciation)
|
54,431,722
|
|
Net gain (loss)
|
90,116,301
|
|
Net increase (decrease) in net assets resulting from operations
|
$
|
98,981,725
|
Other Information
|
||
Income from securities lending - Affiliated Issuers
|
26,928
|
|
Statement of Changes in Net Assets
|
||||
Year ended
July 31, 2026
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
8,865,424
|
$
|
8,610,243
|
Net realized gain (loss)
|
35,684,579
|
48,755,562
|
||
Change in net unrealized appreciation (depreciation)
|
54,431,722
|
51,741,863
|
||
Net increase (decrease) in net assets resulting from operations
|
98,981,725
|
109,107,668
|
||
Distributions to shareholders
|
||||
Distributions to shareholders
|
(47,860,089)
|
(29,319,932)
|
||
Total distributions
|
(47,860,089)
|
(29,319,932)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
(58,384,461)
|
96,518,976
|
||
Total increase (decrease) in net assets
|
(7,262,825)
|
176,306,712
|
||
Net Assets
|
||||
Beginning of period
|
683,721,199
|
507,414,487
|
||
End of period
|
$
|
676,458,374
|
$
|
683,721,199
|
Fidelity Advisor® Financials Fund Class A |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
37.78
|
$
|
32.88
|
$
|
25.84
|
$
|
26.31
|
$
|
28.41
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
.47
|
.47
|
.51
|
.51
|
.44
|
|||||
Net realized and unrealized gain (loss)
|
5.70
|
6.11
|
7.17
|
.50
|
(1.32)
|
|||||
Total from investment operations
|
6.17
|
6.58
|
7.68
|
1.01
|
(.88)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
(.51)
|
(.44)
|
(.64)
|
(.45)
|
(.43)
|
|||||
Distributions from net realized gain
|
(2.10)
|
(1.25)
|
-
|
(1.03)
|
(.80)
|
|||||
Total distributions
|
(2.61)
|
(1.68) C
|
(.64)
|
(1.48)
|
(1.22) C
|
|||||
Net asset value, end of period
|
$
|
41.34
|
$
|
37.78
|
$
|
32.88
|
$
|
25.84
|
$
|
26.31
|
Total Return D, E
|
16.96%
|
20.42%
|
30.18%
|
4.17%
|
(3.40)%
|
|||||
Ratios and Supplemental Data A, F, G
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.99%
|
1.00%
|
1.03%
|
1.05%
|
1.03%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.99%
|
1.00%
|
1.03%
|
1.04%
|
1.03%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.99%
|
1.00%
|
1.03%
|
1.04%
|
1.03%
|
|||||
Ratio of net investment income (loss) to average net assets
|
1.24%
|
1.34%
|
1.83%
|
2.02%
|
1.55%
|
|||||
Net assets, end of period
|
$
|
276,782,200
|
$
|
262,933,634
|
$
|
203,327,831
|
$
|
169,271,084
|
$
|
189,413,013
|
Portfolio turnover rate H
|
25%
|
49%
|
44% I
|
55%
|
40%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CTotal distributions per share do not sum due to rounding.
|
DTotal returns do not include the effect of the sales charges.
|
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
IPortfolio turnover rate excludes securities received or delivered in-kind.
|
Fidelity Advisor® Financials Fund Class M |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
37.22
|
$
|
32.43
|
$
|
25.49
|
$
|
25.98
|
$
|
28.08
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
.37
|
.38
|
.44
|
.44
|
.37
|
|||||
Net realized and unrealized gain (loss)
|
5.61
|
6.02
|
7.07
|
.49
|
(1.31)
|
|||||
Total from investment operations
|
5.98
|
6.40
|
7.51
|
.93
|
(.94)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
(.43)
|
(.36)
|
(.57)
|
(.39)
|
(.37)
|
|||||
Distributions from net realized gain
|
(2.10)
|
(1.25)
|
-
|
(1.03)
|
(.80)
|
|||||
Total distributions
|
(2.53)
|
(1.61)
|
(.57)
|
(1.42)
|
(1.16) C
|
|||||
Net asset value, end of period
|
$
|
40.67
|
$
|
37.22
|
$
|
32.43
|
$
|
25.49
|
$
|
25.98
|
Total Return D, E
|
16.66%
|
20.10%
|
29.90%
|
3.88%
|
(3.63)%
|
|||||
Ratios and Supplemental Data B, F, G
|
||||||||||
Ratio of expenses to average net assets before reductions
|
1.24%
|
1.24%
|
1.27%
|
1.29%
|
1.28%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
1.24%
|
1.24%
|
1.27%
|
1.28%
|
1.28%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
1.24%
|
1.24%
|
1.27%
|
1.28%
|
1.28%
|
|||||
Ratio of net investment income (loss) to average net assets
|
.99%
|
1.10%
|
1.60%
|
1.78%
|
1.30%
|
|||||
Net assets, end of period
|
$
|
97,614,518
|
$
|
90,286,540
|
$
|
76,610,821
|
$
|
64,588,318
|
$
|
69,176,385
|
Portfolio turnover rate H
|
25%
|
49%
|
44% I
|
55%
|
40%
|
|||||
ACalculated based on average shares outstanding during the period.
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
CTotal distributions per share do not sum due to rounding.
|
DTotal returns do not include the effect of the sales charges.
|
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
IPortfolio turnover rate excludes securities received or delivered in-kind.
|
Fidelity Advisor® Financials Fund Class C |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
34.80
|
$
|
30.43
|
$
|
23.92
|
$
|
24.44
|
$
|
26.48
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
.18
|
.19
|
.28
|
.30
|
.21
|
|||||
Net realized and unrealized gain (loss)
|
5.21
|
5.64
|
6.64
|
.46
|
(1.23)
|
|||||
Total from investment operations
|
5.39
|
5.83
|
6.92
|
.76
|
(1.02)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
(.21)
|
(.22)
|
(.41)
|
(.25)
|
(.23)
|
|||||
Distributions from net realized gain
|
(2.10)
|
(1.25)
|
-
|
(1.03)
|
(.80)
|
|||||
Total distributions
|
(2.31)
|
(1.46) C
|
(.41)
|
(1.28)
|
(1.02) C
|
|||||
Net asset value, end of period
|
$
|
37.88
|
$
|
34.80
|
$
|
30.43
|
$
|
23.92
|
$
|
24.44
|
Total Return D, E
|
16.06%
|
19.53%
|
29.23%
|
3.38%
|
(4.13)%
|
|||||
Ratios and Supplemental Data B, F, G
|
||||||||||
Ratio of expenses to average net assets before reductions
|
1.74%
|
1.75%
|
1.78%
|
1.79%
|
1.79%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
1.74%
|
1.75%
|
1.77%
|
1.79%
|
1.78%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
1.74%
|
1.75%
|
1.77%
|
1.79%
|
1.78%
|
|||||
Ratio of net investment income (loss) to average net assets
|
.51%
|
.59%
|
1.09%
|
1.27%
|
.80%
|
|||||
Net assets, end of period
|
$
|
31,671,799
|
$
|
36,180,589
|
$
|
36,108,310
|
$
|
41,338,668
|
$
|
58,176,670
|
Portfolio turnover rate H
|
25%
|
49%
|
44% I
|
55%
|
40%
|
|||||
ACalculated based on average shares outstanding during the period.
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
CTotal distributions per share do not sum due to rounding.
|
DTotal returns do not include the effect of the contingent deferred sales charge.
|
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
IPortfolio turnover rate excludes securities received or delivered in-kind.
|
Fidelity Advisor® Financials Fund Class I |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
39.23
|
$
|
34.10
|
$
|
26.77
|
$
|
27.20
|
$
|
29.32
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
.60
|
.59
|
.61
|
.60
|
.54
|
|||||
Net realized and unrealized gain (loss)
|
5.92
|
6.34
|
7.43
|
.52
|
(1.37)
|
|||||
Total from investment operations
|
6.52
|
6.93
|
8.04
|
1.12
|
(.83)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
(.62)
|
(.55)
|
(.71)
|
(.53)
|
(.50)
|
|||||
Distributions from net realized gain
|
(2.10)
|
(1.25)
|
-
|
(1.03)
|
(.80)
|
|||||
Total distributions
|
(2.72)
|
(1.80)
|
(.71)
|
(1.55) C
|
(1.29) C
|
|||||
Net asset value, end of period
|
$
|
43.03
|
$
|
39.23
|
$
|
34.10
|
$
|
26.77
|
$
|
27.20
|
Total Return D
|
17.25%
|
20.75%
|
30.52%
|
4.47%
|
(3.13)%
|
|||||
Ratios and Supplemental Data A, E, F
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.72%
|
.72%
|
.76%
|
.77%
|
.76%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.72%
|
.72%
|
.75%
|
.77%
|
.76%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.72%
|
.72%
|
.75%
|
.77%
|
.76%
|
|||||
Ratio of net investment income (loss) to average net assets
|
1.52%
|
1.62%
|
2.11%
|
2.29%
|
1.82%
|
|||||
Net assets, end of period
|
$
|
206,898,930
|
$
|
212,456,308
|
$
|
124,435,408
|
$
|
110,243,589
|
$
|
131,118,415
|
Portfolio turnover rate G
|
25%
|
49%
|
44% H
|
55%
|
40%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CTotal distributions per share do not sum due to rounding.
|
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
HPortfolio turnover rate excludes securities received or delivered in-kind.
|
Fidelity Advisor® Financials Fund Class Z |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
39.21
|
$
|
34.07
|
$
|
26.71
|
$
|
27.16
|
$
|
29.28
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
.66
|
.64
|
.63
|
.63
|
.57
|
|||||
Net realized and unrealized gain (loss)
|
5.91
|
6.33
|
7.44
|
.51
|
(1.37)
|
|||||
Total from investment operations
|
6.57
|
6.97
|
8.07
|
1.14
|
(.80)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
(.68)
|
(.58)
|
(.71)
|
(.57)
|
(.53)
|
|||||
Distributions from net realized gain
|
(2.10)
|
(1.25)
|
-
|
(1.03)
|
(.80)
|
|||||
Total distributions
|
(2.78)
|
(1.83)
|
(.71)
|
(1.59) C
|
(1.32) C
|
|||||
Net asset value, end of period
|
$
|
43.00
|
$
|
39.21
|
$
|
34.07
|
$
|
26.71
|
$
|
27.16
|
Total Return D
|
17.42%
|
20.89%
|
30.73%
|
4.58%
|
(3.03)%
|
|||||
Ratios and Supplemental Data A, E, F
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.59%
|
.59%
|
.63%
|
.64%
|
.64%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.59%
|
.59%
|
.62%
|
.64%
|
.63%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.59%
|
.59%
|
.62%
|
.64%
|
.63%
|
|||||
Ratio of net investment income (loss) to average net assets
|
1.67%
|
1.75%
|
2.24%
|
2.42%
|
1.95%
|
|||||
Net assets, end of period
|
$
|
63,490,927
|
$
|
81,864,128
|
$
|
66,932,117
|
$
|
87,819,361
|
$
|
63,008,508
|
Portfolio turnover rate G
|
25%
|
49%
|
44% H
|
55%
|
40%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CTotal distributions per share do not sum due to rounding.
|
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
HPortfolio turnover rate excludes securities received or delivered in-kind.
|
Common Stocks - 98.7%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 98.7%
|
|||
Industrials - 97.2%
|
|||
Aerospace & Defense - 30.9%
|
|||
Axon Enterprise Inc (a)
|
83,200
|
43,909,632
|
|
Beta Technologies Inc Class A (a)
|
8,400
|
159,012
|
|
Boeing Co (a)
|
617,722
|
133,514,433
|
|
GE Aerospace
|
487,840
|
175,656,549
|
|
General Dynamics Corp
|
90,400
|
34,661,168
|
|
HEICO Corp Class A
|
85,200
|
21,920,256
|
|
Howmet Aerospace Inc
|
341,995
|
96,531,509
|
|
Karman Holdings Inc (a)(b)
|
92,000
|
4,429,800
|
|
RTX Corp
|
351,527
|
75,655,641
|
|
StandardAero Inc (a)
|
878,030
|
25,735,059
|
|
Textron Inc
|
157,300
|
13,411,398
|
|
TransDigm Group Inc
|
33,851
|
42,462,017
|
|
668,046,474
|
|||
Air Freight & Logistics - 1.0%
|
|||
CH Robinson Worldwide Inc
|
150,150
|
22,181,659
|
|
Building Products - 8.8%
|
|||
Fortune Brands Innovations Inc
|
325,400
|
16,029,204
|
|
Hayward Holdings Inc (a)
|
1,075,900
|
16,278,367
|
|
Johnson Controls International plc
|
235,357
|
34,517,458
|
|
Madison Air Solutions Corp Class A
|
386,300
|
11,225,878
|
|
Simpson Manufacturing Co Inc
|
70,859
|
13,303,069
|
|
Trane Technologies PLC
|
218,635
|
99,467,993
|
|
190,821,969
|
|||
Commercial Services & Supplies - 3.2%
|
|||
Cintas Corp
|
198,300
|
40,578,129
|
|
Republic Services Inc
|
136,900
|
28,824,295
|
|
69,402,424
|
|||
Construction & Engineering - 5.0%
|
|||
Comfort Systems USA Inc
|
17,502
|
30,273,034
|
|
Quanta Services Inc
|
93,500
|
62,398,160
|
|
WillScot Holdings Corp
|
598,300
|
14,526,724
|
|
107,197,918
|
|||
Electrical Equipment - 13.6%
|
|||
Acuity Inc
|
138,609
|
45,517,810
|
|
AMETEK Inc
|
152,354
|
36,825,485
|
|
Eaton Corp PLC
|
182,216
|
75,656,083
|
|
GE Vernova Inc
|
137,009
|
135,678,643
|
|
293,678,021
|
|||
Ground Transportation - 5.6%
|
|||
CSX Corp
|
134,452
|
6,776,381
|
|
Knight-Swift Transportation Holdings Inc
|
177,200
|
12,320,716
|
|
Old Dominion Freight Line Inc
|
170,700
|
36,212,298
|
|
Uber Technologies Inc (a)
|
470,700
|
33,118,452
|
|
XPO Inc (a)
|
160,703
|
32,296,482
|
|
120,724,329
|
|||
Industrial Conglomerates - 1.8%
|
|||
3M Co
|
217,100
|
38,270,388
|
|
Machinery - 24.3%
|
|||
Caterpillar Inc
|
70,100
|
57,118,181
|
|
Cummins Inc
|
94,337
|
59,828,525
|
|
Deere & Co
|
47,900
|
28,388,893
|
|
Dover Corp
|
226,481
|
46,342,542
|
|
Ingersoll Rand Inc
|
690,207
|
57,549,460
|
|
ITT Inc (b)
|
290,409
|
56,914,356
|
|
PACCAR Inc
|
474,400
|
62,943,392
|
|
Parker-Hannifin Corp
|
95,313
|
93,076,004
|
|
RBC Bearings Inc (a)
|
15,100
|
8,324,781
|
|
Westinghouse Air Brake Technologies Corp
|
187,900
|
54,652,594
|
|
525,138,728
|
|||
Trading Companies & Distributors - 3.0%
|
|||
United Rentals Inc
|
34,250
|
36,964,655
|
|
WW Grainger Inc
|
20,159
|
27,864,173
|
|
64,828,828
|
|||
TOTAL INDUSTRIALS
|
2,100,290,738
|
||
Information Technology - 0.3%
|
|||
Technology Hardware, Storage & Peripherals - 0.3%
|
|||
GPGI Inc Class A
|
459,990
|
6,071,868
|
|
Materials - 1.2%
|
|||
Construction Materials - 1.2%
|
|||
James Hardie Industries PLC (a)
|
1,015,700
|
26,702,753
|
|
TOTAL UNITED STATES
|
2,133,065,359
|
||
|
TOTAL COMMON STOCKS
(Cost $1,306,499,323)
|
2,133,065,359
|
||
Money Market Funds - 2.0%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (c)
|
3.69
|
23,891,607
|
23,896,386
|
|
Fidelity Securities Lending Cash Central Fund (c)(d)
|
3.72
|
20,187,097
|
20,189,115
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $44,083,256)
|
44,085,501
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 100.7%
(Cost $1,350,582,579)
|
2,177,150,860
|
NET OTHER ASSETS (LIABILITIES) - (0.7)%
|
(15,606,114)
|
NET ASSETS - 100.0%
|
2,161,544,746
|
(a)
|
Non-income producing.
|
(b)
|
Security or a portion of the security is on loan at period end.
|
(c)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(d)
|
Investment made with cash collateral received from securities on loan.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Fidelity Cash Central Fund
|
9,676,992
|
358,744,176
|
345,551,484
|
440,494
|
(650)
|
2,245
|
23,896,386
|
23,891,607
|
Fidelity Securities Lending Cash Central Fund
|
18,794,664
|
1,443,587,396
|
1,442,192,220
|
28,519
|
(725)
|
-
|
20,189,115
|
20,187,097
|
28,471,656
|
1,802,331,572
|
1,787,743,704
|
469,013
|
(1,375)
|
2,245
|
44,085,501
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Industrials
|
2,100,290,738
|
2,100,290,738
|
-
|
-
|
Information Technology
|
6,071,868
|
6,071,868
|
-
|
-
|
Materials
|
26,702,753
|
26,702,753
|
-
|
-
|
Money Market Funds
|
44,085,501
|
44,085,501
|
-
|
-
|
Total Investments in Securities:
|
2,177,150,860
|
2,177,150,860
|
-
|
-
|
Statement of Assets and Liabilities
|
||
As of July 31, 2026
|
||
Assets
|
||
Investments in securities, at value - unaffiliated issuers
|
$
|
2,133,065,359
|
Investments in securities, at value - affiliated issuers
|
44,085,501
|
|
Receivable for investments sold
|
15,111,634
|
|
Receivable for fund shares sold
|
2,249,735
|
|
Dividends receivable
|
390,391
|
|
Distributions receivable from affiliated funds
|
60,694
|
|
Prepaid expenses
|
396
|
|
Other receivables
|
181,180
|
|
Total assets
|
2,195,144,890
|
|
Liabilities
|
||
Payable to custodian bank
|
9,420,060
|
|
Payable for investments purchased
|
1,108,428
|
|
Payable for fund shares redeemed
|
1,342,546
|
|
Accrued management fee
|
1,137,873
|
|
Distribution and service plan fees payable
|
171,817
|
|
Other payables and accrued expenses
|
229,579
|
|
Collateral on securities loaned
|
20,189,841
|
|
Total liabilities
|
33,600,144
|
|
Net Assets
|
$
|
2,161,544,746
|
Net assets consist of:
|
||
Paid in capital
|
1,275,513,970
|
|
Total accumulated earnings (loss)
|
886,030,776
|
|
Net Assets
|
$
|
2,161,544,746
|
Net Asset Value and Maximum Offering
|
||
Class A
|
||
Net Asset Value and redemption price per share ($456,031,232/6,924,637 shares) a
|
$
|
65.86
|
Maximum offering price per share (100/94.25 of $65.86)
|
$
|
69.87
|
Class M
|
||
Net Asset Value and redemption price per share ($100,193,027/1,596,389 shares) a
|
$
|
62.76
|
Maximum offering price per share (100/96.50 of $62.76)
|
$
|
65.04
|
Class C
|
||
Net Asset Value and offering price per share ($41,382,476/799,049 shares) a
|
$
|
51.79
|
Industrials Portfolio
|
||
Net Asset Value, offering price and redemption price per share ($1,087,651,225/14,996,864 shares)
|
$
|
72.53
|
Class I
|
||
Net Asset Value, offering price and redemption price per share ($352,696,325/4,864,519 shares)
|
$
|
72.50
|
Class Z
|
||
Net Asset Value, offering price and redemption price per share ($123,590,461/1,702,764 shares)
|
$
|
72.58
|
(a)Redemption price per unit is equal to net asset value less any applicable contingent deferred sales charge.
|
||
Other Information
|
||
Unaffiliated issuers, cost
|
1,306,499,323
|
|
Affiliated issuers, cost
|
44,083,256
|
|
Securities loaned, market value
|
20,099,073
|
|
Statement of Operations
|
||
Year ended July 31, 2026
|
||
Investment Income
|
||
Dividends - unaffiliated issuers
|
$
|
10,464,288
|
Dividends - affiliated issuers
|
469,013
|
|
Security lending income - unaffiliated issuers
|
1,785
|
|
Total investment income
|
10,935,086
|
|
Expenses
|
||
Management fee
|
10,611,345
|
|
Distribution and service plan fees
|
1,809,335
|
|
Custodian fees and expenses
|
19,721
|
|
Independent trustees' fees and expenses
|
5,282
|
|
Registration fees
|
189,618
|
|
Audit
|
55,592
|
|
Legal
|
2,121
|
|
Interest
|
2,082
|
|
Commitment fee
|
2,151
|
|
Miscellaneous
|
1,946
|
|
Total expenses
|
12,699,193
|
|
Expense reimbursements and reductions
|
(23,752)
|
|
Total expenses after reductions
|
12,675,441
|
|
Net investment income (loss)
|
(1,740,355)
|
|
Net realized gain (loss)
|
||
Investments - unaffiliated issuers
|
90,569,380
|
|
Investments - affiliated issuers
|
(1,375)
|
|
Redemptions in-kind
|
22,130,389
|
|
Net realized gain (loss)
|
112,698,394
|
|
Change in net unrealized appreciation (depreciation)
|
||
Investments - unaffiliated issuers
|
253,745,812
|
|
Investments - affiliated issuers
|
2,245
|
|
Assets and liabilities in foreign currencies
|
(14)
|
|
Total change in net unrealized appreciation (depreciation)
|
253,748,043
|
|
Net gain (loss)
|
366,446,437
|
|
Net increase (decrease) in net assets resulting from operations
|
$
|
364,706,082
|
Other Information
|
||
Income from securities lending - Affiliated Issuers
|
28,519
|
|
Statement of Changes in Net Assets
|
||||
Year ended
July 31, 2026
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
(1,740,355)
|
$
|
(458,146)
|
Net realized gain (loss)
|
112,698,394
|
26,573,267
|
||
Change in net unrealized appreciation (depreciation)
|
253,748,043
|
129,514,452
|
||
Net increase (decrease) in net assets resulting from operations
|
364,706,082
|
155,629,573
|
||
Distributions to shareholders
|
||||
Distributions to shareholders
|
(26,174,038)
|
(24,480,680)
|
||
Total distributions
|
(26,174,038)
|
(24,480,680)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
1,016,130,571
|
93,722,990
|
||
Total increase (decrease) in net assets
|
1,354,662,615
|
224,871,883
|
||
Net Assets
|
||||
Beginning of period
|
806,882,131
|
582,010,248
|
||
End of period
|
$
|
2,161,544,746
|
$
|
806,882,131
|
Fidelity Advisor® Industrials Fund Class A |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
55.21
|
$
|
45.68
|
$
|
39.24
|
$
|
34.23
|
$
|
45.64
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.12)
|
(.06) C
|
.01 D
|
(.05) E
|
(.14)
|
|||||
Net realized and unrealized gain (loss)
|
11.73
|
11.43
|
9.77
|
6.24
|
(2.62)
|
|||||
Total from investment operations
|
11.61
|
11.37
|
9.78
|
6.19
|
(2.76)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
-
|
(.08)
|
-
|
(.02)
|
-
|
|||||
Distributions from net realized gain
|
(.96)
|
(1.76)
|
(3.34)
|
(1.16)
|
(8.65)
|
|||||
Total distributions
|
(.96)
|
(1.84)
|
(3.34)
|
(1.18)
|
(8.65)
|
|||||
Net asset value, end of period
|
$
|
65.86
|
$
|
55.21
|
$
|
45.68
|
$
|
39.24
|
$
|
34.23
|
Total Return F, G
|
21.35%
|
25.70%
|
26.64%
|
18.68%
|
(7.79)%
|
|||||
Ratios and Supplemental Data A, H, I
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.95%
|
.98%
|
1.00%
|
1.03%
|
1.02%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.95%
|
.98%
|
1.00%
|
1.03%
|
1.01%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.95%
|
.98%
|
1.00%
|
1.03%
|
1.01%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(.20)%
|
(.12)% C
|
.02% D
|
(.13)% E
|
(.35)%
|
|||||
Net assets, end of period
|
$
|
456,031,232
|
$
|
355,052,753
|
$
|
275,457,415
|
$
|
226,370,317
|
$
|
214,575,919
|
Portfolio turnover rate L
|
34% J, K
|
29%
|
29% K
|
189% K
|
106%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.2%.
|
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.1%.
|
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.25%.
|
FTotal returns do not include the effect of the sales charges.
|
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
JThe portfolio turnover rate does not include the assets acquired in the reorganization.
|
KPortfolio turnover rate excludes securities received or delivered in-kind.
|
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Industrials Fund Class M |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
52.79
|
$
|
43.74
|
$
|
37.77
|
$
|
33.05
|
$
|
44.31
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.25)
|
(.17) C
|
(.09) D
|
(.13) E
|
(.23)
|
|||||
Net realized and unrealized gain (loss)
|
11.18
|
10.94
|
9.36
|
6.01
|
(2.53)
|
|||||
Total from investment operations
|
10.93
|
10.77
|
9.27
|
5.88
|
(2.76)
|
|||||
Distributions
|
||||||||||
Distributions from net realized gain
|
(.96)
|
(1.72)
|
(3.30)
|
(1.16)
|
(8.50)
|
|||||
Total distributions
|
(.96)
|
(1.72)
|
(3.30)
|
(1.16)
|
(8.50)
|
|||||
Net asset value, end of period
|
$
|
62.76
|
$
|
52.79
|
$
|
43.74
|
$
|
37.77
|
$
|
33.05
|
Total Return F, G
|
21.04%
|
25.40%
|
26.30%
|
18.39%
|
(8.03)%
|
|||||
Ratios and Supplemental Data B, H, I
|
||||||||||
Ratio of expenses to average net assets before reductions
|
1.20%
|
1.23%
|
1.25%
|
1.29%
|
1.27%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
1.20%
|
1.23%
|
1.25%
|
1.28%
|
1.27%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
1.20%
|
1.23%
|
1.25%
|
1.28%
|
1.27%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(.44)%
|
(.37)% C
|
(.23)% D
|
(.38)% E
|
(.60)%
|
|||||
Net assets, end of period
|
$
|
100,193,027
|
$
|
84,708,181
|
$
|
67,472,064
|
$
|
54,174,849
|
$
|
49,500,836
|
Portfolio turnover rate L
|
34% J, K
|
29%
|
29% K
|
189% K
|
106%
|
|||||
ACalculated based on average shares outstanding during the period.
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.45%.
|
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.35%.
|
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.51%.
|
FTotal returns do not include the effect of the sales charges.
|
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
JThe portfolio turnover rate does not include the assets acquired in the reorganization.
|
KPortfolio turnover rate excludes securities received or delivered in-kind.
|
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Industrials Fund Class C |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
43.94
|
$
|
36.87
|
$
|
32.48
|
$
|
28.72
|
$
|
39.46
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.44)
|
(.34) C
|
(.24) D
|
(.26) E
|
(.37)
|
|||||
Net realized and unrealized gain (loss)
|
9.25
|
9.13
|
7.93
|
5.18
|
(2.19)
|
|||||
Total from investment operations
|
8.81
|
8.79
|
7.69
|
4.92
|
(2.56)
|
|||||
Distributions
|
||||||||||
Distributions from net realized gain
|
(.96)
|
(1.72)
|
(3.30)
|
(1.16)
|
(8.18)
|
|||||
Total distributions
|
(.96)
|
(1.72)
|
(3.30)
|
(1.16)
|
(8.18)
|
|||||
Net asset value, end of period
|
$
|
51.79
|
$
|
43.94
|
$
|
36.87
|
$
|
32.48
|
$
|
28.72
|
Total Return F, G
|
20.44%
|
24.73%
|
25.68%
|
17.81%
|
(8.48)%
|
|||||
Ratios and Supplemental Data B, H, I
|
||||||||||
Ratio of expenses to average net assets before reductions
|
1.70%
|
1.74%
|
1.76%
|
1.79%
|
1.77%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
1.70%
|
1.74%
|
1.76%
|
1.78%
|
1.77%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
1.70%
|
1.74%
|
1.76%
|
1.78%
|
1.77%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(.94)%
|
(.88)% C
|
(.74)% D
|
(.89)% E
|
(1.10)%
|
|||||
Net assets, end of period
|
$
|
41,382,476
|
$
|
35,335,522
|
$
|
33,930,157
|
$
|
33,292,753
|
$
|
37,417,299
|
Portfolio turnover rate L
|
34% J, K
|
29%
|
29% J
|
189% J
|
106%
|
|||||
ACalculated based on average shares outstanding during the period.
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.96%.
|
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.86%.
|
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -1.01%.
|
FTotal returns do not include the effect of the contingent deferred sales charge.
|
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
JPortfolio turnover rate excludes securities received or delivered in-kind.
|
KThe portfolio turnover rate does not include the assets acquired in the reorganization.
|
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Industrials Portfolio |
Years ended July 31,
|
2026 A
|
|
Selected Per Share Data
|
||
Net asset value, beginning of period
|
$
|
60.56
|
Income from Investment Operations
|
||
Net investment income (loss) B, C
|
(.04)
|
|
Net realized and unrealized gain (loss)
|
12.97
|
|
Total from investment operations
|
12.93
|
|
Distributions
|
||
Distributions from net realized gain
|
(.96)
|
|
Total distributions
|
(.96)
|
|
Net asset value, end of period
|
$
|
72.53
|
Total Return D, E
|
21.65%
|
|
Ratios and Supplemental Data C, F, G
|
||
Ratio of expenses to average net assets before reductions
|
.64% H
|
|
Ratio of expenses to average net assets net of fee waivers, if any
|
.64% H
|
|
Ratio of expenses to average net assets net of all reductions, if any
|
.64% H
|
|
Ratio of net investment income (loss) to average net assets
|
(.07)% H
|
|
Net assets, end of period
|
$
|
1,087,651,225
|
Portfolio turnover rate K
|
34% I, J
|
|
AFor the period October 9, 2025 (commencement of sale of shares) through July 31, 2026.
|
BCalculated based on average shares outstanding during the period.
|
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
DTotal returns for periods of less than one year are not annualized.
|
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
HAnnualized.
|
IPortfolio turnover rate excludes securities received or delivered in-kind.
|
JThe portfolio turnover rate does not include the assets acquired in the reorganization.
|
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Industrials Fund Class I |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
60.54
|
$
|
49.94
|
$
|
42.55
|
$
|
36.95
|
$
|
48.64
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
.04
|
.08 C
|
.13 D
|
.05 E
|
(.03)
|
|||||
Net realized and unrealized gain (loss)
|
12.88
|
12.53
|
10.65
|
6.77
|
(2.84)
|
|||||
Total from investment operations
|
12.92
|
12.61
|
10.78
|
6.82
|
(2.87)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
-
|
(.24)
|
-
|
(.06)
|
-
|
|||||
Distributions from net realized gain
|
(.96)
|
(1.76)
|
(3.39)
|
(1.16)
|
(8.82)
|
|||||
Total distributions
|
(.96)
|
(2.01) F
|
(3.39)
|
(1.22)
|
(8.82)
|
|||||
Net asset value, end of period
|
$
|
72.50
|
$
|
60.54
|
$
|
49.94
|
$
|
42.55
|
$
|
36.95
|
Total Return G
|
21.64%
|
26.05%
|
26.97%
|
19.02%
|
(7.55)%
|
|||||
Ratios and Supplemental Data A, H, I
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.69%
|
.71%
|
.74%
|
.76%
|
.75%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.69%
|
.71%
|
.73%
|
.76%
|
.75%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.69%
|
.71%
|
.73%
|
.76%
|
.75%
|
|||||
Ratio of net investment income (loss) to average net assets
|
.06%
|
.15% C
|
.29% D
|
.14% E
|
(.08)%
|
|||||
Net assets, end of period
|
$
|
352,696,325
|
$
|
263,765,447
|
$
|
157,454,868
|
$
|
140,764,336
|
$
|
145,848,818
|
Portfolio turnover rate L
|
34% J, K
|
29%
|
29% K
|
189% K
|
106%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.07%.
|
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.16%.
|
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.02%.
|
FTotal distributions per share do not sum due to rounding.
|
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
JThe portfolio turnover rate does not include the assets acquired in the reorganization.
|
KPortfolio turnover rate excludes securities received or delivered in-kind.
|
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Industrials Fund Class Z |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
60.53
|
$
|
49.95
|
$
|
42.52
|
$
|
36.91
|
$
|
48.61
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
.10
|
.14 C
|
.18 D
|
.10 E
|
.02
|
|||||
Net realized and unrealized gain (loss)
|
12.91
|
12.52
|
10.65
|
6.75
|
(2.83)
|
|||||
Total from investment operations
|
13.01
|
12.66
|
10.83
|
6.85
|
(2.81)
|
|||||
Distributions
|
||||||||||
Distributions from net investment income
|
-
|
(.32)
|
-
|
(.08)
|
-
|
|||||
Distributions from net realized gain
|
(.96)
|
(1.76)
|
(3.40)
|
(1.16)
|
(8.89)
|
|||||
Total distributions
|
(.96)
|
(2.08)
|
(3.40)
|
(1.24)
|
(8.89)
|
|||||
Net asset value, end of period
|
$
|
72.58
|
$
|
60.53
|
$
|
49.95
|
$
|
42.52
|
$
|
36.91
|
Total Return F
|
21.79%
|
26.20%
|
27.12%
|
19.14%
|
(7.42)%
|
|||||
Ratios and Supplemental Data B, G, H
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.57%
|
.59%
|
.61%
|
.64%
|
.63%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.57%
|
.59%
|
.61%
|
.63%
|
.62%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.57%
|
.59%
|
.61%
|
.63%
|
.62%
|
|||||
Ratio of net investment income (loss) to average net assets
|
.15%
|
.27% C
|
.41% D
|
.26% E
|
.04%
|
|||||
Net assets, end of period
|
$
|
123,590,461
|
$
|
68,020,228
|
$
|
47,695,744
|
$
|
104,119,842
|
$
|
23,973,798
|
Portfolio turnover rate K
|
34% I, J
|
29%
|
29% J
|
189% J
|
106%
|
|||||
ACalculated based on average shares outstanding during the period.
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.19%.
|
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.29%.
|
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.14%.
|
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
IThe portfolio turnover rate does not include the assets acquired in the reorganization.
|
JPortfolio turnover rate excludes securities received or delivered in-kind.
|
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Common Stocks - 98.5%
|
|||
Shares
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Taalas Inc warrants (b)(c)(d)
|
405,132
|
1,450,372
|
|
ISRAEL - 1.6%
|
|||
Information Technology - 1.6%
|
|||
Semiconductors & Semiconductor Equipment - 1.6%
|
|||
Nova Ltd (b)(e)
|
299,632
|
117,117,160
|
|
JAPAN - 2.3%
|
|||
Information Technology - 2.3%
|
|||
Semiconductors & Semiconductor Equipment - 2.3%
|
|||
Allegro MicroSystems Inc (b)
|
2,410,090
|
100,018,735
|
|
Kioxia Holdings Corp (b)
|
238,600
|
66,506,515
|
|
TOTAL JAPAN
|
166,525,250
|
||
KOREA (SOUTH) - 0.2%
|
|||
Information Technology - 0.2%
|
|||
Semiconductors & Semiconductor Equipment - 0.2%
|
|||
SK Hynix Inc
|
10,670
|
11,972,462
|
|
NETHERLANDS - 8.9%
|
|||
Information Technology - 8.9%
|
|||
Semiconductors & Semiconductor Equipment - 8.9%
|
|||
ASML Holding NV depository receipt
|
210,848
|
343,471,392
|
|
NXP Semiconductors NV
|
1,287,712
|
295,092,082
|
|
TOTAL NETHERLANDS
|
638,563,474
|
||
TAIWAN - 1.3%
|
|||
Information Technology - 1.3%
|
|||
Semiconductors & Semiconductor Equipment - 1.3%
|
|||
Silicon Motion Technology Corp ADR
|
246,130
|
62,418,568
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
70,658
|
28,563,497
|
|
TOTAL TAIWAN
|
90,982,065
|
||
UNITED STATES - 84.2%
|
|||
Industrials - 0.0%
|
|||
Electrical Equipment - 0.0%
|
|||
Empower Semiconductor Inc (c)(d)
|
248,000
|
27,280
|
|
Information Technology - 84.2%
|
|||
Electronic Equipment, Instruments & Components - 0.5%
|
|||
Aeva Technologies Inc (b)(e)
|
23,620
|
414,295
|
|
Coherent Corp (b)
|
131,300
|
34,517,457
|
|
34,931,752
|
|||
Semiconductors & Semiconductor Equipment - 79.3%
|
|||
Advanced Micro Devices Inc (b)
|
234,100
|
111,466,715
|
|
Applied Materials Inc
|
28,500
|
14,468,595
|
|
ARM Holdings PLC ADR (b)(e)
|
333,827
|
80,014,994
|
|
Astera Labs Inc (b)
|
1,128,234
|
351,140,268
|
|
Broadcom Inc
|
2,843,173
|
1,106,790,385
|
|
Cerebras Systems Inc (f)
|
116,400
|
21,973,352
|
|
Cerebras Systems Inc Class A (b)(e)
|
235,000
|
46,696,850
|
|
Credo Technology Group Holding Ltd (b)
|
70,952
|
14,686,354
|
|
Entegris Inc
|
247,200
|
29,429,160
|
|
GlobalFoundries Inc
|
5,001,462
|
250,023,085
|
|
Impinj Inc (b)
|
152,359
|
23,061,058
|
|
Intel Corp (b)
|
182,500
|
16,461,500
|
|
KLA Corp
|
320,000
|
58,502,400
|
|
Lam Research Corp
|
899,541
|
263,583,504
|
|
MACOM Technology Solutions Holdings Inc (b)
|
592,692
|
149,026,476
|
|
Marvell Technology Inc
|
2,390,362
|
448,336,297
|
|
Micron Technology Inc
|
355,701
|
292,752,594
|
|
Monolithic Power Systems Inc
|
242,622
|
345,986,251
|
|
NVIDIA Corp
|
8,766,836
|
1,759,942,327
|
|
ON Semiconductor Corp (b)
|
3,746,504
|
305,752,191
|
|
SiTime Corp (b)
|
400
|
214,080
|
|
Synaptics Inc (b)(e)
|
51,221
|
5,497,038
|
|
Teradyne Inc
|
50,700
|
18,641,883
|
|
Wolfspeed Inc
|
759
|
17,928
|
|
5,714,465,285
|
|||
Software - 0.0%
|
|||
Celestial AI Inc (Milestone 1) rights (b)(c)(d)
|
122,702
|
423,322
|
|
Celestial AI Inc (Milestone 2) rights (b)(c)(d)
|
122,702
|
236,815
|
|
Celestial AI Inc (Milestone 3) rights (b)(c)(d)
|
122,702
|
50,308
|
|
Celestial AI Inc escrow shares (c)(d)
|
122,702
|
0
|
|
710,445
|
|||
Technology Hardware, Storage & Peripherals - 4.4%
|
|||
Sandisk Corp (b)
|
48,200
|
58,554,806
|
|
Western Digital Corp
|
468,915
|
255,483,649
|
|
314,038,455
|
|||
TOTAL INFORMATION TECHNOLOGY
|
6,064,145,937
|
||
TOTAL UNITED STATES
|
6,064,173,217
|
||
|
TOTAL COMMON STOCKS
(Cost $3,886,062,534)
|
7,090,784,000
|
||
Convertible Corporate Bonds - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Tenstorrent Holdings Inc 15% 12/31/2026 (c)(d)
(Cost $476,900)
|
476,900
|
557,973
|
|
Convertible Preferred Stocks - 1.0%
|
|||
Shares
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Taalas Inc Series B (b)(c)(d)
|
21,300
|
2,968,794
|
|
ISRAEL - 0.4%
|
|||
Industrials - 0.3%
|
|||
Electrical Equipment - 0.3%
|
|||
Element Labs Inc Series A (b)(c)(d)
|
199,700
|
4,688,956
|
|
Element Labs Inc Series B (b)(c)(d)
|
88,900
|
2,145,157
|
|
Element Labs Inc Series C (c)(d)
|
651,200
|
17,999,168
|
|
TOTAL INDUSTRIALS
|
24,833,281
|
||
Information Technology - 0.1%
|
|||
Semiconductors & Semiconductor Equipment - 0.1%
|
|||
Xsight Labs Ltd Series G (c)(d)
|
245,900
|
4,128,661
|
|
TOTAL ISRAEL
|
28,961,942
|
||
NETHERLANDS - 0.2%
|
|||
Information Technology - 0.2%
|
|||
Software - 0.2%
|
|||
Nearfield Instruments Series D (c)(d)
|
1,700
|
11,769,148
|
|
UNITED STATES - 0.4%
|
|||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Akeana Series C (b)(c)(d)
|
11,132
|
131,469
|
|
Tenstorrent Holdings Inc Series C1 (b)(c)(d)
|
1,740
|
147,848
|
|
Tenstorrent Holdings Inc Series D1 (b)(c)(d)
|
21,358
|
1,898,085
|
|
Tenstorrent Holdings Inc Series D2 (b)(c)(d)
|
1,019
|
88,072
|
|
TOTAL FINANCIALS
|
2,265,474
|
||
Information Technology - 0.4%
|
|||
Electronic Equipment, Instruments & Components - 0.2%
|
|||
Frore Systems Inc Series C (b)(c)(d)
|
143,630
|
4,129,363
|
|
Frore Systems Inc Series D (c)(d)
|
238,637
|
7,948,999
|
|
Menlo Microsystems Inc Series C (b)(c)(d)
|
79,800
|
43,890
|
|
Menlo Microsystems Inc Series C-1 (c)(d)
|
1,223,600
|
1,345,960
|
|
13,468,212
|
|||
Semiconductors & Semiconductor Equipment - 0.1%
|
|||
Alif Semiconductor Series C (b)(c)(d)
|
48,363
|
1,547,132
|
|
Alif Semiconductor Series D (b)(c)(d)
|
48,000
|
1,610,400
|
|
Danger Devices Inc Series B (b)(c)(d)
|
1,157,700
|
1,041,930
|
|
Retym Inc Series C (b)(c)(d)
|
55,074
|
670,251
|
|
Retym Inc Series D (b)(c)(d)
|
13,663
|
173,656
|
|
SiMa Technologies Inc Series B (b)(c)(d)
|
30,638
|
223,045
|
|
SiMa Technologies Inc Series B1 (b)(c)(d)
|
18,145
|
149,152
|
|
5,415,566
|
|||
Software - 0.0%
|
|||
Density AI Inc (c)(d)
|
623,100
|
1,077,963
|
|
Lyte AI Inc Series B (b)(c)(d)
|
34,117
|
1,050,121
|
|
Lyte AI Inc Series C (c)(d)
|
43,300
|
1,593,873
|
|
3,721,957
|
|||
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
Lightmatter Inc Series C1 (b)(c)(d)
|
32,553
|
1,990,290
|
|
Lightmatter Inc Series C2 (b)(c)(d)
|
5,113
|
319,614
|
|
Lightmatter Inc Series D (b)(c)(d)
|
23,200
|
1,783,152
|
|
4,093,056
|
|||
TOTAL INFORMATION TECHNOLOGY
|
26,698,791
|
||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Diamond Foundry Inc Series C (b)(c)(d)
|
18,335
|
623,573
|
|
TOTAL UNITED STATES
|
29,587,838
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $60,619,938)
|
73,287,722
|
||
Preferred Securities - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Taalas Inc 0% (c)(d)(g)
|
2,006,368
|
2,062,747
|
|
UNITED STATES - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
SiMa Technologies Inc 10% 12/31/2027 (c)(d)
|
54,247
|
113,182
|
|
SiMa Technologies Inc 7.5% 12/31/2027 (c)(d)
|
561,000
|
926,613
|
|
TOTAL UNITED STATES
|
1,039,795
|
||
|
TOTAL PREFERRED SECURITIES
(Cost $2,621,615)
|
3,102,542
|
||
Money Market Funds - 1.0%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (h)
|
3.69
|
35,904,591
|
35,911,773
|
|
Fidelity Securities Lending Cash Central Fund (h)(i)
|
3.72
|
33,098,439
|
33,101,748
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $69,011,289)
|
69,013,521
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 100.5%
(Cost $4,018,792,276)
|
7,236,745,758
|
NET OTHER ASSETS (LIABILITIES) - (0.5)%
|
(32,991,564)
|
NET ASSETS - 100.0%
|
7,203,754,194
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Non-income producing.
|
(c)
|
Level 3 security.
|
(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 $79,136,334 or 1.1% of net assets.
|
(e)
|
Security or a portion of the security is on loan at period end.
|
(f)
|
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $21,973,352 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(g)
|
Security is perpetual in nature with no stated maturity date.
|
(h)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(i)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Akeana Series C
|
1/23/2024
|
142,053
|
Alif Semiconductor Series C
|
3/8/2022
|
981,698
|
Alif Semiconductor Series D
|
4/11/2025
|
1,296,821
|
Celestial AI Inc (Milestone 1) rights
|
2/25/2025
|
255,356
|
Celestial AI Inc (Milestone 2) rights
|
2/25/2025
|
196,211
|
Celestial AI Inc (Milestone 3) rights
|
2/25/2025
|
57,267
|
Celestial AI Inc escrow shares
|
2/25/2025
|
0
|
Danger Devices Inc Series B
|
3/5/2025
|
1,042,509
|
Density AI Inc
|
12/5/2025
|
928,410
|
Diamond Foundry Inc Series C
|
3/15/2021
|
440,040
|
Element Labs Inc Series A
|
2/11/2025
|
736,613
|
Element Labs Inc Series B
|
6/27/2025
|
780,444
|
Element Labs Inc Series C
|
4/16/2026
|
18,065,721
|
Empower Semiconductor Inc
|
7/7/2026
|
27,280
|
Frore Systems Inc Series C
|
5/10/2024
|
2,308,192
|
Frore Systems Inc Series D
|
2/26/2026
|
8,000,854
|
Lightmatter Inc Series C1
|
5/19/2023
|
535,718
|
Lightmatter Inc Series C2
|
12/18/2023
|
132,947
|
Lightmatter Inc Series D
|
10/11/2024
|
1,861,348
|
Lyte AI Inc Series B
|
8/13/2024
|
432,812
|
Lyte AI Inc Series C
|
6/24/2026
|
1,595,124
|
Menlo Microsystems Inc Series C
|
2/9/2022
|
105,775
|
Menlo Microsystems Inc Series C-1
|
4/17/2026
|
1,343,635
|
Nearfield Instruments Series D
|
5/22/2026
|
11,855,122
|
Retym Inc Series C
|
5/17/2023 - 6/20/2023
|
428,575
|
Retym Inc Series D
|
1/29/2025
|
144,650
|
SiMa Technologies Inc 10% 12/31/2027
|
4/8/2024 - 7/3/2026
|
54,247
|
SiMa Technologies Inc 7.5% 12/31/2027
|
7/18/2025
|
561,000
|
SiMa Technologies Inc Series B
|
5/10/2021
|
157,094
|
SiMa Technologies Inc Series B1
|
4/25/2022 - 10/17/2022
|
128,664
|
Taalas Inc 0%
|
12/23/2025
|
2,006,368
|
Taalas Inc Series B
|
2/19/2025
|
1,169,655
|
Taalas Inc warrants
|
12/23/2025
|
405,132
|
Tenstorrent Holdings Inc 15% 12/31/2026
|
2/25/2026
|
476,900
|
Tenstorrent Holdings Inc Series C1
|
4/23/2021
|
103,509
|
Tenstorrent Holdings Inc Series D1
|
7/16/2024 - 1/15/2025
|
1,683,575
|
Tenstorrent Holdings Inc Series D2
|
7/17/2024
|
77,424
|
Xsight Labs Ltd Series G
|
5/7/2026 - 7/10/2026
|
4,140,956
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
Cerebras Systems Inc
|
11/10/2026
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Fidelity Cash Central Fund
|
126,070,951
|
2,814,845,182
|
2,905,026,279
|
3,146,132
|
19,687
|
2,232
|
35,911,773
|
35,904,591
|
Fidelity Securities Lending Cash Central Fund
|
46,777,640
|
1,834,368,650
|
1,848,057,831
|
162,921
|
13,289
|
-
|
33,101,748
|
33,098,439
|
172,848,591
|
4,649,213,832
|
4,753,084,110
|
3,309,053
|
32,976
|
2,232
|
69,013,521
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Industrials
|
27,280
|
-
|
-
|
27,280
|
Information Technology
|
7,090,756,720
|
6,988,143,574
|
100,452,329
|
2,160,817
|
Convertible Corporate Bonds
|
||||
Financials
|
557,973
|
-
|
-
|
557,973
|
Convertible Preferred Stocks
|
||||
Financials
|
2,265,474
|
-
|
-
|
2,265,474
|
Industrials
|
24,833,281
|
-
|
-
|
24,833,281
|
Information Technology
|
45,565,394
|
-
|
-
|
45,565,394
|
Materials
|
623,573
|
-
|
-
|
623,573
|
Preferred Securities
|
||||
Information Technology
|
3,102,542
|
-
|
-
|
3,102,542
|
Money Market Funds
|
69,013,521
|
69,013,521
|
-
|
-
|
Total Investments in Securities:
|
7,236,745,758
|
7,057,157,095
|
100,452,329
|
79,136,334
|
Beginning Balance ($)
|
Net Realized Gain (Loss) on Investment Securities ($)
|
Net Unrealized Gain (Loss) on Investment Securities ($)
|
Cost of Purchases ($)
|
Proceeds of Sales ($)
|
Amortization/
Accretion ($)
|
Transfers into Level 3 ($)
|
Transfers out of Level 3 ($)
|
Ending Balance ($)
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2026 ($)
|
|
Common Stocks
|
66,397
|
30,071
|
1,238,354
|
941,246
|
(87,971)
|
-
|
-
|
-
|
2,188,097
|
1,246,851
|
Convertible Preferred Stocks
|
21,929,017
|
5,165,873
|
9,375,695
|
45,929,823
|
(9,112,686)
|
-
|
-
|
-
|
73,287,722
|
9,433,672
|
Convertible Corporate Bonds
|
-
|
-
|
81,073
|
476,900
|
-
|
-
|
-
|
-
|
557,973
|
81,073
|
Preferred Securities
|
620,958
|
-
|
470,780
|
2,010,804
|
-
|
-
|
-
|
-
|
3,102,542
|
470,780
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations.
|
||||||||||
Statement of Assets and Liabilities
|
||
As of July 31, 2026
|
||
Assets
|
||
Investments in securities, at value - unaffiliated issuers
|
$
|
7,167,732,237
|
Investments in securities, at value - affiliated issuers
|
69,013,521
|
|
Cash
|
13,594,009
|
|
Receivable for investments sold
|
95,186,738
|
|
Receivable for fund shares sold
|
8,609,389
|
|
Dividends receivable
|
459,091
|
|
Interest receivable
|
30,999
|
|
Distributions receivable from affiliated funds
|
134,034
|
|
Prepaid expenses
|
1,588
|
|
Total assets
|
7,354,761,606
|
|
Liabilities
|
||
Payable to custodian bank
|
853
|
|
Payable for investments purchased
|
106,388,191
|
|
Payable for fund shares redeemed
|
6,157,317
|
|
Accrued management fee
|
4,020,264
|
|
Distribution and service plan fees payable
|
1,288,914
|
|
Other payables and accrued expenses
|
63,413
|
|
Collateral on securities loaned
|
33,088,460
|
|
Total liabilities
|
151,007,412
|
|
Net Assets
|
$
|
7,203,754,194
|
Net assets consist of:
|
||
Paid in capital
|
2,791,847,264
|
|
Total accumulated earnings (loss)
|
4,411,906,930
|
|
Net Assets
|
$
|
7,203,754,194
|
Net Asset Value and Maximum Offering
|
||
Class A
|
||
Net Asset Value and redemption price per share ($3,069,356,744/18,485,567 shares) a
|
$
|
166.04
|
Maximum offering price per share (100/94.25 of $166.04)
|
$
|
176.17
|
Class M
|
||
Net Asset Value and redemption price per share ($457,021,710/2,990,411 shares) a
|
$
|
152.83
|
Maximum offering price per share (100/96.50 of $152.83)
|
$
|
158.37
|
Class C
|
||
Net Asset Value and offering price per share ($461,330,738/3,641,141 shares) a
|
$
|
126.70
|
Class I
|
||
Net Asset Value, offering price and redemption price per share ($2,583,584,001/14,171,450 shares)
|
$
|
182.31
|
Class Z
|
||
Net Asset Value, offering price and redemption price per share ($632,461,001/3,457,088 shares)
|
$
|
182.95
|
(a)Redemption price per unit is equal to net asset value less any applicable contingent deferred sales charge.
|
||
Other Information
|
||
Unaffiliated issuers, cost
|
3,949,780,987
|
|
Affiliated issuers, cost
|
69,011,289
|
|
Foreign currency holdings, cost
|
23
|
|
Securities loaned, market value
|
173,976,841
|
|
Statement of Operations
|
||
Year ended July 31, 2026
|
||
Investment Income
|
||
Dividends - unaffiliated issuers
|
$
|
21,703,460
|
Dividends - affiliated issuers
|
3,309,053
|
|
Security lending income - unaffiliated issuers
|
86,375
|
|
Interest
|
30,209
|
|
Total investment income
|
25,129,097
|
|
Expenses
|
||
Management fee
|
35,292,988
|
|
Distribution and service plan fees
|
11,159,795
|
|
Custodian fees and expenses
|
60,941
|
|
Independent trustees' fees and expenses
|
16,219
|
|
Registration fees
|
280,579
|
|
Audit
|
49,238
|
|
Legal
|
4,168
|
|
Interest
|
30,510
|
|
Commitment fee
|
6,604
|
|
Miscellaneous
|
7,550
|
|
Total expenses
|
46,908,592
|
|
Net investment income (loss)
|
(21,779,495)
|
|
Net realized gain (loss)
|
||
Investments - unaffiliated issuers
|
1,604,080,349
|
|
Investments - affiliated issuers
|
32,976
|
|
Foreign currency transactions
|
43,805
|
|
Net realized gain (loss)
|
1,604,157,130
|
|
Change in net unrealized appreciation (depreciation)
|
||
Investments - unaffiliated issuers
|
1,572,279,225
|
|
Investments - affiliated issuers
|
2,232
|
|
Assets and liabilities in foreign currencies
|
242,268
|
|
Total change in net unrealized appreciation (depreciation)
|
1,572,523,725
|
|
Net gain (loss)
|
3,176,680,855
|
|
Net increase (decrease) in net assets resulting from operations
|
$
|
3,154,901,360
|
Other Information
|
||
Income from securities lending - Affiliated Issuers
|
162,921
|
|
Statement of Changes in Net Assets
|
||||
Year ended
July 31, 2026
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
(21,779,495)
|
$
|
(7,739,060)
|
Net realized gain (loss)
|
1,604,157,130
|
150,091,262
|
||
Change in net unrealized appreciation (depreciation)
|
1,572,523,725
|
490,424,491
|
||
Net increase (decrease) in net assets resulting from operations
|
3,154,901,360
|
632,776,693
|
||
Distributions to shareholders
|
||||
Distributions to shareholders
|
(297,937,340)
|
(193,954,623)
|
||
Total distributions
|
(297,937,340)
|
(193,954,623)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
788,945,837
|
420,804,956
|
||
Total increase (decrease) in net assets
|
3,645,909,857
|
859,627,026
|
||
Net Assets
|
||||
Beginning of period
|
3,557,844,337
|
2,698,217,311
|
||
End of period
|
$
|
7,203,754,194
|
$
|
3,557,844,337
|
Fidelity Advisor® Semiconductors Fund Class A |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
96.35
|
$
|
83.81
|
$
|
62.13
|
$
|
42.85
|
$
|
46.29
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.62)
|
(.26)
|
(.22)
|
(.05)
|
(.13)
|
|||||
Net realized and unrealized gain (loss)
|
78.06
|
18.56
|
23.97
|
20.53
|
(.83)
|
|||||
Total from investment operations
|
77.44
|
18.30
|
23.75
|
20.48
|
(.96)
|
|||||
Distributions
|
||||||||||
Distributions from net realized gain
|
(7.75)
|
(5.76)
|
(2.07)
|
(1.20)
|
(2.48)
|
|||||
Total distributions
|
(7.75)
|
(5.76)
|
(2.07)
|
(1.20)
|
(2.48)
|
|||||
Net asset value, end of period
|
$
|
166.04
|
$
|
96.35
|
$
|
83.81
|
$
|
62.13
|
$
|
42.85
|
Total Return C, D
|
84.09%
|
22.69%
|
39.52%
|
49.31%
|
(3.21)%
|
|||||
Ratios and Supplemental Data A, E, F
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.91%
|
.94%
|
.97%
|
1.01%
|
1.01%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.91%
|
.94%
|
.96%
|
1.00%
|
1.01%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.91%
|
.94%
|
.96%
|
1.00%
|
1.01%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(.45)%
|
(.32)%
|
(.31)%
|
(.10)%
|
(.27)%
|
|||||
Net assets, end of period
|
$
|
3,069,356,744
|
$
|
1,426,840,851
|
$
|
1,056,997,711
|
$
|
581,690,317
|
$
|
319,402,311
|
Portfolio turnover rate G
|
99%
|
65%
|
30%
|
40%
|
32%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CTotal returns do not include the effect of the sales charges.
|
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Semiconductors Fund Class M |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
89.22
|
$
|
78.19
|
$
|
58.24
|
$
|
40.34
|
$
|
43.75
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.88)
|
(.43)
|
(.37)
|
(.15)
|
(.23)
|
|||||
Net realized and unrealized gain (loss)
|
72.03
|
17.22
|
22.39
|
19.25
|
(.76)
|
|||||
Total from investment operations
|
71.15
|
16.79
|
22.02
|
19.10
|
(.99)
|
|||||
Distributions
|
||||||||||
Distributions from net realized gain
|
(7.54)
|
(5.76)
|
(2.07)
|
(1.20)
|
(2.42)
|
|||||
Total distributions
|
(7.54)
|
(5.76)
|
(2.07)
|
(1.20)
|
(2.42)
|
|||||
Net asset value, end of period
|
$
|
152.83
|
$
|
89.22
|
$
|
78.19
|
$
|
58.24
|
$
|
40.34
|
Total Return C, D
|
83.64%
|
22.38%
|
39.18%
|
48.95%
|
(3.43)%
|
|||||
Ratios and Supplemental Data B, E, F
|
||||||||||
Ratio of expenses to average net assets before reductions
|
1.16%
|
1.19%
|
1.21%
|
1.25%
|
1.26%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
1.16%
|
1.19%
|
1.21%
|
1.25%
|
1.25%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
1.16%
|
1.19%
|
1.21%
|
1.25%
|
1.25%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(.70)%
|
(.57)%
|
(.56)%
|
(.35)%
|
(.52)%
|
|||||
Net assets, end of period
|
$
|
457,021,710
|
$
|
232,409,705
|
$
|
176,276,208
|
$
|
94,005,605
|
$
|
48,499,251
|
Portfolio turnover rate G
|
99%
|
65%
|
30%
|
40%
|
32%
|
|||||
ACalculated based on average shares outstanding during the period.
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
CTotal returns do not include the effect of the sales charges.
|
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Semiconductors Fund Class C |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
75.02
|
$
|
66.90
|
$
|
50.38
|
$
|
35.24
|
$
|
38.59
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(1.25)
|
(.69)
|
(.60)
|
(.31)
|
(.40)
|
|||||
Net realized and unrealized gain (loss)
|
60.06
|
14.57
|
19.19
|
16.65
|
(.61)
|
|||||
Total from investment operations
|
58.81
|
13.88
|
18.59
|
16.34
|
(1.01)
|
|||||
Distributions
|
||||||||||
Distributions from net realized gain
|
(7.13)
|
(5.76)
|
(2.07)
|
(1.20)
|
(2.34)
|
|||||
Total distributions
|
(7.13)
|
(5.76)
|
(2.07)
|
(1.20)
|
(2.34)
|
|||||
Net asset value, end of period
|
$
|
126.70
|
$
|
75.02
|
$
|
66.90
|
$
|
50.38
|
$
|
35.24
|
Total Return C, D
|
82.71%
|
21.78%
|
38.46%
|
48.18%
|
(3.93)%
|
|||||
Ratios and Supplemental Data B, E, F
|
||||||||||
Ratio of expenses to average net assets before reductions
|
1.66%
|
1.69%
|
1.72%
|
1.76%
|
1.76%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
1.66%
|
1.69%
|
1.71%
|
1.76%
|
1.76%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
1.66%
|
1.69%
|
1.71%
|
1.76%
|
1.76%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(1.20)%
|
(1.07)%
|
(1.07)%
|
(.86)%
|
(1.03)%
|
|||||
Net assets, end of period
|
$
|
461,330,738
|
$
|
253,114,649
|
$
|
221,748,629
|
$
|
129,390,281
|
$
|
88,591,840
|
Portfolio turnover rate G
|
99%
|
65%
|
30%
|
40%
|
32%
|
|||||
ACalculated based on average shares outstanding during the period.
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
CTotal returns do not include the effect of the contingent deferred sales charge.
|
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Semiconductors Fund Class I |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
105.09
|
$
|
90.71
|
$
|
66.91
|
$
|
45.93
|
$
|
49.39
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.30)
|
(.06)
|
(.05)
|
.08
|
(.01)
|
|||||
Net realized and unrealized gain (loss)
|
85.46
|
20.20
|
25.92
|
22.10
|
(.92)
|
|||||
Total from investment operations
|
85.16
|
20.14
|
25.87
|
22.18
|
(.93)
|
|||||
Distributions
|
||||||||||
Distributions from net realized gain
|
(7.94)
|
(5.76)
|
(2.07)
|
(1.20)
|
(2.53)
|
|||||
Total distributions
|
(7.94)
|
(5.76)
|
(2.07)
|
(1.20)
|
(2.53)
|
|||||
Net asset value, end of period
|
$
|
182.31
|
$
|
105.09
|
$
|
90.71
|
$
|
66.91
|
$
|
45.93
|
Total Return C
|
84.55%
|
23.00%
|
39.87%
|
49.71%
|
(2.96)%
|
|||||
Ratios and Supplemental Data A, D, E
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.66%
|
.69%
|
.72%
|
.74%
|
.75%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.66%
|
.69%
|
.71%
|
.74%
|
.74%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.66%
|
.69%
|
.71%
|
.74%
|
.74%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(.20)%
|
(.07)%
|
(.07)%
|
.16%
|
(.01)%
|
|||||
Net assets, end of period
|
$
|
2,583,584,001
|
$
|
1,326,260,453
|
$
|
1,016,505,386
|
$
|
530,775,289
|
$
|
309,873,066
|
Portfolio turnover rate F
|
99%
|
65%
|
30%
|
40%
|
32%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Semiconductors Fund Class Z |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
105.49
|
$
|
90.94
|
$
|
66.99
|
$
|
45.93
|
$
|
49.35
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.13)
|
.04
|
.04
|
.14
|
.06
|
|||||
Net realized and unrealized gain (loss)
|
85.75
|
20.27
|
25.98
|
22.12
|
(.92)
|
|||||
Total from investment operations
|
85.62
|
20.31
|
26.02
|
22.26
|
(.86)
|
|||||
Distributions
|
||||||||||
Distributions from net realized gain
|
(8.16)
|
(5.76)
|
(2.07)
|
(1.20)
|
(2.56)
|
|||||
Total distributions
|
(8.16)
|
(5.76)
|
(2.07)
|
(1.20)
|
(2.56)
|
|||||
Net asset value, end of period
|
$
|
182.95
|
$
|
105.49
|
$
|
90.94
|
$
|
66.99
|
$
|
45.93
|
Total Return C
|
84.77%
|
23.14%
|
40.05%
|
49.89%
|
(2.83)%
|
|||||
Ratios and Supplemental Data A, D, E
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.54%
|
.57%
|
.60%
|
.62%
|
.62%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.54%
|
.57%
|
.59%
|
.62%
|
.62%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.54%
|
.57%
|
.59%
|
.62%
|
.62%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(.09)%
|
.05%
|
.05%
|
.28%
|
.11%
|
|||||
Net assets, end of period
|
$
|
632,461,001
|
$
|
319,218,679
|
$
|
226,689,377
|
$
|
95,875,607
|
$
|
47,782,363
|
Portfolio turnover rate F
|
99%
|
65%
|
30%
|
40%
|
32%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
DExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Common Stocks - 97.3%
|
|||
Shares
|
Value ($)
|
||
BELGIUM - 1.3%
|
|||
Health Care - 1.3%
|
|||
Pharmaceuticals - 1.3%
|
|||
UCB SA
|
160,000
|
41,125,942
|
|
CANADA - 0.9%
|
|||
Health Care - 0.9%
|
|||
Biotechnology - 0.9%
|
|||
Xenon Pharmaceuticals Inc (b)
|
468,000
|
29,329,560
|
|
DENMARK - 2.0%
|
|||
Health Care - 2.0%
|
|||
Biotechnology - 2.0%
|
|||
Ascendis Pharma A/S (b)
|
250,000
|
60,977,500
|
|
FRANCE - 0.8%
|
|||
Health Care - 0.8%
|
|||
Life Sciences Tools & Services - 0.8%
|
|||
Sartorius Stedim Biotech
|
125,000
|
24,028,763
|
|
NETHERLANDS - 2.9%
|
|||
Health Care - 2.9%
|
|||
Biotechnology - 2.5%
|
|||
Argenx SE ADR (b)
|
76,500
|
65,317,230
|
|
Newamsterdam Pharma Co NV (b)(c)
|
420,000
|
11,671,800
|
|
76,989,030
|
|||
Pharmaceuticals - 0.4%
|
|||
Pharvaris NV (b)(c)
|
400,000
|
13,048,000
|
|
TOTAL NETHERLANDS
|
90,037,030
|
||
UNITED KINGDOM - 0.2%
|
|||
Health Care - 0.2%
|
|||
Biotechnology - 0.2%
|
|||
Immunocore Holdings PLC ADR (b)(c)
|
260,000
|
8,790,600
|
|
UNITED STATES - 89.2%
|
|||
Financials - 0.1%
|
|||
Financial Services - 0.1%
|
|||
Freenome Inc (d)
|
169,200
|
1,886,580
|
|
Health Care - 89.1%
|
|||
Biotechnology - 31.1%
|
|||
AbbVie Inc
|
450,000
|
112,923,000
|
|
Alnylam Pharmaceuticals Inc (b)
|
270,000
|
55,490,400
|
|
Annexon Inc (b)
|
750,000
|
3,821,250
|
|
BeOne Medicines Ltd ADR (b)
|
46,000
|
14,536,460
|
|
Biogen Inc (b)
|
100,000
|
20,295,000
|
|
Caris Life Sciences Inc (b)
|
888,049
|
13,915,728
|
|
CG oncology Inc (b)
|
228,000
|
16,231,320
|
|
Climb Bio Inc (b)
|
214,022
|
2,546,862
|
|
Cogent Biosciences Inc (b)
|
920,000
|
35,815,600
|
|
Crescent Biopharma Inc (b)
|
152,530
|
2,207,109
|
|
Cyclerion Therapeutics Inc (b)(c)
|
1,500
|
5,160
|
|
CytomX Therapeutics Inc (b)(c)
|
3,000,000
|
9,300,000
|
|
Damora Therapeutics Inc (b)(c)
|
280,000
|
8,117,200
|
|
Dianthus Therapeutics Inc (b)
|
163,257
|
17,455,438
|
|
Disc Medicine Inc (b)
|
200,000
|
15,400,000
|
|
First Tracks Biotherapeutics Inc
|
200,000
|
8,808,000
|
|
Gilead Sciences Inc
|
300,000
|
39,063,000
|
|
Hemab Therapeutics Holdings Inc (c)
|
33,000
|
1,569,150
|
|
Immunome Inc (b)
|
38,378
|
873,483
|
|
Insmed Inc (b)
|
208,000
|
20,508,800
|
|
Jade Biosciences Inc (b)
|
370,600
|
7,319,350
|
|
Kiniksa Pharmaceuticals International Plc Class A (b)(c)
|
460,000
|
34,196,400
|
|
Kymera Therapeutics Inc (b)(c)
|
228,000
|
23,575,200
|
|
Legend Biotech Corp ADR (b)
|
1,019,856
|
18,918,329
|
|
Mineralys Therapeutics Inc (b)
|
600,000
|
15,312,000
|
|
Mirum Pharmaceuticals Inc (b)(c)
|
128,000
|
13,561,600
|
|
Moderna Inc (b)(c)
|
585,000
|
32,069,700
|
|
Natera Inc (b)
|
200,000
|
53,552,000
|
|
Olema Pharmaceuticals Inc (b)(c)
|
820,000
|
9,389,000
|
|
Oruka Therapeutics Inc (b)(c)
|
428,000
|
41,306,280
|
|
Parabilis Medicines Inc (f)(g)
|
296,640
|
9,575,836
|
|
Praxis Precision Medicines Inc (b)
|
82,800
|
25,488,324
|
|
Relay Therapeutics Inc (b)(c)
|
1,040,000
|
19,583,200
|
|
Revolution Medicines Inc (b)
|
241,800
|
45,344,754
|
|
Roivant Sciences Ltd (b)
|
640,000
|
21,702,400
|
|
Scholar Rock Holding Corp (b)
|
218,000
|
10,310,310
|
|
Spyre Therapeutics Inc (b)
|
340,000
|
33,432,200
|
|
Stoke Therapeutics Inc (b)
|
330,000
|
9,523,800
|
|
Summit Therapeutics Inc (b)
|
400,000
|
5,208,000
|
|
Travere Therapeutics Inc (b)
|
208,000
|
11,625,120
|
|
Tubulis GmbH escrow shares (d)(e)
|
6,800
|
23,664
|
|
Tubulis GmbH escrow shares (d)(e)
|
6,800
|
136
|
|
Tubulis GmbH rights (b)(d)(e)
|
74,800
|
2,461,328
|
|
Twist Bioscience Corp (b)(c)
|
135,000
|
12,359,250
|
|
Tyra Biosciences Inc (b)
|
140,000
|
4,463,200
|
|
Upstream Bio Inc (b)
|
400,000
|
2,524,000
|
|
Vaxcyte Inc (b)
|
630,000
|
34,070,400
|
|
Veracyte Inc (b)
|
600,000
|
27,792,000
|
|
Viking Therapeutics Inc (b)(c)
|
280,000
|
8,887,200
|
|
Viridian Therapeutics Inc (b)(c)
|
760,000
|
14,379,200
|
|
Zenas Biopharma Inc (b)
|
500,000
|
15,720,000
|
|
Zenas Biopharma Inc (d)
|
122,099
|
3,838,793
|
|
966,395,934
|
|||
Health Care Equipment & Supplies - 2.8%
|
|||
Boston Scientific Corp (b)
|
820,000
|
38,318,600
|
|
Edwards Lifesciences Corp (b)
|
150,000
|
12,910,500
|
|
Intuitive Surgical Inc (b)
|
12,000
|
4,239,960
|
|
iRhythm Technologies Inc (b)
|
80,000
|
9,373,600
|
|
Kestra Medical Technologies Ltd (b)
|
471,200
|
10,757,496
|
|
Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(d)(e)
|
9,982
|
109,403
|
|
Outset Medical Inc (b)
|
800,000
|
3,656,000
|
|
Saluda Medical Inc (d)(g)
|
215,913
|
676,076
|
|
Shoulder Innovations Inc (b)
|
310,692
|
7,065,136
|
|
87,106,771
|
|||
Health Care Providers & Services - 10.0%
|
|||
Alignment Healthcare Inc (b)
|
800,000
|
11,880,000
|
|
BrightSpring Health Services Inc (b)
|
250,000
|
14,927,500
|
|
Cencora Inc
|
60,000
|
18,680,400
|
|
CVS Health Corp
|
360,000
|
37,594,800
|
|
GMR Solutions Inc Class A
|
268,227
|
3,454,764
|
|
Guardant Health Inc (b)
|
285,000
|
46,167,150
|
|
LifeStance Health Group Inc (b)
|
2,500,000
|
26,200,000
|
|
Privia Health Group Inc (b)
|
860,000
|
20,356,200
|
|
UnitedHealth Group Inc
|
314,000
|
130,121,600
|
|
309,382,414
|
|||
Health Care Technology - 0.4%
|
|||
Candid Therapeutics (d)(e)
|
1,956,465
|
19,564
|
|
Candid Therapeutics (d)(e)
|
1,956,465
|
18
|
|
Candid Therapeutics milestone 1 rights (b)(d)(e)
|
1,956,465
|
136,953
|
|
Candid Therapeutics milestone 2 rights (b)(d)(e)
|
1,956,465
|
78,259
|
|
HeartFlow Inc (b)
|
520,000
|
13,119,600
|
|
13,354,394
|
|||
Life Sciences Tools & Services - 23.2%
|
|||
10X Genomics Inc Class A (b)
|
954,913
|
45,138,738
|
|
Agilent Technologies Inc
|
395,000
|
54,656,150
|
|
Alamar Biosciences Inc
|
160,000
|
4,057,600
|
|
Bruker Corp (c)
|
456,616
|
28,693,749
|
|
Danaher Corp
|
1,080,000
|
210,578,400
|
|
Illumina Inc (b)
|
154,052
|
31,596,065
|
|
Repligen Corp (b)
|
275,000
|
38,777,750
|
|
Thermo Fisher Scientific Inc
|
345,000
|
198,133,500
|
|
Waters Corp (b)
|
121,000
|
45,654,510
|
|
West Pharmaceutical Services Inc
|
196,000
|
66,828,160
|
|
724,114,622
|
|||
Pharmaceuticals - 21.6%
|
|||
Alumis Inc (b)
|
460,000
|
12,995,000
|
|
Amylyx Pharmaceuticals Inc (b)
|
715,000
|
14,521,650
|
|
Axsome Therapeutics Inc (b)
|
71,500
|
15,586,285
|
|
Contineum Therapeutics Inc Class A (b)(c)
|
280,000
|
4,337,200
|
|
Edgewise Therapeutics Inc (b)
|
143,000
|
5,495,490
|
|
Eli Lilly & Co
|
208,000
|
238,958,720
|
|
Enliven Therapeutics Inc (b)(c)
|
670,000
|
36,722,700
|
|
Jazz Pharmaceuticals PLC (b)
|
128,000
|
32,366,080
|
|
Johnson & Johnson
|
460,000
|
117,921,000
|
|
MBX Biosciences Inc (b)
|
328,000
|
21,625,040
|
|
Merck & Co Inc
|
500,000
|
65,100,000
|
|
Ocular Therapeutix Inc (b)
|
277,371
|
2,266,121
|
|
Royalty Pharma PLC Class A
|
600,000
|
35,058,000
|
|
Structure Therapeutics Inc ADR (b)
|
228,000
|
10,953,120
|
|
Trevi Therapeutics Inc (b)
|
480,000
|
8,760,000
|
|
Viatris Inc
|
2,960,000
|
51,977,600
|
|
674,644,006
|
|||
TOTAL HEALTH CARE
|
2,774,998,141
|
||
TOTAL UNITED STATES
|
2,776,884,721
|
||
|
TOTAL COMMON STOCKS
(Cost $2,036,162,935)
|
3,031,174,116
|
||
Convertible Corporate Bonds - 0.2%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
AUSTRALIA - 0.0%
|
|||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Advancell Pty Ltd 0% 12/31/2199 (d)(e)
|
938,479
|
938,479
|
|
UNITED STATES - 0.2%
|
|||
Health Care - 0.2%
|
|||
Health Care Equipment & Supplies - 0.2%
|
|||
Kardium Inc/US 10% 12/31/2026 (d)(e)
|
2,612,936
|
2,637,498
|
|
Health Care Technology - 0.0%
|
|||
Allotera Therapeutics Inc 0% 12/31/2199 (d)(e)(j)
|
1,433,586
|
1,489,783
|
|
Pharmaceuticals - 0.0%
|
|||
Galvanize Therapeutics 10% 2/28/2027 (d)(e)
|
652,027
|
984,561
|
|
TOTAL UNITED STATES
|
5,111,842
|
||
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $6,139,298)
|
6,050,321
|
||
Convertible Preferred Stocks - 2.1%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.1%
|
|||
Health Care - 0.1%
|
|||
Biotechnology - 0.1%
|
|||
Advancell Pty Ltd Series D (d)(e)
|
669,434
|
1,876,959
|
|
CHINA - 0.0%
|
|||
Health Care - 0.0%
|
|||
Health Care Providers & Services - 0.0%
|
|||
dMed Biopharmaceutical Co Ltd Series C (b)(d)(e)
|
205,024
|
1,506,926
|
|
ISRAEL - 0.2%
|
|||
Health Care - 0.2%
|
|||
Health Care Equipment & Supplies - 0.2%
|
|||
InSightec Ltd Series G (b)(d)(e)
|
7,391,153
|
5,099,896
|
|
UNITED KINGDOM - 0.1%
|
|||
Health Care - 0.1%
|
|||
Biotechnology - 0.1%
|
|||
CellCentric Ltd Series D (d)(e)
|
618,437
|
2,931,391
|
|
UNITED STATES - 1.7%
|
|||
Health Care - 1.6%
|
|||
Biotechnology - 0.9%
|
|||
Asimov Inc Series B (b)(d)(e)
|
67,547
|
1,730,554
|
|
Cleerly Inc Series C (b)(d)(e)
|
882,089
|
10,920,262
|
|
Element Biosciences Inc Series C (b)(d)(e)
|
376,690
|
4,580,550
|
|
Element Biosciences Inc Series D (b)(d)(e)
|
246,623
|
2,054,370
|
|
Element Biosciences Inc Series D1 (b)(d)(e)
|
246,623
|
2,054,370
|
|
ElevateBio LLC Series C (b)(d)(e)
|
163,300
|
300,472
|
|
Endeavor BioMedicines Inc Series C (b)(d)(e)
|
863,746
|
5,631,624
|
|
27,272,202
|
|||
Health Care Equipment & Supplies - 0.4%
|
|||
Kardium Inc/US Series D-7 (d)(e)
|
9,890,038
|
4,747,219
|
|
Kardium Inc/US Series D-7 (d)(e)
|
2,164,613
|
1,060,660
|
|
Kardium Inc/US Series D-7 (first closing) (d)(e)
|
450,354
|
220,673
|
|
Medical Microinstruments Inc/Italy Series C (b)(d)(e)
|
199,633
|
6,116,756
|
|
12,145,308
|
|||
Health Care Providers & Services - 0.0%
|
|||
Thriveworks Topco LLC Class B (b)(d)(e)(i)
|
327,591
|
2,201,412
|
|
Health Care Technology - 0.2%
|
|||
Aledade Inc Series B1 (b)(d)(e)
|
130,618
|
4,736,209
|
|
Aledade Inc Series E1 (b)(d)(e)
|
46,526
|
1,687,032
|
|
Allotera Therapeutics Inc Series B (b)(d)(e)
|
300,054
|
465,084
|
|
6,888,325
|
|||
Pharmaceuticals - 0.1%
|
|||
Galvanize Therapeutics Series B (b)(d)(e)
|
2,552,870
|
2,093,353
|
|
Galvanize Therapeutics Series C-1 (b)(d)(e)
|
5,198,598
|
2,703,271
|
|
4,796,624
|
|||
TOTAL HEALTH CARE
|
53,303,871
|
||
Materials - 0.1%
|
|||
Chemicals - 0.1%
|
|||
Manus Bio Inc Series One-6 (b)(d)(e)
|
695,694
|
2,421,015
|
|
TOTAL UNITED STATES
|
55,724,886
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $94,312,055)
|
67,140,058
|
||
Money Market Funds - 3.1%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (k)
|
3.69
|
7,129,121
|
7,130,547
|
|
Fidelity Securities Lending Cash Central Fund (h)(k)
|
3.72
|
89,676,000
|
89,684,967
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $96,814,801)
|
96,815,514
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 102.7%
(Cost $2,233,429,089)
|
3,201,180,009
|
NET OTHER ASSETS (LIABILITIES) - (2.7)%
|
(83,890,790)
|
NET ASSETS - 100.0%
|
3,117,289,219
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(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 $82,421,153 or 2.6% of net assets.
|
(e)
|
Level 3 security.
|
(f)
|
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 $9,575,836 or 0.3% of net assets.
|
(g)
|
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $10,251,912 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(h)
|
Investment made with cash collateral received from securities on loan.
|
(i)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(j)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(k)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Advancell Pty Ltd 0% 12/31/2199
|
7/10/2026
|
938,479
|
Advancell Pty Ltd Series D
|
7/10/2026
|
1,876,959
|
Aledade Inc Series B1
|
5/7/2021
|
5,001,455
|
Aledade Inc Series E1
|
5/20/2022
|
2,317,664
|
Allotera Therapeutics Inc 0% 12/31/2199
|
6/14/2024
|
1,433,586
|
Allotera Therapeutics Inc Series B
|
7/9/2021
|
2,326,889
|
Asimov Inc Series B
|
10/29/2021
|
6,260,303
|
Candid Therapeutics
|
6/17/2026
|
18
|
Candid Therapeutics
|
6/17/2026
|
19,564
|
Candid Therapeutics milestone 1 rights
|
6/17/2026
|
136,953
|
Candid Therapeutics milestone 2 rights
|
6/17/2026
|
78,259
|
CellCentric Ltd Series D
|
5/1/2026
|
2,965,405
|
Cleerly Inc Series C
|
7/8/2022
|
10,391,538
|
dMed Biopharmaceutical Co Ltd Series C
|
12/1/2020
|
2,911,986
|
Element Biosciences Inc Series C
|
6/21/2021
|
7,743,504
|
Element Biosciences Inc Series D
|
6/28/2024
|
1,934,338
|
Element Biosciences Inc Series D1
|
6/28/2024
|
1,934,338
|
ElevateBio LLC Series C
|
3/9/2021
|
685,044
|
Endeavor BioMedicines Inc Series C
|
4/22/2024
|
5,635,597
|
Freenome Inc
|
12/5/2025
|
1,692,000
|
Galvanize Therapeutics 10% 2/28/2027
|
7/7/2025
|
833,095
|
Galvanize Therapeutics Series B
|
3/29/2022
|
4,419,746
|
Galvanize Therapeutics Series C-1
|
7/7/2025
|
2,188,673
|
InSightec Ltd Series G
|
6/17/2024
|
6,561,866
|
Kardium Inc/US 10% 12/31/2026
|
5/31/2024 - 6/30/2026
|
2,934,138
|
Kardium Inc/US Series D-7
|
5/31/2024 - 6/30/2025
|
4,454,626
|
Kardium Inc/US Series D-7
|
8/6/2024
|
1,050,768
|
Kardium Inc/US Series D-7 (first closing)
|
8/6/2024
|
70,060
|
Manus Bio Inc Series One-6
|
3/30/2021
|
7,297,324
|
Medical Microinstruments Inc/Italy Series C
|
2/16/2024
|
6,654,507
|
Medical Microinstruments Inc/Italy warrants 2/16/2031
|
2/16/2024
|
0
|
Saluda Medical Inc
|
3/12/2023 - 10/30/2025
|
8,443,455
|
Thriveworks Topco LLC Class B
|
7/23/2021 - 2/25/2022
|
9,402,913
|
Tubulis GmbH escrow shares
|
5/21/2026
|
136
|
Tubulis GmbH escrow shares
|
5/21/2026
|
23,528
|
Tubulis GmbH rights
|
5/21/2026
|
2,459,900
|
Zenas Biopharma Inc
|
10/8/2025
|
2,319,881
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
Parabilis Medicines Inc
|
12/7/2026
|
Saluda Medical Inc
|
3/31/2027
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Fidelity Cash Central Fund
|
8,128,816
|
598,560,470
|
599,557,783
|
378,223
|
(1,669)
|
713
|
7,130,547
|
7,129,121
|
Fidelity Securities Lending Cash Central Fund
|
114,148,438
|
838,580,734
|
863,044,530
|
292,019
|
325
|
-
|
89,684,967
|
89,676,000
|
122,277,254
|
1,437,141,204
|
1,462,602,313
|
670,242
|
(1,344)
|
713
|
96,815,514
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Financials
|
1,886,580
|
1,886,580
|
-
|
-
|
Health Care
|
3,029,287,536
|
3,016,882,375
|
9,575,836
|
2,829,325
|
Convertible Corporate Bonds
|
||||
Health Care
|
6,050,321
|
-
|
-
|
6,050,321
|
Convertible Preferred Stocks
|
||||
Health Care
|
64,719,043
|
-
|
-
|
64,719,043
|
Materials
|
2,421,015
|
-
|
-
|
2,421,015
|
Money Market Funds
|
96,815,514
|
96,815,514
|
-
|
-
|
Total Investments in Securities:
|
3,201,180,009
|
3,115,584,469
|
9,575,836
|
76,019,704
|
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments
|
1,388,659
|
-
|
-
|
1,388,659
|
Beginning Balance ($)
|
Net Realized Gain (Loss) on Investment Securities ($)
|
Net Unrealized Gain (Loss) on Investment Securities ($)
|
Cost of Purchases ($)
|
Proceeds of Sales ($)
|
Amortization/
Accretion ($)
|
Transfers into Level 3 ($)
|
Transfers out of Level 3 ($)
|
Ending Balance ($)
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2026 ($)
|
|
Common Stocks
|
121,181
|
-
|
(55,451)
|
2,763,595
|
-
|
-
|
-
|
-
|
2,829,325
|
(55,451)
|
Convertible Preferred Stocks
|
58,911,122
|
5,465,539
|
7,015,535
|
10,992,333
|
(15,244,471)
|
-
|
-
|
-
|
67,140,058
|
5,434,021
|
Convertible Corporate Bonds
|
5,307,608
|
-
|
(622,191)
|
3,872,617
|
(2,507,713)
|
-
|
-
|
-
|
6,050,321
|
(361,789)
|
Preferred Securities
|
15,577,027
|
-
|
(2,788,195)
|
-
|
(12,788,832)
|
-
|
-
|
-
|
-
|
-
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
|
||||||||||
Consolidated Statement of Assets and Liabilities
|
||
As of July 31, 2026
|
||
Assets
|
||
Investments in securities, at value - unaffiliated issuers
|
$
|
3,104,364,495
|
Investments in securities, at value - affiliated issuers
|
96,815,514
|
|
Receivable for investments sold
|
20,851,183
|
|
Unrealized appreciation on unfunded commitments
|
1,388,659
|
|
Receivable for fund shares sold
|
258,947
|
|
Dividends receivable
|
2,477,312
|
|
Interest receivable
|
262,628
|
|
Distributions receivable from affiliated funds
|
48,719
|
|
Prepaid expenses
|
260
|
|
Other receivables
|
14,314
|
|
Total assets
|
3,226,482,031
|
|
Liabilities
|
||
Payable for investments purchased
|
14,624,181
|
|
Payable for fund shares redeemed
|
1,953,717
|
|
Accrued management fee
|
1,712,826
|
|
Distribution and service plan fees payable
|
489,853
|
|
Other payables and accrued expenses
|
729,470
|
|
Collateral on securities loaned
|
89,682,765
|
|
Total liabilities
|
109,192,812
|
|
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
||
Net Assets
|
$
|
3,117,289,219
|
Net assets consist of:
|
||
Paid in capital
|
1,516,365,026
|
|
Total accumulated earnings (loss)
|
1,600,924,193
|
|
Net Assets
|
$
|
3,117,289,219
|
Net Asset Value and Maximum Offering
|
||
Class A
|
||
Net Asset Value and redemption price per share ($1,231,784,534/20,200,297 shares) a
|
$
|
60.98
|
Maximum offering price per share (100/94.25 of $60.98)
|
$
|
64.70
|
Class M
|
||
Net Asset Value and redemption price per share ($257,220,486/4,778,156 shares) a
|
$
|
53.83
|
Maximum offering price per share (100/96.50 of $53.83)
|
$
|
55.79
|
Class C
|
||
Net Asset Value and offering price per share ($134,985,017/3,389,625 shares) a
|
$
|
39.82
|
Class I
|
||
Net Asset Value, offering price and redemption price per share ($1,151,045,288/16,398,792 shares)
|
$
|
70.19
|
Class Z
|
||
Net Asset Value, offering price and redemption price per share ($342,253,894/4,838,975 shares)
|
$
|
70.73
|
(a)Redemption price per unit is equal to net asset value less any applicable contingent deferred sales charge.
|
||
Other Information
|
||
Unaffiliated issuers, cost
|
2,136,614,288
|
|
Affiliated issuers, cost
|
96,814,801
|
|
Securities loaned, market value
|
173,576,581
|
|
Consolidated Statement of Operations
|
||
Year ended July 31, 2026
|
||
Investment Income
|
||
Dividends - unaffiliated issuers
|
$
|
17,535,172
|
Dividends - affiliated issuers
|
670,242
|
|
Security lending income - unaffiliated issuers
|
48,376
|
|
Interest
|
357,096
|
|
Total investment income
|
18,610,886
|
|
Expenses
|
||
Management fee
|
20,416,822
|
|
Distribution and service plan fees
|
5,738,050
|
|
Custodian fees and expenses
|
112,970
|
|
Independent trustees' fees and expenses
|
11,353
|
|
Registration fees
|
137,824
|
|
Audit
|
61,074
|
|
Legal
|
23,239
|
|
Interest
|
51,488
|
|
Commitment fee
|
4,667
|
|
Miscellaneous
|
1,144,096
|
|
Total expenses
|
27,701,583
|
|
Expense reimbursements and reductions
|
(70,007)
|
|
Total expenses after reductions
|
27,631,576
|
|
Net investment income (loss)
|
(9,020,690)
|
|
Net realized gain (loss)
|
||
Investments - unaffiliated issuers
|
888,251,599
|
|
Investments - affiliated issuers
|
(1,344)
|
|
Foreign currency transactions
|
69,202
|
|
Net realized gain (loss)
|
888,319,457
|
|
Change in net unrealized appreciation (depreciation)
|
||
Investments - unaffiliated issuers
|
(54,663,945)
|
|
Investments - affiliated issuers
|
713
|
|
Unfunded commitments
|
1,388,659
|
|
Assets and liabilities in foreign currencies
|
(21,650)
|
|
Total change in net unrealized appreciation (depreciation)
|
(53,296,223)
|
|
Net gain (loss)
|
835,023,234
|
|
Net increase (decrease) in net assets resulting from operations
|
$
|
826,002,544
|
Other Information
|
||
Income from securities lending - Affiliated Issuers
|
292,019
|
|
Realized gain loss on foreign taxes
|
(394)
|
|
Consolidated Statement of Changes in Net Assets
|
||||
Year ended
July 31, 2026
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
(9,020,690)
|
$
|
(9,939,358)
|
Net realized gain (loss)
|
888,319,457
|
472,603,279
|
||
Change in net unrealized appreciation (depreciation)
|
(53,296,223)
|
(694,952,032)
|
||
Net increase (decrease) in net assets resulting from operations
|
826,002,544
|
(232,288,111)
|
||
Distributions to shareholders
|
||||
Distributions to shareholders
|
(384,254,216)
|
(441,537,070)
|
||
Total distributions
|
(384,254,216)
|
(441,537,070)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
(547,031,897)
|
(719,185,180)
|
||
Total increase (decrease) in net assets
|
(105,283,569)
|
(1,393,010,361)
|
||
Net Assets
|
||||
Beginning of period
|
3,222,572,788
|
4,615,583,149
|
||
End of period
|
$
|
3,117,289,219
|
$
|
3,222,572,788
|
Fidelity Advisor® Health Care Fund Class A |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
53.21
|
$
|
63.72
|
$
|
59.73
|
$
|
57.59
|
$
|
69.58
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.21)
|
(.20)
|
(.19)
|
(.24)
|
(.26)
|
|||||
Net realized and unrealized gain (loss)
|
15.44
|
(3.45)
|
4.18
|
2.38
|
(7.58)
|
|||||
Total from investment operations
|
15.23
|
(3.65)
|
3.99
|
2.14
|
(7.84)
|
|||||
Distributions
|
||||||||||
Distributions from net realized gain
|
(7.46)
|
(6.86)
|
-
|
-
|
(4.15)
|
|||||
Total distributions
|
(7.46)
|
(6.86)
|
-
|
-
|
(4.15)
|
|||||
Net asset value, end of period
|
$
|
60.98
|
$
|
53.21
|
$
|
63.72
|
$
|
59.73
|
$
|
57.59
|
Total Return C, D
|
29.62%
|
(6.40)%
|
6.68%
|
3.72%
|
(11.90)%
|
|||||
Ratios and Supplemental Data A, E, F
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.96%
|
.93%
|
.97%
|
.98%
|
.97%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.96%
|
.93%
|
.96%
|
.97%
|
.97%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.96%
|
.93%
|
.96%
|
.97%
|
.97%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(.36)%
|
(.34)%
|
(.32)%
|
(.42)%
|
(.42)%
|
|||||
Net assets, end of period
|
$
|
1,231,784,534
|
$
|
1,131,992,172
|
$
|
1,437,682,629
|
$
|
1,535,211,649
|
$
|
1,488,238,067
|
Portfolio turnover rate G
|
74%
|
52%
|
37%
|
47%
|
33%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CTotal returns do not include the effect of the sales charges.
|
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Health Care Fund Class M |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
47.81
|
$
|
58.09
|
$
|
54.58
|
$
|
52.76
|
$
|
64.25
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.31)
|
(.32)
|
(.31)
|
(.36)
|
(.38)
|
|||||
Net realized and unrealized gain (loss)
|
13.79
|
(3.10)
|
3.82
|
2.18
|
(6.96)
|
|||||
Total from investment operations
|
13.48
|
(3.42)
|
3.51
|
1.82
|
(7.34)
|
|||||
Distributions
|
||||||||||
Distributions from net realized gain
|
(7.46)
|
(6.86)
|
-
|
-
|
(4.15)
|
|||||
Total distributions
|
(7.46)
|
(6.86)
|
-
|
-
|
(4.15)
|
|||||
Net asset value, end of period
|
$
|
53.83
|
$
|
47.81
|
$
|
58.09
|
$
|
54.58
|
$
|
52.76
|
Total Return C, D
|
29.28%
|
(6.64)%
|
6.43%
|
3.45%
|
(12.12)%
|
|||||
Ratios and Supplemental Data B, E, F
|
||||||||||
Ratio of expenses to average net assets before reductions
|
1.21%
|
1.18%
|
1.22%
|
1.23%
|
1.22%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
1.21%
|
1.18%
|
1.22%
|
1.23%
|
1.22%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
1.21%
|
1.18%
|
1.22%
|
1.23%
|
1.22%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(.61)%
|
(.59)%
|
(.57)%
|
(.67)%
|
(.67)%
|
|||||
Net assets, end of period
|
$
|
257,220,486
|
$
|
237,799,634
|
$
|
301,381,994
|
$
|
315,963,116
|
$
|
330,452,146
|
Portfolio turnover rate G
|
74%
|
52%
|
37%
|
47%
|
33%
|
|||||
ACalculated based on average shares outstanding during the period.
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
CTotal returns do not include the effect of the sales charges.
|
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Health Care Fund Class C |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
37.14
|
$
|
46.87
|
$
|
44.26
|
$
|
43.00
|
$
|
53.40
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.43)
|
(.46)
|
(.46)
|
(.51)
|
(.55)
|
|||||
Net realized and unrealized gain (loss)
|
10.57
|
(2.41)
|
3.07
|
1.77
|
(5.70)
|
|||||
Total from investment operations
|
10.14
|
(2.87)
|
2.61
|
1.26
|
(6.25)
|
|||||
Distributions
|
||||||||||
Distributions from net realized gain
|
(7.46)
|
(6.86)
|
-
|
-
|
(4.15)
|
|||||
Total distributions
|
(7.46)
|
(6.86)
|
-
|
-
|
(4.15)
|
|||||
Net asset value, end of period
|
$
|
39.82
|
$
|
37.14
|
$
|
46.87
|
$
|
44.26
|
$
|
43.00
|
Total Return C, D
|
28.64%
|
(7.10)%
|
5.90%
|
2.93%
|
(12.56)%
|
|||||
Ratios and Supplemental Data B, E, F
|
||||||||||
Ratio of expenses to average net assets before reductions
|
1.71%
|
1.68%
|
1.71%
|
1.73%
|
1.72%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
1.70%
|
1.68%
|
1.70%
|
1.73%
|
1.72%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
1.70%
|
1.68%
|
1.70%
|
1.73%
|
1.72%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(1.12)%
|
(1.09)%
|
(1.06)%
|
(1.17)%
|
(1.17)%
|
|||||
Net assets, end of period
|
$
|
134,985,017
|
$
|
163,698,196
|
$
|
265,779,403
|
$
|
365,164,822
|
$
|
501,742,061
|
Portfolio turnover rate G
|
74%
|
52%
|
37%
|
47%
|
33%
|
|||||
ACalculated based on average shares outstanding during the period.
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
CTotal returns do not include the effect of the contingent deferred sales charge.
|
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Health Care Fund Class I |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
60.18
|
$
|
71.00
|
$
|
66.37
|
$
|
63.83
|
$
|
76.48
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A, B
|
(.08)
|
(.06)
|
(.04)
|
(.10)
|
(.11)
|
|||||
Net realized and unrealized gain (loss)
|
17.55
|
(3.90)
|
4.67
|
2.64
|
(8.39)
|
|||||
Total from investment operations
|
17.47
|
(3.96)
|
4.63
|
2.54
|
(8.50)
|
|||||
Distributions
|
||||||||||
Distributions from net realized gain
|
(7.46)
|
(6.86)
|
-
|
-
|
(4.15)
|
|||||
Total distributions
|
(7.46)
|
(6.86)
|
-
|
-
|
(4.15)
|
|||||
Net asset value, end of period
|
$
|
70.19
|
$
|
60.18
|
$
|
71.00
|
$
|
66.37
|
$
|
63.83
|
Total Return C
|
29.93%
|
(6.17)%
|
6.98%
|
3.98%
|
(11.68)%
|
|||||
Ratios and Supplemental Data A, D, E
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.71%
|
.68%
|
.70%
|
.72%
|
.71%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.70%
|
.68%
|
.70%
|
.71%
|
.71%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.70%
|
.68%
|
.70%
|
.71%
|
.71%
|
|||||
Ratio of net investment income (loss) to average net assets
|
(.12)%
|
(.09)%
|
(.05)%
|
(.16)%
|
(.16)%
|
|||||
Net assets, end of period
|
$
|
1,151,045,288
|
$
|
1,324,127,172
|
$
|
2,031,441,137
|
$
|
2,593,538,489
|
$
|
2,743,740,418
|
Portfolio turnover rate F
|
74%
|
52%
|
37%
|
47%
|
33%
|
|||||
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
BCalculated based on average shares outstanding during the period.
|
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fidelity Advisor® Health Care Fund Class Z |
Years ended July 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
Selected Per Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
60.52
|
$
|
71.29
|
$
|
66.56
|
$
|
63.93
|
$
|
76.55
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) B, C
|
- A
|
.02
|
.06
|
(.02)
|
(.03)
|
|||||
Net realized and unrealized gain (loss)
|
17.67
|
(3.93)
|
4.67
|
2.65
|
(8.38)
|
|||||
Total from investment operations
|
17.67
|
(3.91)
|
4.73
|
2.63
|
(8.41)
|
|||||
Distributions
|
||||||||||
Distributions from net realized gain
|
(7.46)
|
(6.86)
|
-
|
-
|
(4.21)
|
|||||
Total distributions
|
(7.46)
|
(6.86)
|
-
|
-
|
(4.21)
|
|||||
Net asset value, end of period
|
$
|
70.73
|
$
|
60.52
|
$
|
71.29
|
$
|
66.56
|
$
|
63.93
|
Total Return D
|
30.10%
|
(6.07)%
|
7.11%
|
4.11%
|
(11.56)%
|
|||||
Ratios and Supplemental Data B, E, F
|
||||||||||
Ratio of expenses to average net assets before reductions
|
.59%
|
.56%
|
.56%
|
.59%
|
.59%
|
|||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.59%
|
.56%
|
.56%
|
.59%
|
.59%
|
|||||
Ratio of expenses to average net assets net of all reductions, if any
|
.59%
|
.56%
|
.56%
|
.59%
|
.59%
|
|||||
Ratio of net investment income (loss) to average net assets
|
-% G
|
.03%
|
.08%
|
(.03)%
|
(.04)%
|
|||||
Net assets, end of period
|
$
|
342,253,894
|
$
|
364,955,614
|
$
|
579,297,986
|
$
|
862,050,742
|
$
|
817,320,825
|
Portfolio turnover rate H
|
74%
|
52%
|
37%
|
47%
|
33%
|
|||||
AAmount represents less than $.005 per share.
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
CCalculated based on average shares outstanding during the period.
|
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
GAmount represents less than .005%.
|
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Fund Name
|
Class Name
|
Fidelity Advisor® Biotechnology Fund
|
Class A, Class M, Class C, Class I, and Class Z
|
Fidelity Advisor® Financials Fund
|
Class A, Class M, Class C, Class I, and Class Z
|
Fidelity Advisor® Industrials Fund
|
Class A, Class M, Class C, Industrials Portfolio, Class I, and Class Z
|
Fidelity Advisor® Semiconductors Fund
|
Class A, Class M, Class C, Class I, and Class Z
|
Fidelity Advisor® Health Care Fund
|
Class A, Class M, Class C, Class I, and Class Z
|
Fund Name
|
Class Name
|
Commencement Date
|
Fidelity Advisor Industrials Fund
|
Industrials Portfolio
|
10/9/2025
|
Fidelity Advisor® Biotechnology Fund
|
|||||
Asset Type
|
Fair Value
|
Valuation Technique (s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in Input*
|
Common Stocks
|
$2,482,427
|
Discounted cash flow
|
Yield
|
4.0% - 5.4% / 5.2%
|
Decrease
|
Discount rate
|
4.6% - 5.4% / 5.2%
|
Decrease
|
|||
Term
|
0.1 - 6.4 / 4.2
|
Increase
|
|||
Probability rate
|
5.0% - 90.0% / 40.5%
|
Increase
|
|||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Convertible Preferred Stocks
|
$32,968,348
|
Discounted cash flow
|
Discount rate
|
5.1% - 5.5% / 5.3%
|
Decrease
|
Term
|
2.4 - 8.4 / 5.1
|
Increase
|
|||
Probability rate
|
5.0% - 60.0% / 25.0%
|
Increase
|
|||
Market approach
|
Transaction price
|
$0.80 - $14.63 / $3.85
|
Increase
|
||
Discount rate
|
5.0% - 90.0% / 27.4%
|
Decrease
|
|||
Conversion ratio
|
11.9
|
Increase
|
|||
Premium rate
|
20.0%
|
Increase
|
|||
Discount for lack of marketability (DLOM)
|
11.6% - 13.0% / 12.8%
|
Decrease
|
|||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
0.0% - 4.4% / 3.5%
|
Increase
|
||
Term
|
0.4 - 3.0 / 2.4
|
Increase
|
|||
Volatility
|
75.0% - 110.0% / 88.3%
|
Increase
|
|||
Convertible Corporate Bonds
|
$2,270,358
|
Discounted cash flow
|
Discount rate
|
19.8% - 20.0% / 19.9%
|
Decrease
|
Term
|
0.3 - 0.5 / 0.4
|
Increase
|
|||
Probability rate
|
0.0% - 80.0% / 30.0%
|
Increase
|
|||
Market approach
|
Transaction price
|
$1.51 - $100.00 / $53.88
|
Increase
|
||
Black scholes
|
Discount rate
|
4.4%
|
Increase
|
||
Term
|
3.0
|
Increase
|
|||
Volatility
|
110.0%
|
Increase
|
|||
Preferred Securities
|
$769,575
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
Discount rate
|
24.3%
|
Decrease
|
|||
Probability rate
|
0.0% - 60.0% / 25.0%
|
Increase
|
|||
Black scholes
|
Discount rate
|
4.4%
|
Increase
|
||
Term
|
2.4
|
Increase
|
|||
Volatility
|
90.0%
|
Increase
|
Fidelity Advisor® Semiconductors Fund
|
|||||
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in Input*
|
Common Stocks
|
$2,188,097
|
Discounted cash flow
|
Discount rate
|
3.9% - 20.0% / 12.4%
|
Decrease
|
Term
|
0.4 - 2.5 / 2.5
|
Increase
|
|||
Probability rate
|
90.0%
|
Increase
|
|||
Market approach
|
Discount rate
|
80.0%
|
Decrease
|
||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
4.0% - 4.3% / 4.1%
|
Increase
|
||
Term
|
1.0 - 3.0 / 1.7
|
Increase
|
|||
Volatility
|
70.0% - 80.0% / 76.7%
|
Increase
|
|||
Convertible Preferred Stocks
|
$73,287,722
|
Market Approach
|
Transaction price
|
$0.90 - $54.91 / $22.87
|
Increase
|
Discount rate
|
10.0% - 15.0% / 14.8%
|
Decrease
|
|||
Conversion ratio
|
1.5
|
Increase
|
|||
Premium rate
|
20.0% - 70.0% / 30.9%
|
Increase
|
|||
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
5.3 - 36.4 / 9.5
|
Increase
|
||
Black scholes
|
Discount rate
|
4.3% - 4.4% / 4.4%
|
Increase
|
||
Term
|
3.0 - 5.0 / 3.9
|
Increase
|
|||
Volatility
|
40.0% - 90.0% / 71.5%
|
Increase
|
|||
Convertible Corporate Bonds
|
$557,973
|
Discounted cash flow
|
Discount rate
|
20.0% - 25.3% / 22.6%
|
Decrease
|
Probability rate
|
0.0% - 70.0% / 26.7%
|
Increase
|
|||
Black scholes
|
Discount rate
|
3.8% - 3.9% / 3.8%
|
Increase
|
||
Term
|
0.1 - 0.2 / 0.1
|
Increase
|
|||
Volatility
|
40.0% - 80.0% / 60.0%
|
Increase
|
|||
Preferred Securities
|
$3,102,542
|
Discounted cash flow
|
Discount rate
|
17.6% - 46.9% / 28.9%
|
Decrease
|
Term
|
1.0 - 3.7 / 2.1
|
Increase
|
|||
Probability rate
|
0.0% - 95.0% / 33.3%
|
Increase
|
|||
|
* Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
|
|||||
Fidelity Advisor® Health Care Fund
|
|||||
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in Input*
|
Common Stocks
|
$2,829,325
|
Discounted cash flow
|
Yield
|
4.0% - 5.4% / 5.2%
|
Decrease
|
Discount rate
|
4.6% - 5.4% / 5.2%
|
Decrease
|
|||
Term
|
0.1 - 6.4 / 4.2
|
Increase
|
|||
Probability rate
|
5.0% - 90.0% / 40.5%
|
Increase
|
|||
Market approach
|
Transaction price
|
$33.33
|
Increase
|
||
Discount rate
|
10.0%
|
Decrease
|
|||
Black scholes
|
Discount rate
|
4.4%
|
Increase
|
||
Term
|
5
|
Increase
|
|||
Volatility
|
70.0%
|
Increase
|
|||
Convertible Preferred Stocks
|
$67,140,058
|
Market Approach
|
Transaction price
|
$0.65 - $33.33 / $10.90
|
Increase
|
Discount rate
|
10.0% - 20.0% / 12.0%
|
Decrease
|
|||
Premium rate
|
20.0% - 25.0% / 20.9%
|
Increase
|
|||
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
1.5 - 11.5 / 4.7
|
Increase
|
||
Black scholes
|
Discount rate
|
4.2% - 4.4% / 4.4%
|
Increase
|
||
Term
|
2.0 - 5.0 / 3.1
|
Increase
|
|||
Volatility
|
45.0% - 110.0% / 68.2%
|
Increase
|
|||
Convertible Corporate Bonds
|
$6,050,321
|
Market approach
|
Transaction price
|
$0.65 - $100.00 / $19.31
|
Increase
|
Discount rate
|
15.0%
|
Decrease
|
|||
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
11.5
|
Increase
|
||
Black scholes
|
Discount rate
|
4.4%
|
Increase
|
||
Term
|
3.0
|
Increase
|
|||
Volatility
|
60.0% - 110.0% / 75.5%
|
Increase
|
|||
|
* Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
|
|||||
Tax Cost ($)
|
Gross unrealized appreciation ($)
|
Gross unrealized depreciation ($)
|
Net unrealized appreciation (depreciation) ($)
|
|
Fidelity Advisor® Biotechnology Fund
|
1,273,237,176
|
1,037,087,121
|
(66,912,569)
|
970,174,552
|
Fidelity Advisor® Financials Fund
|
443,351,867
|
260,579,241
|
(15,458,452)
|
245,120,789
|
Fidelity Advisor® Industrials Fund
|
1,354,570,963
|
839,561,924
|
(16,982,027)
|
822,579,897
|
Fidelity Advisor® Semiconductors Fund
|
4,052,685,963
|
3,366,805,944
|
(182,746,149)
|
3,184,059,795
|
Fidelity Advisor® Health Care Fund
|
2,266,530,082
|
1,069,802,083
|
(133,763,497)
|
936,038,586
|
Undistributed ordinary income ($)
|
Undistributed long-term capital gain ($)
|
Net unrealized appreciation (depreciation) on securities and other investments ($)
|
|
Fidelity Advisor® Biotechnology Fund
|
-
|
321,200,921
|
970,177,101
|
Fidelity Advisor® Financials Fund
|
3,871,348
|
22,868,306
|
245,120,618
|
Fidelity Advisor® Industrials Fund
|
-
|
63,552,846
|
822,579,883
|
Fidelity Advisor® Semiconductors Fund
|
281,262,087
|
946,342,780
|
3,184,302,063
|
Fidelity Advisor® Health Care Fund
|
14,077,119
|
650,707,366
|
936,139,707
|
Capital losses ($)
|
Ordinary losses ($)
|
|
Fidelity Advisor® Biotechnology Fund
|
-
|
7,120,193
|
July 31, 2026
|
|||
Ordinary Income ($)
|
Long-term Capital Gains ($)
|
Total ($)
|
|
Fidelity Advisor® Biotechnology Fund
|
21,582,670
|
4,644,913
|
26,227,583
|
Fidelity Advisor® Financials Fund
|
20,260,913
|
27,599,175
|
47,860,088
|
Fidelity Advisor® Industrials Fund
|
-
|
26,174,038
|
26,174,038
|
Fidelity Advisor® Semiconductors Fund
|
45,823,907
|
252,113,433
|
297,937,340
|
Fidelity Advisor® Health Care Fund
|
-
|
384,254,216
|
384,254,216
|
July 31, 2025
|
|||
Ordinary Income ($)
|
Long-term Capital Gains ($)
|
Total ($)
|
|
Fidelity Advisor® Biotechnology Fund
|
50,761,494
|
37,064,963
|
87,826,457
|
Fidelity Advisor® Financials Fund
|
11,513,540
|
17,806,392
|
29,319,932
|
Fidelity Advisor® Industrials Fund
|
2,171,802
|
22,308,879
|
24,480,680
|
Fidelity Advisor® Semiconductors Fund
|
-
|
193,954,623
|
193,954,623
|
Fidelity Advisor® Health Care Fund
|
-
|
441,537,070
|
441,537,070
|
Investment to be Acquired
|
Shares
|
Commitment Amount ($)
|
|
Fidelity Advisor® Health Care Fund
|
Caldera Therapeutics, Inc.
|
1,702,100
|
5,877,522
|
Fidelity Advisor® Health Care Fund
|
Avenzo Therapeutics, Inc.
|
1,095,164
|
1,434,665
|
Fidelity Advisor® Health Care Fund
|
Avere Therapeutics, Inc.
|
278,500
|
2,731,807
|
Fidelity Advisor® Health Care Fund
|
Korsana Biosciences, Inc.
|
138,700
|
326,417
|
Fidelity Advisor® Health Care Fund
|
Mentari Therapeutics, Inc.
|
703,800
|
1,933,454
|
Investment to be Acquired
|
Shares
|
Commitment Amount ($)
|
|
Fidelity Advisor® Biotechnology Fund
|
Caldera Therapeutics, Inc.
|
1,202,164
|
4,151,193
|
Fidelity Advisor® Biotechnology Fund
|
Avenzo Therapeutics, Inc.
|
2,879,204
|
3,771,757
|
Fidelity Advisor® Biotechnology Fund
|
Avere Therapeutics, Inc.
|
195,200
|
1,914,717
|
Fidelity Advisor® Biotechnology Fund
|
Korsana Biosciences, Inc.
|
88,900
|
209,217
|
Fidelity Advisor® Biotechnology Fund
|
Mentari Therapeutics, Inc.
|
491,700
|
1,354,111
|
Amount ($)
|
% of Total Assets
|
|
Fidelity Advisor® Health Care Fund
|
2,201,412
|
0.07
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Advisor® Biotechnology Fund
|
981,862,658
|
1,025,767,208
|
Fidelity Advisor® Financials Fund
|
171,009,877
|
269,555,883
|
Fidelity Advisor® Industrials Fund
|
739,900,359
|
548,951,374
|
Fidelity Advisor® Semiconductors Fund
|
6,060,355,569
|
5,339,401,422
|
Fidelity Advisor® Health Care Fund
|
2,355,951,913
|
3,306,199,049
|
July 31, 2026
|
||||||||
Shares
|
Net realized gain or loss on Affiliated Issuers ($)
|
Net realized gain or loss on Unaffiliated Issuers ($)
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
||||
Fidelity Advisor® Industrials Fund
|
599,048
|
-
|
22,130,389
|
22,130,389
|
36,529,952
|
|||
Maximum
Management Fee Rate % |
|
Fidelity Advisor® Biotechnology Fund
|
|
Class A
|
0.71%
|
Class M
|
0.72%
|
Class C
|
0.72%
|
Class I
|
0.69%
|
Class Z
|
0.56%
|
Fidelity Advisor® Financials Fund
|
|
Class A
|
0.72%
|
Class M
|
0.71%
|
Class C
|
0.71%
|
Class I
|
0.69%
|
Class Z
|
0.56%
|
Fidelity Advisor® Industrials Fund
|
|
Class A
|
0.70%
|
Class M
|
0.70%
|
Class C
|
0.71%
|
Industrials Portfolio
|
0.67%
|
Class I
|
0.68%
|
Class Z
|
0.56%
|
Fidelity Advisor® Semiconductors Fund
|
|
Class A
|
0.69%
|
Class M
|
0.68%
|
Class C
|
0.70%
|
Class I
|
0.69%
|
Class Z
|
0.56%
|
Fidelity Advisor® Health Care Fund
|
|
Class A
|
0.69%
|
Class M
|
0.69%
|
Class C
|
0.69%
|
Class I
|
0.68%
|
Class Z
|
0.55%
|
Total
Management Fee Rate % |
|
Fidelity Advisor® Biotechnology Fund
|
|
Class A
|
0.67
|
Class M
|
0.67
|
Class C
|
0.68
|
Class I
|
0.68
|
Class Z
|
0.55
|
Fidelity Advisor® Financials Fund
|
|
Class A
|
0.71
|
Class M
|
0.71
|
Class C
|
0.71
|
Class I
|
0.69
|
Class Z
|
0.56
|
Fidelity Advisor® Industrials Fund
|
|
Class A
|
0.68
|
Class M
|
0.68
|
Class C
|
0.68
|
Industrials Portfolio
|
0.63
|
Class I
|
0.67
|
Class Z
|
0.55
|
Fidelity Advisor® Semiconductors Fund
|
|
Class A
|
0.65
|
Class M
|
0.65
|
Class C
|
0.65
|
Class I
|
0.65
|
Class Z
|
0.53
|
Fidelity Advisor® Health Care Fund
|
|
Class A
|
0.66
|
Class M
|
0.66
|
Class C
|
0.66
|
Class I
|
0.66
|
Class Z
|
0.54
|
Distribution Fee %
|
Service Fee %
|
Total Fees ($)
|
Retained by FDC ($)
|
||||
Fidelity Advisor® Biotechnology Fund
|
|||||||
Class A
|
-
|
.25
|
1,884,388
|
28,812
|
|||
Class M
|
.25
|
.25
|
668,121
|
-
|
|||
Class C
|
.75
|
.25
|
620,089
|
46,530
|
|||
3,172,598
|
75,342
|
||||||
Fidelity Advisor® Financials Fund
|
|||||||
Class A
|
-
|
.25
|
652,288
|
9,033
|
|||
Class M
|
.25
|
.25
|
459,638
|
892
|
|||
Class C
|
.75
|
.25
|
332,544
|
48,292
|
|||
1,444,470
|
58,217
|
||||||
Fidelity Advisor® Industrials Fund
|
|||||||
Class A
|
-
|
.25
|
987,128
|
26,891
|
|||
Class M
|
.25
|
.25
|
446,232
|
1,506
|
|||
Class C
|
.75
|
.25
|
375,975
|
78,512
|
|||
1,809,335
|
106,909
|
||||||
Fidelity Advisor® Semiconductors Fund
|
|||||||
Class A
|
-
|
.25
|
5,696,810
|
171,352
|
|||
Class M
|
.25
|
.25
|
1,789,262
|
4,638
|
|||
Class C
|
.75
|
.25
|
3,673,723
|
695,045
|
|||
11,159,795
|
871,035
|
||||||
Fidelity Advisor® Health Care Fund
|
|||||||
Class A
|
-
|
.25
|
2,975,518
|
18,242
|
|||
Class M
|
.25
|
.25
|
1,250,820
|
3,790
|
|||
Class C
|
.75
|
.25
|
1,511,712
|
60,319
|
|||
5,738,050
|
82,351
|
||||||
Front-End Sales
Charge (%) |
Deferred Sales
Charge (%) |
Retained by FDC ($)
|
|||
Fidelity Advisor® Biotechnology Fund
|
|||||
Class A A
|
5.75
|
1.00
|
96,253
|
||
Class M A
|
3.50
|
.25
|
5,460
|
||
Class C B
|
-
|
1.00
|
613
|
||
102,326
|
|||||
Fidelity Advisor® Financials Fund
|
|||||
Class A A
|
5.75
|
1.00
|
77,003
|
||
Class M A
|
3.50
|
.25
|
4,202
|
||
Class C B
|
-
|
1.00
|
833
|
||
82,038
|
|||||
Fidelity Advisor® Industrials Fund
|
|||||
Class A A
|
5.75
|
1.00
|
141,883
|
||
Class M A
|
3.50
|
.25
|
5,799
|
||
Class C B
|
-
|
1.00
|
53
|
||
147,735
|
|||||
Fidelity Advisor® Semiconductors Fund
|
|||||
Class A A
|
5.75
|
1.00
|
2,851,393
|
||
Class M A
|
3.50
|
.25
|
36,248
|
||
Class C B
|
-
|
1.00
|
4,065
|
||
2,891,706
|
|||||
Fidelity Advisor® Health Care Fund
|
|||||
Class A A
|
5.75
|
1.00
|
98,800
|
||
Class M A
|
3.50
|
.25
|
6,295
|
||
Class C B
|
-
|
1.00
|
1,682
|
||
106,777
|
|||||
Fidelity Advisor® Industrials Fund
|
$181,008
|
Amount ($)
|
|
Fidelity Advisor® Biotechnology Fund
|
27,518
|
Fidelity Advisor® Financials Fund
|
2,282
|
Fidelity Advisor® Industrials Fund
|
5,594
|
Fidelity Advisor® Semiconductors Fund
|
40,320
|
Fidelity Advisor® Health Care Fund
|
69,434
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate (%)
|
Interest expense ($)
|
|
Fidelity Advisor® Financials Fund
|
Borrower
|
6,040,176
|
4.10
|
11,695
|
Fidelity Advisor® Industrials Fund
|
Borrower
|
8,562,000
|
4.38
|
2,082
|
Fidelity Advisor® Semiconductors Fund
|
Borrower
|
12,486,667
|
3.87
|
28,214
|
Fidelity Advisor® Health Care Fund
|
Borrower
|
8,841,769
|
4.03
|
51,488
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Advisor® Biotechnology Fund
|
83,858,245
|
118,707,095
|
48,999,842
|
Fidelity Advisor® Financials Fund
|
20,818,212
|
16,845,627
|
1,502,086
|
Fidelity Advisor® Industrials Fund
|
16,275,915
|
23,085,880
|
5,920,379
|
Fidelity Advisor® Semiconductors Fund
|
415,034,124
|
499,638,376
|
182,606,008
|
Fidelity Advisor® Health Care Fund
|
140,474,875
|
325,136,246
|
66,033,127
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Advisor® Biotechnology Fund
|
79,655
|
5,361
|
-
|
Fidelity Advisor® Financials Fund
|
3,503
|
35
|
-
|
Fidelity Advisor® Industrials Fund
|
3,286
|
39
|
-
|
Fidelity Advisor® Semiconductors Fund
|
27,073
|
12,575
|
-
|
Fidelity Advisor® Health Care Fund
|
35,037
|
161
|
-
|
Amount ($)
|
|
Fidelity Advisor® Biotechnology Fund
|
52,699,537
|
Fidelity Advisor® Financials Fund
|
17,338,138
|
Fidelity Advisor® Semiconductors Fund
|
146,552,746
|
Fidelity Advisor® Health Care Fund
|
91,773,344
|
Average Loan Balance ($)
|
Weighted Average Interest Rate(%)
|
Interest expense ($)
|
|
Fidelity Advisor® Financials Fund
|
1,371,667
|
4.83
|
552
|
Fidelity Advisor® Semiconductors Fund
|
6,679,000
|
4.13
|
2,296
|
Reimbursement /Waiver ($)
|
|
Fidelity Advisor® Industrials Fund
|
|
Class A
|
4,569
|
Class M
|
1,032
|
Class C
|
444
|
Industrials Portfolio
|
10,276
|
Class I
|
3,198
|
Class Z
|
854
|
Fidelity Advisor® Health Care Fund
|
|
Class A
|
26,806
|
Class M
|
5,636
|
Class C
|
3,308
|
Class I
|
26,798
|
Class Z
|
7,459
|
Custodian Credits ($)
|
|
Fidelity Advisor® Biotechnology Fund
|
5,944
|
Fidelity Advisor® Industrials Fund
|
3,379
|
Year ended ($)
|
Year ended ($)
|
|||
July 31, 2026
|
July 31, 2025
|
|||
Fidelity Advisor® Biotechnology Fund
|
||||
Class A
|
10,959,149
|
35,680,743
|
||
Class M
|
2,043,978
|
6,875,045
|
||
Class C
|
1,071,320
|
4,545,928
|
||
Class I
|
10,233,523
|
36,584,307
|
||
Class Z
|
1,919,613
|
4,140,434
|
||
Total
|
26,227,583
|
87,826,457
|
||
Fidelity Advisor® Financials Fund
|
||||
Class A
|
17,440,390
|
10,714,275
|
||
Class M
|
6,088,714
|
3,846,484
|
||
Class C
|
2,207,629
|
1,771,962
|
||
Class I
|
15,549,707
|
8,847,671
|
||
Class Z
|
6,573,649
|
4,139,540
|
||
Total
|
47,860,089
|
29,319,932
|
||
Fidelity Advisor® Industrials Fund
|
||||
Class A
|
6,197,363
|
11,007,827
|
||
Class M
|
1,469,772
|
2,622,510
|
||
Class C
|
759,682
|
1,569,587
|
||
Industrials Portfolio (Commencement of sale of shares October 9, 2025)
|
12,736,590
|
-
|
||
Class I
|
3,954,801
|
7,029,076
|
||
Class Z
|
1,055,830
|
2,251,680
|
||
Total
|
26,174,038
|
24,480,680
|
||
Fidelity Advisor® Semiconductors Fund
|
||||
Class A
|
121,887,855
|
77,150,702
|
||
Class M
|
20,493,440
|
13,427,582
|
||
Class C
|
23,867,099
|
19,503,344
|
||
Class I
|
103,643,224
|
68,151,730
|
||
Class Z
|
28,045,722
|
15,721,265
|
||
Total
|
297,937,340
|
193,954,623
|
||
Fidelity Advisor® Health Care Fund
|
||||
Class A
|
147,314,762
|
148,445,930
|
||
Class M
|
34,488,438
|
33,846,903
|
||
Class C
|
27,681,177
|
34,204,550
|
||
Class I
|
137,153,307
|
177,174,821
|
||
Class Z
|
37,616,532
|
47,864,866
|
||
Total
|
384,254,216
|
441,537,070
|
Shares
|
Shares
|
Dollars
|
Dollars
|
||||||
Year ended
|
Year ended
|
Year ended ($)
|
Year ended ($)
|
||||||
July 31, 2026
|
July 31, 2025
|
July 31, 2026
|
July 31, 2025
|
||||||
Fidelity Advisor® Biotechnology Fund
|
|||||||||
Class A
|
|||||||||
Shares sold
|
1,595,631
|
1,826,055
|
60,351,601
|
52,634,364
|
|||||
Reinvestment of distributions
|
269,253
|
1,198,369
|
10,296,228
|
33,446,491
|
|||||
Shares redeemed
|
(3,001,643)
|
(5,099,207)
|
(111,039,286)
|
(143,450,411)
|
|||||
Net increase (decrease)
|
(1,136,759)
|
(2,074,783)
|
(40,391,457)
|
(57,369,556)
|
|||||
Class M
|
|||||||||
Shares sold
|
189,901
|
261,886
|
6,442,077
|
7,135,184
|
|||||
Reinvestment of distributions
|
58,326
|
267,639
|
2,022,163
|
6,795,345
|
|||||
Shares redeemed
|
(677,511)
|
(767,182)
|
(22,719,382)
|
(19,754,436)
|
|||||
Net increase (decrease)
|
(429,284)
|
(237,657)
|
(14,255,142)
|
(5,823,907)
|
|||||
Class C
|
|||||||||
Shares sold
|
222,898
|
243,463
|
6,470,854
|
5,437,412
|
|||||
Reinvestment of distributions
|
35,407
|
203,344
|
1,038,498
|
4,394,259
|
|||||
Shares redeemed
|
(889,979)
|
(1,557,171)
|
(25,232,670)
|
(34,344,569)
|
|||||
Net increase (decrease)
|
(631,674)
|
(1,110,364)
|
(17,723,318)
|
(24,512,898)
|
|||||
Class I
|
|||||||||
Shares sold
|
4,063,771
|
4,420,353
|
170,368,627
|
144,116,179
|
|||||
Reinvestment of distributions
|
215,669
|
999,488
|
9,086,142
|
30,634,295
|
|||||
Shares redeemed
|
(4,063,584)
|
(9,058,892)
|
(162,582,508)
|
(275,995,695)
|
|||||
Net increase (decrease)
|
215,856
|
(3,639,051)
|
16,872,261
|
(101,245,221)
|
|||||
Class Z
|
|||||||||
Shares sold
|
1,376,894
|
1,359,435
|
57,698,577
|
42,517,193
|
|||||
Reinvestment of distributions
|
41,366
|
116,255
|
1,746,891
|
3,569,030
|
|||||
Shares redeemed
|
(520,859)
|
(947,080)
|
(21,400,912)
|
(29,153,975)
|
|||||
Net increase (decrease)
|
897,401
|
528,610
|
38,044,556
|
16,932,248
|
|||||
Fidelity Advisor® Financials Fund
|
|||||||||
Class A
|
|||||||||
Shares sold
|
902,320
|
1,647,625
|
34,220,446
|
59,596,490
|
|||||
Reinvestment of distributions
|
445,825
|
295,742
|
16,878,940
|
10,350,952
|
|||||
Shares redeemed
|
(1,612,053)
|
(1,166,719)
|
(60,884,989)
|
(41,421,951)
|
|||||
Net increase (decrease)
|
(263,908)
|
776,648
|
(9,785,603)
|
28,525,491
|
|||||
Class M
|
|||||||||
Shares sold
|
231,240
|
435,348
|
8,661,215
|
15,432,699
|
|||||
Reinvestment of distributions
|
160,896
|
109,721
|
6,003,018
|
3,788,679
|
|||||
Shares redeemed
|
(417,713)
|
(481,687)
|
(15,501,257)
|
(16,658,755)
|
|||||
Net increase (decrease)
|
(25,577)
|
63,382
|
(837,024)
|
2,562,623
|
|||||
Class C
|
|||||||||
Shares sold
|
123,148
|
412,191
|
4,318,525
|
13,895,627
|
|||||
Reinvestment of distributions
|
63,105
|
54,581
|
2,199,839
|
1,767,319
|
|||||
Shares redeemed
|
(389,963)
|
(613,473)
|
(13,484,279)
|
(19,977,175)
|
|||||
Net increase (decrease)
|
(203,710)
|
(146,701)
|
(6,965,915)
|
(4,314,229)
|
|||||
Class I
|
|||||||||
Shares sold
|
1,741,887
|
3,829,131
|
68,816,995
|
142,218,780
|
|||||
Reinvestment of distributions
|
377,233
|
230,998
|
14,844,112
|
8,380,618
|
|||||
Shares redeemed
|
(2,727,136)
|
(2,293,143)
|
(104,755,832)
|
(84,512,774)
|
|||||
Net increase (decrease)
|
(608,016)
|
1,766,986
|
(21,094,725)
|
66,086,624
|
|||||
Class Z
|
|||||||||
Shares sold
|
980,843
|
1,090,095
|
38,701,844
|
40,087,368
|
|||||
Reinvestment of distributions
|
143,542
|
95,736
|
5,639,769
|
3,468,532
|
|||||
Shares redeemed
|
(1,735,726)
|
(1,062,529)
|
(64,042,807)
|
(39,897,433)
|
|||||
Net increase (decrease)
|
(611,341)
|
123,302
|
(19,701,194)
|
3,658,467
|
|||||
Fidelity Advisor® Industrials Fund
|
|||||||||
Class A
|
|||||||||
Shares sold
|
1,403,497
|
1,184,098
|
84,520,735
|
58,061,567
|
|||||
Reinvestment of distributions
|
106,008
|
227,321
|
5,903,567
|
10,461,331
|
|||||
Shares redeemed
|
(1,015,788)
|
(1,011,183)
|
(60,181,799)
|
(48,016,392)
|
|||||
Net increase (decrease)
|
493,717
|
400,236
|
30,242,503
|
20,506,506
|
|||||
Class M
|
|||||||||
Shares sold
|
225,272
|
273,115
|
12,847,416
|
12,822,473
|
|||||
Reinvestment of distributions
|
27,352
|
58,827
|
1,454,038
|
2,592,490
|
|||||
Shares redeemed
|
(260,837)
|
(269,788)
|
(14,467,876)
|
(12,022,683)
|
|||||
Net increase (decrease)
|
(8,213)
|
62,154
|
(166,422)
|
3,392,280
|
|||||
Class C
|
|||||||||
Shares sold
|
236,160
|
322,591
|
11,138,461
|
12,807,216
|
|||||
Reinvestment of distributions
|
16,850
|
42,220
|
741,382
|
1,553,692
|
|||||
Shares redeemed
|
(258,087)
|
(481,070)
|
(12,120,764)
|
(18,058,407)
|
|||||
Net increase (decrease)
|
(5,077)
|
(116,259)
|
(240,921)
|
(3,697,499)
|
|||||
Industrials Portfolio (Commencement of sale of shares October 9, 2025)
|
|||||||||
Shares sold
|
4,946,952
|
-
|
333,527,785
|
-
|
|||||
Issued in exchange for the shares of the Acquired Fund(s)
|
13,613,698
|
-
|
816,005,043
|
-
|
|||||
Reinvestment of distributions
|
192,691
|
-
|
11,796,544
|
-
|
|||||
Shares redeemed
|
(3,756,477)
|
-
|
(249,399,642)
|
-
|
|||||
Net increase (decrease)
|
14,996,864
|
-
|
911,929,730
|
-
|
|||||
Class I
|
|||||||||
Shares sold
|
2,810,206
|
2,415,891
|
182,315,915
|
127,168,224
|
|||||
Reinvestment of distributions
|
60,537
|
127,458
|
3,706,063
|
6,421,349
|
|||||
Shares redeemed
|
(2,363,449)
|
(1,339,104)
|
(150,629,986)
|
(69,743,785)
|
|||||
Net increase (decrease)
|
507,294
|
1,204,245
|
35,391,992
|
63,845,788
|
|||||
Class Z
|
|||||||||
Shares sold
|
957,453
|
625,543
|
63,600,547
|
33,303,898
|
|||||
Reinvestment of distributions
|
15,835
|
40,688
|
969,732
|
2,047,836
|
|||||
Shares redeemed
|
(394,306)
|
(497,363)
|
(25,596,590)
|
(25,675,819)
|
|||||
Net increase (decrease)
|
578,982
|
168,868
|
38,973,689
|
9,675,915
|
|||||
Fidelity Advisor® Semiconductors Fund
|
|||||||||
Class A
|
|||||||||
Shares sold
|
5,631,169
|
4,457,800
|
781,254,457
|
362,229,863
|
|||||
Reinvestment of distributions
|
1,065,434
|
893,363
|
120,969,395
|
76,516,497
|
|||||
Shares redeemed
|
(3,019,571)
|
(3,154,175)
|
(420,361,092)
|
(250,315,337)
|
|||||
Net increase (decrease)
|
3,677,032
|
2,196,988
|
481,862,760
|
188,431,023
|
|||||
Class M
|
|||||||||
Shares sold
|
519,367
|
559,642
|
63,029,036
|
42,201,693
|
|||||
Reinvestment of distributions
|
191,823
|
165,303
|
20,076,149
|
13,130,031
|
|||||
Shares redeemed
|
(325,555)
|
(374,634)
|
(41,987,063)
|
(27,591,373)
|
|||||
Net increase (decrease)
|
385,635
|
350,311
|
41,118,122
|
27,740,351
|
|||||
Class C
|
|||||||||
Shares sold
|
824,528
|
833,264
|
86,147,763
|
53,820,485
|
|||||
Reinvestment of distributions
|
273,241
|
290,329
|
23,780,165
|
19,449,141
|
|||||
Shares redeemed
|
(830,555)
|
(1,064,231)
|
(85,561,492)
|
(65,616,591)
|
|||||
Net increase (decrease)
|
267,214
|
59,362
|
24,366,436
|
7,653,035
|
|||||
Class I
|
|||||||||
Shares sold
|
4,832,500
|
4,976,389
|
716,062,373
|
438,257,688
|
|||||
Reinvestment of distributions
|
821,474
|
718,665
|
102,257,071
|
67,037,079
|
|||||
Shares redeemed
|
(4,102,894)
|
(4,280,399)
|
(625,065,225)
|
(360,553,373)
|
|||||
Net increase (decrease)
|
1,551,080
|
1,414,655
|
193,254,219
|
144,741,394
|
|||||
Class Z
|
|||||||||
Shares sold
|
1,790,309
|
1,371,432
|
264,114,686
|
124,138,495
|
|||||
Reinvestment of distributions
|
181,763
|
136,323
|
22,689,453
|
12,755,769
|
|||||
Shares redeemed
|
(1,540,969)
|
(974,590)
|
(238,459,839)
|
(84,655,111)
|
|||||
Net increase (decrease)
|
431,103
|
533,165
|
48,344,300
|
52,239,153
|
|||||
Fidelity Advisor® Health Care Fund
|
|||||||||
Class A
|
|||||||||
Shares sold
|
1,438,258
|
1,571,688
|
82,478,186
|
93,365,645
|
|||||
Reinvestment of distributions
|
2,444,319
|
2,481,719
|
139,179,512
|
140,763,117
|
|||||
Shares redeemed
|
(4,956,400)
|
(5,340,708)
|
(281,595,996)
|
(309,653,656)
|
|||||
Net increase (decrease)
|
(1,073,823)
|
(1,287,301)
|
(59,938,298)
|
(75,524,894)
|
|||||
Class M
|
|||||||||
Shares sold
|
119,390
|
177,569
|
6,058,632
|
9,553,127
|
|||||
Reinvestment of distributions
|
672,518
|
650,227
|
33,854,539
|
33,181,084
|
|||||
Shares redeemed
|
(987,921)
|
(1,042,234)
|
(50,015,461)
|
(54,864,541)
|
|||||
Net increase (decrease)
|
(196,013)
|
(214,438)
|
(10,102,290)
|
(12,130,330)
|
|||||
Class C
|
|||||||||
Shares sold
|
195,075
|
239,445
|
7,562,794
|
10,116,694
|
|||||
Reinvestment of distributions
|
728,535
|
835,920
|
27,210,778
|
33,236,165
|
|||||
Shares redeemed
|
(1,941,791)
|
(2,337,984)
|
(74,366,215)
|
(97,300,788)
|
|||||
Net increase (decrease)
|
(1,018,181)
|
(1,262,619)
|
(39,592,643)
|
(53,947,929)
|
|||||
Class I
|
|||||||||
Shares sold
|
2,093,278
|
3,759,884
|
137,223,794
|
246,186,314
|
|||||
Reinvestment of distributions
|
1,852,117
|
2,428,818
|
121,221,072
|
155,565,787
|
|||||
Shares redeemed
|
(9,550,761)
|
(12,797,198)
|
(618,768,760)
|
(838,252,409)
|
|||||
Net increase (decrease)
|
(5,605,366)
|
(6,608,496)
|
(360,323,894)
|
(436,500,308)
|
|||||
Class Z
|
|||||||||
Shares sold
|
768,274
|
1,653,176
|
50,627,048
|
109,181,921
|
|||||
Reinvestment of distributions
|
444,384
|
566,654
|
29,284,910
|
36,475,541
|
|||||
Shares redeemed
|
(2,403,683)
|
(4,315,764)
|
(156,986,730)
|
(286,739,181)
|
|||||
Net increase (decrease)
|
(1,191,025)
|
(2,095,934)
|
(77,074,772)
|
(141,081,719)
|
Acquired Fund and Share Class
|
Investments $
|
Unrealized appreciation (depreciation) $
|
Net Assets $
|
Shares Exchanged
|
Shares Exchanged Ratio
|
Industrials Portfolio
|
815,978,327
|
272,835,342
|
816,005,043
|
17,077,559
|
0.7971688355
|
Acquiring Fund
|
Net Assets $
|
Total net assets after the acquisition $
|
Fidelity Advisor Industrials Fund
|
782,694,840
|
1,598,699,883
|
Net investment income (loss)
|
$179,546
|
Total net realized gain (loss)
|
133,782,070
|
Total change in net unrealized appreciation (depreciation)
|
221,046,962
|
Net increase (decrease) in net assets resulting from operations
|
$355,008,578
|
Fidelity Advisor® Biotechnology Fund
|
$327,220,950
|
Fidelity Advisor® Financials Fund
|
$35,010,744
|
Fidelity Advisor® Health Care Fund
|
$800,396,252
|
Fidelity Advisor® Industrials Fund
|
$80,229,475
|
Fidelity Advisor® Semiconductors Fund
|
$1,130,724,867
|
Industrials Portfolio
|
$15,141,032
|
December, 2025
|
|
Fidelity Advisor® Financials Fund
|
99.95%
|
Fidelity Advisor® Semiconductors Fund
|
100%
|
Fidelity Advisor® Biotechnology Fund
|
$192,849
|
Fidelity Advisor® Financials Fund
|
$63,278
|
Class A
|
Class M
|
Class C
|
Class I
|
Class Z
|
|
Fidelity Advisor® Biotechnology Fund
|
|||||
December, 2025
|
20%
|
22%
|
24%
|
19%
|
18%
|
Fidelity Advisor® Financials Fund
|
|||||
December, 2025
|
59%
|
64%
|
81%
|
54%
|
51%
|
Fidelity Advisor® Semiconductors Fund
|
|||||
December, 2025
|
10%
|
12%
|
21%
|
8%
|
7%
|
Class A
|
Class M
|
Class C
|
Class I
|
Class Z
|
|
Fidelity Advisor® Biotechnology Fund
|
|||||
December, 2025
|
20.49%
|
21.61%
|
23.74%
|
19.28%
|
18.39%
|
Fidelity Advisor® Financials Fund
|
|||||
December, 2025
|
60.60%
|
65.67%
|
83.56%
|
55.22%
|
52.45%
|
Fidelity Advisor® Semiconductors Fund
|
|||||
December, 2025
|
17.68%
|
21.52%
|
38.16%
|
15.17%
|
13.05%
|
 |
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
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 trust’s Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s 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 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 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
| (a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
| (a) | (2) | |
| (a) | (3) | Not applicable. |
| (b) |
|
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 VII
| By: | /s/Stacie M. Smith |
|
| Stacie M. Smith |
|
| President and Treasurer (Principal Executive Officer) |
|
|
|
| Date: | September 22, 2026 |
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/Stacie M. Smith |
|
| Stacie M. Smith |
|
| President and Treasurer (Principal Executive Officer) |
|
|
|
| Date: | September 22, 2026 |
| By: | /s/Stephanie Caron |
|
| Stephanie Caron |
|
| Chief Financial Officer (Principal Financial Officer) |
|
|
|
| Date: | September 22, 2026 |