Form N-CSR FIDELITY ADVISOR SERIES For: Jul 31

September 21, 2021 11:05 AM EDT

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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)


Cynthia Lo Bessette, 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, 2021




Item 1.

Reports to Stockholders








Fidelity Advisor Focus Funds®

Fidelity Advisor® Biotechnology Fund

Fidelity Advisor® Communications Equipment Fund

Fidelity Advisor® Consumer Discretionary Fund

Fidelity Advisor® Energy Fund

Fidelity Advisor® Financial Services Fund

Fidelity Advisor® Health Care Fund

Fidelity Advisor® Industrials Fund

Fidelity Advisor® Semiconductors Fund

Fidelity Advisor® Technology Fund

Fidelity Advisor® Utilities Fund



Annual Report

July 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Fidelity Advisor® Biotechnology Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Advisor® Communications Equipment Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Advisor® Consumer Discretionary Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Advisor® Energy Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Advisor® Financial Services Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Advisor® Health Care Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Advisor® Industrials Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Advisor® Semiconductors Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Advisor® Technology Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Advisor® Utilities Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity Advisor® Biotechnology Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended July 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 7.48% 11.25% 16.81% 
Class M (incl. 3.50% sales charge) 9.71% 11.43% 16.73% 
Class C (incl. contingent deferred sales charge) 12.15% 11.74% 16.81% 
Class I 14.34% 12.87% 17.84% 
Class Z 14.49% 12.95% 17.88% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Biotechnology Fund - Class A on July 31, 2011, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values

$47,313Fidelity Advisor® Biotechnology Fund - Class A

$41,689S&P 500® Index

Fidelity Advisor® Biotechnology Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.

Comments from Portfolio Manager Eirene Kontopoulos:  For the fiscal year ending July 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 13% to 14%, trailing the 18.34% advance of the MSCI US IMI Biotechnology 25/50 Index, as well as the broad-based S&P 500® index. Versus the industry index, an overweighting in pharmaceuticals and stock selection in biotechnology each detracted meaningfully the past 12 months. Not owning Moderna, an index component that gained 377%, was by far the biggest individual relative detractor. The fund's non-index stake in Ascendis Pharma, one of our largest holdings, returned -14% and also hurt. Also hindering performance was our overweighting in Exelixis, which returned -27%. We added to our position the past year. Conversely, the biggest contributor to performance versus the industry index was stock selection in pharmaceuticals. Our non-index stake in MyoKardia was the fund's largest individual relative contributor, driven by a rise of 145%. MyoKardia was not held at period end. Also lifting performance was an underweighting in Amgen (+2%). Amgen was not held at period end. Another notable relative contributor was our overweighting in Immunomedics (+102%), a position not held at period end. Notable changes in positioning include increased exposure to the pharmaceuticals subindustry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity Advisor® Biotechnology Fund

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
AbbVie, Inc. 21.6 
Regeneron Pharmaceuticals, Inc. 8.9 
Alnylam Pharmaceuticals, Inc. 6.9 
Vertex Pharmaceuticals, Inc. 5.1 
Novavax, Inc. 3.8 
Argenx SE ADR 3.3 
Ascendis Pharma A/S sponsored ADR 2.4 
TG Therapeutics, Inc. 2.2 
Exelixis, Inc. 2.1 
Protagonist Therapeutics, Inc. 2.0 
 58.3 

Top Industries (% of fund's net assets)

As of July 31, 2021 
   Biotechnology 94.0% 
   Pharmaceuticals 5.1% 
   Consumer Finance 0.2% 
   Diversified Financial Services 0.2% 
   Health Care Providers & Services 0.2% 
   All Others* 0.3% 


* Includes short-term investments and net other assets (liabilities).

Fidelity Advisor® Biotechnology Fund

Schedule of Investments July 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value 
Biotechnology - 92.8%   
Biotechnology - 92.8%   
AbbVie, Inc. 4,679,980 $544,281,674 
ACADIA Pharmaceuticals, Inc. (a) 614,700 13,295,961 
Acceleron Pharma, Inc. (a) 230,289 28,799,942 
ADC Therapeutics SA (a)(b) 259,223 5,454,052 
Aerovate Therapeutics, Inc. (b) 432,100 5,552,485 
Agios Pharmaceuticals, Inc. (a)(b) 726,943 34,958,689 
Allakos, Inc. (a)(b) 425,300 33,836,868 
Alnylam Pharmaceuticals, Inc. (a) 976,386 174,714,511 
Ambrx Biopharma, Inc.:   
ADR 21,300 416,415 
ADR 434,097 7,637,937 
Annexon, Inc. (a)(b) 191,975 4,042,994 
Apellis Pharmaceuticals, Inc. (a) 201,115 12,869,349 
Arcutis Biotherapeutics, Inc. (a)(b) 820,433 19,140,702 
Argenx SE ADR (a) 273,100 83,139,833 
Ascendis Pharma A/S sponsored ADR (a) 505,946 59,797,758 
Aurinia Pharmaceuticals, Inc. (a)(b) 1,966,900 26,671,164 
Autolus Therapeutics PLC ADR (a)(b) 996,000 5,298,720 
BeiGene Ltd. (a) 109,800 2,593,541 
BeiGene Ltd. ADR (a) 41,500 13,138,485 
BioAtla, Inc. (b) 229,990 9,427,290 
Bolt Biotherapeutics, Inc. 496,400 5,534,860 
C4 Therapeutics, Inc. 69,700 3,006,858 
Celldex Therapeutics, Inc. (a) 630,503 27,584,506 
Century Therapeutics, Inc. 21,900 638,385 
Century Therapeutics, Inc. 460,571 12,083,080 
Cerevel Therapeutics Holdings (a)(b) 415,228 10,231,218 
ChemoCentryx, Inc. (a) 548,074 8,100,534 
Connect Biopharma Holdings Ltd. ADR (a)(b) 704,200 15,499,442 
Crinetics Pharmaceuticals, Inc. (a) 732,707 13,174,072 
Cullinan Oncology, Inc. 234,600 5,379,378 
Cytokinetics, Inc. (a)(b) 1,370,007 40,661,808 
Day One Biopharmaceuticals, Inc. (a) 38,600 915,592 
Eledon Pharmaceuticals, Inc. (a) 103,364 670,832 
Erasca, Inc. 270,441 5,679,261 
Exelixis, Inc. (a) 3,189,300 53,739,705 
Forma Therapeutics Holdings, Inc. (a)(b) 661,252 15,136,058 
Fusion Pharmaceuticals, Inc. (a)(b) 1,061,662 8,652,545 
Global Blood Therapeutics, Inc. (a)(b) 935,418 25,564,974 
Gossamer Bio, Inc. (a)(b) 697,166 5,479,725 
Graphite Bio, Inc. 35,500 758,280 
Graphite Bio, Inc. 420,780 8,089,075 
Icosavax, Inc. 14,600 362,810 
Imago BioSciences, Inc. 132,827 2,433,391 
Immunocore Holdings PLC 93,760 3,037,149 
Instil Bio, Inc. (a)(b) 725,196 10,914,200 
Instil Bio, Inc. 852,386 12,186,989 
Iovance Biotherapeutics, Inc. (a) 451,900 10,063,813 
Janux Therapeutics, Inc. (b) 69,320 2,248,048 
Keros Therapeutics, Inc. (a)(b) 343,600 12,644,480 
Kinnate Biopharma, Inc. 8,800 189,904 
Kinnate Biopharma, Inc. (c) 208,710 4,503,962 
Kura Oncology, Inc. (a)(b) 522,300 9,892,362 
Magenta Therapeutics, Inc. (a)(b) 672,300 4,786,776 
Mirati Therapeutics, Inc. (a) 204,720 32,767,483 
Monte Rosa Therapeutics, Inc. 30,700 752,764 
Monte Rosa Therapeutics, Inc. 477,858 10,545,370 
Morphic Holding, Inc. (a) 203,400 11,719,908 
Novavax, Inc. (a)(b) 526,647 94,443,607 
Nuvalent, Inc. 673,254 11,058,197 
Nuvalent, Inc. Class A 46,953 856,892 
ORIC Pharmaceuticals, Inc. (a)(b) 434,800 7,239,420 
Passage Bio, Inc. (a)(b) 438,459 5,173,816 
Poseida Therapeutics, Inc. (a)(b) 428,946 3,478,752 
Praxis Precision Medicines, Inc. 209,600 3,269,760 
Prelude Therapeutics, Inc. 120,636 3,865,177 
Prelude Therapeutics, Inc. (c) 413,234 13,240,017 
Protagonist Therapeutics, Inc. (a) 1,040,133 51,413,774 
PTC Therapeutics, Inc. (a) 789,040 30,243,903 
Regeneron Pharmaceuticals, Inc. (a) 391,192 224,782,835 
Relay Therapeutics, Inc. (a)(b) 596,164 19,339,560 
Repare Therapeutics, Inc. (a)(b) 438,247 14,637,450 
Revolution Medicines, Inc. (a)(b) 361,916 10,365,274 
Sarepta Therapeutics, Inc. (a) 361,681 24,514,738 
Scholar Rock Holding Corp. (a)(b) 424,230 13,257,188 
Shattuck Labs, Inc. (b) 694,934 15,316,345 
Silverback Therapeutics, Inc. 16,200 490,536 
Silverback Therapeutics, Inc. (c) 98,114 2,970,892 
Stoke Therapeutics, Inc. (a)(b) 239,519 6,857,429 
Syros Pharmaceuticals, Inc. (a)(b) 701,833 3,242,468 
Taysha Gene Therapies, Inc. (b) 358,039 6,190,494 
Tenaya Therapeutics, Inc. 407,412 6,253,774 
Tenaya Therapeutics, Inc. 402,187 5,556,213 
TG Therapeutics, Inc. (a) 1,556,200 54,451,438 
Vaxcyte, Inc. (a)(b) 685,551 14,862,746 
Vera Therapeutics, Inc. (a) 251,300 4,523,400 
Vera Therapeutics, Inc. 729,168 11,812,522 
Vertex Pharmaceuticals, Inc. (a) 630,627 127,121,791 
Verve Therapeutics, Inc. 23,700 1,408,491 
Xenon Pharmaceuticals, Inc. (a) 849,835 14,676,650 
Y-mAbs Therapeutics, Inc. (a) 194,803 6,447,979 
Zentalis Pharmaceuticals, Inc. (a) 553,853 29,470,518 
Zymeworks, Inc. (a)(b) 415,853 13,344,723 
  2,336,876,736 
Consumer Finance - 0.2%   
Consumer Finance - 0.2%   
Celularity, Inc. Class A (a)(b) 644,600 5,672,480 
Diversified Financial Services - 0.2%   
Other Diversified Financial Services - 0.2%   
BCTG Acquisition Corp. (a) 479,300 4,793,000 
Health Care Providers & Services - 0.0%   
Health Care Services - 0.0%   
Precipio, Inc. (a)(d) 30 93 
Pharmaceuticals - 4.8%   
Pharmaceuticals - 4.8%   
Afferent Pharmaceuticals, Inc. rights 12/31/24 (a)(e) 1,915,787 3,122,733 
Arvinas Holding Co. LLC (a) 318,000 32,149,800 
Axsome Therapeutics, Inc. (a)(b) 100,800 4,897,872 
Chiasma, Inc. warrants 12/16/24 (a) 81,298 43,957 
Cyteir Therapeutics, Inc. 652,343 12,557,603 
Edgewise Therapeutics, Inc. (a)(b) 420,800 7,368,208 
GH Research PLC (b) 311,000 6,126,700 
Ikena Oncology, Inc. (a)(b) 519,514 5,148,384 
Ikena Oncology, Inc. 282,736 2,661,818 
IMARA, Inc. (a)(b) 310,346 1,672,765 
Intra-Cellular Therapies, Inc. (a) 115,015 3,948,465 
Longboard Pharmaceuticals, Inc. (a)(b) 379,100 3,411,900 
NGM Biopharmaceuticals, Inc. (a) 210,553 4,293,176 
Pharvaris BV 172,633 3,067,688 
Pliant Therapeutics, Inc. (a)(b) 381,173 7,699,695 
Reata Pharmaceuticals, Inc. (a)(b) 49,800 6,240,438 
Stemcentrx, Inc. rights 12/31/21 (a)(e) 208,907 
Terns Pharmaceuticals, Inc. (b) 906,792 6,800,940 
Theravance Biopharma, Inc. (a)(b) 746,326 9,687,311 
  120,899,455 
TOTAL COMMON STOCKS   
(Cost $1,858,863,213)  2,468,241,764 
Convertible Preferred Stocks - 1.9%   
Biotechnology - 1.2%   
Biotechnology - 1.2%   
Bright Peak Therapeutics AG Series B (d)(e) 1,920,122 7,499,997 
Sonoma Biotherapeutics, Inc.:   
Series B (d)(e) 1,967,762 4,565,208 
Series B1 (d)(e) 1,049,456 2,434,738 
T-Knife Therapeutics, Inc. Series B (d)(e) 1,300,097 7,500,000 
ValenzaBio, Inc. Series A (d)(e) 951,971 8,472,950 
  30,472,893 
Health Care Providers & Services - 0.2%   
Health Care Facilities - 0.2%   
Boundless Bio, Inc. Series B (d)(e) 3,703,704 5,000,000 
Health Care Technology - 0.2%   
Health Care Technology - 0.2%   
Wugen, Inc. Series B (d)(e) 580,277 4,499,990 
Pharmaceuticals - 0.3%   
Pharmaceuticals - 0.3%   
Afferent Pharmaceuticals, Inc. Series C (a)(d)(e) 1,915,787 19 
Aristea Therapeutics, Inc. Series B (d)(e) 677,328 6,244,964 
  6,244,983 
Textiles, Apparel & Luxury Goods - 0.0%   
Textiles - 0.0%   
Treeline Biosciences Series A (d)(e) 47,600 372,589 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $44,080,110)  46,590,455 
Money Market Funds - 9.4%   
Fidelity Cash Central Fund 0.06% (f) 19,150,658 19,154,488 
Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) 217,599,843 217,621,603 
TOTAL MONEY MARKET FUNDS   
(Cost $236,771,968)  236,776,091 
TOTAL INVESTMENT IN SECURITIES - 109.3%   
(Cost $2,139,715,291)  2,751,608,310 
NET OTHER ASSETS (LIABILITIES) - (9.3)%  (233,829,717) 
NET ASSETS - 100%  $2,517,778,593 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (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 $20,714,871 or 0.8% of net assets.

 (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 $46,590,548 or 1.9% of net assets.

 (e) Level 3 security

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.

 (g) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Afferent Pharmaceuticals, Inc. Series C 7/1/15 $0 
Aristea Therapeutics, Inc. Series B 10/6/20 - 7/27/21 $3,734,584 
Boundless Bio, Inc. Series B 4/23/21 $5,000,000 
Bright Peak Therapeutics AG Series B 5/14/21 $7,499,997 
Precipio, Inc. 2/3/12 $161,441 
Sonoma Biotherapeutics, Inc. Series B 7/26/21 $3,888,888 
Sonoma Biotherapeutics, Inc. Series B1 7/26/21 $3,111,112 
T-Knife Therapeutics, Inc. Series B 6/30/21 $7,500,000 
Treeline Biosciences Series A 7/30/21 $372,589 
ValenzaBio, Inc. Series A 3/25/21 $8,472,951 
Wugen, Inc. Series B 7/9/21 $4,499,990 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $19,645 
Fidelity Securities Lending Cash Central Fund 736,788 
Total $756,433 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $40,119,716 $1,014,540,483 $1,035,502,587 $559 $(3,683) $19,154,488 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 81,419,588 1,211,452,067 1,075,250,052 -- -- 217,621,603 0.7% 
Total $121,539,304 $2,225,992,550 $2,110,752,639 $559 $(3,683) $236,776,091  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $2,468,241,764 $2,377,813,181 $87,305,848 $3,122,735 
Convertible Preferred Stocks 46,590,455 -- -- 46,590,455 
Money Market Funds 236,776,091 236,776,091 -- -- 
Total Investments in Securities: $2,751,608,310 $2,614,589,272 $87,305,848 $49,713,190 
Net unrealized depreciation on unfunded commitments $(215,400) $( 215,400) 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:  
Common Stocks  
Beginning Balance $15,230,959 
Total Realized Gain (Loss) 9,006,191 
Total Unrealized Gain (Loss) (6,531,423) 
Cost of Purchases -- 
Proceeds of Sales (14,582,992) 
Amortization/Accretion -- 
Transfers in to Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $3,122,735 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2021 $(172,421) 
Convertible Preferred Stocks  
Beginning Balance $ 17,868,960  
Total Realized Gain (Loss) -- 
Total Unrealized Gain (Loss)  2,510,325  
Cost of Purchases 44,080,111 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers in to Level 3 -- 
Transfers out of Level 3 (17,868,941) 
Ending Balance $46,590,455 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2021 $2,510,325 

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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.5% 
Netherlands 3.3% 
Denmark 2.4% 
Canada 2.2% 
Cayman Islands 1.9% 
Others (Individually Less Than 1%) 0.7% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Biotechnology Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $207,932,411) — See accompanying schedule:
Unaffiliated issuers (cost $1,902,943,323) 
$2,514,832,219  
Fidelity Central Funds (cost $236,771,968) 236,776,091  
Total Investment in Securities (cost $2,139,715,291)  $2,751,608,310 
Receivable for investments sold  17,808,561 
Receivable for fund shares sold  1,017,233 
Dividends receivable  6,512,194 
Distributions receivable from Fidelity Central Funds  82,388 
Prepaid expenses  13,840 
Other receivables  60,533 
Total assets  2,777,103,059 
Liabilities   
Payable for investments purchased $34,298,706  
Payable for fund shares redeemed 5,040,004  
Accrued management fee 1,131,405  
Distribution and service plan fees payable 524,171  
Other affiliated payables 446,872  
Unrealized depreciation on unfunded commitments 215,400  
Other payables and accrued expenses 79,408  
Collateral on securities loaned 217,588,500  
Total liabilities  259,324,466 
Net Assets  $2,517,778,593 
Net Assets consist of:   
Paid in capital  $1,620,960,288 
Total accumulated earnings (loss)  896,818,305 
Net Assets  $2,517,778,593 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($808,609,852 ÷ 24,821,445 shares)(a)  $32.58 
Maximum offering price per share (100/94.25 of $32.58)  $34.57 
Class M:   
Net Asset Value and redemption price per share ($161,618,605 ÷ 5,325,394 shares)(a)  $30.35 
Maximum offering price per share (100/96.50 of $30.35)  $31.45 
Class C:   
Net Asset Value and offering price per share ($328,416,607 ÷ 12,257,365 shares)(a)  $26.79 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,129,492,474 ÷ 32,272,195 shares)  $35.00 
Class Z:   
Net Asset Value, offering price and redemption price per share ($89,641,055 ÷ 2,557,598 shares)  $35.05 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended July 31, 2021 
Investment Income   
Dividends  $30,855,006 
Income from Fidelity Central Funds (including $736,788 from security lending)  756,433 
Total income  31,611,439 
Expenses   
Management fee $13,877,275  
Transfer agent fees 4,675,677  
Distribution and service plan fees 6,694,056  
Accounting fees 780,939  
Custodian fees and expenses 66,954  
Independent trustees' fees and expenses 11,424  
Registration fees 119,070  
Audit 66,947  
Legal 5,735  
Interest 570  
Miscellaneous 15,213  
Total expenses before reductions 26,313,860  
Expense reductions (161,873)  
Total expenses after reductions  26,151,987 
Net investment income (loss)  5,459,452 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 577,410,681  
Fidelity Central Funds 559  
Total net realized gain (loss)  577,411,240 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (244,610,197)  
Fidelity Central Funds (3,683)  
Unfunded commitments (215,400)  
Total change in net unrealized appreciation (depreciation)  (244,829,280) 
Net gain (loss)  332,581,960 
Net increase (decrease) in net assets resulting from operations  $338,041,412 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended July 31, 2021 Year ended July 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $5,459,452 $1,962,344 
Net realized gain (loss) 577,411,240 5,639,561 
Change in net unrealized appreciation (depreciation) (244,829,280) 538,898,836 
Net increase (decrease) in net assets resulting from operations 338,041,412 546,500,741 
Distributions to shareholders (228,190,286) (142,937,680) 
Share transactions - net increase (decrease) 1,156,643 (167,947,129) 
Total increase (decrease) in net assets 111,007,769 235,615,932 
Net Assets   
Beginning of period 2,406,770,824 2,171,154,892 
End of period $2,517,778,593 $2,406,770,824 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Biotechnology Fund Class A

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $31.03 $25.48 $27.80 $24.45 $21.39 
Income from Investment Operations      
Net investment income (loss)A .07 .03 .03 (.14) (.15)B 
Net realized and unrealized gain (loss) 4.42 7.40 (1.76) 3.49 3.21 
Total from investment operations 4.49 7.43 (1.73) 3.35 3.06 
Distributions from net investment income (.13) – – – – 
Distributions from net realized gain (2.81) (1.88) (.59) – – 
Total distributions (2.94) (1.88) (.59) – – 
Redemption fees added to paid in capitalA – – – – C 
Net asset value, end of period $32.58 $31.03 $25.48 $27.80 $24.45 
Total ReturnD,E 14.03% 30.00% (6.17)% 13.70% 14.31% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.01% 1.02% 1.04% 1.06% 1.05% 
Expenses net of fee waivers, if any 1.00% 1.02% 1.03% 1.06% 1.05% 
Expenses net of all reductions 1.00% 1.02% 1.03% 1.06% 1.04% 
Net investment income (loss) .20% .11% .13% (.53)% (.69)%B 
Supplemental Data      
Net assets, end of period (000 omitted) $808,610 $722,896 $616,894 $766,303 $787,802 
Portfolio turnover rateH 72% 66% 62% 45% 30% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.71) %.

 C Amount represents less than $.005 per share.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Biotechnology Fund Class M

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $29.08 $24.02 $26.32 $23.22 $20.39 
Income from Investment Operations      
Net investment income (loss)A (.02) (.05) (.04) (.21) (.21)B 
Net realized and unrealized gain (loss) 4.14 6.96 (1.67) 3.31 3.04 
Total from investment operations 4.12 6.91 (1.71) 3.10 2.83 
Distributions from net investment income (.07) – – – – 
Distributions from net realized gain (2.78) (1.85) (.59) – – 
Total distributions (2.85) (1.85) (.59) – – 
Redemption fees added to paid in capitalA – – – – C 
Net asset value, end of period $30.35 $29.08 $24.02 $26.32 $23.22 
Total ReturnD,E 13.69% 29.64% (6.44)% 13.35% 13.88% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.28% 1.32% 1.34% 1.38% 1.38% 
Expenses net of fee waivers, if any 1.28% 1.32% 1.34% 1.38% 1.38% 
Expenses net of all reductions 1.28% 1.31% 1.34% 1.38% 1.38% 
Net investment income (loss) (.07)% (.18)% (.18)% (.84)% (1.02)%B 
Supplemental Data      
Net assets, end of period (000 omitted) $161,619 $144,568 $119,312 $135,879 $127,734 
Portfolio turnover rateH 72% 66% 62% 45% 30% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.05) %.

 C Amount represents less than $.005 per share.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Biotechnology Fund Class C

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $25.97 $21.71 $23.96 $21.23 $18.71 
Income from Investment Operations      
Net investment income (loss)A (.15) (.15) (.14) (.29) (.27)B 
Net realized and unrealized gain (loss) 3.71 6.26 (1.52) 3.02 2.79 
Total from investment operations 3.56 6.11 (1.66) 2.73 2.52 
Distributions from net investment income (.01) – – – – 
Distributions from net realized gain (2.73) (1.85) (.59) – – 
Total distributions (2.74) (1.85) (.59) – – 
Redemption fees added to paid in capitalA – – – – C 
Net asset value, end of period $26.79 $25.97 $21.71 $23.96 $21.23 
Total ReturnD,E 13.15% 29.07% (6.87)% 12.86% 13.47% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.75% 1.77% 1.78% 1.80% 1.79% 
Expenses net of fee waivers, if any 1.75% 1.77% 1.77% 1.80% 1.79% 
Expenses net of all reductions 1.75% 1.76% 1.77% 1.80% 1.79% 
Net investment income (loss) (.55)% (.63)% (.61)% (1.27)% (1.43)%B 
Supplemental Data      
Net assets, end of period (000 omitted) $328,417 $384,420 $398,749 $558,420 $593,489 
Portfolio turnover rateH 72% 66% 62% 45% 30% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.46) %.

 C Amount represents less than $.005 per share.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Biotechnology Fund Class I

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $33.16 $27.08 $29.42 $25.80 $22.52 
Income from Investment Operations      
Net investment income (loss)A .17 .11 .11 (.07) (.10)B 
Net realized and unrealized gain (loss) 4.72 7.88 (1.86) 3.69 3.38 
Total from investment operations 4.89 7.99 (1.75) 3.62 3.28 
Distributions from net investment income (.21) – – – – 
Distributions from net realized gain (2.85) (1.91) (.59) – – 
Total distributions (3.05)C (1.91) (.59) – – 
Redemption fees added to paid in capitalA – – – – D 
Net asset value, end of period $35.00 $33.16 $27.08 $29.42 $25.80 
Total ReturnE 14.34% 30.32% (5.89)% 14.03% 14.56% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .74% .75% .76% .79% .78% 
Expenses net of fee waivers, if any .74% .75% .76% .79% .78% 
Expenses net of all reductions .74% .75% .76% .79% .77% 
Net investment income (loss) .47% .38% .40% (.26)% (.42)%B 
Supplemental Data      
Net assets, end of period (000 omitted) $1,129,492 $1,092,145 $1,006,084 $1,307,833 $1,156,358 
Portfolio turnover rateH 72% 66% 62% 45% 30% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.44) %.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Biotechnology Fund Class Z

Years ended July 31, 2021 2020 2019 A 
Selected Per–Share Data    
Net asset value, beginning of period $33.22 $27.10 $30.06 
Income from Investment Operations    
Net investment income (loss)B .21 .15 .16 
Net realized and unrealized gain (loss) 4.74 7.90 (2.53) 
Total from investment operations 4.95 8.05 (2.37) 
Distributions from net investment income (.26) (.02) – 
Distributions from net realized gain (2.87) (1.91) (.59) 
Total distributions (3.12)C (1.93) (.59) 
Redemption fees added to paid in capitalB – – – 
Net asset value, end of period $35.05 $33.22 $27.10 
Total ReturnD,E 14.49% 30.53% (7.83)% 
Ratios to Average Net AssetsF,G    
Expenses before reductions .61% .62% .63%H 
Expenses net of fee waivers, if any .61% .62% .63%H 
Expenses net of all reductions .61% .62% .62%H 
Net investment income (loss) .60% .51% .73%H 
Supplemental Data    
Net assets, end of period (000 omitted) $89,641 $62,743 $30,116 
Portfolio turnover rateI 72% 66% 62%H 

 A For the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Total distributions per share do not sum due to rounding.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Communications Equipment Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended July 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 21.02% 10.12% 7.89% 
Class M (incl. 3.50% sales charge) 23.62% 10.38% 7.88% 
Class C (incl. contingent deferred sales charge) 26.44% 10.61% 7.88% 
Class I 28.74 %  11.73%  8.80% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Communications Equipment Fund - Class A on July 31, 2011, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values

$21,373Fidelity Advisor® Communications Equipment Fund - Class A

$41,689S&P 500® Index

Fidelity Advisor® Communications Equipment Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.

Comments from Portfolio Manager Caroline Tall:  For the fiscal year ending July 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 27% to 29%, roughly in line with the 27.58% gain of the MSCI North America IMI + ADR Custom Communications Equipment 25/50 Linked Index, but underperforming the broad-based S&P 500® index. Versus the industry index, out-of-index exposure to the systems software industry was a meaningful contributor. Security selection in communications equipment also lifted the fund's relative result. Our top individual relative contributor was an out-of-index stake in Cloudflare (+197%). Also boosting value was our outsized stake in Calix Networks, which gained about 133%. Calix Networks was among our largest holdings. Another notable relative contributor was our lighter-than-index stake in index heavyweight Cisco Systems (+21%), which was the fund's biggest holding. Conversely, the primary detractor from performance versus the industry index was a small non-index stake in internet services & infrastructure. Security selection in application software also hindered relative performance. The biggest individual relative detractor was an underweight position in Nokia (+27%), which was among the fund's largest holdings. The fund's non-index stake in Ping Identity Holding, a position not held at period end, returned -34%. Another notable relative detractor was an underweighting in Arista Networks (+46%).

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity Advisor® Communications Equipment Fund

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Cisco Systems, Inc. 24.3 
Ericsson (B Shares) sponsored ADR 14.4 
Motorola Solutions, Inc. 6.2 
Nokia Corp. sponsored ADR 5.3 
Ciena Corp. 5.0 
F5 Networks, Inc. 4.9 
Calix, Inc. 4.7 
Juniper Networks, Inc. 4.5 
Lumentum Holdings, Inc. 3.8 
CommScope Holding Co., Inc. 3.7 
 76.8 

Top Industries (% of fund's net assets)

As of July 31, 2021 
   Communications Equipment 97.7% 
   Software 2.3% 
   IT Services 0.5% 
 All Others*,** (0.5)% 


* Includes short-term investments and net other assets (liabilities).

** Not included in pie chart.

Fidelity Advisor® Communications Equipment Fund

Schedule of Investments July 31, 2021

Showing Percentage of Net Assets

Common Stocks - 100.5%   
 Shares Value 
Communications Equipment - 97.7%   
Communications Equipment - 97.7%   
ADTRAN, Inc. 14,479 $324,474 
Arista Networks, Inc. (a) 1,605 610,526 
Calix, Inc. (a) 19,773 924,981 
Cambium Networks Corp. (a) 6,233 274,564 
Casa Systems, Inc. (a) 7,819 58,721 
Ciena Corp. (a) 16,757 974,252 
Cisco Systems, Inc. 85,862 4,754,180 
CommScope Holding Co., Inc. (a) 34,170 723,037 
Digi International, Inc. (a) 6,780 140,210 
EchoStar Holding Corp. Class A (a)(b) 14,786 329,728 
Ericsson (B Shares) sponsored ADR 244,105 2,814,531 
Evertz Technologies Ltd. 4,790 54,749 
Extreme Networks, Inc. (a) 30,409 334,803 
F5 Networks, Inc. (a) 4,620 954,076 
Harmonic, Inc. (a) 16,874 149,335 
Inseego Corp. (a)(b) 7,934 68,946 
Juniper Networks, Inc. 31,111 875,464 
Lumentum Holdings, Inc. (a) 8,885 746,251 
Motorola Solutions, Inc. 5,401 1,209,392 
NetScout Systems, Inc. (a) 13,120 377,331 
Nokia Corp. sponsored ADR (a) 168,968 1,027,325 
Radware Ltd. (a) 19 612 
Ribbon Communications, Inc. (a) 10,842 74,918 
Sierra Wireless, Inc. (a) 10,356 199,965 
ViaSat, Inc. (a) 10,273 509,952 
Viavi Solutions, Inc. (a) 35,058 585,118 
  19,097,441 
Electronic Equipment & Components - 0.0%   
Electronic Components - 0.0%   
Corning, Inc. 33 1,381 
IT Services - 0.5%   
Internet Services & Infrastructure - 0.5%   
Rackspace Technology, Inc. (a)(b) 5,027 89,229 
Software - 2.3%   
Application Software - 0.1%   
Citrix Systems, Inc. 101 
Smith Micro Software, Inc. (a) 2,800 15,848 
  15,949 
Systems Software - 2.2%   
Cloudflare, Inc. (a) 2,682 318,166 
Fortinet, Inc. (a) 436 118,697 
  436,863 
TOTAL SOFTWARE  452,812 
TOTAL COMMON STOCKS   
(Cost $11,460,865)  19,640,863 
Money Market Funds - 0.8%   
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d)   
(Cost $158,575) 158,559 158,575 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $11,619,440)  19,799,438 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (257,522) 
NET ASSETS - 100%  $19,541,916 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Investment made with cash collateral received from securities on loan.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $299 
Fidelity Securities Lending Cash Central Fund 5,889 
Total $6,188 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $810,855 $8,309,844 $9,120,663 $(36) $-- $-- 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 266,925 7,715,285 7,823,635 -- -- 158,575 0.0% 
Total $1,077,780 $16,025,129 $16,944,298 $(36) $-- $158,575  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $19,640,863 $19,640,863 $-- $-- 
Money Market Funds 158,575 158,575 -- -- 
Total Investments in Securities: $19,799,438 $19,799,438 $-- $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 77.6% 
Sweden 14.4% 
Finland 5.3% 
Cayman Islands 1.4% 
Canada 1.3% 
Others (Individually Less Than 1%) 0.0% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Communications Equipment Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $149,810) — See accompanying schedule:
Unaffiliated issuers (cost $11,460,865) 
$19,640,863  
Fidelity Central Funds (cost $158,575) 158,575  
Total Investment in Securities (cost $11,619,440)  $19,799,438 
Receivable for investments sold  645,198 
Distributions receivable from Fidelity Central Funds  48 
Prepaid expenses  87 
Other receivables  651 
Total assets  20,445,422 
Liabilities   
Payable to custodian bank $506,599  
Payable for fund shares redeemed 178,420  
Accrued management fee 10,795  
Distribution and service plan fees payable 6,057  
Other affiliated payables 5,480  
Other payables and accrued expenses 37,805  
Collateral on securities loaned 158,350  
Total liabilities  903,506 
Net Assets  $19,541,916 
Net Assets consist of:   
Paid in capital  $10,539,033 
Total accumulated earnings (loss)  9,002,883 
Net Assets  $19,541,916 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($10,484,689 ÷ 553,563 shares)(a)  $18.94 
Maximum offering price per share (100/94.25 of $18.94)  $20.10 
Class M:   
Net Asset Value and redemption price per share ($4,746,728 ÷ 263,010 shares)(a)  $18.05 
Maximum offering price per share (100/96.50 of $18.05)  $18.70 
Class C:   
Net Asset Value and offering price per share ($1,853,343 ÷ 114,356 shares)(a)  $16.21 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,457,156 ÷ 123,543 shares)  $19.89 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended July 31, 2021 
Investment Income   
Dividends  $225,461 
Income from Fidelity Central Funds (including $5,889 from security lending)  6,188 
Total income  231,649 
Expenses   
Management fee $105,683  
Transfer agent fees 53,664  
Distribution and service plan fees 75,328  
Accounting fees 7,801  
Custodian fees and expenses 8,430  
Independent trustees' fees and expenses 85  
Registration fees 52,306  
Audit 45,557  
Legal 244  
Miscellaneous 196  
Total expenses before reductions 349,294  
Expense reductions (44,595)  
Total expenses after reductions  304,699 
Net investment income (loss)  (73,050) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 2,250,915  
Fidelity Central Funds (36)  
Foreign currency transactions 174  
Total net realized gain (loss)  2,251,053 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 2,789,919  
Assets and liabilities in foreign currencies (1)  
Total change in net unrealized appreciation (depreciation)  2,789,918 
Net gain (loss)  5,040,971 
Net increase (decrease) in net assets resulting from operations  $4,967,921 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended July 31, 2021 Year ended July 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(73,050) $(73,819) 
Net realized gain (loss) 2,251,053 (974,368) 
Change in net unrealized appreciation (depreciation) 2,789,918 (1,126,563) 
Net increase (decrease) in net assets resulting from operations 4,967,921 (2,174,750) 
Share transactions - net increase (decrease) (4,536,847) (8,916,500) 
Total increase (decrease) in net assets 431,074 (11,091,250) 
Net Assets   
Beginning of period 19,110,842 30,202,092 
End of period $19,541,916 $19,110,842 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Communications Equipment Fund Class A

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $14.75 $15.76 $15.17 $13.69 $12.09 
Income from Investment Operations      
Net investment income (loss)A (.04) (.03) (.01) .03 .07 
Net realized and unrealized gain (loss) 4.23 (.98) 1.04 2.08 1.76 
Total from investment operations 4.19 (1.01) 1.03 2.11 1.83 
Distributions from net investment income – – – (.04)B (.05) 
Distributions from net realized gain – – (.44) (.59)B (.18) 
Total distributions – – (.44) (.63) (.23) 
Redemption fees added to paid in capitalA – – – C C 
Net asset value, end of period $18.94 $14.75 $15.76 $15.17 $13.69 
Total ReturnD,E 28.41% (6.41)% 7.09% 15.86% 15.24% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.63% 1.64% 1.47% 1.76% 1.78% 
Expenses net of fee waivers, if any 1.40% 1.41% 1.40% 1.40% 1.40% 
Expenses net of all reductions 1.39% 1.37% 1.39% 1.39% 1.39% 
Net investment income (loss) (.24)% (.20)% (.09)% .21% .56% 
Supplemental Data      
Net assets, end of period (000 omitted) $10,485 $10,654 $14,991 $8,860 $6,247 
Portfolio turnover rateH 63% 138% 98% 60% 71% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C Amount represents less than $.005 per share.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Communications Equipment Fund Class M

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $14.09 $15.09 $14.59 $13.18 $11.65 
Income from Investment Operations      
Net investment income (loss)A (.08) (.06) (.05) – .04 
Net realized and unrealized gain (loss) 4.04 (.94) .99 2.00 1.69 
Total from investment operations 3.96 (1.00) .94 2.00 1.73 
Distributions from net investment income – – – (.02)B (.02) 
Distributions from net realized gain – – (.44) (.57)B (.18) 
Total distributions – – (.44) (.59) (.20) 
Redemption fees added to paid in capitalA – – – C C 
Net asset value, end of period $18.05 $14.09 $15.09 $14.59 $13.18 
Total ReturnD,E 28.11% (6.63)% 6.75% 15.69% 14.94% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.90% 1.91% 1.80% 2.11% 2.11% 
Expenses net of fee waivers, if any 1.65% 1.66% 1.65% 1.65% 1.65% 
Expenses net of all reductions 1.64% 1.62% 1.64% 1.64% 1.64% 
Net investment income (loss) (.49)% (.45)% (.34)% (.04)% .31% 
Supplemental Data      
Net assets, end of period (000 omitted) $4,747 $4,197 $5,242 $4,943 $4,236 
Portfolio turnover rateH 63% 138% 98% 60% 71% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C Amount represents less than $.005 per share.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Communications Equipment Fund Class C

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $12.72 $13.69 $13.34 $12.10 $10.74 
Income from Investment Operations      
Net investment income (loss)A (.14) (.12) (.11) (.07) (.02) 
Net realized and unrealized gain (loss) 3.63 (.85) .90 1.84 1.56 
Total from investment operations 3.49 (.97) .79 1.77 1.54 
Distributions from net investment income – – – – – 
Distributions from net realized gain – – (.44) (.53) (.18) 
Total distributions – – (.44) (.53) (.18) 
Redemption fees added to paid in capitalA – – – B B 
Net asset value, end of period $16.21 $12.72 $13.69 $13.34 $12.10 
Total ReturnC,D 27.44% (7.09)% 6.25% 15.06% 14.39% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 2.42% 2.42% 2.28% 2.54% 2.55% 
Expenses net of fee waivers, if any 2.15% 2.16% 2.15% 2.15% 2.15% 
Expenses net of all reductions 2.15% 2.12% 2.14% 2.14% 2.14% 
Net investment income (loss) (.99)% (.95)% (.84)% (.54)% (.19)% 
Supplemental Data      
Net assets, end of period (000 omitted) $1,853 $2,695 $5,264 $4,684 $3,066 
Portfolio turnover rateG 63% 138% 98% 60% 71% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the contingent deferred sales charge.

 E Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense 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.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Communications Equipment Fund Class I

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $15.45 $16.47 $15.79 $14.22 $12.54 
Income from Investment Operations      
Net investment income (loss)A B .01 .03 .07 .11 
Net realized and unrealized gain (loss) 4.44 (1.03) 1.09 2.16 1.83 
Total from investment operations 4.44 (1.02) 1.12 2.23 1.94 
Distributions from net investment income – – – (.05)C (.08) 
Distributions from net realized gain – – (.44) (.61)C (.18) 
Total distributions – – (.44) (.66) (.26) 
Redemption fees added to paid in capitalA – – – B B 
Net asset value, end of period $19.89 $15.45 $16.47 $15.79 $14.22 
Total ReturnD 28.74% (6.19)% 7.39% 16.21% 15.55% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.20% 1.27% 1.12% 1.42% 1.46% 
Expenses net of fee waivers, if any 1.15% 1.16% 1.12% 1.15% 1.15% 
Expenses net of all reductions 1.14% 1.12% 1.11% 1.14% 1.14% 
Net investment income (loss) .01% .05% .19% .47% .81% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,457 $1,565 $4,705 $2,773 $4,733 
Portfolio turnover rateG 63% 138% 98% 60% 71% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense 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.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Consumer Discretionary Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended July 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 29.76% 16.83% 15.38% 
Class M (incl. 3.50% sales charge) 32.52% 17.07% 15.32% 
Class C (incl. contingent deferred sales charge) 35.66% 17.33% 15.37% 
Class I 38.05% 18.55% 16.40% 
Class Z 38.23% 18.64% 16.44% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Consumer Discretionary Fund - Class A on July 31, 2011, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values

$41,795Fidelity Advisor® Consumer Discretionary Fund - Class A

$41,689S&P 500® Index

Fidelity Advisor® Consumer Discretionary Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.

Comments from Portfolio Manager Katherine Shaw:  For the fiscal year ending July 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 37% to 38%, trailing the 47.04% advance of the MSCI US IMI Consumer Discretionary 25/50 Index, but outperforming the broad-based S&P 500® index. The largest detractor from performance versus the sector index was an underweighting in automobile manufacturers. Security selection in general merchandise stores and computer & electronics retail also hurt. An underweighting in Tesla, a stake we established this period, was the fund's largest individual relative detractor and gained 140% the past year. Our second-largest relative detractor this period was avoiding General Motors, an index component that gained approximately 128%. Also hurting performance was our overweighting in Ollies Bargain Outlet Holdings, which returned about -11%. We added to our position the past 12 months. Conversely, the biggest contributor to performance versus the sector index were stock picks in apparel, accessories & luxury goods. Also helping the fund's relative performance was an overweighting in apparel retail and an underweighting in internet & direct marketing retail. The fund's largest individual relative contributor was an outsized stake in Capri Holdings, which gained 277% the past year. We increased our stake in this company. Also helping performance was our overweighting in Tapestry, which gained roughly 216%. We added to our position the past 12 months. Another notable relative contributor was an outsized stake in Caesars Entertainment (+180%). Notable changes in positioning include a higher allocation to the apparel, accessories & luxury goods and hotels, resorts & cruise lines subindustries.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity Advisor® Consumer Discretionary Fund

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Amazon.com, Inc. 21.6 
The Home Depot, Inc. 5.7 
Tesla, Inc. 5.6 
NIKE, Inc. Class B 4.2 
Capri Holdings Ltd. 3.2 
Lowe's Companies, Inc. 2.9 
Starbucks Corp. 2.7 
Tapestry, Inc. 2.5 
Burlington Stores, Inc. 2.4 
Booking Holdings, Inc. 2.2 
 53.0 

Top Industries (% of fund's net assets)

As of July 31, 2021 
   Internet & Direct Marketing Retail 24.5% 
   Specialty Retail 19.3% 
   Hotels, Restaurants & Leisure 19.2% 
   Textiles, Apparel & Luxury Goods 16.6% 
   Multiline Retail 6.3% 
   All Others* 14.1% 


* Includes short-term investments and net other assets (liabilities).

Fidelity Advisor® Consumer Discretionary Fund

Schedule of Investments July 31, 2021

Showing Percentage of Net Assets

Common Stocks - 100.0%   
 Shares Value 
Auto Components - 0.2%   
Auto Parts & Equipment - 0.2%   
Adient PLC (a) 41,231 $1,737,062 
Automobiles - 6.1%   
Automobile Manufacturers - 6.1%   
Ferrari NV 15,403 3,362,321 
Tesla, Inc. (a) 60,500 41,575,600 
  44,937,921 
Building Products - 0.3%   
Building Products - 0.3%   
The AZEK Co., Inc. (a) 52,400 1,905,788 
Commercial Services & Supplies - 0.3%   
Diversified Support Services - 0.3%   
Copart, Inc. (a) 14,251 2,094,897 
Diversified Consumer Services - 0.2%   
Education Services - 0.2%   
Grand Canyon Education, Inc. (a) 12,082 1,116,014 
Entertainment - 0.6%   
Movies & Entertainment - 0.6%   
Cinemark Holdings, Inc. (a)(b) 136,800 2,124,504 
Live Nation Entertainment, Inc. (a) 33,000 2,603,370 
  4,727,874 
Food & Staples Retailing - 1.5%   
Food Distributors - 1.1%   
Performance Food Group Co. (a) 77,508 3,551,417 
U.S. Foods Holding Corp. (a) 146,400 5,027,376 
  8,578,793 
Hypermarkets & Super Centers - 0.4%   
BJ's Wholesale Club Holdings, Inc. (a) 56,690 2,870,782 
TOTAL FOOD & STAPLES RETAILING  11,449,575 
Hotels, Restaurants & Leisure - 19.2%   
Casinos & Gaming - 3.6%   
Caesars Entertainment, Inc. (a) 146,385 12,788,194 
Churchill Downs, Inc. 36,609 6,801,952 
MGM Resorts International 10,100 379,053 
Penn National Gaming, Inc. (a) 95,600 6,537,128 
  26,506,327 
Hotels, Resorts & Cruise Lines - 8.3%   
Airbnb, Inc. Class A 28,700 4,133,087 
Booking Holdings, Inc. (a) 7,550 16,445,863 
Expedia, Inc. (a) 70,100 11,276,987 
Hilton Worldwide Holdings, Inc. (a) 90,400 11,883,080 
Lindblad Expeditions Holdings (a) 80,642 1,103,989 
Marriott International, Inc. Class A (a) 66,170 9,659,497 
Marriott Vacations Worldwide Corp. (a) 26,346 3,882,610 
Wyndham Hotels & Resorts, Inc. 47,600 3,430,056 
  61,815,169 
Leisure Facilities - 0.8%   
Planet Fitness, Inc. (a) 36,543 2,749,130 
Vail Resorts, Inc. (a) 10,817 3,301,348 
  6,050,478 
Restaurants - 6.5%   
ARAMARK Holdings Corp. 81,317 2,856,666 
Chipotle Mexican Grill, Inc. (a) 3,828 7,133,248 
Domino's Pizza, Inc. 7,800 4,098,822 
McDonald's Corp. 28,108 6,822,093 
Noodles & Co. (a) 186,813 2,230,547 
Restaurant Brands International, Inc. 53,400 3,643,322 
Ruth's Hospitality Group, Inc. (a) 46,631 931,221 
Starbucks Corp. 165,979 20,154,830 
  47,870,749 
TOTAL HOTELS, RESTAURANTS & LEISURE  142,242,723 
Household Durables - 3.1%   
Home Furnishings - 0.5%   
Purple Innovation, Inc. (a) 80,141 2,110,914 
Tempur Sealy International, Inc. 36,300 1,570,701 
  3,681,615 
Homebuilding - 2.6%   
D.R. Horton, Inc. 81,519 7,779,358 
Lennar Corp. Class A 60,007 6,309,736 
NVR, Inc. (a) 972 5,076,367 
  19,165,461 
TOTAL HOUSEHOLD DURABLES  22,847,076 
Interactive Media & Services - 1.0%   
Interactive Media & Services - 1.0%   
Alphabet, Inc. Class A (a) 1,453 3,915,152 
Facebook, Inc. Class A (a) 9,100 3,242,330 
  7,157,482 
Internet & Direct Marketing Retail - 24.5%   
Internet & Direct Marketing Retail - 24.5%   
Alibaba Group Holding Ltd. sponsored ADR (a) 8,200 1,600,558 
Amazon.com, Inc. (a) 48,150 160,223,458 
Deliveroo PLC 20,000 87,153 
Deliveroo PLC Class A (a)(c) 68,400 313,751 
eBay, Inc. 81,900 5,586,399 
Farfetch Ltd. Class A (a) 65,291 3,272,385 
Global-e Online Ltd. (a) 5,500 383,020 
MercadoLibre, Inc. (a) 4,000 6,274,800 
The RealReal, Inc. (a) 151,305 2,498,046 
Wayfair LLC Class A (a) 6,719 1,621,698 
  181,861,268 
IT Services - 0.2%   
Data Processing & Outsourced Services - 0.2%   
Visa, Inc. Class A 6,400 1,576,896 
Multiline Retail - 6.3%   
Department Stores - 0.8%   
Kohl's Corp. 53,900 2,738,120 
Nordstrom, Inc. (a) 93,200 3,084,920 
  5,823,040 
General Merchandise Stores - 5.5%   
B&M European Value Retail SA 140,776 1,082,103 
Dollar General Corp. 61,758 14,367,381 
Dollar Tree, Inc. (a) 75,116 7,495,826 
Ollie's Bargain Outlet Holdings, Inc. (a)(b) 60,943 5,673,793 
Target Corp. 46,100 12,034,405 
  40,653,508 
TOTAL MULTILINE RETAIL  46,476,548 
Personal Products - 0.0%   
Personal Products - 0.0%   
Herbalife Nutrition Ltd. (a) 2,200 112,068 
Road & Rail - 0.6%   
Trucking - 0.6%   
Lyft, Inc. (a) 45,252 2,503,341 
Uber Technologies, Inc. (a) 45,100 1,960,046 
  4,463,387 
Specialty Retail - 19.3%   
Apparel Retail - 6.9%   
American Eagle Outfitters, Inc. (b) 222,600 7,673,022 
Aritzia LP (a) 35,500 1,041,155 
Bath & Body Works, Inc. 42,433 3,397,610 
Burlington Stores, Inc. (a) 52,725 17,652,330 
Ross Stores, Inc. 81,011 9,939,240 
TJX Companies, Inc. 167,148 11,501,454 
Torrid Holdings, Inc. 6,200 144,770 
  51,349,581 
Automotive Retail - 0.7%   
Carvana Co. Class A (a) 14,915 5,034,707 
Home Improvement Retail - 9.5%   
Floor & Decor Holdings, Inc. Class A (a) 52,677 6,427,121 
Lowe's Companies, Inc. 113,272 21,826,382 
The Home Depot, Inc. 127,718 41,915,770 
  70,169,273 
Specialty Stores - 2.2%   
Academy Sports & Outdoors, Inc. 40,267 1,491,892 
Dick's Sporting Goods, Inc. 32,200 3,353,308 
Five Below, Inc. (a) 26,063 5,067,168 
Sally Beauty Holdings, Inc. (a) 60,400 1,142,768 
Ulta Beauty, Inc. (a) 15,800 5,305,640 
  16,360,776 
TOTAL SPECIALTY RETAIL  142,914,337 
Textiles, Apparel & Luxury Goods - 16.6%   
Apparel, Accessories & Luxury Goods - 11.1%   
adidas AG 6,984 2,535,968 
Canada Goose Holdings, Inc. (a) 17,066 724,443 
Capri Holdings Ltd. (a) 422,179 23,772,899 
G-III Apparel Group Ltd. (a) 64,255 1,918,654 
Hermes International SCA 726 1,110,109 
Kontoor Brands, Inc. 26,900 1,489,722 
Levi Strauss & Co. Class A 91,700 2,523,584 
lululemon athletica, Inc. (a) 14,158 5,665,607 
LVMH Moet Hennessy Louis Vuitton SE 6,215 4,976,148 
PVH Corp. (a) 147,716 15,454,048 
Ralph Lauren Corp. 32,200 3,655,344 
Tapestry, Inc. (a) 442,052 18,698,800 
  82,525,326 
Footwear - 5.5%   
Crocs, Inc. (a) 1,900 258,039 
Deckers Outdoor Corp. (a) 20,927 8,597,858 
NIKE, Inc. Class B 184,454 30,897,890 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 19,500 1,046,760 
  40,800,547 
TOTAL TEXTILES, APPAREL & LUXURY GOODS  123,325,873 
TOTAL COMMON STOCKS   
(Cost $433,843,223)  740,946,789 
Money Market Funds - 1.9%   
Fidelity Securities Lending Cash Central Fund 0.06% (d)(e)   
(Cost $13,937,765) 13,936,372 13,937,765 
TOTAL INVESTMENT IN SECURITIES - 101.9%   
(Cost $447,780,988)  754,884,554 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (14,069,734) 
NET ASSETS - 100%  $740,814,820 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (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 $313,751 or 0.0% of net assets.

 (d) Investment made with cash collateral received from securities on loan.

 (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.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $2,369 
Fidelity Securities Lending Cash Central Fund 6,301 
Total $8,670 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $1,545,113 $157,065,954 $158,611,099 $187 $(155) $-- 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 1,635,025 73,128,853 60,826,113 -- -- 13,937,765 0.0% 
Total $3,180,138 $230,194,807 $219,437,212 $187 $(155) $13,937,765  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $740,946,789 $735,883,488 $5,063,301 $-- 
Money Market Funds 13,937,765 13,937,765 -- -- 
Total Investments in Securities: $754,884,554 $749,821,253 $5,063,301 $-- 

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Consumer Discretionary Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $13,602,672) — See accompanying schedule:
Unaffiliated issuers (cost $433,843,223) 
$740,946,789  
Fidelity Central Funds (cost $13,937,765) 13,937,765  
Total Investment in Securities (cost $447,780,988)  $754,884,554 
Receivable for investments sold  2,237,447 
Receivable for fund shares sold  704,338 
Dividends receivable  126,633 
Distributions receivable from Fidelity Central Funds  1,732 
Prepaid expenses  2,046 
Other receivables  11,549 
Total assets  757,968,299 
Liabilities   
Payable to custodian bank $861,351  
Payable for investments purchased $1,340,977  
Payable for fund shares redeemed 369,942  
Accrued management fee 325,488  
Distribution and service plan fees payable 146,766  
Other affiliated payables 118,889  
Other payables and accrued expenses 52,476  
Collateral on securities loaned 13,937,590  
Total liabilities  17,153,479 
Net Assets  $740,814,820 
Net Assets consist of:   
Paid in capital  $406,897,422 
Total accumulated earnings (loss)  333,917,398 
Net Assets  $740,814,820 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($259,487,907 ÷ 5,673,096 shares)(a)  $45.74 
Maximum offering price per share (100/94.25 of $45.74)  $48.53 
Class M:   
Net Asset Value and redemption price per share ($48,287,861 ÷ 1,143,436 shares)(a)  $42.23 
Maximum offering price per share (100/96.50 of $42.23)  $43.76 
Class C:   
Net Asset Value and offering price per share ($85,549,234 ÷ 2,388,129 shares)(a)  $35.82 
Class I:   
Net Asset Value, offering price and redemption price per share ($259,845,680 ÷ 5,206,510 shares)  $49.91 
Class Z:   
Net Asset Value, offering price and redemption price per share ($87,644,138 ÷ 1,749,311 shares)  $50.10 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended July 31, 2021 
Investment Income   
Dividends  $3,261,977 
Income from Fidelity Central Funds (including $6,301 from security lending)  8,670 
Total income  3,270,647 
Expenses   
Management fee $3,159,015  
Transfer agent fees 986,549  
Distribution and service plan fees 1,544,156  
Accounting fees 221,211  
Custodian fees and expenses 14,361  
Independent trustees' fees and expenses 2,400  
Registration fees 129,982  
Audit 57,129  
Legal 3,156  
Interest 426  
Miscellaneous 2,854  
Total expenses before reductions 6,121,239  
Expense reductions (27,264)  
Total expenses after reductions  6,093,975 
Net investment income (loss)  (2,823,328) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 37,042,588  
Fidelity Central Funds 187  
Foreign currency transactions 3,033  
Total net realized gain (loss)  37,045,808 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 139,568,192  
Fidelity Central Funds (155)  
Assets and liabilities in foreign currencies 133  
Total change in net unrealized appreciation (depreciation)  139,568,170 
Net gain (loss)  176,613,978 
Net increase (decrease) in net assets resulting from operations  $173,790,650 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended July 31, 2021 Year ended July 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(2,823,328) $(691,258) 
Net realized gain (loss) 37,045,808 7,551,819 
Change in net unrealized appreciation (depreciation) 139,568,170 44,691,635 
Net increase (decrease) in net assets resulting from operations 173,790,650 51,552,196 
Distributions to shareholders (7,826,027) (11,256,995) 
Share transactions - net increase (decrease) 132,554,621 (27,377,411) 
Total increase (decrease) in net assets 298,519,244 12,917,790 
Net Assets   
Beginning of period 442,295,576 429,377,786 
End of period $740,814,820 $442,295,576 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Consumer Discretionary Fund Class A

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $33.70 $29.83 $28.22 $22.92 $20.94 
Income from Investment Operations      
Net investment income (loss)A (.20) (.04) (.02) (.02) .06 
Net realized and unrealized gain (loss) 12.82 4.73 1.90 5.32 2.01 
Total from investment operations 12.62 4.69 1.88 5.30 2.07 
Distributions from net investment income – – – – (.09) 
Distributions from net realized gain (.58) (.82) (.27) – – 
Total distributions (.58) (.82) (.27) – (.09) 
Redemption fees added to paid in capitalA – – – – B 
Net asset value, end of period $45.74 $33.70 $29.83 $28.22 $22.92 
Total ReturnC,D 37.68% 16.03% 6.81% 23.12% 9.93% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.03% 1.07% 1.08% 1.12% 1.10% 
Expenses net of fee waivers, if any 1.03% 1.07% 1.08% 1.12% 1.10% 
Expenses net of all reductions 1.03% 1.06% 1.07% 1.11% 1.10% 
Net investment income (loss) (.48)% (.14)% (.09)% (.08)% .26% 
Supplemental Data      
Net assets, end of period (000 omitted) $259,488 $159,603 $159,298 $146,605 $109,303 
Portfolio turnover rateG 35% 41%H 60% 60% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the sales charges.

 E Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense 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.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 H Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Consumer Discretionary Fund Class M

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $31.23 $27.78 $26.36 $21.47 $19.66 
Income from Investment Operations      
Net investment income (loss)A (.29) (.11) (.09) (.08) B 
Net realized and unrealized gain (loss) 11.87 4.38 1.78 4.97 1.89 
Total from investment operations 11.58 4.27 1.69 4.89 1.89 
Distributions from net investment income – – – – (.08) 
Distributions from net realized gain (.58) (.82) (.27) – – 
Total distributions (.58) (.82) (.27) – (.08) 
Redemption fees added to paid in capitalA – – – – B 
Net asset value, end of period $42.23 $31.23 $27.78 $26.36 $21.47 
Total ReturnC,D 37.32% 15.70% 6.56% 22.78% 9.62% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.30% 1.34% 1.34% 1.38% 1.39% 
Expenses net of fee waivers, if any 1.30% 1.34% 1.34% 1.38% 1.39% 
Expenses net of all reductions 1.29% 1.33% 1.34% 1.38% 1.39% 
Net investment income (loss) (.75)% (.41)% (.35)% (.35)% (.02)% 
Supplemental Data      
Net assets, end of period (000 omitted) $48,288 $33,896 $32,792 $34,622 $26,398 
Portfolio turnover rateG 35% 41%H 60% 60% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the sales charges.

 E Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense 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.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 H Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Consumer Discretionary Fund Class C

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $26.69 $23.97 $22.90 $18.74 $17.18 
Income from Investment Operations      
Net investment income (loss)A (.40) (.21) (.19) (.17) (.09) 
Net realized and unrealized gain (loss) 10.11 3.75 1.53 4.33 1.65 
Total from investment operations 9.71 3.54 1.34 4.16 1.56 
Distributions from net investment income – – – – – 
Distributions from net realized gain (.58) (.82) (.27) – – 
Total distributions (.58) (.82) (.27) – – 
Redemption fees added to paid in capitalA – – – – B 
Net asset value, end of period $35.82 $26.69 $23.97 $22.90 $18.74 
Total ReturnC,D 36.66% 15.14% 6.02% 22.20% 9.08% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.79% 1.82% 1.83% 1.87% 1.85% 
Expenses net of fee waivers, if any 1.79% 1.82% 1.83% 1.87% 1.85% 
Expenses net of all reductions 1.79% 1.82% 1.82% 1.86% 1.85% 
Net investment income (loss) (1.24)% (.90)% (.83)% (.83)% (.49)% 
Supplemental Data      
Net assets, end of period (000 omitted) $85,549 $65,223 $70,890 $71,116 $59,958 
Portfolio turnover rateG 35% 41%H 60% 60% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the contingent deferred sales charge.

 E Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense 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.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 H Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Consumer Discretionary Fund Class I

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $36.63 $32.27 $30.42 $24.64 $22.48 
Income from Investment Operations      
Net investment income (loss)A (.10) .04 .06 .06 .12 
Net realized and unrealized gain (loss) 13.96 5.14 2.06 5.72 2.18 
Total from investment operations 13.86 5.18 2.12 5.78 2.30 
Distributions from net investment income – – – – (.14) 
Distributions from net realized gain (.58) (.82) (.27) – – 
Total distributions (.58) (.82) (.27) – (.14) 
Redemption fees added to paid in capitalA – – – – B 
Net asset value, end of period $49.91 $36.63 $32.27 $30.42 $24.64 
Total ReturnC 38.05% 16.34% 7.10% 23.46% 10.27% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .77% .79% .80% .84% .83% 
Expenses net of fee waivers, if any .76% .79% .80% .83% .83% 
Expenses net of all reductions .76% .79% .80% .83% .83% 
Net investment income (loss) (.22)% .13% .19% .20% .54% 
Supplemental Data      
Net assets, end of period (000 omitted) $259,846 $134,907 $159,613 $152,711 $82,195 
Portfolio turnover rateF 35% 41%G 60% 60% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 E Expense 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.

 F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 G Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Consumer Discretionary Fund Class Z

Years ended July 31, 2021 2020 2019 A 
Selected Per–Share Data    
Net asset value, beginning of period $36.72 $32.31 $31.56 
Income from Investment Operations    
Net investment income (loss)B (.04) .09 .10 
Net realized and unrealized gain (loss) 14.00 5.14 .92 
Total from investment operations 13.96 5.23 1.02 
Distributions from net investment income – – – 
Distributions from net realized gain (.58) (.82) (.27) 
Total distributions (.58) (.82) (.27) 
Redemption fees added to paid in capitalB – – – 
Net asset value, end of period $50.10 $36.72 $32.31 
Total ReturnC,D 38.23% 16.48% 3.36% 
Ratios to Average Net AssetsE,F    
Expenses before reductions .64% .66% .67%G 
Expenses net of fee waivers, if any .64% .66% .66%G 
Expenses net of all reductions .64% .66% .66%G 
Net investment income (loss) (.09)% .26% .39%G 
Supplemental Data    
Net assets, end of period (000 omitted) $87,644 $48,668 $6,786 
Portfolio turnover rateH 35% 41%I 60%G 

 A For the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 I Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Energy Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended July 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 38.34% (5.13)% (3.94)% 
Class M (incl. 3.50% sales charge) 41.24% (4.92)% (3.95)% 
Class C (incl. contingent deferred sales charge) 44.68% (4.69)% (3.93)% 
Class I 47.26% (3.70)% (3.08)% 
Class Z 47.47% (3.61)% (3.04)% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018 are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Energy Fund - Class A on July 31, 2011, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values

$6,691Fidelity Advisor® Energy Fund - Class A

$41,689S&P 500® Index

Fidelity Advisor® Energy Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.

Comments from Portfolio Manager Maurice FitzMaurice:  For the fiscal year ending July 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 46% to 47%, underperforming the 50.13% gain of the MSCI US IMI Energy 25/50 Index, but outperforming the broad-based S&P 500® index. Versus the sector index, security selection was the primary detractor, especially in the integrated oil & gas group. We also had weak stock picks in independent power producers & energy traders and oil & gas refining & marketing. Our non-index stake in BP was the fund's largest individual relative detractor, due to its 18% advance. We decreased our stake in the company the past year. The fund's non-index stake in Vistra, another notable detractor, gained roughly 4%. Avoiding ONEOK, an index component that gained 104%, also hurt relative performance. In contrast, the largest contributor to performance versus the sector index was our stock picks in oil & gas equipment & services. Security selection and an overweighting in oil & gas exploration & production and an underweighting in oil & gas refining & marketing also lifted the fund's relative performance. The biggest individual relative contributor was an overweight position in PDC Energy (+177%). Also adding value was our lighter-than-index stake in Chevron, which gained 28%. The company was among our biggest holdings. The fund's non-index stake in Canadian National Resources, one of our largest holdings as of July 31, gained 94%. Notable changes in positioning include increased exposure to the oil & gas exploration & production subindustry and a lower allocation to oil & gas storage & transportation.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity Advisor® Energy Fund

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Exxon Mobil Corp. 14.7 
Chevron Corp. 9.8 
Royal Dutch Shell PLC Class B sponsored ADR 7.1 
Cheniere Energy, Inc. 5.6 
Pioneer Natural Resources Co. 4.5 
ConocoPhillips Co. 3.9 
Canadian Natural Resources Ltd. 3.3 
Devon Energy Corp. 3.2 
Marathon Petroleum Corp. 3.1 
EOG Resources, Inc. 2.9 
 58.1 

Top Industries (% of fund's net assets)

As of July 31, 2021 
   Oil, Gas & Consumable Fuels 88.1% 
   Energy Equipment & Services 8.7% 
   Independent Power and Renewable Electricity Producers 2.4% 
   Food Products 0.6% 
   All Others* 0.2% 


* Includes short-term investments and net other assets (liabilities).

Fidelity Advisor® Energy Fund

Schedule of Investments July 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.8%   
 Shares Value 
Energy Equipment & Services - 8.7%   
Oil & Gas Drilling - 0.6%   
Nabors Industries Ltd. (a) 13,312 $1,164,933 
Nabors Industries Ltd. warrants 6/11/26 (a) 6,604 42,926 
Odfjell Drilling Ltd. (a) 914,756 2,099,805 
Shelf Drilling Ltd. (a)(b) 691,228 373,594 
  3,681,258 
Oil & Gas Equipment & Services - 8.1%   
Baker Hughes Co. Class A 566,500 12,032,460 
Cactus, Inc. 38,900 1,401,956 
Championx Corp. (a) 89,200 2,073,008 
Nextier Oilfield Solutions, Inc. (a) 993,900 3,796,698 
Oceaneering International, Inc. (a) 251,700 3,337,542 
ProPetro Holding Corp. (a) 547,700 4,135,135 
Schlumberger Ltd. 253,818 7,317,573 
Technip Energies NV (a) 252,020 3,415,603 
TechnipFMC PLC (a) 982,500 7,093,650 
  44,603,625 
TOTAL ENERGY EQUIPMENT & SERVICES  48,284,883 
Food Products - 0.6%   
Agricultural Products - 0.6%   
Darling Ingredients, Inc. (a) 46,700 3,225,569 
Independent Power and Renewable Electricity Producers - 2.4%   
Independent Power Producers & Energy Traders - 2.4%   
The AES Corp. 33,200 786,840 
Vistra Corp. 632,700 12,116,205 
  12,903,045 
Oil, Gas & Consumable Fuels - 88.1%   
Coal & Consumable Fuels - 0.2%   
Enviva Partners LP 24,800 1,339,200 
Integrated Oil & Gas - 37.2%   
BP PLC sponsored ADR 402,800 9,739,704 
Chevron Corp. 530,170 53,976,608 
Exxon Mobil Corp. 1,413,861 81,395,980 
Occidental Petroleum Corp. 424,500 11,079,450 
Occidental Petroleum Corp. warrants 8/3/27 (a) 36,987 396,871 
Royal Dutch Shell PLC Class B sponsored ADR 987,600 39,059,580 
Suncor Energy, Inc. 481,300 9,474,774 
Total SA sponsored ADR 13,000 567,190 
  205,690,157 
Oil & Gas Exploration & Production - 32.5%   
Antero Resources Corp. (a) 421,400 5,731,040 
APA Corp. 830,400 15,570,000 
Callon Petroleum Co. (a)(c) 46,440 1,827,878 
Canadian Natural Resources Ltd. 551,800 18,209,046 
Cimarex Energy Co. 108,300 7,061,160 
ConocoPhillips Co. 386,050 21,641,963 
Devon Energy Corp. 681,400 17,607,376 
Diamondback Energy, Inc. 55,600 4,288,428 
EOG Resources, Inc. 221,586 16,144,756 
Extraction Oil & Gas, Inc. (a) 39,800 1,770,702 
Hess Corp. 165,000 12,612,600 
Magnolia Oil & Gas Corp. Class A 233,400 3,267,600 
National Energy Services Reunited Corp. (a) 487,800 6,292,620 
Northern Oil & Gas, Inc. 70,830 1,223,234 
Ovintiv, Inc. 140,800 3,612,928 
PDC Energy, Inc. 337,688 13,355,560 
Pioneer Natural Resources Co. 170,425 24,774,682 
Range Resources Corp. (a) 92,000 1,401,160 
SM Energy Co. 61,800 1,155,660 
Viper Energy Partners LP 107,400 1,934,274 
  179,482,667 
Oil & Gas Refining & Marketing - 8.6%   
Marathon Petroleum Corp. 307,778 16,995,501 
Phillips 66 Co. 187,018 13,732,732 
Renewable Energy Group, Inc. (a) 20,600 1,261,750 
Valero Energy Corp. 231,600 15,510,252 
  47,500,235 
Oil & Gas Storage & Transport - 9.6%   
Cheniere Energy, Inc. (a) 362,900 30,821,097 
Energy Transfer LP 602,300 5,938,678 
Golar LNG Ltd. (a) 197,900 2,208,564 
Targa Resources Corp. 148,400 6,249,124 
Teekay LNG Partners LP 150,758 2,184,483 
The Williams Companies, Inc. 236,100 5,914,305 
  53,316,251 
TOTAL OIL, GAS & CONSUMABLE FUELS  487,328,510 
TOTAL COMMON STOCKS   
(Cost $474,032,590)  551,742,007 
Money Market Funds - 0.3%   
Fidelity Cash Central Fund 0.06% (d) 576,027 576,142 
Fidelity Securities Lending Cash Central Fund 0.06% (d)(e) 1,344,990 1,345,124 
TOTAL MONEY MARKET FUNDS   
(Cost $1,921,266)  1,921,266 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $475,953,856)  553,663,273 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (704,096) 
NET ASSETS - 100%  $552,959,177 

Legend

 (a) Non-income producing

 (b) 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 $373,594 or 0.1% of net assets.

 (c) Security or a portion of the security is on loan at period end.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,549 
Fidelity Securities Lending Cash Central Fund 20,448 
Total $21,997 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $2,060,157 $109,109,377 $110,593,162 $(230) $-- $576,142 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 3,298,724 83,338,050 85,291,650 -- -- 1,345,124 0.0% 
Total $5,358,881 $192,447,427 $195,884,812 $(230) $-- $1,921,266  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $551,742,007 $551,742,007 $-- $-- 
Money Market Funds 1,921,266 1,921,266 -- -- 
Total Investments in Securities: $553,663,273 $553,663,273 $-- $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 80.4% 
United Kingdom 10.1% 
Canada 5.0% 
Curacao 1.3% 
British Virgin Islands 1.1% 
Bermuda 1.0% 
Others (Individually Less Than 1%) 1.1% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Energy Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $1,291,008) — See accompanying schedule:
Unaffiliated issuers (cost $474,032,590) 
$551,742,007  
Fidelity Central Funds (cost $1,921,266) 1,921,266  
Total Investment in Securities (cost $475,953,856)  $553,663,273 
Receivable for investments sold  1,341,152 
Receivable for fund shares sold  878,833 
Dividends receivable  222,555 
Distributions receivable from Fidelity Central Funds  562 
Prepaid expenses  4,146 
Other receivables  158,285 
Total assets  556,268,806 
Liabilities   
Payable for investments purchased $769,351  
Payable for fund shares redeemed 577,334  
Accrued management fee 249,879  
Distribution and service plan fees payable 113,276  
Other affiliated payables 114,507  
Other payables and accrued expenses 140,482  
Collateral on securities loaned 1,344,800  
Total liabilities  3,309,629 
Net Assets  $552,959,177 
Net Assets consist of:   
Paid in capital  $808,551,965 
Total accumulated earnings (loss)  (255,592,788) 
Net Assets  $552,959,177 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($175,221,009 ÷ 7,427,000 shares)(a)  $23.59 
Maximum offering price per share (100/94.25 of $23.59)  $25.03 
Class M:   
Net Asset Value and redemption price per share ($62,519,274 ÷ 2,583,456 shares)(a)  $24.20 
Maximum offering price per share (100/96.50 of $24.20)  $25.08 
Class C:   
Net Asset Value and offering price per share ($56,067,860 ÷ 2,595,238 shares)(a)  $21.60 
Class I:   
Net Asset Value, offering price and redemption price per share ($177,247,918 ÷ 7,103,723 shares)  $24.95 
Class Z:   
Net Asset Value, offering price and redemption price per share ($81,903,116 ÷ 3,287,675 shares)  $24.91 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended July 31, 2021 
Investment Income   
Dividends  $17,796,087 
Non-Cash dividends  2,606,309 
Income from Fidelity Central Funds (including $20,448 from security lending)  21,997 
Total income  20,424,393 
Expenses   
Management fee $2,523,654  
Transfer agent fees 992,759  
Distribution and service plan fees 1,137,977  
Accounting fees 182,699  
Custodian fees and expenses 8,349  
Independent trustees' fees and expenses 1,977  
Registration fees 97,274  
Audit 63,767  
Legal 1,156  
Interest 189  
Miscellaneous 9,819  
Total expenses before reductions 5,019,620  
Expense reductions (8,604)  
Total expenses after reductions  5,011,016 
Net investment income (loss)  15,413,377 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (53,596,879)  
Fidelity Central Funds (230)  
Foreign currency transactions 2,722  
Total net realized gain (loss)  (53,594,387) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 210,754,411  
Assets and liabilities in foreign currencies (86)  
Total change in net unrealized appreciation (depreciation)  210,754,325 
Net gain (loss)  157,159,938 
Net increase (decrease) in net assets resulting from operations  $172,573,315 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended July 31, 2021 Year ended July 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $15,413,377 $12,678,859 
Net realized gain (loss) (53,594,387) (62,521,551) 
Change in net unrealized appreciation (depreciation) 210,754,325 (157,224,576) 
Net increase (decrease) in net assets resulting from operations 172,573,315 (207,067,268) 
Distributions to shareholders (13,506,451) (8,780,599) 
Share transactions - net increase (decrease) (4,727,059) 12,036,839 
Total increase (decrease) in net assets 154,339,805 (203,811,028) 
Net Assets   
Beginning of period 398,619,372 602,430,400 
End of period $552,959,177 $398,619,372 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Energy Fund Class A

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $16.59 $27.88 $37.52 $30.70 $31.12 
Income from Investment Operations      
Net investment income (loss)A .65B .57 .35 .12 .38C 
Net realized and unrealized gain (loss) 6.94 (11.42) (9.76) 7.18 (.72) 
Total from investment operations 7.59 (10.85) (9.41) 7.30 (.34) 
Distributions from net investment income (.59) (.44) (.18)D (.48) – 
Distributions from net realized gain – – (.05)D E (.08) 
Total distributions (.59) (.44) (.23) (.48) (.08) 
Redemption fees added to paid in capitalA – – – – E 
Net asset value, end of period $23.59 $16.59 $27.88 $37.52 $30.70 
Total ReturnF,G 46.78% (39.54)% (25.07)% 24.07% (1.14)% 
Ratios to Average Net AssetsH,I      
Expenses before reductions 1.11% 1.14% 1.10% 1.11% 1.09% 
Expenses net of fee waivers, if any 1.11% 1.14% 1.10% 1.11% 1.09% 
Expenses net of all reductions 1.11% 1.12% 1.09% 1.10% 1.08% 
Net investment income (loss) 3.15%B 2.62% 1.14% .36% 1.15%C 
Supplemental Data      
Net assets, end of period (000 omitted) $175,221 $114,321 $190,992 $278,555 $277,378 
Portfolio turnover rateJ 45% 84%K 47% 56% 90% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.60%.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.35 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .11%.

 D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 E Amount represents less than $.005 per share.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense 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.

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Energy Fund Class M

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $17.00 $28.53 $38.36 $31.37 $31.82 
Income from Investment Operations      
Net investment income (loss)A .60B .53 .27 .03 .30C 
Net realized and unrealized gain (loss) 7.13 (11.71) (9.97) 7.35 (.75) 
Total from investment operations 7.73 (11.18) (9.70) 7.38 (.45) 
Distributions from net investment income (.53) (.35) (.08)D (.39) – 
Distributions from net realized gain – – (.05)D E – 
Total distributions (.53) (.35) (.13) (.39) – 
Redemption fees added to paid in capitalA – – – – E 
Net asset value, end of period $24.20 $17.00 $28.53 $38.36 $31.37 
Total ReturnF,G 46.37% (39.66)% (25.28)% 23.75% (1.41)% 
Ratios to Average Net AssetsH,I      
Expenses before reductions 1.38% 1.40% 1.37% 1.38% 1.36% 
Expenses net of fee waivers, if any 1.38% 1.40% 1.36% 1.38% 1.36% 
Expenses net of all reductions 1.38% 1.38% 1.36% 1.37% 1.35% 
Net investment income (loss) 2.88%B 2.36% .88% .09% .88%C 
Supplemental Data      
Net assets, end of period (000 omitted) $62,519 $43,768 $87,147 $136,828 $125,951 
Portfolio turnover rateJ 45% 84%K 47% 56% 90% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.34%.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.35 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.16) %.

 D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 E Amount represents less than $.005 per share.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense 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.

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Energy Fund Class C

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $15.23 $25.58 $34.39 $28.16 $28.69 
Income from Investment Operations      
Net investment income (loss)A .45B .39 .12 (.11) .13C 
Net realized and unrealized gain (loss) 6.38 (10.52) (8.93) 6.59 (.66) 
Total from investment operations 6.83 (10.13) (8.81) 6.48 (.53) 
Distributions from net investment income (.46) (.22) – (.24) – 
Distributions from net realized gain – – – D – 
Total distributions (.46) (.22) – (.25)E – 
Redemption fees added to paid in capitalA – – – – D 
Net asset value, end of period $21.60 $15.23 $25.58 $34.39 $28.16 
Total ReturnF,G 45.68% (39.95)% (25.62)% 23.16% (1.85)% 
Ratios to Average Net AssetsH,I      
Expenses before reductions 1.84% 1.86% 1.82% 1.84% 1.82% 
Expenses net of fee waivers, if any 1.84% 1.86% 1.82% 1.83% 1.81% 
Expenses net of all reductions 1.84% 1.84% 1.81% 1.83% 1.80% 
Net investment income (loss) 2.42%B 1.90% .42% (.37)% .42%C 
Supplemental Data      
Net assets, end of period (000 omitted) $56,068 $45,212 $90,437 $179,521 $212,105 
Portfolio turnover rateJ 45% 84%K 47% 56% 90% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.88%.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.32 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.62) %.

 D Amount represents less than $.005 per share.

 E Total distributions per share do not sum due to rounding.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense 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.

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Energy Fund Class I

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $17.51 $29.39 $39.57 $32.36 $32.78 
Income from Investment Operations      
Net investment income (loss)A .74B .67 .47 .23 .50C 
Net realized and unrealized gain (loss) 7.35 (12.02) (10.31) 7.57 (.75) 
Total from investment operations 8.09 (11.35) (9.84) 7.80 (.25) 
Distributions from net investment income (.65) (.53) (.30)D (.58) (.08) 
Distributions from net realized gain – – (.05)D E (.09) 
Total distributions (.65) (.53) (.34)F (.59)F (.17) 
Redemption fees added to paid in capitalA – – – – E 
Net asset value, end of period $24.95 $17.51 $29.39 $39.57 $32.36 
Total ReturnG 47.26% (39.33)% (24.85)% 24.43% (.86)% 
Ratios to Average Net AssetsH,I      
Expenses before reductions .79% .82% .80% .83% .81% 
Expenses net of fee waivers, if any .79% .82% .80% .83% .81% 
Expenses net of all reductions .79% .80% .79% .82% .80% 
Net investment income (loss) 3.47%B 2.95% 1.44% .64% 1.43%C 
Supplemental Data      
Net assets, end of period (000 omitted) $177,248 $154,575 $224,599 $373,714 $277,385 
Portfolio turnover rateJ 45% 84%K 47% 56% 90% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.93%.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.36 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .39%.

 D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 E Amount represents less than $.005 per share.

 F Total distributions per share do not sum due to rounding.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense 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.

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Energy Fund Class Z

Years ended July 31, 2021 2020 2019 A 
Selected Per–Share Data    
Net asset value, beginning of period $17.48 $29.35 $39.35 
Income from Investment Operations    
Net investment income (loss)B .80C .69 .45 
Net realized and unrealized gain (loss) 7.30 (11.97) (10.03) 
Total from investment operations 8.10 (11.28) (9.58) 
Distributions from net investment income (.67) (.59) (.37)D 
Distributions from net realized gain – – (.05)D 
Total distributions (.67) (.59) (.42) 
Redemption fees added to paid in capitalB – – – 
Net asset value, end of period $24.91 $17.48 $29.35 
Total ReturnE,F 47.47% (39.22)% (24.34)% 
Ratios to Average Net AssetsG,H    
Expenses before reductions .65% .66% .65%I 
Expenses net of fee waivers, if any .64% .66% .64%I 
Expenses net of all reductions .64% .64% .64%I 
Net investment income (loss) 3.62%C 3.10% 1.82%I 
Supplemental Data    
Net assets, end of period (000 omitted) $81,903 $40,742 $9,255 
Portfolio turnover rateJ 45% 84%K 47%I 

 A For the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.07%.

 D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense 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.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Financial Services Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended July 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 52.53% 13.46% 11.52% 
Class M (incl. 3.50% sales charge) 55.83% 13.70% 11.48% 
Class C (incl. contingent deferred sales charge) 59.62% 13.96% 11.51% 
Class I 62.31% 15.15% 12.52% 
Class Z 62.53% 15.24% 12.57% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018 are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Financial Services Fund - Class A on July 31, 2011, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values

$29,747Fidelity Advisor® Financial Services Fund - Class A

$41,689S&P 500® Index

Fidelity Advisor® Financial Services Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.

Comments from Portfolio Manager Matthew Reed:  For the fiscal year ending July 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 61% to 63%, outperforming the 57.15% advance of the MSCI US IMI Financials 5% Capped Linked Index, as well as the broad-based S&P 500® index. The top contributors to performance versus the sector index were security selection and an overweighting in consumer finance. Picks among regional banks and an underweighting in the financial exchanges & data segment also bolstered the fund's relative result. The portfolio's largest individual relative contributor was an overweighting in Capital One Financial, which gained 156% the past year and was among our biggest holdings. Also lifting performance was our outsized stake in Wells Fargo, which advanced 92%. The company was the fund's largest holding as of period end. Another notable relative contributor was a larger-than-benchmark position in Morgan Stanley (+101%), also one of our biggest holdings. Conversely, the primary detractor from performance versus the sector index was security selection in investment banking & brokerage. Weak investment choices among data processing & outsourced services companies and multi-sector holdings also hindered the fund's relative result. The portfolio's largest individual relative detractor was an outsized stake in Cannae Holdings, which returned roughly -11% the past 12 months. Also hindering performance was our overweighting in Reinsurance Group of America, which gained 15% and was a stake we established the past year. Also hurting performance was our overweighting in Travelers Companies, which rose about 33%. The stock was one of the fund's biggest holdings the past 12 months. Notable changes in positioning include a higher allocation to asset management & custody banks and consumer finance stocks.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity Advisor® Financial Services Fund

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Wells Fargo & Co. 5.9 
Morgan Stanley 4.8 
American Express Co. 4.6 
Citigroup, Inc. 4.4 
Bank of America Corp. 4.2 
Capital One Financial Corp. 3.7 
The Travelers Companies, Inc. 3.3 
State Street Corp. 3.1 
PNC Financial Services Group, Inc. 2.5 
Bank of New York Mellon Corp. 2.5 
 39.0 

Top Industries (% of fund's net assets)

As of July 31, 2021 
   Banks 34.5% 
   Insurance 23.1% 
   Capital Markets 21.7% 
   Consumer Finance 9.5% 
   Thrifts & Mortgage Finance 4.9% 
   All Others* 6.3% 


* Includes short-term investments and net other assets (liabilities).

Fidelity Advisor® Financial Services Fund

Schedule of Investments July 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.3%   
 Shares Value 
Banks - 34.5%   
Diversified Banks - 17.0%   
Bank of America Corp. 517,156 $19,838,104 
Citigroup, Inc. 301,205 20,367,482 
Piraeus Financial Holdings SA (a) 192,600 331,284 
U.S. Bancorp 200,100 11,113,554 
Wells Fargo & Co. 605,128 27,799,581 
  79,450,005 
Regional Banks - 17.5%   
Ameris Bancorp 41,000 1,993,010 
Associated Banc-Corp. 112,500 2,227,500 
Bank OZK 98,400 4,005,864 
BOK Financial Corp. 31,716 2,664,461 
Cadence Bancorp Class A 175,764 3,339,516 
East West Bancorp, Inc. 57,300 4,076,895 
First Horizon National Corp. 307,379 4,749,006 
First Interstate Bancsystem, Inc. 41,100 1,722,912 
Great Western Bancorp, Inc. 43,300 1,333,640 
Heartland Financial U.S.A., Inc. 52,500 2,395,050 
Huntington Bancshares, Inc./Ohio 745,920 10,502,554 
KeyCorp 212,700 4,181,682 
M&T Bank Corp. 64,800 8,673,480 
PacWest Bancorp 80,100 3,189,582 
Peoples United Financial, Inc. 111,900 1,756,830 
PNC Financial Services Group, Inc. 64,700 11,801,927 
Signature Bank 27,100 6,150,887 
WesBanco, Inc. 69,400 2,240,232 
Wintrust Financial Corp. 64,100 4,576,740 
  81,581,768 
TOTAL BANKS  161,031,773 
Capital Markets - 21.7%   
Asset Management & Custody Banks - 12.0%   
Affiliated Managers Group, Inc. 30,100 4,769,044 
AllianceBernstein Holding LP 128,005 6,178,801 
Bank of New York Mellon Corp. 225,200 11,559,516 
Brookfield Asset Management, Inc. Class A 128,300 6,926,917 
Carlyle Group LP 131,200 6,621,664 
Northern Trust Corp. 20,600 2,324,710 
Patria Investments Ltd. 216,100 3,381,965 
State Street Corp. 165,800 14,447,812 
  56,210,429 
Financial Exchanges & Data - 2.1%   
Bolsa Mexicana de Valores S.A.B. de CV 1,278,800 2,610,117 
Cboe Global Markets, Inc. 60,273 7,140,542 
  9,750,659 
Investment Banking & Brokerage - 7.6%   
Lazard Ltd. Class A 125,600 5,928,320 
Morgan Stanley 232,500 22,315,350 
Raymond James Financial, Inc. 36,500 4,726,020 
Virtu Financial, Inc. Class A 87,900 2,262,546 
  35,232,236 
TOTAL CAPITAL MARKETS  101,193,324 
Consumer Finance - 9.5%   
Consumer Finance - 9.5%   
American Express Co. 125,100 21,333,303 
Capital One Financial Corp. 108,238 17,502,085 
OneMain Holdings, Inc. 94,900 5,788,900 
  44,624,288 
Diversified Financial Services - 1.2%   
Multi-Sector Holdings - 1.2%   
Cannae Holdings, Inc. (a) 162,640 5,407,780 
Insurance - 23.1%   
Insurance Brokers - 3.5%   
Arthur J. Gallagher & Co. 73,900 10,295,009 
Willis Towers Watson PLC 30,100 6,203,008 
  16,498,017 
Life & Health Insurance - 2.4%   
CNO Financial Group, Inc. 137,200 3,133,648 
MetLife, Inc. 104,900 6,052,730 
Primerica, Inc. 15,100 2,207,922 
  11,394,300 
Multi-Line Insurance - 5.8%   
American Financial Group, Inc. 54,200 6,855,758 
American International Group, Inc. 151,700 7,182,995 
Assurant, Inc. 41,200 6,501,772 
Hartford Financial Services Group, Inc. 99,300 6,317,466 
  26,857,991 
Property & Casualty Insurance - 8.2%   
Chubb Ltd. 50,600 8,538,244 
First American Financial Corp. 62,000 4,173,220 
Hiscox Ltd. (a) 344,100 4,191,812 
Kemper Corp. 34,800 2,297,148 
Old Republic International Corp. 154,800 3,817,368 
The Travelers Companies, Inc. 102,900 15,323,868 
  38,341,660 
Reinsurance - 3.2%   
Brookfield Asset Management Reinsurance Partners Ltd. (a)(b) 944 51,165 
Reinsurance Group of America, Inc. 79,000 8,704,220 
RenaissanceRe Holdings Ltd. 40,100 6,122,869 
  14,878,254 
TOTAL INSURANCE  107,970,222 
IT Services - 2.1%   
Data Processing & Outsourced Services - 2.1%   
Computer Services, Inc. 16,891 980,691 
Fidelity National Information Services, Inc. 23,700 3,532,485 
Visa, Inc. Class A 21,700 5,346,663 
  9,859,839 
Professional Services - 2.3%   
Research & Consulting Services - 2.3%   
Dun & Bradstreet Holdings, Inc. (a) 276,200 5,789,152 
Equifax, Inc. 18,900 4,925,340 
  10,714,492 
Thrifts & Mortgage Finance - 4.9%   
Thrifts & Mortgage Finance - 4.9%   
Essent Group Ltd. 173,700 7,846,029 
MGIC Investment Corp. 575,500 7,964,920 
NMI Holdings, Inc. (a) 287,700 6,335,154 
Radian Group, Inc. 36,800 830,944 
  22,977,047 
TOTAL COMMON STOCKS   
(Cost $342,477,387)  463,778,765 
Money Market Funds - 0.6%   
Fidelity Cash Central Fund 0.06% (c) 2,915,731 2,916,314 
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) 11,249 11,250 
TOTAL MONEY MARKET FUNDS   
(Cost $2,927,564)  2,927,564 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $345,404,951)  466,706,329 
NET OTHER ASSETS (LIABILITIES) - 0.1%  546,486 
NET ASSETS - 100%  $467,252,815 

Legend

 (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.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,382 
Fidelity Securities Lending Cash Central Fund 641 
Total $2,023 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $436,584 $104,757,741 $102,277,846 $(122) $(43) $2,916,314 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% -- 35,271,782 35,260,532 -- -- 11,250 0.0% 
Total $436,584 $140,029,523 $137,538,378 $(122) $(43) $2,927,564  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $463,778,765 $463,778,765 $-- $-- 
Money Market Funds 2,927,564 2,927,564 -- -- 
Total Investments in Securities: $466,706,329 $466,706,329 $-- $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.5% 
Bermuda 5.2% 
Switzerland 1.8% 
Canada 1.5% 
United Kingdom 1.3% 
Others (Individually Less Than 1%) 0.7% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Financial Services Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $10,840) — See accompanying schedule:
Unaffiliated issuers (cost $342,477,387) 
$463,778,765  
Fidelity Central Funds (cost $2,927,564) 2,927,564  
Total Investment in Securities (cost $345,404,951)  $466,706,329 
Receivable for fund shares sold  500,776 
Dividends receivable  690,636 
Distributions receivable from Fidelity Central Funds  108 
Prepaid expenses  2,691 
Other receivables  9,747 
Total assets  467,910,287 
Liabilities   
Payable for fund shares redeemed 203,916  
Accrued management fee 202,651  
Transfer agent fee payable 71,192  
Distribution and service plan fees payable 110,610  
Other affiliated payables 15,010  
Other payables and accrued expenses 42,843  
Collateral on securities loaned 11,250  
Total liabilities  657,472 
Net Assets  $467,252,815 
Net Assets consist of:   
Paid in capital  $340,606,732 
Total accumulated earnings (loss)  126,646,083 
Net Assets  $467,252,815 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($181,251,089 ÷ 6,379,198 shares)(a)  $28.41 
Maximum offering price per share (100/94.25 of $28.41)  $30.14 
Class M:   
Net Asset Value and redemption price per share ($60,507,844 ÷ 2,155,133 shares)(a)  $28.08 
Maximum offering price per share (100/96.50 of $28.08)  $29.10 
Class C:   
Net Asset Value and offering price per share ($57,856,000 ÷ 2,184,863 shares)(a)  $26.48 
Class I:   
Net Asset Value, offering price and redemption price per share ($118,423,908 ÷ 4,038,574 shares)  $29.32 
Class Z:   
Net Asset Value, offering price and redemption price per share ($49,213,974 ÷ 1,681,065 shares)  $29.28 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended July 31, 2021 
Investment Income   
Dividends  $10,192,775 
Income from Fidelity Central Funds (including $641 from security lending)  2,023 
Total income  10,194,798 
Expenses   
Management fee $1,901,717  
Transfer agent fees 662,966  
Distribution and service plan fees 1,081,161  
Accounting fees 140,415  
Custodian fees and expenses 8,342  
Independent trustees' fees and expenses 1,454  
Registration fees 104,127  
Audit 52,560  
Legal 1,843  
Interest 1,274  
Miscellaneous 3,813  
Total expenses before reductions 3,959,672  
Expense reductions (26,143)  
Total expenses after reductions  3,933,529 
Net investment income (loss)  6,261,269 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 6,250,588  
Fidelity Central Funds (122)  
Foreign currency transactions 6,678  
Total net realized gain (loss)  6,257,144 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 138,800,098  
Fidelity Central Funds (43)  
Total change in net unrealized appreciation (depreciation)  138,800,055 
Net gain (loss)  145,057,199 
Net increase (decrease) in net assets resulting from operations  $151,318,468 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended July 31, 2021 Year ended July 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,261,269 $6,650,433 
Net realized gain (loss) 6,257,144 13,281,773 
Change in net unrealized appreciation (depreciation) 138,800,055 (73,279,249) 
Net increase (decrease) in net assets resulting from operations 151,318,468 (53,347,043) 
Distributions to shareholders (7,232,777) (4,735,011) 
Share transactions - net increase (decrease) 25,541,998 (24,010,625) 
Total increase (decrease) in net assets 169,627,689 (82,092,679) 
Net Assets   
Beginning of period 297,625,126 379,717,805 
End of period $467,252,815 $297,625,126 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Financial Services Fund Class A

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $18.00 $21.47 $21.84 $19.55 $15.43 
Income from Investment Operations      
Net investment income (loss)A .42 .40 .27 .12 .08 
Net realized and unrealized gain (loss) 10.55 (3.59) .07B 2.25 4.08 
Total from investment operations 10.97 (3.19) .34 2.37 4.16 
Distributions from net investment income (.45) (.28) (.18) (.07) (.04) 
Distributions from net realized gain (.11) – (.53) (.01) – 
Total distributions (.56) (.28) (.71) (.08) (.04) 
Redemption fees added to paid in capitalA – – – – C 
Net asset value, end of period $28.41 $18.00 $21.47 $21.84 $19.55 
Total ReturnD,E 61.84% (15.15)% 2.05% 12.13% 26.97% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.07% 1.09% 1.08% 1.10% 1.12% 
Expenses net of fee waivers, if any 1.07% 1.09% 1.07% 1.10% 1.12% 
Expenses net of all reductions 1.06% 1.08% 1.07% 1.09% 1.12% 
Net investment income (loss) 1.76% 1.97% 1.31% .55% .48% 
Supplemental Data      
Net assets, end of period (000 omitted) $181,251 $104,761 $145,799 $174,786 $144,144 
Portfolio turnover rateH 51% 88%I 51% 46% 81% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 C Amount represents less than $.005 per share.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 I Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Financial Services Fund Class M

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $17.79 $21.23 $21.60 $19.34 $15.29 
Income from Investment Operations      
Net investment income (loss)A .36 .34 .21 .06 .04 
Net realized and unrealized gain (loss) 10.44 (3.55) .07B 2.23 4.03 
Total from investment operations 10.80 (3.21) .28 2.29 4.07 
Distributions from net investment income (.39) (.23) (.13) (.02) (.02) 
Distributions from net realized gain (.11) – (.53) (.01) – 
Total distributions (.51)C (.23) (.65)C (.03) (.02) 
Redemption fees added to paid in capitalA – – – – D 
Net asset value, end of period $28.08 $17.79 $21.23 $21.60 $19.34 
Total ReturnE,F 61.48% (15.38)% 1.77% 11.84% 26.63% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.32% 1.35% 1.34% 1.37% 1.40% 
Expenses net of fee waivers, if any 1.32% 1.35% 1.34% 1.37% 1.40% 
Expenses net of all reductions 1.31% 1.34% 1.33% 1.36% 1.40% 
Net investment income (loss) 1.51% 1.72% 1.04% .28% .20% 
Supplemental Data      
Net assets, end of period (000 omitted) $60,508 $34,828 $48,210 $53,178 $45,920 
Portfolio turnover rateI 51% 88%J 51% 46% 81% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense 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.

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Financial Services Fund Class C

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $16.80 $20.04 $20.41 $18.34 $14.55 
Income from Investment Operations      
Net investment income (loss)A .22 .23 .11 (.04) (.05) 
Net realized and unrealized gain (loss) 9.85 (3.37) .07B 2.11 3.84 
Total from investment operations 10.07 (3.14) .18 2.07 3.79 
Distributions from net investment income (.28) (.10) (.03) – C 
Distributions from net realized gain (.11) – (.53) – – 
Total distributions (.39) (.10) (.55)D – C 
Redemption fees added to paid in capitalA – – – – C 
Net asset value, end of period $26.48 $16.80 $20.04 $20.41 $18.34 
Total ReturnE,F 60.62% (15.79)% 1.29% 11.29% 26.06% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.83% 1.84% 1.83% 1.86% 1.87% 
Expenses net of fee waivers, if any 1.82% 1.84% 1.82% 1.85% 1.87% 
Expenses net of all reductions 1.82% 1.83% 1.82% 1.85% 1.87% 
Net investment income (loss) 1.00% 1.22% .56% (.20)% (.27)% 
Supplemental Data      
Net assets, end of period (000 omitted) $57,856 $41,947 $71,609 $120,947 $92,593 
Portfolio turnover rateI 51% 88%J 51% 46% 81% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 C Amount represents less than $.005 per share.

 D Total distributions per share do not sum due to rounding.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense 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.

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Financial Services Fund Class I

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $18.55 $22.11 $22.47 $20.11 $15.84 
Income from Investment Operations      
Net investment income (loss)A .52 .47 .33 .18 .14 
Net realized and unrealized gain (loss) 10.86 (3.69) .08B 2.32 4.19 
Total from investment operations 11.38 (3.22) .41 2.50 4.33 
Distributions from net investment income (.50) (.34) (.25) (.13) (.06) 
Distributions from net realized gain (.11) – (.53) (.01) – 
Total distributions (.61) (.34) (.77)C (.14) (.06) 
Redemption fees added to paid in capitalA – – – – D 
Net asset value, end of period $29.32 $18.55 $22.11 $22.47 $20.11 
Total ReturnE 62.31% (14.91)% 2.36% 12.43% 27.36% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .79% .80% .80% .83% .84% 
Expenses net of fee waivers, if any .79% .80% .79% .83% .84% 
Expenses net of all reductions .78% .78% .79% .82% .83% 
Net investment income (loss) 2.04% 2.27% 1.59% .83% .76% 
Supplemental Data      
Net assets, end of period (000 omitted) $118,424 $85,299 $107,059 $162,724 $96,789 
Portfolio turnover rateH 51% 88%I 51% 46% 81% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 I Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Financial Services Fund Class Z

Years ended July 31, 2021 2020 2019 A 
Selected Per–Share Data    
Net asset value, beginning of period $18.53 $22.09 $21.99 
Income from Investment Operations    
Net investment income (loss)B .54 .49 .25 
Net realized and unrealized gain (loss) 10.86 (3.67) .66C 
Total from investment operations 11.40 (3.18) .91 
Distributions from net investment income (.54) (.38) (.29) 
Distributions from net realized gain (.11) – (.53) 
Total distributions (.65) (.38) (.81)D 
Redemption fees added to paid in capitalB – – – 
Net asset value, end of period $29.28 $18.53 $22.09 
Total ReturnE,F 62.53% (14.79)% 4.72% 
Ratios to Average Net AssetsG,H    
Expenses before reductions .66% .67% .66%I 
Expenses net of fee waivers, if any .66% .67% .65%I 
Expenses net of all reductions .65% .65% .65%I 
Net investment income (loss) 2.17% 2.40% 1.44%I 
Supplemental Data    
Net assets, end of period (000 omitted) $49,214 $30,790 $7,041 
Portfolio turnover rateJ 51% 88%K 51%I 

 A For the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 D Total distributions per share do not sum due to rounding.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense 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.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Health Care Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended July 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 13.76% 13.83% 16.94% 
Class M (incl. 3.50% sales charge) 16.17% 14.07% 16.91% 
Class C (incl. contingent deferred sales charge) 18.78% 14.32% 16.94% 
Class I 21.01% 15.49% 17.95% 
Class Z 21.15% 15.57% 17.99% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Health Care Fund - Class A on July 31, 2011, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values

$47,829Fidelity Advisor® Health Care Fund - Class A

$41,689S&P 500® Index

Fidelity Advisor® Health Care Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.

Comments from Portfolio Manager Eddie Yoon:  For the fiscal year ending July 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 20% to 21%, trailing the 28.16% advance of the MSCI US IMI Health Care 25/50 Index, as well as the broad-based S&P 500® index. Versus the sector index, security selection was the primary detractor, especially in the biotechnology group. We also had weak stock picks in managed health care and health care equipment. Not owning Moderna, an index component that gained 377%, was the largest individual relative detractor. Also holding back performance was our overweighting in Regeneron Pharmaceuticals, which returned -9%. Regeneron Pharmaceuticals was one of the fund's biggest holdings. The fund's non-index stake in AstraZeneca, one of our largest holdings the past 12 months, gained about 5%. Conversely, the largest contributor to performance versus the sector index were stock picks in health care technology. Also lifting the fund's relative performance was stock selection and an overweighting in health care services and security selection and an underweighting in pharmaceuticals. The fund's top individual relative contributor was our overweighting in MyoKardia, which gained about 147%. This is a position that was sold the past 12 months. Also boosting value was our outsized stake in Oak Street Health, which gained 75%. This was a position we established the past year. Avoiding Merck, an index component that gained 4%, also helped relative performance. Notable changes in positioning include increased exposure to the health care services subindustry and a lower allocation to pharmaceuticals.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity Advisor® Health Care Fund

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
UnitedHealth Group, Inc. 9.0 
Humana, Inc. 5.8 
Danaher Corp. 5.6 
Boston Scientific Corp. 5.5 
Eli Lilly & Co. 5.1 
Cigna Corp. 5.0 
Regeneron Pharmaceuticals, Inc. 2.9 
Centene Corp. 2.9 
Penumbra, Inc. 2.8 
Insulet Corp. 2.5 
 47.1 

Top Industries (% of fund's net assets)

As of July 31, 2021 
   Health Care Providers & Services 29.8% 
   Health Care Equipment & Supplies 22.0% 
   Biotechnology 21.2% 
   Pharmaceuticals 14.5% 
   Life Sciences Tools & Services 9.7% 
   All Others* 2.8% 


* Includes short-term investments and net other assets (liabilities).

Fidelity Advisor® Health Care Fund

Schedule of Investments July 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value 
Biotechnology - 20.7%   
Biotechnology - 20.7%   
Acceleron Pharma, Inc. (a) 280,000 $35,016,800 
ADC Therapeutics SA (a) 579,797 12,198,929 
Agios Pharmaceuticals, Inc. (a) 700,000 33,663,000 
Alnylam Pharmaceuticals, Inc. (a) 641,600 114,807,904 
Ambrx Biopharma, Inc. ADR 85,456 1,670,665 
Arcutis Biotherapeutics, Inc. (a) 380,500 8,877,065 
Argenx SE ADR (a) 500,000 152,215,000 
Ascendis Pharma A/S sponsored ADR (a) 565,107 66,789,996 
Avid Bioservices, Inc. (a) 1,000,000 25,650,000 
BeiGene Ltd. ADR (a) 80,000 25,327,200 
BioAtla, Inc. 340,000 13,936,600 
Blueprint Medicines Corp. (a) 230,000 20,210,100 
Century Therapeutics, Inc. (b) 270,585 7,887,553 
Cerevel Therapeutics Holdings (a) 521,542 12,850,795 
Cytokinetics, Inc. (a) 900,000 26,712,000 
Denali Therapeutics, Inc. (a) 360,000 18,370,800 
Erasca, Inc. 275,657 5,788,797 
Exelixis, Inc. (a) 1,280,000 21,568,000 
Fate Therapeutics, Inc. (a) 405,800 33,600,240 
Forma Therapeutics Holdings, Inc. (a) 460,000 10,529,400 
Generation Bio Co. (a) 249,620 5,426,739 
Graphite Bio, Inc. 400,000 8,544,000 
Imago BioSciences, Inc. 28,000 512,960 
Innovent Biologics, Inc. (a)(c) 4,000,000 40,791,903 
Instil Bio, Inc. (a) 500,000 7,525,000 
Intellia Therapeutics, Inc. (a) 120,000 17,022,000 
Janux Therapeutics, Inc. 171,000 5,545,530 
Keros Therapeutics, Inc. (a) 320,000 11,776,000 
Kinnate Biopharma, Inc. (b) 180,000 3,884,400 
Kura Oncology, Inc. (a) 960,000 18,182,400 
Kymera Therapeutics, Inc. (a) 280,000 16,850,400 
Mirati Therapeutics, Inc. (a) 350,000 56,021,000 
Morphic Holding, Inc. (a) 175,200 10,095,024 
Novavax, Inc. (a) 190,000 34,072,700 
Nuvalent, Inc. Class A 158,800 2,898,100 
ORIC Pharmaceuticals, Inc. (a) 426,600 7,102,890 
Passage Bio, Inc. (a) 460,000 5,428,000 
Poseida Therapeutics, Inc. (a) 975,154 7,908,499 
Prelude Therapeutics, Inc. (b) 570,200 18,269,208 
PTC Therapeutics, Inc. (a) 693,000 26,562,690 
Recursion Pharmaceuticals, Inc. (a)(b) 200,000 6,070,000 
Regeneron Pharmaceuticals, Inc. (a) 364,000 209,158,040 
Relay Therapeutics, Inc. (a) 840,000 27,249,600 
Repare Therapeutics, Inc. (a) 284,700 9,508,980 
Revolution Medicines, Inc. (a)(b) 750,000 21,480,000 
Sarepta Therapeutics, Inc. (a) 580,000 39,312,400 
Scholar Rock Holding Corp. (a)(b) 82,775 2,586,719 
Shattuck Labs, Inc. 637,671 14,054,269 
Stoke Therapeutics, Inc. (a) 320,000 9,161,600 
Taysha Gene Therapies, Inc. 222,421 3,845,659 
TG Therapeutics, Inc. (a) 1,900,000 66,481,000 
Twist Bioscience Corp. (a) 120,400 14,815,220 
uniQure B.V. (a) 440,000 12,764,400 
Vaxcyte, Inc. (a) 479,723 10,400,395 
Xencor, Inc. (a) 900,000 27,702,000 
Zentalis Pharmaceuticals, Inc. (a) 796,725 42,393,737 
Zymeworks, Inc. (a) 588,995 18,900,850 
  1,487,975,156 
Health Care Equipment & Supplies - 22.0%   
Health Care Equipment - 22.0%   
Boston Scientific Corp. (a) 8,700,000 396,720,000 
Danaher Corp. 1,360,000 404,586,400 
DexCom, Inc. (a) 72,000 37,116,720 
Envista Holdings Corp. (a) 1,263,500 54,431,580 
Hologic, Inc. (a) 1,080,000 81,043,200 
Insulet Corp. (a) 651,023 182,084,623 
Intuitive Surgical, Inc. (a) 58,000 57,504,680 
Masimo Corp. (a) 270,000 73,545,300 
Nevro Corp. (a) 100,000 15,500,000 
Outset Medical, Inc. 582,262 23,849,452 
Penumbra, Inc. (a) 765,000 203,665,950 
Tandem Diabetes Care, Inc. (a) 500,000 54,335,000 
  1,584,382,905 
Health Care Providers & Services - 29.8%   
Health Care Facilities - 3.5%   
Cano Health, Inc. (a)(b) 1,080,000 11,610,000 
Cano Health, Inc. (d) 2,487,400 26,739,550 
HCA Holdings, Inc. 580,000 143,956,000 
Rede D'Oregon Sao Luiz SA (c) 3,900,000 51,668,027 
Surgery Partners, Inc. (a) 280,000 15,276,800 
  249,250,377 
Health Care Services - 7.5%   
1Life Healthcare, Inc. (a) 365,136 9,873,277 
agilon health, Inc. (a)(b) 900,000 33,111,000 
Cigna Corp. 1,560,000 358,004,400 
Guardant Health, Inc. (a) 360,000 39,528,000 
LifeStance Health Group, Inc. 390,000 9,243,000 
Oak Street Health, Inc. (a)(b) 1,400,000 88,256,000 
Option Care Health, Inc. (a) 176,469 3,656,438 
  541,672,115 
Managed Health Care - 18.8%   
Alignment Healthcare, Inc. (a)(b) 636,548 13,259,295 
Alignment Healthcare, Inc. 1,734,698 34,327,071 
Anthem, Inc. 85,000 32,640,850 
Centene Corp. (a) 3,000,000 205,830,000 
Humana, Inc. 990,000 421,601,400 
UnitedHealth Group, Inc. 1,565,000 645,124,298 
  1,352,782,914 
TOTAL HEALTH CARE PROVIDERS & SERVICES  2,143,705,406 
Health Care Technology - 1.9%   
Health Care Technology - 1.9%   
Castlight Health, Inc. (a) 331,400 772,162 
Castlight Health, Inc. Class B (a) 2,768,459 6,450,509 
Doximity, Inc. 20,000 1,238,000 
Evolent Health, Inc. (a) 252,170 5,784,780 
Health Catalyst, Inc. (a) 821,200 47,678,872 
Inspire Medical Systems, Inc. (a) 200,000 36,632,000 
Phreesia, Inc. (a) 575,000 39,301,250 
  137,857,573 
Life Sciences Tools & Services - 9.7%   
Life Sciences Tools & Services - 9.7%   
10X Genomics, Inc. (a) 630,000 115,434,900 
Bio-Rad Laboratories, Inc. Class A (a) 134,000 99,094,340 
Bruker Corp. 1,280,000 105,280,000 
Charles River Laboratories International, Inc. (a) 124,000 50,458,080 
Lonza Group AG 121,800 94,836,652 
Maravai LifeSciences Holdings, Inc. 560,000 24,623,200 
Olink Holding AB ADR (a) 375,593 14,035,910 
Seer, Inc. 6,065 193,716 
Seer, Inc. Class A (d) 273,935 8,749,484 
Stevanato Group SpA (b) 580,300 11,716,257 
Thermo Fisher Scientific, Inc. 330,000 178,203,300 
  702,625,839 
Personal Products - 0.4%   
Personal Products - 0.4%   
The Beauty Health Co. (a) 600,000 10,536,000 
The Beauty Health Co. (d) 1,000,000 17,560,000 
  28,096,000 
Pharmaceuticals - 14.4%   
Pharmaceuticals - 14.4%   
Arvinas Holding Co. LLC (a) 500,000 50,550,000 
AstraZeneca PLC (United Kingdom) 1,400,000 160,873,833 
Atea Pharmaceuticals, Inc. 160,000 4,006,400 
Bristol-Myers Squibb Co. 1,700,000 115,379,000 
Eli Lilly & Co. 1,500,000 365,250,000 
Harmony Biosciences Holdings, Inc. (c) 20,418 534,135 
Nektar Therapeutics (a) 1,280,000 20,211,200 
Pharvaris BV 350,000 6,219,500 
Pliant Therapeutics, Inc. (a) 571,321 11,540,684 
Revance Therapeutics, Inc. (a) 400,000 11,632,000 
Roche Holding AG (participation certificate) 470,000 181,566,729 
Royalty Pharma PLC 2,160,000 82,512,000 
Theravance Biopharma, Inc. (a) 693,626 9,003,265 
UCB SA 150,000 16,227,900 
  1,035,506,646 
TOTAL COMMON STOCKS   
(Cost $4,686,017,502)  7,120,149,525 
Preferred Stocks - 0.8%   
Convertible Preferred Stocks - 0.7%   
Biotechnology - 0.5%   
Biotechnology - 0.5%   
Caris Life Sciences, Inc. Series D (d)(e) 2,082,481 16,868,096 
Element Biosciences, Inc. Series C (d)(e) 376,690 7,743,616 
ElevateBio LLC Series C (d)(e) 163,300 685,044 
Inscripta, Inc. Series E (d)(e) 826,424 7,297,324 
  32,594,080 
Health Care Providers & Services - 0.0%   
Health Care Services - 0.0%   
dMed Biopharmaceutical Co. Ltd. Series C (d)(e) 236,142 3,265,844 
Health Care Technology - 0.1%   
Health Care Technology - 0.1%   
Aledade, Inc. Series B1 (d)(e) 130,618 5,001,455 
Wugen, Inc. Series B (d)(e) 300,054 2,326,889 
  7,328,344 
Pharmaceuticals - 0.1%   
Pharmaceuticals - 0.1%   
Aristea Therapeutics, Inc. Series B (d)(e) 638,900 5,890,658 
TOTAL CONVERTIBLE PREFERRED STOCKS  49,078,926 
Nonconvertible Preferred Stocks - 0.1%   
Diversified Financial Services - 0.1%   
Other Diversified Financial Services - 0.1%   
Thriveworks TopCo LLC Series B (d)(e)(f) 195,000 5,597,126 
TOTAL PREFERRED STOCKS   
(Cost $52,396,100)  54,676,052 
Money Market Funds - 1.6%   
Fidelity Cash Central Fund 0.06% (g) 26,768,281 26,773,635 
Fidelity Securities Lending Cash Central Fund 0.06% (g)(h) 90,887,664 90,896,753 
TOTAL MONEY MARKET FUNDS   
(Cost $117,670,388)  117,670,388 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $4,856,083,990)  7,292,495,965 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (94,212,487) 
NET ASSETS - 100%  $7,198,283,478 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (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 $92,994,065 or 1.3% of net assets.

 (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 $107,725,086 or 1.5% of net assets.

 (e) Level 3 security

 (f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (g) 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.

 (h) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Aledade, Inc. Series B1 5/7/21 $5,001,455 
Aristea Therapeutics, Inc. Series B 10/6/20 $3,522,703 
Cano Health, Inc. 11/11/20 $24,874,000 
Caris Life Sciences, Inc. Series D 5/11/21 $16,868,096 
dMed Biopharmaceutical Co. Ltd. Series C 12/1/20 $3,353,960 
Element Biosciences, Inc. Series C 6/21/21 $7,743,503 
ElevateBio LLC Series C 3/9/21 $685,044 
Inscripta, Inc. Series E 3/30/21 $7,297,324 
Seer, Inc. Class A 12/8/20 $5,204,765 
The Beauty Health Co. 12/8/20 $10,000,000 
Thriveworks TopCo LLC Series B 7/23/21 $5,597,126 
Wugen, Inc. Series B 7/9/21 $2,326,889 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $28,137 
Fidelity Securities Lending Cash Central Fund 298,787 
Total $326,924 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $52,065,526 $1,184,317,919 $1,209,606,660 $1,260 $(4,410) $26,773,635 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 110,137,303 763,607,787 782,848,337 -- -- 90,896,753 0.3% 
Total $162,202,829 $1,947,925,706 $1,992,454,997 $1,260 $(4,410) $117,670,388  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $7,120,149,525 $6,648,545,240 $471,604,285 $-- 
Preferred Stocks 54,676,052 -- -- 54,676,052 
Money Market Funds 117,670,388 117,670,388 -- -- 
Total Investments in Securities: $7,292,495,965 $6,766,215,628 $471,604,285 $54,676,052 
Net unrealized depreciation on unfunded commitments $(1,565,567) $(1,565,567) 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.2% 
Switzerland 4.0% 
Netherlands 2.3% 
United Kingdom 2.2% 
Cayman Islands 1.0% 
Others (Individually Less Than 1%) 2.3% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Health Care Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $88,448,883) — See accompanying schedule:
Unaffiliated issuers (cost $4,738,413,602) 
$7,174,825,577  
Fidelity Central Funds (cost $117,670,388) 117,670,388  
Total Investment in Securities (cost $4,856,083,990)  $7,292,495,965 
Cash  72,125 
Receivable for investments sold  12,320,788 
Receivable for fund shares sold  5,294,199 
Dividends receivable  5,809,574 
Interest receivable  151 
Distributions receivable from Fidelity Central Funds  59,101 
Prepaid expenses  17,390 
Other receivables  129,946 
Total assets  7,316,199,239 
Liabilities   
Payable to custodian bank $2,440,375  
Payable for investments purchased 14,101,352  
Payable for fund shares redeemed 3,452,336  
Accrued management fee 3,141,060  
Distribution and service plan fees payable 1,113,782  
Other affiliated payables 1,010,426  
Unrealized depreciation on unfunded commitments 1,565,567  
Other payables and accrued expenses 195,988  
Collateral on securities loaned 90,894,875  
Total liabilities  117,915,761 
Net Assets  $7,198,283,478 
Net Assets consist of:   
Paid in capital  $4,452,282,548 
Total accumulated earnings (loss)  2,746,000,930 
Net Assets  $7,198,283,478 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($1,735,235,413 ÷ 24,939,594 shares)(a)  $69.58 
Maximum offering price per share (100/94.25 of $69.58)  $73.82 
Class M:   
Net Asset Value and redemption price per share ($402,174,971 ÷ 6,259,552 shares)(a)  $64.25 
Maximum offering price per share (100/96.50 of $64.25)  $66.58 
Class C:   
Net Asset Value and offering price per share ($697,625,858 ÷ 13,064,120 shares)(a)  $53.40 
Class I:   
Net Asset Value, offering price and redemption price per share ($3,410,787,455 ÷ 44,599,481 shares)  $76.48 
Class Z:   
Net Asset Value, offering price and redemption price per share ($952,459,781 ÷ 12,441,586 shares)  $76.55 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended July 31, 2021 
Investment Income   
Dividends  $37,264,796 
Income from Fidelity Central Funds (including $298,787 from security lending)  326,924 
Total income  37,591,720 
Expenses   
Management fee $34,018,441  
Transfer agent fees 10,195,255  
Distribution and service plan fees 12,732,222  
Accounting fees 1,140,628  
Custodian fees and expenses 133,627  
Independent trustees' fees and expenses 27,059  
Registration fees 307,539  
Audit 54,391  
Legal 14,413  
Interest 1,127  
Miscellaneous 30,680  
Total expenses before reductions 58,655,382  
Expense reductions (400,860)  
Total expenses after reductions  58,254,522 
Net investment income (loss)  (20,662,802) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 545,965,330  
Fidelity Central Funds 1,260  
Foreign currency transactions (545,640)  
Total net realized gain (loss)  545,420,950 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 674,757,896  
Fidelity Central Funds (4,410)  
Unfunded commitments (1,565,567)  
Assets and liabilities in foreign currencies 62,739  
Total change in net unrealized appreciation (depreciation)  673,250,658 
Net gain (loss)  1,218,671,608 
Net increase (decrease) in net assets resulting from operations  $1,198,008,806 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended July 31, 2021 Year ended July 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(20,662,802) $(1,532,281) 
Net realized gain (loss) 545,420,950 204,524,782 
Change in net unrealized appreciation (depreciation) 673,250,658 806,862,491 
Net increase (decrease) in net assets resulting from operations 1,198,008,806 1,009,854,992 
Distributions to shareholders (356,031,852) (19,320,902) 
Share transactions - net increase (decrease) 823,653,502 506,568,084 
Total increase (decrease) in net assets 1,665,630,456 1,497,102,174 
Net Assets   
Beginning of period 5,532,653,022 4,035,550,848 
End of period $7,198,283,478 $5,532,653,022 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Health Care Fund Class A

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $61.07 $49.21 $50.14 $41.85 $38.23 
Income from Investment Operations      
Net investment income (loss)A (.26) (.04) (.07) (.07) (.04) 
Net realized and unrealized gain (loss) 12.55 12.08 1.36 8.36 3.66 
Total from investment operations 12.29 12.04 1.29 8.29 3.62 
Distributions from net investment income (.16) – – – – 
Distributions from net realized gain (3.62) (.18) (2.22) – – 
Total distributions (3.78) (.18) (2.22) – – 
Redemption fees added to paid in capitalA – – – – B 
Net asset value, end of period $69.58 $61.07 $49.21 $50.14 $41.85 
Total ReturnC,D 20.70% 24.50% 2.87% 19.81% 9.47% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .98% 1.01% 1.02% 1.05% 1.04% 
Expenses net of fee waivers, if any .98% 1.00% 1.02% 1.05% 1.04% 
Expenses net of all reductions .98% 1.00% 1.02% 1.04% 1.04% 
Net investment income (loss) (.39)% (.07)% (.14)% (.16)% (.10)% 
Supplemental Data      
Net assets, end of period (000 omitted) $1,735,235 $1,372,082 $1,121,411 $1,003,430 $875,176 
Portfolio turnover rateG 38% 53%H 45% 81% 64% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the sales charges.

 E Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense 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.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 H Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Health Care Fund Class M

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $56.62 $45.75 $46.89 $39.25 $35.95 
Income from Investment Operations      
Net investment income (loss)A (.39) (.16) (.18) (.18) (.13) 
Net realized and unrealized gain (loss) 11.61 11.21 1.26 7.82 3.43 
Total from investment operations 11.22 11.05 1.08 7.64 3.30 
Distributions from net investment income (.02) – – – – 
Distributions from net realized gain (3.57) (.18) (2.22) – – 
Total distributions (3.59) (.18) (2.22) – – 
Redemption fees added to paid in capitalA – – – – B 
Net asset value, end of period $64.25 $56.62 $45.75 $46.89 $39.25 
Total ReturnC,D 20.39% 24.19% 2.61% 19.46% 9.18% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.23% 1.26% 1.28% 1.32% 1.31% 
Expenses net of fee waivers, if any 1.23% 1.26% 1.28% 1.32% 1.31% 
Expenses net of all reductions 1.23% 1.26% 1.28% 1.31% 1.31% 
Net investment income (loss) (.65)% (.33)% (.40)% (.43)% (.37)% 
Supplemental Data      
Net assets, end of period (000 omitted) $402,175 $349,280 $306,758 $298,061 $269,332 
Portfolio turnover rateG 38% 53%H 45% 81% 64% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the sales charges.

 E Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense 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.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 H Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Health Care Fund Class C

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $47.63 $38.70 $40.21 $33.82 $31.12 
Income from Investment Operations      
Net investment income (loss)A (.58) (.34) (.34) (.33) (.26) 
Net realized and unrealized gain (loss) 9.71 9.45 1.05 6.72 2.96 
Total from investment operations 9.13 9.11 .71 6.39 2.70 
Distributions from net investment income – – – – – 
Distributions from net realized gain (3.36) (.18) (2.22) – – 
Total distributions (3.36) (.18) (2.22) – – 
Redemption fees added to paid in capitalA – – – – B 
Net asset value, end of period $53.40 $47.63 $38.70 $40.21 $33.82 
Total ReturnC,D 19.78% 23.58% 2.10% 18.89% 8.68% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.73% 1.76% 1.77% 1.80% 1.79% 
Expenses net of fee waivers, if any 1.73% 1.76% 1.77% 1.80% 1.79% 
Expenses net of all reductions 1.73% 1.75% 1.77% 1.79% 1.79% 
Net investment income (loss) (1.15)% (.82)% (.88)% (.91)% (.85)% 
Supplemental Data      
Net assets, end of period (000 omitted) $697,626 $654,487 $585,093 $669,639 $619,991 
Portfolio turnover rateG 38% 53%H 45% 81% 64% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the contingent deferred sales charge.

 E Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense 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.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 H Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Health Care Fund Class I

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $66.81 $53.77 $54.43 $45.35 $41.31 
Income from Investment Operations      
Net investment income (loss)A (.10) .11 .07 .05 .07 
Net realized and unrealized gain (loss) 13.76 13.22 1.49 9.06 3.97 
Total from investment operations 13.66 13.33 1.56 9.11 4.04 
Distributions from net investment income (.30) – – – – 
Distributions from net realized gain (3.69) (.29) (2.22) (.03) – 
Total distributions (3.99) (.29) (2.22) (.03) – 
Redemption fees added to paid in capitalA – – – – B 
Net asset value, end of period $76.48 $66.81 $53.77 $54.43 $45.35 
Total ReturnC 21.01% 24.84% 3.14% 20.09% 9.78% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .72% .74% .76% .79% .78% 
Expenses net of fee waivers, if any .72% .74% .76% .79% .78% 
Expenses net of all reductions .72% .74% .76% .78% .78% 
Net investment income (loss) (.13)% .19% .13% .10% .16% 
Supplemental Data      
Net assets, end of period (000 omitted) $3,410,787 $2,546,323 $1,783,417 $1,316,804 $911,005 
Portfolio turnover rateF 38% 53%G 45% 81% 64% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 E Expense 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.

 F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 G Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Health Care Fund Class Z

Years ended July 31, 2021 2020 2019 A 
Selected Per–Share Data    
Net asset value, beginning of period $66.88 $53.84 $57.87 
Income from Investment Operations    
Net investment income (loss)B (.01) .19 .13 
Net realized and unrealized gain (loss) 13.77 13.22 (1.94) 
Total from investment operations 13.76 13.41 (1.81) 
Distributions from net investment income (.37) – – 
Distributions from net realized gain (3.73) (.37) (2.22) 
Total distributions (4.09)C (.37) (2.22) 
Redemption fees added to paid in capitalB – – – 
Net asset value, end of period $76.55 $66.88 $53.84 
Total ReturnD,E 21.15% 24.98% (2.86)% 
Ratios to Average Net AssetsF,G    
Expenses before reductions .60% .61% .62%H 
Expenses net of fee waivers, if any .60% .61% .62%H 
Expenses net of all reductions .59% .61% .62%H 
Net investment income (loss) (.01)% .32% .30%H 
Supplemental Data    
Net assets, end of period (000 omitted) $952,460 $610,481 $238,873 
Portfolio turnover rateI 38% 53%J 45%H 

 A For the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Total distributions per share do not sum due to rounding.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Industrials Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended July 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 27.83% 9.74% 10.83% 
Class M (incl. 3.50% sales charge) 30.52% 9.98% 10.81% 
Class C (incl. contingent deferred sales charge) 33.58% 10.21% 10.83% 
Class I 35.98% 11.35% 11.79% 
Class Z 36.16% 11.43% 11.83% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Industrials Fund - Class A on July 31, 2011, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values

$27,975Fidelity Advisor® Industrials Fund - Class A

$41,689S&P 500® Index

Fidelity Advisor® Industrials Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.

Comments from Portfolio Manager Janet Glazer:  For the fiscal year ending July 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 35% to 36%, underperforming the 47.48% gain of the MSCI US IMI Industrials 25/50 Linked Index, as well as the broad-based S&P 500® index. Versus the sector index, security selection was the primary detractor, especially in the industrial conglomerates industry. We also had weak stock picks in industrial machinery and electrical components & equipment. The biggest individual relative detractor was an overweight position in Roper Technologies (+14%), the fund's largest holding. Also hampering performance was our overweighting in General Electric, which gained 26%. General Electric was one of our largest holdings. Also holding back performance was our lighter-than-index stake in Deere, which gained about 107%. Deere was not held at period end. Conversely, the top contributor to performance versus the sector index was our stock selection in air freight & logistics. Also bolstering the fund's relative performance was an overweighting in electrical components & equipment and human resource & employment services. Not owning Lockheed Martin, an index component that gained 1%, was the biggest individual relative contributor. Also adding value was our outsized stake in XPO Logistics, which gained 85%. XPO Logistics was among our biggest holdings. Avoiding Northrop Grumman, an index component that gained roughly 14%, also aided relative performance. Notable changes in positioning include a higher allocation to the aerospace & defense and industrial conglomerates subindustries.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity Advisor® Industrials Fund

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Roper Technologies, Inc. 9.1 
Honeywell International, Inc. 6.3 
AMETEK, Inc. 6.0 
The Boeing Co. 4.0 
Teledyne Technologies, Inc. 3.9 
Copart, Inc. 3.6 
United Rentals, Inc. 3.6 
XPO Logistics, Inc. 3.3 
Ingersoll Rand, Inc. 3.3 
General Electric Co. 3.3 
 46.4 

Top Industries (% of fund's net assets)

As of July 31, 2021 
   Industrial Conglomerates 18.7% 
   Aerospace & Defense 16.8% 
   Machinery 14.9% 
   Electrical Equipment 10.6% 
   Road & Rail 9.6% 
   All Others* 29.4% 


* Includes short-term investments and net other assets (liabilities).

Fidelity Advisor® Industrials Fund

Schedule of Investments July 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value 
Aerospace & Defense - 16.8%   
Aerospace & Defense - 16.8%   
Airbus Group NV (a) 88,700 $12,166,873 
General Dynamics Corp. 18,400 3,606,952 
HEICO Corp. Class A 21,600 2,619,864 
Howmet Aerospace, Inc. 637,600 20,926,032 
Raytheon Technologies Corp. 65,400 5,686,530 
Teledyne Technologies, Inc. (a) 57,700 26,124,829 
The Boeing Co. (a) 120,200 27,222,896 
TransDigm Group, Inc. (a) 19,114 12,253,794 
Triumph Group, Inc. (a) 151,551 2,887,047 
  113,494,817 
Air Freight & Logistics - 3.9%   
Air Freight & Logistics - 3.9%   
FedEx Corp. 100 27,995 
Hub Group, Inc. Class A (a) 8,500 563,380 
United Parcel Service, Inc. Class B 16,200 3,100,032 
XPO Logistics, Inc. (a) 162,238 22,500,788 
  26,192,195 
Building Products - 5.5%   
Building Products - 5.5%   
Advanced Drain Systems, Inc. 10,700 1,306,363 
Allegion PLC 29,400 4,016,040 
Johnson Controls International PLC 288,700 20,618,954 
Trane Technologies PLC 56,035 11,409,286 
  37,350,643 
Commercial Services & Supplies - 5.9%   
Diversified Support Services - 3.6%   
Copart, Inc. (a) 165,400 24,313,800 
Environmental & Facility Services - 2.3%   
GFL Environmental, Inc. 143,500 5,003,845 
Waste Connection, Inc. (United States) 83,800 10,616,622 
  15,620,467 
TOTAL COMMERCIAL SERVICES & SUPPLIES  39,934,267 
Construction & Engineering - 0.2%   
Construction & Engineering - 0.2%   
AECOM (a) 15,600 982,176 
Electrical Equipment - 10.6%   
Electrical Components & Equipment - 10.6%   
Acuity Brands, Inc. 71,900 12,609,822 
AMETEK, Inc. 288,934 40,176,273 
Generac Holdings, Inc. (a) 26,300 11,029,168 
Regal Beloit Corp. 18,999 2,797,223 
Vertiv Holdings Co. 171,500 4,808,860 
  71,421,346 
Industrial Conglomerates - 18.7%   
Industrial Conglomerates - 18.7%   
General Electric Co. 1,701,700 22,037,015 
Honeywell International, Inc. 183,194 42,828,925 
Roper Technologies, Inc. 124,932 61,384,089 
  126,250,029 
Machinery - 14.9%   
Industrial Machinery - 14.9%   
Chart Industries, Inc. (a) 5,500 854,975 
Crane Co. 65,339 6,352,911 
Dover Corp. 51,100 8,539,832 
Fortive Corp. 259,775 18,875,252 
Graco, Inc. 26,100 2,037,888 
IDEX Corp. 56,600 12,830,654 
Ingersoll Rand, Inc. (a) 459,200 22,441,104 
ITT, Inc. 101,451 9,933,067 
Middleby Corp. (a) 35,200 6,740,448 
Otis Worldwide Corp. 76,000 6,805,800 
Pentair PLC 24,500 1,804,915 
Woodward, Inc. 24,148 2,935,431 
  100,152,277 
Professional Services - 6.1%   
Human Resource & Employment Services - 3.2%   
TriNet Group, Inc. (a) 261,131 21,668,650 
Research & Consulting Services - 2.9%   
Clarivate Analytics PLC (a) 135,500 3,089,400 
CoStar Group, Inc. (a) 184,800 16,419,480 
  19,508,880 
TOTAL PROFESSIONAL SERVICES  41,177,530 
Road & Rail - 9.6%   
Railroads - 5.5%   
CSX Corp. 386,000 12,475,520 
Norfolk Southern Corp. 37,991 9,795,220 
Union Pacific Corp. 67,679 14,805,458 
  37,076,198 
Trucking - 4.1%   
J.B. Hunt Transport Services, Inc. 17,500 2,947,875 
Old Dominion Freight Lines, Inc. 75,600 20,347,740 
Saia, Inc. (a) 20,200 4,565,200 
  27,860,815 
TOTAL ROAD & RAIL  64,937,013 
Software - 1.0%   
Application Software - 1.0%   
Descartes Systems Group, Inc. (a) 94,900 6,895,434 
Trading Companies & Distributors - 5.9%   
Trading Companies & Distributors - 5.9%   
Herc Holdings, Inc. (a) 126,480 15,688,579 
United Rentals, Inc. (a) 73,000 24,057,150 
  39,745,729 
TOTAL COMMON STOCKS   
(Cost $535,227,282)  668,533,456 
Money Market Funds - 1.1%   
Fidelity Cash Central Fund 0.06% (b)   
(Cost $7,140,324) 7,138,896 7,140,324 
TOTAL INVESTMENT IN SECURITIES - 100.2%   
(Cost $542,367,606)  675,673,780 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (1,030,549) 
NET ASSETS - 100%  $674,643,231 

Legend

 (a) Non-income producing

 (b) 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.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $3,674 
Fidelity Securities Lending Cash Central Fund 1,202 
Total $4,876 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $783,830 $211,857,811 $205,501,331 $14 $-- $7,140,324 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 5,544,201 87,662,696 93,206,897 -- -- -- 0.0% 
Total $6,328,031 $299,520,507 $298,708,228 $14 $-- $7,140,324  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $668,533,456 $656,366,583 $12,166,873 $-- 
Money Market Funds 7,140,324 7,140,324 -- -- 
Total Investments in Securities: $675,673,780 $663,506,907 $12,166,873 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.8% 
Ireland 5.6% 
Canada 3.3% 
Netherlands 1.8% 
Others (Individually Less Than 1%) 0.5% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Industrials Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $535,227,282) 
$668,533,456  
Fidelity Central Funds (cost $7,140,324) 7,140,324  
Total Investment in Securities (cost $542,367,606)  $675,673,780 
Receivable for investments sold  9,262,021 
Receivable for fund shares sold  239,875 
Dividends receivable  37,209 
Distributions receivable from Fidelity Central Funds  348 
Prepaid expenses  4,448 
Other receivables  52,425 
Total assets  685,270,106 
Liabilities   
Payable for investments purchased $9,469,426  
Payable for fund shares redeemed 581,762  
Accrued management fee 290,158  
Distribution and service plan fees payable 123,277  
Other affiliated payables 114,345  
Other payables and accrued expenses 47,907  
Total liabilities  10,626,875 
Net Assets  $674,643,231 
Net Assets consist of:   
Paid in capital  $444,960,387 
Total accumulated earnings (loss)  229,682,844 
Net Assets  $674,643,231 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($264,130,475 ÷ 5,787,061 shares)(a)  $45.64 
Maximum offering price per share (100/94.25 of $45.64)  $48.42 
Class M:   
Net Asset Value and redemption price per share ($56,679,972 ÷ 1,279,063 shares)(a)  $44.31 
Maximum offering price per share (100/96.50 of $44.31)  $45.92 
Class C:   
Net Asset Value and offering price per share ($55,575,600 ÷ 1,408,247 shares)(a)  $39.46 
Class I:   
Net Asset Value, offering price and redemption price per share ($248,089,787 ÷ 5,100,299 shares)  $48.64 
Class Z:   
Net Asset Value, offering price and redemption price per share ($50,167,397 ÷ 1,032,086 shares)  $48.61 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended July 31, 2021 
Investment Income   
Dividends  $3,586,033 
Income from Fidelity Central Funds (including $1,202 from security lending)  4,876 
Total income  3,590,909 
Expenses   
Management fee $3,108,771  
Transfer agent fees 1,025,158  
Distribution and service plan fees 1,433,917  
Accounting fees 219,001  
Custodian fees and expenses 17,902  
Independent trustees' fees and expenses 2,428  
Registration fees 97,352  
Audit 50,200  
Legal 2,642  
Interest 304  
Miscellaneous 3,692  
Total expenses before reductions 5,961,367  
Expense reductions (116,637)  
Total expenses after reductions  5,844,730 
Net investment income (loss)  (2,253,821) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 131,396,308  
Fidelity Central Funds 14  
Foreign currency transactions (5,224)  
Total net realized gain (loss)  131,391,098 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 39,130,938  
Assets and liabilities in foreign currencies  
Total change in net unrealized appreciation (depreciation)  39,130,944 
Net gain (loss)  170,522,042 
Net increase (decrease) in net assets resulting from operations  $168,268,221 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended July 31, 2021 Year ended July 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(2,253,821) $2,527,790 
Net realized gain (loss) 131,391,098 953,381 
Change in net unrealized appreciation (depreciation) 39,130,944 (55,718,333) 
Net increase (decrease) in net assets resulting from operations 168,268,221 (52,237,162) 
Distributions to shareholders (3,415,748) (43,927,430) 
Share transactions - net increase (decrease) 58,057,679 (102,963,693) 
Total increase (decrease) in net assets 222,910,152 (199,128,285) 
Net Assets   
Beginning of period 451,733,079 650,861,364 
End of period $674,643,231 $451,733,079 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Industrials Fund Class A

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $33.85 $38.95 $42.62 $37.89 $35.52 
Income from Investment Operations      
Net investment income (loss)A (.17) .18B .24 .13 .19 
Net realized and unrealized gain (loss) 12.20 (2.46) (.02) 5.87 4.24 
Total from investment operations 12.03 (2.28) .22 6.00 4.43 
Distributions from net investment income – (.25) (.19) (.10) (.16) 
Distributions from net realized gain (.24) (2.57) (3.70) (1.17) (1.90) 
Total distributions (.24) (2.82) (3.89) (1.27) (2.06) 
Redemption fees added to paid in capitalA – – – – C 
Net asset value, end of period $45.64 $33.85 $38.95 $42.62 $37.89 
Total ReturnD,E 35.63% (6.58)% 2.06% 15.97% 12.62% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.03% 1.05% 1.04% 1.06% 1.06% 
Expenses net of fee waivers, if any 1.03% 1.05% 1.04% 1.06% 1.06% 
Expenses net of all reductions 1.01% 1.03% 1.03% 1.05% 1.06% 
Net investment income (loss) (.40)% .49%B .63% .32% .53% 
Supplemental Data      
Net assets, end of period (000 omitted) $264,130 $199,835 $268,483 $303,201 $309,204 
Portfolio turnover rateH 205% 219%I 125% 61% 57% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.

 C Amount represents less than $.005 per share.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 I Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Industrials Fund Class M

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $32.96 $37.99 $41.65 $37.03 $34.77 
Income from Investment Operations      
Net investment income (loss)A (.27) .08B .14 .03 .10 
Net realized and unrealized gain (loss) 11.86 (2.39) (.03) 5.74 4.14 
Total from investment operations 11.59 (2.31) .11 5.77 4.24 
Distributions from net investment income – (.15) (.07) – (.08) 
Distributions from net realized gain (.24) (2.57) (3.70) (1.15) (1.90) 
Total distributions (.24) (2.72) (3.77) (1.15) (1.98) 
Redemption fees added to paid in capitalA – – – – C 
Net asset value, end of period $44.31 $32.96 $37.99 $41.65 $37.03 
Total ReturnD,E 35.25% (6.82)% 1.78% 15.70% 12.33% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.29% 1.31% 1.31% 1.32% 1.32% 
Expenses net of fee waivers, if any 1.29% 1.31% 1.30% 1.32% 1.32% 
Expenses net of all reductions 1.27% 1.30% 1.30% 1.31% 1.32% 
Net investment income (loss) (.66)% .23%B .37% .07% .27% 
Supplemental Data      
Net assets, end of period (000 omitted) $56,680 $45,157 $61,570 $72,143 $87,253 
Portfolio turnover rateH 205% 219%I 125% 61% 57% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .03%.

 C Amount represents less than $.005 per share.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 I Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Industrials Fund Class C

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $29.52 $34.27 $38.09 $34.09 $32.24 
Income from Investment Operations      
Net investment income (loss)A (.41) (.08)B (.04) (.16) (.08) 
Net realized and unrealized gain (loss) 10.59 (2.15) (.08) 5.28 3.83 
Total from investment operations 10.18 (2.23) (.12) 5.12 3.75 
Distributions from net investment income – (.03) – – – 
Distributions from net realized gain (.24) (2.49) (3.70) (1.12) (1.90) 
Total distributions (.24) (2.52) (3.70) (1.12) (1.90) 
Redemption fees added to paid in capitalA – – – – C 
Net asset value, end of period $39.46 $29.52 $34.27 $38.09 $34.09 
Total ReturnD,E 34.58% (7.27)% 1.28% 15.13% 11.76% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.79% 1.81% 1.80% 1.82% 1.82% 
Expenses net of fee waivers, if any 1.79% 1.81% 1.80% 1.82% 1.82% 
Expenses net of all reductions 1.77% 1.79% 1.79% 1.81% 1.81% 
Net investment income (loss) (1.16)% (.26)%B (.12)% (.43)% (.23)% 
Supplemental Data      
Net assets, end of period (000 omitted) $55,576 $53,969 $90,512 $138,249 $134,505 
Portfolio turnover rateH 205% 219%I 125% 61% 57% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.46) %.

 C Amount represents less than $.005 per share.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 I Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Industrials Fund Class I

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $35.97 $41.20 $44.85 $39.80 $37.21 
Income from Investment Operations      
Net investment income (loss)A (.06) .29B .37 .25 .31 
Net realized and unrealized gain (loss) 12.97 (2.60) (.02) 6.18 4.44 
Total from investment operations 12.91 (2.31) .35 6.43 4.75 
Distributions from net investment income – (.35) (.30) (.21) (.25) 
Distributions from net realized gain (.24) (2.57) (3.70) (1.17) (1.90) 
Total distributions (.24) (2.92) (4.00) (1.38) (2.16)C 
Redemption fees added to paid in capitalA – – – – D 
Net asset value, end of period $48.64 $35.97 $41.20 $44.85 $39.80 
Total ReturnE 35.98% (6.32)% 2.31% 16.30% 12.91% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .76% .78% .78% .80% .80% 
Expenses net of fee waivers, if any .76% .78% .77% .80% .80% 
Expenses net of all reductions .74% .76% .77% .79% .80% 
Net investment income (loss) (.14)% .76%B .90% .59% .79% 
Supplemental Data      
Net assets, end of period (000 omitted) $248,090 $123,603 $219,218 $320,902 $284,727 
Portfolio turnover rateH 205% 219%I 125% 61% 57% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .56%.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense 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.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 I Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Industrials Fund Class Z

Years ended July 31, 2021 2020 2019 A 
Selected Per–Share Data    
Net asset value, beginning of period $35.90 $41.15 $46.84 
Income from Investment Operations    
Net investment income (loss)B – .34C,D .34 
Net realized and unrealized gain (loss) 12.95 (2.60) (1.94) 
Total from investment operations 12.95 (2.26) (1.60) 
Distributions from net investment income – (.42) (.39) 
Distributions from net realized gain (.24) (2.57) (3.70) 
Total distributions (.24) (2.99) (4.09) 
Redemption fees added to paid in capitalB – – – 
Net asset value, end of period $48.61 $35.90 $41.15 
Total ReturnE,F 36.16% (6.21)% (1.92)% 
Ratios to Average Net AssetsG,H    
Expenses before reductions .64% .65% .64%I 
Expenses net of fee waivers, if any .64% .65% .64%I 
Expenses net of all reductions .62% .63% .64%I 
Net investment income (loss) (.01)% .89%C 1.04%I 
Supplemental Data    
Net assets, end of period (000 omitted) $50,167 $29,168 $11,077 
Portfolio turnover rateJ 205% 219% 125%I,K 

 A For the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .69%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense 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.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Semiconductors Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended July 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 53.11% 29.79% 22.54% 
Class M (incl. 3.50% sales charge) 56.32% 29.99% 22.46% 
Class C (incl. contingent deferred sales charge) 60.17% 30.34% 22.51% 
Class I 62.86% 31.71% 23.61% 
Class Z 63.06% 31.82% 23.66% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Semiconductors Fund - Class A on July 31, 2011, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values

$76,330Fidelity Advisor® Semiconductors Fund - Class A

$41,689S&P 500® Index

Fidelity Advisor® Semiconductors Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.

Comments from Portfolio Manager Adam Benjamin:  For the fiscal year ending July 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 61% to 63%, outperforming the 58.21% advance of the MSCI US IMI Semiconductors & Semiconductor Equipment 25/50 Index, as well as the broad-based S&P 500® index. Versus the industry index, security selection was the primary contributor, especially in the semiconductors industry. Security selection in semiconductor equipment and electronic components also bolstered the fund's relative result. The fund's top individual relative contributor was our lighter-than-index stake in Intel, which gained roughly 16% the past 12 months. The company was among our largest holdings. Another notable relative contributor was an outsized stake in Enphase Energy (+231%). This period we decreased our stake. Conversely, the largest detractor from performance versus the industry index was an underweighting in semiconductor equipment. Non-index exposure to electrical components & equipment and a slight overweighting in semiconductors also hampered the fund's relative performance. The fund's largest individual relative detractor was an underweighting in Applied Materials, which gained roughly 120% the past year. Also hurting performance was our outsized stake in Cirrus Logic, which gained about 21%. Notable changes in positioning include increased exposure to the semiconductor equipment subindustry and a lower non-index stake in electronic manufacturing services.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity Advisor® Semiconductors Fund

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
NVIDIA Corp. 22.9 
Marvell Technology, Inc. 8.0 
NXP Semiconductors NV 7.7 
Lam Research Corp. 5.4 
Microchip Technology, Inc. 4.6 
ON Semiconductor Corp. 4.4 
Texas Instruments, Inc. 4.0 
Intel Corp. 3.9 
Broadcom, Inc. 3.4 
Qualcomm, Inc. 3.3 
 67.6 

Top Industries (% of fund's net assets)

As of July 31, 2021 
   Semiconductors & Semiconductor Equipment 91.6% 
   Software 2.2% 
   Electronic Equipment & Components 2.0% 
   Technology Hardware, Storage & Peripherals 0.6% 
   Electrical Equipment 0.2% 
   All Others* 3.4% 


* Includes short-term investments and net other assets (liabilities).

Fidelity Advisor® Semiconductors Fund

Schedule of Investments July 31, 2021

Showing Percentage of Net Assets

Preferred Securities- 0.0%   
 Shares Value 
Semiconductors & Semiconductors Equipment - 0.0%   
Semiconductors - 0.0%   
Tenstorrent, Inc. 0% (a)(b)(c)   
(Cost $50,000) 50,000 50,000 
Common Stocks - 96.6%   
Electrical Equipment - 0.2%   
Electrical Components & Equipment - 0.2%   
Array Technologies, Inc. 94,900 1,284,946 
Electronic Equipment & Components - 2.0%   
Electronic Equipment & Instruments - 0.3%   
Advanced Energy Industries, Inc. 20,164 2,092,015 
Electronic Manufacturing Services - 1.7%   
Flex Ltd. (d) 175,827 3,159,611 
Jabil, Inc. 144,576 8,608,055 
  11,767,666 
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS  13,859,681 
Semiconductors & Semiconductor Equipment - 91.6%   
Semiconductor Equipment - 13.4%   
Applied Materials, Inc. 108,100 15,126,433 
Enphase Energy, Inc. (d) 11,800 2,237,280 
KLA Corp. 24,300 8,460,288 
Lam Research Corp. 59,546 37,955,216 
Nova Ltd. (d) 92,700 9,066,060 
Teradyne, Inc. 163,100 20,713,700 
  93,558,977 
Semiconductors - 78.2%   
Advanced Micro Devices, Inc. (d) 144,500 15,344,455 
Alpha & Omega Semiconductor Ltd. (d) 63,000 1,637,370 
Analog Devices, Inc. 90,770 15,196,713 
ASE Technology Holding Co. Ltd. ADR (e) 119,500 1,059,965 
Broadcom, Inc. 48,725 23,651,115 
Cirrus Logic, Inc. (d) 115,928 9,574,494 
Diodes, Inc. (d) 82,200 6,740,400 
Intel Corp. 511,464 27,475,846 
MACOM Technology Solutions Holdings, Inc. (d) 139,500 8,609,940 
Marvell Technology, Inc. 929,333 56,233,940 
MaxLinear, Inc. Class A (d) 70,349 3,392,932 
Microchip Technology, Inc. 226,801 32,459,759 
Micron Technology, Inc. 270,112 20,955,289 
Monolithic Power Systems, Inc. 15,100 6,783,826 
NVIDIA Corp. 823,692 160,611,703 
NXP Semiconductors NV 261,312 53,932,184 
ON Semiconductor Corp. (d) 792,736 30,964,268 
Qualcomm, Inc. 152,726 22,878,355 
Silicon Motion Tech Corp. sponsored ADR 45,900 3,442,041 
SMART Global Holdings, Inc. (d) 43,400 2,032,856 
Synaptics, Inc. (d) 22,300 3,387,816 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 75,100 8,759,664 
Texas Instruments, Inc. 145,200 27,678,024 
Xilinx, Inc. 33,950 5,087,068 
  547,890,023 
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT  641,449,000 
Software - 2.2%   
Application Software - 2.2%   
Cadence Design Systems, Inc. (d) 104,400 15,414,660 
Technology Hardware, Storage & Peripherals - 0.6%   
Technology Hardware, Storage & Peripherals - 0.6%   
Samsung Electronics Co. Ltd. 64,340 4,381,389 
TOTAL COMMON STOCKS   
(Cost $380,721,168)  676,389,676 
Convertible Preferred Stocks - 0.1%   
Metals & Mining - 0.1%   
Precious Metals & Minerals - 0.1%   
Diamond Foundry, Inc. Series C (a)(c) 18,335 440,040 
Semiconductors & Semiconductor Equipment - 0.0%   
Semiconductors - 0.0%   
SiMa.ai Series B (a)(c) 30,638 157,093 
Tenstorrent, Inc. Series C1 (a)(c) 900 53,509 
  210,602 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $650,642)  650,642 
 Principal Amount Value 
Convertible Bonds - 0.0%   
Semiconductors & Semiconductor Equipment - 0.0%   
Semiconductors - 0.0%   
SMART Global Holdings, Inc. 2.25% 2/15/26
(Cost $310,000) 
310,000 422,375 
 Shares Value 
Money Market Funds - 2.6%   
Fidelity Cash Central Fund 0.06% (f) 17,927,713 17,931,298 
Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) 159,284 159,300 
TOTAL MONEY MARKET FUNDS   
(Cost $18,090,598)  18,090,598 
TOTAL INVESTMENT IN SECURITIES - 99.3%   
(Cost $399,822,408)  695,603,291 
NET OTHER ASSETS (LIABILITIES) - 0.7%  4,689,346 
NET ASSETS - 100%  $700,292,637 

Legend

 (a) Level 3 security

 (b) Security is perpetual in nature with no stated maturity date.

 (c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $700,642 or 0.1% of net assets.

 (d) Non-income producing

 (e) Security or a portion of the security is on loan at period end.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.

 (g) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Diamond Foundry, Inc. Series C 3/15/21 $440,040 
SiMa.ai Series B 5/10/21 $157,093 
Tenstorrent, Inc. Series C1 4/23/21 $53,509 
Tenstorrent, Inc. 0% 4/23/21 $50,000 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $7,638 
Fidelity Securities Lending Cash Central Fund 2,109 
Total $9,747 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $16,185,713 $198,667,238 $196,920,033 $(239) $(1,381) $17,931,298 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% -- 24,920,748 24,761,448 -- -- 159,300 0.0% 
Total $16,185,713 $223,587,986 $221,681,481 $(239) $(1,381) $18,090,598  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $676,389,676 $676,389,676 $-- $-- 
Convertible Preferred Stocks 650,642 -- -- 650,642 
Convertible Bonds 422,375 -- 422,375 -- 
Money Market Funds 18,090,598 18,090,598 -- -- 
Preferred Securities 50,000 -- -- 50,000 
Total Investments in Securities: $695,603,291 $694,480,274 $422,375 $700,642 
Net unrealized depreciation on unfunded committments $(16,080) $(16,080) 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 87.9% 
Netherlands 7.7% 
Taiwan 1.3% 
Israel 1.3% 
Others (Individually Less Than 1%) 1.8% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor® Semiconductors Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $156,999) — See accompanying schedule:
Unaffiliated issuers (cost $381,731,810) 
$677,512,693  
Fidelity Central Funds (cost $18,090,598) 18,090,598  
Total Investment in Securities (cost $399,822,408)  $695,603,291 
Foreign currency held at value (cost $40,405)  39,241 
Receivable for investments sold  5,519,123 
Receivable for fund shares sold  953,041 
Dividends receivable  164,928 
Interest receivable  3,216 
Distributions receivable from Fidelity Central Funds  1,076 
Prepaid expenses  1,793 
Other receivables  8,083 
Total assets  702,293,792 
Liabilities   
Payable for investments purchased $710,658  
Payable for fund shares redeemed 505,658  
Accrued management fee 294,838  
Distribution and service plan fees payable 146,424  
Other affiliated payables 112,271  
Unrealized depreciation on unfunded commitments 16,080  
Other payables and accrued expenses 55,926  
Collateral on securities loaned 159,300  
Total liabilities  2,001,155 
Net Assets  $700,292,637 
Net Assets consist of:   
Paid in capital  $371,103,829 
Total accumulated earnings (loss)  329,188,808 
Net Assets  $700,292,637 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($279,755,305 ÷ 6,044,091 shares)(a)  $46.29 
Maximum offering price per share (100/94.25 of $46.29)  $49.11 
Class M:   
Net Asset Value and redemption price per share ($49,962,599 ÷ 1,141,876 shares)(a)  $43.75 
Maximum offering price per share (100/96.50 of $43.75)  $45.34 
Class C:   
Net Asset Value and offering price per share ($86,216,800 ÷ 2,234,177 shares)(a)  $38.59 
Class I:   
Net Asset Value, offering price and redemption price per share ($257,501,885 ÷ 5,213,974 shares)  $49.39 
Class Z:   
Net Asset Value, offering price and redemption price per share ($26,856,048 ÷ 544,245 shares)  $49.35 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended July 31, 2021 
Investment Income   
Dividends  $4,247,398 
Interest  6,975 
Income from Fidelity Central Funds (including $2,109 from security lending)  9,747 
Total income  4,264,120 
Expenses   
Management fee $2,718,396  
Transfer agent fees 908,687  
Distribution and service plan fees 1,431,421  
Accounting fees 194,774  
Custodian fees and expenses 10,223  
Independent trustees' fees and expenses 2,040  
Registration fees 120,695  
Audit 46,883  
Legal 3,052  
Interest 100  
Miscellaneous 4,281  
Total expenses before reductions 5,440,552  
Expense reductions (12,852)  
Total expenses after reductions  5,427,700 
Net investment income (loss)  (1,163,580) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 48,437,582  
Fidelity Central Funds (239)  
Foreign currency transactions (1,016)  
Total net realized gain (loss)  48,436,327 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 185,064,724  
Fidelity Central Funds (1,381)  
Unfunded commitments (16,080)  
Assets and liabilities in foreign currencies (1,493)  
Total change in net unrealized appreciation (depreciation)  185,045,770 
Net gain (loss)  233,482,097 
Net increase (decrease) in net assets resulting from operations  $232,318,517 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended July 31, 2021 Year ended July 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(1,163,580) $1,525,542 
Net realized gain (loss) 48,436,327 25,181,646 
Change in net unrealized appreciation (depreciation) 185,045,770 51,353,113 
Net increase (decrease) in net assets resulting from operations 232,318,517 78,060,301 
Distributions to shareholders (20,932,303) (3,496,901) 
Share transactions - net increase (decrease) 127,672,949 18,884,510 
Total increase (decrease) in net assets 339,059,163 93,447,910 
Net Assets   
Beginning of period 361,233,474 267,785,564 
End of period $700,292,637 $361,233,474 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Semiconductors Fund Class A

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $29.79 $23.03 $25.06 $21.57 $16.50 
Income from Investment Operations      
Net investment income (loss)A (.08) .14 .15 .02 .11 
Net realized and unrealized gain (loss) 18.29 6.90 1.25 5.73 5.03 
Total from investment operations 18.21 7.04 1.40 5.75 5.14 
Distributions from net investment income (.04) (.07) (.10) (.05)B (.05) 
Distributions from net realized gain (1.67) (.20) (3.33) (2.21)B (.02) 
Total distributions