NPORT-EX 2 QTLY_534_20230228.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity Advisor® Large Cap Fund
February 28, 2023
LC-NPRT1-0423
1.797927.119
Common Stocks - 95.2%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 7.9%
 
 
 
Diversified Telecommunication Services - 0.4%
 
 
 
Cellnex Telecom SA (a)
 
45,400
1,703,353
Verizon Communications, Inc.
 
54,276
2,106,452
 
 
 
3,809,805
Entertainment - 1.3%
 
 
 
Activision Blizzard, Inc.
 
16,611
1,266,589
Nintendo Co. Ltd. ADR
 
138,900
1,295,937
The Walt Disney Co. (b)
 
62,775
6,253,018
Universal Music Group NV
 
214,634
5,057,066
 
 
 
13,872,610
Interactive Media & Services - 3.6%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (b)
 
143,280
12,903,797
 Class C (b)
 
130,460
11,780,538
Match Group, Inc. (b)
 
20,000
828,400
Meta Platforms, Inc. Class A (b)
 
62,900
11,003,726
Snap, Inc. Class A (b)
 
149,900
1,521,485
 
 
 
38,037,946
Media - 2.6%
 
 
 
Charter Communications, Inc. Class A (b)
 
2,100
771,981
Comcast Corp. Class A
 
559,123
20,782,602
Interpublic Group of Companies, Inc.
 
146,420
5,203,767
 
 
 
26,758,350
TOTAL COMMUNICATION SERVICES
 
 
82,478,711
CONSUMER DISCRETIONARY - 3.8%
 
 
 
Auto Components - 0.3%
 
 
 
BorgWarner, Inc.
 
63,616
3,198,612
Automobiles - 0.1%
 
 
 
General Motors Co.
 
22,800
883,272
Hotels, Restaurants & Leisure - 1.6%
 
 
 
Booking Holdings, Inc. (b)
 
4,019
10,143,956
Expedia, Inc. (b)
 
17,900
1,950,563
Marriott International, Inc. Class A
 
19,400
3,283,256
Starbucks Corp.
 
12,700
1,296,543
 
 
 
16,674,318
Household Durables - 0.4%
 
 
 
Mohawk Industries, Inc. (b)
 
23,906
2,458,732
Sony Group Corp. sponsored ADR
 
14,500
1,211,910
Whirlpool Corp. (c)
 
3,234
446,227
 
 
 
4,116,869
Internet & Direct Marketing Retail - 0.2%
 
 
 
Amazon.com, Inc. (b)
 
24,100
2,270,943
Multiline Retail - 0.1%
 
 
 
Target Corp.
 
8,700
1,465,950
Specialty Retail - 1.0%
 
 
 
Lowe's Companies, Inc.
 
52,130
10,725,748
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
NIKE, Inc. Class B
 
7,200
855,288
TOTAL CONSUMER DISCRETIONARY
 
 
40,191,000
CONSUMER STAPLES - 4.4%
 
 
 
Beverages - 1.7%
 
 
 
Diageo PLC sponsored ADR (c)
 
26,600
4,602,864
Keurig Dr. Pepper, Inc.
 
109,700
3,790,135
The Coca-Cola Co.
 
158,981
9,460,959
 
 
 
17,853,958
Food & Staples Retailing - 1.3%
 
 
 
Costco Wholesale Corp.
 
1,300
629,434
Performance Food Group Co. (b)
 
37,100
2,099,489
Sysco Corp.
 
88,500
6,599,445
U.S. Foods Holding Corp. (b)
 
47,800
1,793,934
Walmart, Inc.
 
20,700
2,942,091
 
 
 
14,064,393
Household Products - 0.1%
 
 
 
Colgate-Palmolive Co.
 
1,000
73,300
Spectrum Brands Holdings, Inc.
 
18,467
1,182,257
 
 
 
1,255,557
Personal Products - 0.3%
 
 
 
Haleon PLC ADR (b)
 
381,138
3,003,367
Tobacco - 1.0%
 
 
 
Altria Group, Inc.
 
218,880
10,162,598
TOTAL CONSUMER STAPLES
 
 
46,339,873
ENERGY - 12.8%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Baker Hughes Co. Class A
 
7,900
241,740
Oil, Gas & Consumable Fuels - 12.8%
 
 
 
Canadian Natural Resources Ltd.
 
34,900
1,972,253
Cenovus Energy, Inc. (Canada)
 
745,562
13,747,409
EQT Corp.
 
25,500
846,090
Exxon Mobil Corp.
 
721,968
79,351,502
Hess Corp.
 
159,735
21,516,305
Imperial Oil Ltd.
 
106,600
5,272,579
Kosmos Energy Ltd. (b)
 
972,495
7,653,536
Phillips 66 Co.
 
11,400
1,169,184
Tourmaline Oil Corp.
 
58,900
2,581,326
 
 
 
134,110,184
TOTAL ENERGY
 
 
134,351,924
FINANCIALS - 16.0%
 
 
 
Banks - 12.1%
 
 
 
Bank of America Corp.
 
865,514
29,687,130
Comerica, Inc.
 
8,600
602,860
JPMorgan Chase & Co.
 
81,818
11,728,610
M&T Bank Corp.
 
12,828
1,992,060
PNC Financial Services Group, Inc.
 
65,941
10,413,403
Truist Financial Corp.
 
158,527
7,442,843
U.S. Bancorp
 
139,090
6,638,766
Wells Fargo & Co.
 
1,248,903
58,411,193
 
 
 
126,916,865
Capital Markets - 2.5%
 
 
 
CME Group, Inc.
 
1,500
278,040
KKR & Co. LP
 
104,291
5,876,798
Morgan Stanley
 
61,525
5,937,163
Northern Trust Corp.
 
106,991
10,193,033
Raymond James Financial, Inc.
 
27,793
3,014,429
State Street Corp.
 
11,719
1,039,241
 
 
 
26,338,704
Consumer Finance - 0.3%
 
 
 
Discover Financial Services
 
23,200
2,598,400
Diversified Financial Services - 0.0%
 
 
 
Acacia Research Corp. (b)
 
36,900
159,408
Insurance - 0.2%
 
 
 
Chubb Ltd.
 
10,495
2,214,655
Thrifts & Mortgage Finance - 0.9%
 
 
 
MGIC Investment Corp.
 
114,476
1,575,190
Radian Group, Inc.
 
366,031
7,814,762
 
 
 
9,389,952
TOTAL FINANCIALS
 
 
167,617,984
HEALTH CARE - 13.5%
 
 
 
Biotechnology - 0.5%
 
 
 
Alnylam Pharmaceuticals, Inc. (b)
 
12,119
2,320,183
Argenx SE ADR (b)
 
1,100
402,622
Insmed, Inc. (b)
 
47,497
967,989
Vaxcyte, Inc. (b)
 
18,400
753,848
Verve Therapeutics, Inc. (b)(c)
 
19,900
378,100
 
 
 
4,822,742
Health Care Equipment & Supplies - 3.0%
 
 
 
Abbott Laboratories
 
4,000
406,880
Becton, Dickinson & Co.
 
10,797
2,532,436
Boston Scientific Corp. (b)
 
279,026
13,036,095
GE HealthCare Technologies, Inc. (b)
 
196,771
14,954,596
iRhythm Technologies, Inc. (b)
 
100
11,768
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)
 
48,305
788,821
 
 
 
31,730,596
Health Care Providers & Services - 5.6%
 
 
 
Cardinal Health, Inc.
 
85,882
6,502,126
Centene Corp. (b)
 
8,400
574,560
Cigna Group
 
46,603
13,612,736
CVS Health Corp.
 
98,768
8,251,079
Guardant Health, Inc. (b)
 
22,800
704,292
Humana, Inc.
 
3,600
1,782,072
McKesson Corp.
 
34,206
11,965,601
Oak Street Health, Inc. (b)
 
14,800
523,920
UnitedHealth Group, Inc.
 
32,299
15,372,386
 
 
 
59,288,772
Life Sciences Tools & Services - 0.3%
 
 
 
Danaher Corp.
 
11,000
2,722,830
Pharmaceuticals - 4.1%
 
 
 
Bristol-Myers Squibb Co.
 
289,717
19,978,884
Eli Lilly & Co.
 
11,500
3,579,030
GSK PLC sponsored ADR
 
212,030
7,266,268
Johnson & Johnson
 
70,584
10,817,704
Sanofi SA sponsored ADR
 
17,700
829,245
Viatris, Inc.
 
11,800
134,520
 
 
 
42,605,651
TOTAL HEALTH CARE
 
 
141,170,591
INDUSTRIALS - 14.7%
 
 
 
Aerospace & Defense - 3.5%
 
 
 
Airbus Group NV
 
49,300
6,456,849
General Dynamics Corp.
 
13,129
2,992,230
Huntington Ingalls Industries, Inc.
 
9,319
2,005,449
MTU Aero Engines AG
 
3,600
870,064
Raytheon Technologies Corp.
 
15,092
1,480,374
Safran SA
 
8,000
1,129,612
Textron, Inc.
 
6,100
442,433
The Boeing Co. (b)
 
108,667
21,901,834
 
 
 
37,278,845
Air Freight & Logistics - 1.9%
 
 
 
FedEx Corp.
 
22,892
4,652,112
United Parcel Service, Inc. Class B
 
83,063
15,158,167
 
 
 
19,810,279
Airlines - 0.1%
 
 
 
Copa Holdings SA Class A (b)
 
3,200
295,520
Ryanair Holdings PLC sponsored ADR (b)
 
9,400
872,038
 
 
 
1,167,558
Building Products - 0.2%
 
 
 
Johnson Controls International PLC
 
26,000
1,630,720
Commercial Services & Supplies - 0.1%
 
 
 
ACV Auctions, Inc. Class A (b)(c)
 
95,900
1,173,816
Electrical Equipment - 1.3%
 
 
 
Acuity Brands, Inc.
 
18,456
3,579,726
Hubbell, Inc. Class B
 
11,785
2,964,399
Regal Rexnord Corp.
 
18,900
2,979,396
Vertiv Holdings Co.
 
266,200
4,325,750
 
 
 
13,849,271
Industrial Conglomerates - 5.9%
 
 
 
3M Co.
 
9,559
1,029,887
General Electric Co.
 
719,813
60,975,359
 
 
 
62,005,246
Machinery - 1.1%
 
 
 
Chart Industries, Inc. (b)
 
4,600
614,100
Cummins, Inc.
 
6,000
1,458,480
Flowserve Corp.
 
60,619
2,102,873
Fortive Corp.
 
30,400
2,026,464
Otis Worldwide Corp.
 
19,696
1,666,676
Stanley Black & Decker, Inc.
 
13,400
1,147,174
Westinghouse Air Brake Tech Co.
 
21,345
2,226,924
 
 
 
11,242,691
Professional Services - 0.1%
 
 
 
Equifax, Inc.
 
4,200
850,626
Road & Rail - 0.5%
 
 
 
Knight-Swift Transportation Holdings, Inc. Class A
 
91,158
5,181,421
Trading Companies & Distributors - 0.0%
 
 
 
Beijer Ref AB:
 
 
 
 rights 3/16/23 (b)
 
15,900
26,733
 (B Shares)
 
15,900
247,279
 
 
 
274,012
TOTAL INDUSTRIALS
 
 
154,464,485
INFORMATION TECHNOLOGY - 17.6%
 
 
 
Electronic Equipment & Components - 0.2%
 
 
 
Mirion Technologies, Inc. (b)(d)
 
232,270
2,109,012
IT Services - 3.8%
 
 
 
Amadeus IT Holding SA Class A (b)
 
28,700
1,804,739
Edenred SA
 
66,000
3,722,173
Fidelity National Information Services, Inc.
 
43,100
2,731,247
Genpact Ltd.
 
38,000
1,813,740
Global Payments, Inc.
 
5,500
617,100
IBM Corp.
 
11,500
1,486,950
MasterCard, Inc. Class A
 
10,315
3,664,816
PayPal Holdings, Inc. (b)
 
27,900
2,053,440
Snowflake, Inc. (b)
 
800
123,504
Twilio, Inc. Class A (b)
 
24,000
1,613,040
Unisys Corp. (b)
 
141,362
703,983
Visa, Inc. Class A
 
86,827
19,096,730
 
 
 
39,431,462
Semiconductors & Semiconductor Equipment - 2.5%
 
 
 
Analog Devices, Inc.
 
11,118
2,039,819
Applied Materials, Inc.
 
23,416
2,719,768
Intel Corp.
 
49,800
1,241,514
Lam Research Corp.
 
4,500
2,187,045
Marvell Technology, Inc.
 
82,501
3,724,920
NVIDIA Corp.
 
11,100
2,576,976
Qualcomm, Inc.
 
84,701
10,463,115
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
18,200
1,584,674
 
 
 
26,537,831
Software - 8.0%
 
 
 
Adobe, Inc. (b)
 
14,600
4,729,670
Autodesk, Inc. (b)
 
11,841
2,352,688
DoubleVerify Holdings, Inc. (b)
 
16,500
433,455
Dynatrace, Inc. (b)
 
34,665
1,474,302
Elastic NV (b)
 
32,800
1,935,856
Intuit, Inc.
 
6,100
2,483,798
Microsoft Corp.
 
239,953
59,849,077
PTC, Inc. (b)
 
9,300
1,165,569
Salesforce.com, Inc. (b)
 
4,500
736,245
SAP SE sponsored ADR (c)
 
70,817
8,060,391
Workday, Inc. Class A (b)
 
3,300
612,051
 
 
 
83,833,102
Technology Hardware, Storage & Peripherals - 3.1%
 
 
 
Apple, Inc.
 
216,068
31,850,584
Samsung Electronics Co. Ltd.
 
22,520
1,032,942
 
 
 
32,883,526
TOTAL INFORMATION TECHNOLOGY
 
 
184,794,933
MATERIALS - 3.0%
 
 
 
Chemicals - 0.7%
 
 
 
Axalta Coating Systems Ltd. (b)
 
16,800
500,640
DuPont de Nemours, Inc.
 
87,500
6,390,125
LyondellBasell Industries NV Class A
 
3,300
316,767
 
 
 
7,207,532
Metals & Mining - 2.3%
 
 
 
First Quantum Minerals Ltd.
 
290,500
6,346,504
Freeport-McMoRan, Inc.
 
348,104
14,261,821
Glencore PLC
 
714,100
4,257,368
 
 
 
24,865,693
TOTAL MATERIALS
 
 
32,073,225
REAL ESTATE - 0.9%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.9%
 
 
 
American Tower Corp.
 
12,509
2,476,907
Crown Castle International Corp.
 
10,600
1,385,950
Equinix, Inc.
 
442
304,215
Simon Property Group, Inc.
 
44,000
5,371,960
 
 
 
9,539,032
UTILITIES - 0.6%
 
 
 
Electric Utilities - 0.6%
 
 
 
Entergy Corp.
 
8,900
915,543
PG&E Corp. (b)
 
68,500
1,069,970
Southern Co.
 
57,600
3,632,256
 
 
 
5,617,769
Multi-Utilities - 0.0%
 
 
 
Sempra Energy
 
2,034
305,019
TOTAL UTILITIES
 
 
5,922,788
 
TOTAL COMMON STOCKS
 (Cost $661,213,632)
 
 
 
998,944,546
 
 
 
 
Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.0%
 
 
 
COMMUNICATION SERVICES - 0.0%
 
 
 
Interactive Media & Services - 0.0%
 
 
 
Reddit, Inc. Series E (b)(d)(e)
 
1,200
45,720
 
 
 
 
Nonconvertible Preferred Stocks - 0.2%
 
 
 
INDUSTRIALS - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Embraer SA sponsored ADR (b)
 
119,400
1,516,380
 
 
 
 
 
TOTAL PREFERRED STOCKS
 (Cost $1,471,102)
 
 
 
1,562,100
 
 
 
 
Other - 0.1%
 
 
Shares
Value ($)
 
Other - 0.1%
 
 
 
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f)
  (Cost $2,965,599)
 
2,548,426
995,051
 
 
 
 
Money Market Funds - 5.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.63% (g)
 
47,093,993
47,103,411
Fidelity Securities Lending Cash Central Fund 4.63% (g)(h)
 
14,058,900
14,060,306
 
TOTAL MONEY MARKET FUNDS
 (Cost $61,163,718)
 
 
61,163,717
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.3%
 (Cost $726,814,051)
 
 
 
1,062,665,414
NET OTHER ASSETS (LIABILITIES) - (1.3)%  
(13,808,100)
NET ASSETS - 100.0%
1,048,857,314
 
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,703,353 or 0.2% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,149,783 or 0.3% 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 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 ($)
 
Mirion Technologies, Inc.
6/16/21
2,322,700
 
 
 
Reddit, Inc. Series E
5/18/21
50,969
 
 
 
Utica Shale Drilling Program (non-operating revenue interest)
10/05/16 - 12/16/20
2,965,598
 
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.63%
40,544,606
19,938,224
13,379,419
480,135
-
-
47,103,411
0.1%
Fidelity Securities Lending Cash Central Fund 4.63%
3,679,031
40,827,856
30,446,581
6,419
-
-
14,060,306
0.0%
Total
44,223,637
60,766,080
43,826,000
486,554
-
-
61,163,717
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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