NPORT-EX 2 QTLY_534_20240229.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity Advisor® Large Cap Fund
February 29, 2024
LC-NPRT1-0424
1.797927.120
Common Stocks - 97.3%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 10.2%
 
 
 
Diversified Telecommunication Services - 0.3%
 
 
 
Cellnex Telecom SA (a)
 
48,800
1,764,342
Verizon Communications, Inc.
 
42,176
1,687,884
 
 
 
3,452,226
Entertainment - 1.0%
 
 
 
The Walt Disney Co.
 
58,875
6,569,273
Universal Music Group NV
 
206,334
6,229,309
 
 
 
12,798,582
Interactive Media & Services - 6.8%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (b)
 
168,180
23,286,203
 Class C (b)
 
152,160
21,268,925
Match Group, Inc. (b)
 
92,200
3,322,888
Meta Platforms, Inc. Class A
 
73,500
36,024,555
Snap, Inc. Class A (b)
 
339,100
3,736,882
 
 
 
87,639,453
Media - 2.1%
 
 
 
Charter Communications, Inc. Class A (b)
 
2,100
617,253
Comcast Corp. Class A
 
515,223
22,077,306
Interpublic Group of Companies, Inc.
 
137,920
4,330,688
 
 
 
27,025,247
TOTAL COMMUNICATION SERVICES
 
 
130,915,508
CONSUMER DISCRETIONARY - 3.6%
 
 
 
Automobile Components - 0.0%
 
 
 
BorgWarner, Inc.
 
14,916
464,335
Automobiles - 0.1%
 
 
 
Rivian Automotive, Inc. (b)
 
64,800
733,536
Broadline Retail - 0.1%
 
 
 
Amazon.com, Inc. (b)
 
9,100
1,608,516
Hotels, Restaurants & Leisure - 1.8%
 
 
 
Amadeus IT Holding SA Class A
 
9,200
540,720
Booking Holdings, Inc.
 
4,069
14,114,669
Expedia, Inc. (b)
 
19,000
2,599,580
Marriott International, Inc. Class A
 
18,200
4,547,634
Starbucks Corp.
 
19,000
1,803,100
 
 
 
23,605,703
Household Durables - 0.4%
 
 
 
Mohawk Industries, Inc. (b)
 
23,906
2,835,730
Sony Group Corp. sponsored ADR
 
13,200
1,132,692
Whirlpool Corp. (c)
 
5,934
637,252
 
 
 
4,605,674
Specialty Retail - 1.1%
 
 
 
JD Sports Fashion PLC
 
871,100
1,296,416
Lowe's Companies, Inc.
 
47,630
11,463,112
RH (b)
 
3,400
932,960
 
 
 
13,692,488
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Compagnie Financiere Richemont SA Series A
 
3,690
587,364
NIKE, Inc. Class B
 
9,400
976,942
 
 
 
1,564,306
TOTAL CONSUMER DISCRETIONARY
 
 
46,274,558
CONSUMER STAPLES - 5.2%
 
 
 
Beverages - 1.5%
 
 
 
Diageo PLC sponsored ADR
 
30,000
4,524,000
Keurig Dr. Pepper, Inc.
 
160,800
4,809,528
The Coca-Cola Co.
 
162,981
9,782,120
 
 
 
19,115,648
Consumer Staples Distribution & Retail - 1.7%
 
 
 
Performance Food Group Co. (b)
 
37,200
2,855,844
Sysco Corp.
 
84,900
6,874,353
Target Corp.
 
28,000
4,281,760
U.S. Foods Holding Corp. (b)
 
46,500
2,361,735
Walmart, Inc.
 
89,400
5,239,734
 
 
 
21,613,426
Household Products - 0.0%
 
 
 
Procter & Gamble Co.
 
700
111,258
Personal Care Products - 1.4%
 
 
 
Estee Lauder Companies, Inc. Class A
 
22,300
3,313,334
Haleon PLC ADR
 
873,038
7,473,205
Kenvue, Inc.
 
409,307
7,776,833
 
 
 
18,563,372
Tobacco - 0.6%
 
 
 
Altria Group, Inc.
 
166,280
6,802,515
Philip Morris International, Inc.
 
10,900
980,564
 
 
 
7,783,079
TOTAL CONSUMER STAPLES
 
 
67,186,783
ENERGY - 9.5%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
Tidewater, Inc. (b)
 
17,700
1,239,531
Oil, Gas & Consumable Fuels - 9.4%
 
 
 
Exxon Mobil Corp.
 
725,868
75,867,723
Hess Corp.
 
30,015
4,374,686
Imperial Oil Ltd.
 
242,800
15,192,555
Kosmos Energy Ltd. (b)
 
899,395
5,522,285
MEG Energy Corp. (b)
 
212,300
4,544,313
Pioneer Natural Resources Co.
 
16,600
3,904,154
Shell PLC ADR
 
182,600
11,472,758
 
 
 
120,878,474
TOTAL ENERGY
 
 
122,118,005
FINANCIALS - 17.3%
 
 
 
Banks - 11.9%
 
 
 
Bank of America Corp.
 
967,714
33,405,487
JPMorgan Chase & Co.
 
81,018
15,074,209
M&T Bank Corp.
 
33,628
4,699,177
PNC Financial Services Group, Inc.
 
87,641
12,900,755
U.S. Bancorp
 
235,990
9,902,140
Wells Fargo & Co.
 
1,384,003
76,936,727
 
 
 
152,918,495
Capital Markets - 2.1%
 
 
 
3i Group PLC
 
16,500
515,511
Charles Schwab Corp.
 
12,200
814,716
CME Group, Inc.
 
1,500
330,525
KKR & Co. LP
 
106,391
10,453,980
Moody's Corp.
 
1,400
531,188
Morgan Stanley
 
39,425
3,392,127
Northern Trust Corp.
 
115,791
9,509,915
Raymond James Financial, Inc.
 
13,393
1,611,446
 
 
 
27,159,408
Financial Services - 3.1%
 
 
 
Acacia Research Corp. (b)
 
36,900
149,076
Edenred SA
 
68,100
3,370,258
Fidelity National Information Services, Inc.
 
45,000
3,113,550
Global Payments, Inc.
 
9,000
1,167,300
MasterCard, Inc. Class A
 
11,215
5,324,433
PayPal Holdings, Inc. (b)
 
25,700
1,550,738
Visa, Inc. Class A
 
87,327
24,682,103
 
 
 
39,357,458
Insurance - 0.2%
 
 
 
Arthur J. Gallagher & Co.
 
2,000
487,860
Chubb Ltd.
 
10,495
2,641,277
 
 
 
3,129,137
TOTAL FINANCIALS
 
 
222,564,498
HEALTH CARE - 12.0%
 
 
 
Biotechnology - 0.5%
 
 
 
Alnylam Pharmaceuticals, Inc. (b)
 
12,119
1,831,060
Argenx SE ADR (b)
 
1,900
722,019
Insmed, Inc. (b)
 
47,497
1,316,617
Vaxcyte, Inc. (b)
 
32,800
2,421,296
Verve Therapeutics, Inc. (b)(c)
 
19,900
339,295
 
 
 
6,630,287
Health Care Equipment & Supplies - 1.8%
 
 
 
Abbott Laboratories
 
7,500
889,800
Becton, Dickinson & Co.
 
10,797
2,543,233
Boston Scientific Corp. (b)
 
282,726
18,719,288
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.)
 
50,462
1,011,763
 
 
 
23,164,084
Health Care Providers & Services - 5.5%
 
 
 
Cardinal Health, Inc.
 
71,982
8,060,544
Centene Corp. (b)
 
8,400
658,812
Cigna Group
 
51,203
17,211,376
CVS Health Corp.
 
67,468
5,017,595
Guardant Health, Inc. (b)
 
22,800
433,200
Humana, Inc.
 
12,700
4,449,064
McKesson Corp.
 
24,306
12,673,391
UnitedHealth Group, Inc.
 
44,899
22,162,146
 
 
 
70,666,128
Life Sciences Tools & Services - 0.5%
 
 
 
Danaher Corp.
 
21,400
5,417,196
Thermo Fisher Scientific, Inc.
 
1,100
627,198
 
 
 
6,044,394
Pharmaceuticals - 3.7%
 
 
 
Bristol-Myers Squibb Co.
 
270,417
13,723,663
Eli Lilly & Co.
 
15,000
11,305,200
GSK PLC sponsored ADR
 
212,030
8,884,057
Johnson & Johnson
 
54,187
8,744,698
Sanofi SA sponsored ADR
 
12,700
607,695
UCB SA
 
34,600
3,982,640
 
 
 
47,247,953
TOTAL HEALTH CARE
 
 
153,752,846
INDUSTRIALS - 15.1%
 
 
 
Aerospace & Defense - 3.7%
 
 
 
Airbus Group NV
 
49,300
8,157,137
Bombardier, Inc. Class B (sub. vtg.) (b)
 
1,900
68,824
General Dynamics Corp.
 
13,129
3,587,499
Huntington Ingalls Industries, Inc.
 
10,319
3,009,227
Safran SA
 
8,000
1,677,525
Textron, Inc.
 
12,100
1,077,747
The Boeing Co. (b)
 
147,967
30,143,837
 
 
 
47,721,796
Air Freight & Logistics - 1.4%
 
 
 
FedEx Corp.
 
21,892
5,450,451
United Parcel Service, Inc. Class B
 
85,063
12,611,440
 
 
 
18,061,891
Building Products - 0.1%
 
 
 
Johnson Controls International PLC
 
15,400
912,758
Commercial Services & Supplies - 0.3%
 
 
 
ACV Auctions, Inc. Class A (b)
 
86,600
1,537,150
GFL Environmental, Inc.
 
29,200
1,052,762
Veralto Corp.
 
7,633
659,644
 
 
 
3,249,556
Electrical Equipment - 1.6%
 
 
 
Acuity Brands, Inc.
 
10,656
2,677,213
Hubbell, Inc. Class B
 
11,785
4,486,196
Regal Rexnord Corp.
 
22,500
3,858,525
Vertiv Holdings Co.
 
133,500
9,027,270
 
 
 
20,049,204
Ground Transportation - 0.4%
 
 
 
Knight-Swift Transportation Holdings, Inc. Class A
 
83,058
4,679,488
Industrial Conglomerates - 6.5%
 
 
 
3M Co.
 
9,559
880,575
General Electric Co.
 
523,513
82,133,955
 
 
 
83,014,530
Machinery - 0.8%
 
 
 
Chart Industries, Inc. (b)(c)
 
12,000
1,714,320
Cummins, Inc.
 
7,000
1,880,270
Fortive Corp.
 
30,400
2,587,952
Nordson Corp.
 
2,000
531,300
Otis Worldwide Corp.
 
19,696
1,877,029
Stanley Black & Decker, Inc.
 
10,800
964,332
Westinghouse Air Brake Tech Co.
 
8,145
1,150,807
 
 
 
10,706,010
Passenger Airlines - 0.1%
 
 
 
Copa Holdings SA Class A
 
3,200
311,904
Ryanair Holdings PLC sponsored ADR
 
9,400
1,299,550
 
 
 
1,611,454
Professional Services - 0.1%
 
 
 
Equifax, Inc.
 
4,200
1,149,078
Genpact Ltd.
 
4,505
153,170
Paycom Software, Inc.
 
3,200
583,648
 
 
 
1,885,896
Trading Companies & Distributors - 0.1%
 
 
 
Beijer Ref AB (B Shares)
 
46,900
658,728
Watsco, Inc.
 
1,700
670,004
 
 
 
1,328,732
TOTAL INDUSTRIALS
 
 
193,221,315
INFORMATION TECHNOLOGY - 20.4%
 
 
 
IT Services - 0.4%
 
 
 
EPAM Systems, Inc. (b)
 
3,000
913,200
IBM Corp.
 
12,200
2,257,366
Snowflake, Inc. (b)
 
800
150,624
Twilio, Inc. Class A (b)
 
23,200
1,382,488
 
 
 
4,703,678
Semiconductors & Semiconductor Equipment - 5.5%
 
 
 
Analog Devices, Inc.
 
12,318
2,362,839
Applied Materials, Inc.
 
24,216
4,882,430
Broadcom, Inc.
 
4,100
5,332,009
Lam Research Corp.
 
4,500
4,222,125
Marvell Technology, Inc.
 
141,317
10,126,776
NVIDIA Corp.
 
42,430
33,567,222
Qualcomm, Inc.
 
25,501
4,023,803
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
37,700
4,850,859
Teradyne, Inc.
 
11,500
1,191,285
 
 
 
70,559,348
Software - 11.8%
 
 
 
Adobe, Inc. (b)
 
20,500
11,485,740
Autodesk, Inc. (b)
 
13,341
3,444,246
DoubleVerify Holdings, Inc. (b)
 
16,500
509,685
Elastic NV (b)
 
27,300
3,653,013
Intuit, Inc.
 
6,700
4,441,363
Microsoft Corp.
 
242,153
100,164,167
Oracle Corp.
 
89,200
9,961,856
PTC, Inc. (b)
 
9,300
1,701,993
Sage Group PLC
 
79,900
1,255,175
Salesforce, Inc.
 
4,500
1,389,690
SAP SE sponsored ADR (c)
 
70,817
13,304,390
Workday, Inc. Class A (b)
 
3,300
972,378
 
 
 
152,283,696
Technology Hardware, Storage & Peripherals - 2.7%
 
 
 
Apple, Inc.
 
185,968
33,613,716
Samsung Electronics Co. Ltd. (b)
 
22,520
1,237,793
 
 
 
34,851,509
TOTAL INFORMATION TECHNOLOGY
 
 
262,398,231
MATERIALS - 2.0%
 
 
 
Chemicals - 0.4%
 
 
 
Air Products & Chemicals, Inc.
 
8,500
1,989,340
DuPont de Nemours, Inc.
 
48,500
3,355,715
Sherwin-Williams Co.
 
2,100
697,263
 
 
 
6,042,318
Metals & Mining - 1.6%
 
 
 
First Quantum Minerals Ltd.
 
838,100
7,935,442
Freeport-McMoRan, Inc.
 
236,504
8,942,216
Ivanhoe Mines Ltd. (b)
 
314,500
3,343,945
 
 
 
20,221,603
TOTAL MATERIALS
 
 
26,263,921
REAL ESTATE - 1.0%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 1.0%
 
 
 
American Tower Corp.
 
16,309
3,243,208
Crown Castle, Inc.
 
45,700
5,024,258
Equinix, Inc.
 
442
392,858
Simon Property Group, Inc.
 
29,800
4,414,572
 
 
 
13,074,896
UTILITIES - 1.0%
 
 
 
Electric Utilities - 1.0%
 
 
 
Duke Energy Corp.
 
5,400
495,882
Entergy Corp.
 
8,900
903,973
PG&E Corp.
 
61,700
1,029,773
Southern Co.
 
143,200
9,630,200
 
 
 
12,059,828
Multi-Utilities - 0.0%
 
 
 
Sempra
 
4,068
287,201
TOTAL UTILITIES
 
 
12,347,029
 
TOTAL COMMON STOCKS
 (Cost $733,390,860)
 
 
 
1,250,117,590
 
 
 
 
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
35,124
 
 
 
 
Nonconvertible Preferred Stocks - 0.2%
 
 
 
INDUSTRIALS - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Embraer SA sponsored ADR (b)
 
113,300
2,208,217
 
 
 
 
 
TOTAL PREFERRED STOCKS
 (Cost $1,376,643)
 
 
 
2,243,341
 
 
 
 
Money Market Funds - 3.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (f)
 
33,277,882
33,284,538
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
12,804,400
12,805,681
 
TOTAL MONEY MARKET FUNDS
 (Cost $46,090,219)
 
 
46,090,219
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.1%
 (Cost $780,857,722)
 
 
 
1,298,451,150
NET OTHER ASSETS (LIABILITIES) - (1.1)%  
(14,268,264)
NET ASSETS - 100.0%
1,284,182,886
 
 
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 $1,764,342 or 0.1% 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 $35,124 or 0.0% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Reddit, Inc. Series E
5/18/21
50,969
 
 
 
 
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 5.39%
39,337,835
35,374,424
41,427,721
410,864
-
-
33,284,538
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
6,522,831
9,600,392
3,317,542
2,056
-
-
12,805,681
0.0%
Total
45,860,666
44,974,816
44,745,263
412,920
-
-
46,090,219
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
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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