Prospectus - Investment Objective
 
Fidelity Advisor Focus Funds®
 
 
Fidelity Advisor® Biotechnology Fund
Class/Ticker
A/FBTAX M/FBTTX C/FBTCX I/FBTIX Z/FIJYX
Fidelity Advisor® Consumer Discretionary Fund
Class/Ticker
A/FCNAX M/FACPX C/FCECX I/FCNIX Z/FIJZX
Fidelity Advisor® Energy Fund
Class/Ticker
A/FANAX M/FAGNX C/FNRCX I/FANIX Z/FIKAX
Fidelity Advisor® Financials Fund
Class/Ticker
A/FAFDX M/FAFSX C/FAFCX I/FFSIX Z/FIKBX
Fidelity Advisor® Health Care Fund
Class/Ticker
A/FACDX M/FACTX C/FHCCX I/FHCIX Z/FIKCX
Fidelity Advisor® Industrials Fund
Class/Ticker
A/FCLAX M/FCLTX C/FCLCX I/FCLIX Z/FIKEX
Fidelity Advisor® Semiconductors Fund
Class/Ticker
A/FELAX M/FELTX C/FELCX I/FELIX Z/FIKGX
Fidelity Advisor® Technology Fund
Class/Ticker
A/FADTX M/FATEX C/FTHCX I/FATIX Z/FIKHX
Fidelity Advisor® Utilities Fund
Class/Ticker
A/FUGAX M/FAUFX C/FUGCX I/FUGIX Z/FIKIX
Fidelity Advisor® Financials Fund was formerly known as Fidelity Advisor® Financial Services Fund.
 
Prospectus
September 29, 2023
 
 
Like securities of all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange Commission, and the Securities and Exchange Commission has not determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
245 Summer Street, Boston, MA 02210

Contents

Fund Summary

Fidelity Advisor® Biotechnology Fund 
Fidelity Advisor® Consumer Discretionary Fund 
Fidelity Advisor® Energy Fund 
Fidelity Advisor® Financials Fund 
Fidelity Advisor® Health Care Fund 
Fidelity Advisor® Industrials Fund 
Fidelity Advisor® Semiconductors Fund 
Fidelity Advisor® Technology Fund 
Fidelity Advisor® Utilities Fund 

Fund Basics

Investment Details

Valuing Shares

Shareholder Information

Additional Information about the Purchase and Sale of Shares

Converting Shares

Exchanging Shares

Rollover IRAs

Account Features and Policies

Dividends and Capital Gain Distributions

Tax Consequences

Fund Services

Fund Management

Fund Distribution

Appendix

Financial Highlights

Additional Index Information

Sales Charge Waiver Policies Applied by Certain Intermediaries

 
Fund Summary
Fund/Class:
Fidelity Advisor® Biotechnology Fund
/A, M, C, I, Z 
Investment Objective
Fidelity Advisor® Biotechnology Fund seeks capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 53 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see "Sales Charge Waiver Policies Applied by Certain Intermediaries" in the "Appendix" section of the prospectus.
 
Shareholder fees
(fees paid directly from your investment)
 
Class A
Class M
Class C
Class I
Class Z
Maximum sales charge (load) on purchases (as a % of offering price)
5.75%
3.50%
None
None
None
 
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption
proceeds)
NoneA
 
NoneA
 
1.00%B
 
None
 
None
 
 
 
 
 
 
 
AClass A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% and 0.25%, respectively.
BOn Class C shares redeemed less than one year after purchase.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Class A
Class M
Class C
Class I
Class Z
Management fee
0.53%   
0.53%   
0.53%   
0.53%   
0.53%   
Distribution and/or Service (12b-1) fees
0.25%   
0.50%   
1.00%   
None   
None   
Other expenses
0.23%   
0.26%   
0.23%   
0.21%   
0.08%   
Total annual operating expenses
1.01%   
1.29%   
1.76%   
0.74%   
0.61%   
This example helps compare the cost of investing in the fund with the cost of investing in other funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares:
 
 
 
Class A
Class M
Class C
Class I
Class Z
 
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
1 year
$
672
$
672
$
477
$
477
$
279
$
179
$
76
$
76
$
62
$
62
3 years
$
878
$
878
$
745
$
745
$
554
$
554
$
237
$
237
$
195
$
195
5 years
$
1,101
$
1,101
$
1,033
$
1,033
$
954
$
954
$
411
$
411
$
340
$
340
10 years
$
1,740
$
1,740
$
1,852
$
1,852
$
1,875
$
1,875
$
918
$
918
$
762
$
762
 
 
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 78% of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing primarily in common stocks.
  • Normally investing at least 80% of assets in securities of companies principally engaged in the research, development, manufacture, and distribution of various biotechnological products, services, and processes, and companies that benefit significantly from scientific and technological advances in biotechnology.
  • Investing in domestic and foreign issuers.
  • Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
Principal Investment Risks
  • Stock Market Volatility.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.
  • Foreign Exposure.
Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • Biotechnology Industry Concentration.
The biotechnology industry can be significantly affected by patent considerations, intense competition, rapid technological change and obsolescence, and government regulation, and revenue patterns can be erratic.
  • Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.
The value of securities of smaller issuers can be more volatile than that of larger issuers.
In addition, the fund is classified as non-diversified under the Investment Company Act of 1940 (1940 Act), which means that it has the ability to invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.
Performance
The following information is intended to help you understand the risks of investing in the fund.
The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit institutional.fidelity.com for more recent performance information.
Year-by-Year Returns
The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.
 
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
 
63.53%
 
34.34%
 
11.07%
 
-23.58%
 
25.80%
 
-3.78%
 
25.70%
 
32.16%
 
-3.56%
 
-7.95%
 
During the periods shown in the chart for Class A:
Returns
Quarter ended
   Highest Quarter Return
30.29%
June 30, 2020
   Lowest Quarter Return
-27.76%
March 31, 2016
   Year-to-Date Return
-0.88%
June 30, 2023
Average Annual Returns
Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
 
For the periods ended December 31, 2022
Past 1
year
Past 5
years
Past 10
years
Class A - Return Before Taxes  
-13.24%
5.99%
12.11%
  Return After Taxes on Distributions
-13.24%
3.99%
10.83%
- Return After Taxes on Distributions and Sale of Fund Shares
-7.84%
4.38%
9.90%
Class M - Return Before Taxes  
-11.43%
6.17%
12.03%
Class C - Return Before Taxes  
-9.55%
6.46%
12.12%
Class I - Return Before Taxes  
-7.74%
7.54%
13.08%
Class Z - Return Before Taxes  
-7.60%
5.90%A
-
S&P 500® Index
(reflects no deduction for fees, expenses, or taxes)
 
-18.11%
 
9.42%
 
12.56%
MSCI U.S. IMI Biotechnology 25-50 Index
(reflects no deduction for fees, expenses, or taxes)
 
3.58%
 
8.39%
 
15.15%
 
 
 
 
AFrom October 2, 2018.
Investment Adviser
Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Eirene Kontopoulos (Portfolio Manager) has managed the fund since 2018.
Purchase and Sale of Shares
You may buy or sell shares through a retirement account or through an investment professional.
You may buy or sell shares in various ways:
Internet
institutional.fidelity.com
Phone
To reach a Fidelity representative 1-877-208-0098
Mail
 
Fidelity Investments
P.O. Box 770002
Cincinnati, OH  45277-0081
Overnight Express:
Fidelity Investments
100 Crosby Parkway
Covington, KY 41015
Class I and Class Z eligibility requirements are listed in the "Additional Information about the Purchase and Sale of Shares" section of the prospectus.
The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver.
The price to buy one share of Class C, Class I, or Class Z is its NAV.
Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.
The price to sell one share of Class A, Class M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC).
The price to sell one share of Class I or Class Z is its NAV.
Shares will be sold at the NAV next calculated after an order is received in proper form, minus any applicable CDSC.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
There is no purchase minimum for fund shares.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
 
Fund Summary
Fund/Class:
Fidelity Advisor® Consumer Discretionary Fund
/A, M, C, I, Z 
Investment Objective
Fidelity Advisor® Consumer Discretionary Fund seeks capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 53 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see "Sales Charge Waiver Policies Applied by Certain Intermediaries" in the "Appendix" section of the prospectus.
 
Shareholder fees
(fees paid directly from your investment)
 
Class A
Class M
Class C
Class I
Class Z
Maximum sales charge (load) on purchases (as a % of offering price)
5.75%
3.50%
None
None
None
 
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption
proceeds)
NoneA
 
NoneA
 
1.00%B
 
None
 
None
 
 
 
 
 
 
 
AClass A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% and 0.25%, respectively.
BOn Class C shares redeemed less than one year after purchase.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Class A
Class M
Class C
Class I
Class Z
Management fee
0.53%   
0.53%   
0.53%   
0.53%   
0.53%   
Distribution and/or Service (12b-1) fees
0.25%   
0.50%   
1.00%   
None   
None   
Other expenses
0.26%   
0.28%   
0.27%   
0.24%   
0.11%   
Total annual operating expenses
1.04%   
1.31%   
1.80%   
0.77%   
0.64%   
This example helps compare the cost of investing in the fund with the cost of investing in other funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares:
 
 
 
Class A
Class M
Class C
Class I
Class Z
 
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
1 year
$
675
$
675
$
479
$
479
$
283
$
183
$
79
$
79
$
65
$
65
3 years
$
887
$
887
$
751
$
751
$
566
$
566
$
246
$
246
$
205
$
205
5 years
$
1,116
$
1,116
$
1,043
$
1,043
$
975
$
975
$
428
$
428
$
357
$
357
10 years
$
1,773
$
1,773
$
1,874
$
1,874
$
1,916
$
1,916
$
954
$
954
$
798
$
798
 
 
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 43% of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing primarily in common stocks.
  • Normally investing at least 80% of assets in securities of companies principally engaged in the manufacture and distribution of consumer discretionary products and services.
  • Investing in domestic and foreign issuers.
  • Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
Principal Investment Risks
  • Stock Market Volatility.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.
  • Foreign Exposure.
Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • Consumer Discretionary Industry Concentration.
The consumer discretionary industries can be significantly affected by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in demographics and consumer tastes.
  • Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.
The value of securities of smaller issuers can be more volatile than that of larger issuers.
In addition, the fund is classified as non-diversified under the Investment Company Act of 1940 (1940 Act), which means that it has the ability to invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.
Performance
The following information is intended to help you understand the risks of investing in the fund.
The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit institutional.fidelity.com for more recent performance information.
Year-by-Year Returns
The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.
 
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
 
40.56%
 
9.48%
 
3.83%
 
4.14%
 
21.77%
 
-1.36%
 
26.64%
 
36.14%
 
18.87%
 
-35.18%
 
During the periods shown in the chart for Class A:
Returns
Quarter ended
   Highest Quarter Return
32.73%
June 30, 2020
   Lowest Quarter Return
-26.41%
June 30, 2022
   Year-to-Date Return
28.36%
June 30, 2023
Average Annual Returns
Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
 
For the periods ended December 31, 2022
Past 1
year
Past 5
years
Past 10
years
Class A - Return Before Taxes  
-38.91%
4.31%
9.61%
  Return After Taxes on Distributions
-39.51%
3.54%
8.56%
- Return After Taxes on Distributions and Sale of Fund Shares
-22.52%
3.48%
7.69%
Class M - Return Before Taxes  
-37.60%
4.53%
9.56%
Class C - Return Before Taxes  
-36.27%
4.76%
9.60%
Class I - Return Before Taxes  
-34.99%
5.84%
10.56%
Class Z - Return Before Taxes  
-34.91%
3.38%A
-
S&P 500® Index
(reflects no deduction for fees, expenses, or taxes)
 
-18.11%
 
9.42%
 
12.56%
MSCI U.S. IMI Consumer Discretionary 25-50 Index
(reflects no deduction for fees, expenses, or taxes)
 
-35.13%
 
8.80%
 
12.85%
 
 
 
 
AFrom October 2, 2018.
Investment Adviser
Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Jordan Michaels (Portfolio Manager) has managed the fund since 2022.
Purchase and Sale of Shares
You may buy or sell shares through a retirement account or through an investment professional.
You may buy or sell shares in various ways:
Internet
institutional.fidelity.com
Phone
To reach a Fidelity representative 1-877-208-0098
Mail
 
Fidelity Investments
P.O. Box 770002
Cincinnati, OH  45277-0081
Overnight Express:
Fidelity Investments
100 Crosby Parkway
Covington, KY 41015
Class I and Class Z eligibility requirements are listed in the "Additional Information about the Purchase and Sale of Shares" section of the prospectus.
The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver.
The price to buy one share of Class C, Class I, or Class Z is its NAV.
Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.
The price to sell one share of Class A, Class M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC).
The price to sell one share of Class I or Class Z is its NAV.
Shares will be sold at the NAV next calculated after an order is received in proper form, minus any applicable CDSC.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
There is no purchase minimum for fund shares.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
 
Fund Summary
Fund/Class:
Fidelity Advisor® Energy Fund
/A, M, C, I, Z 
Investment Objective
Fidelity Advisor® Energy Fund seeks capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 53 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see "Sales Charge Waiver Policies Applied by Certain Intermediaries" in the "Appendix" section of the prospectus.
 
Shareholder fees
(fees paid directly from your investment)
 
Class A
Class M
Class C
Class I
Class Z
Maximum sales charge (load) on purchases (as a % of offering price)
5.75%
3.50%
None
None
None
 
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption
proceeds)
NoneA
 
NoneA
 
1.00%B
 
None
 
None
 
 
 
 
 
 
 
AClass A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% and 0.25%, respectively.
BOn Class C shares redeemed less than one year after purchase.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Class A
Class M
Class C
Class I
Class Z
Management fee
0.53%   
0.53%   
0.53%   
0.53%   
0.53%   
Distribution and/or Service (12b-1) fees
0.25%   
0.50%   
1.00%   
None   
None   
Other expenses
0.23%   
0.24%   
0.23%   
0.21%   
0.09%   
Total annual operating expenses
1.01%   
1.27%   
1.76%   
0.74%   
0.62%   
This example helps compare the cost of investing in the fund with the cost of investing in other funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares:
 
 
 
Class A
Class M
Class C
Class I
Class Z
 
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
1 year
$
672
$
672
$
475
$
475
$
279
$
179
$
76
$
76
$
63
$
63
3 years
$
878
$
878
$
739
$
739
$
554
$
554
$
237
$
237
$
199
$
199
5 years
$
1,101
$
1,101
$
1,023
$
1,023
$
954
$
954
$
411
$
411
$
346
$
346
10 years
$
1,740
$
1,740
$
1,830
$
1,830
$
1,875
$
1,875
$
918
$
918
$
774
$
774
 
 
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 21% of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing primarily in common stocks.
  • Normally investing at least 80% of assets in securities of companies principally engaged in the energy field including the conventional areas of oil, gas, electricity and coal, and newer sources of energy such as nuclear, geothermal, oil shale, and solar power.
  • Investing in domestic and foreign issuers.
  • Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
Principal Investment Risks
  • Stock Market Volatility.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.
  • Foreign Exposure.
Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • Energy Industry Concentration.
The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations.
  • Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.
The value of securities of smaller issuers can be more volatile than that of larger issuers.
In addition, the fund is classified as non-diversified under the Investment Company Act of 1940 (1940 Act), which means that it has the ability to invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.
Performance
The following information is intended to help you understand the risks of investing in the fund.
The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit institutional.fidelity.com for more recent performance information.
Year-by-Year Returns
The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.
 
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
 
23.84%
 
-12.76%
 
-20.65%
 
32.90%
 
-2.86%
 
-25.11%
 
9.75%
 
-32.73%
 
54.53%
 
61.92%
 
During the periods shown in the chart for Class A:
Returns
Quarter ended
   Highest Quarter Return
39.91%
March 31, 2022
   Lowest Quarter Return
-52.28%
March 31, 2020
   Year-to-Date Return
-4.73%
June 30, 2023
Average Annual Returns
Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
 
For the periods ended December 31, 2022
Past 1
year
Past 5
years
Past 10
years
Class A - Return Before Taxes  
52.61%
5.45%
3.74%
  Return After Taxes on Distributions
51.84%
4.96%
3.16%
- Return After Taxes on Distributions and Sale of Fund Shares
31.66%
4.10%
2.79%
Class M - Return Before Taxes  
55.84%
5.68%
3.72%
Class C - Return Before Taxes  
59.76%
5.94%
3.75%
Class I - Return Before Taxes  
62.41%
7.04%
4.66%
Class Z - Return Before Taxes  
62.58%
6.41%A
-
S&P 500® Index
(reflects no deduction for fees, expenses, or taxes)
 
-18.11%
 
9.42%
 
12.56%
MSCI U.S. IMI Energy 25-50 Index
(reflects no deduction for fees, expenses, or taxes)
 
63.13%
 
8.42%
 
5.16%
 
 
 
 
AFrom October 2, 2018.
Investment Adviser
Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Maurice Fitzmaurice (Portfolio Manager) has managed the fund since 2020.
Purchase and Sale of Shares
You may buy or sell shares through a retirement account or through an investment professional.
You may buy or sell shares in various ways:
Internet
institutional.fidelity.com
Phone
To reach a Fidelity representative 1-877-208-0098
Mail
 
Fidelity Investments
P.O. Box 770002
Cincinnati, OH  45277-0081
Overnight Express:
Fidelity Investments
100 Crosby Parkway
Covington, KY 41015
Class I and Class Z eligibility requirements are listed in the "Additional Information about the Purchase and Sale of Shares" section of the prospectus.
The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver.
The price to buy one share of Class C, Class I, or Class Z is its NAV.
Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.
The price to sell one share of Class A, Class M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC).
The price to sell one share of Class I or Class Z is its NAV.
Shares will be sold at the NAV next calculated after an order is received in proper form, minus any applicable CDSC.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
There is no purchase minimum for fund shares.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
 
Fund Summary
Fund/Class:
Fidelity Advisor® Financials Fund
/A, M, C, I, Z 
Investment Objective
Fidelity Advisor® Financials Fund seeks capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 53 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see "Sales Charge Waiver Policies Applied by Certain Intermediaries" in the "Appendix" section of the prospectus.
 
Shareholder fees
(fees paid directly from your investment)
 
Class A
Class M
Class C
Class I
Class Z
Maximum sales charge (load) on purchases (as a % of offering price)
5.75%
3.50%
None
None
None
 
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption
proceeds)
NoneA
 
NoneA
 
1.00%B
 
None
 
None
 
 
 
 
 
 
 
AClass A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% and 0.25%, respectively.
BOn Class C shares redeemed less than one year after purchase.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Class A
Class M
Class C
Class I
Class Z
Management fee
0.53%   
0.53%   
0.53%   
0.53%   
0.53%   
Distribution and/or Service (12b-1) fees
0.25%   
0.50%   
1.00%   
None   
None   
Other expenses
0.27%   
0.26%   
0.26%   
0.24%   
0.11%   
Total annual operating expenses
1.05%   
1.29%   
1.79%   
0.77%   
0.64%   
This example helps compare the cost of investing in the fund with the cost of investing in other funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares:
 
 
 
Class A
Class M
Class C
Class I
Class Z
 
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
1 year
$
676
$
676
$
477
$
477
$
282
$
182
$
79
$
79
$
65
$
65
3 years
$
890
$
890
$
745
$
745
$
563
$
563
$
246
$
246
$
205
$
205
5 years
$
1,121
$
1,121
$
1,033
$
1,033
$
970
$
970
$
428
$
428
$
357
$
357
10 years
$
1,784
$
1,784
$
1,852
$
1,852
$
1,911
$
1,911
$
954
$
954
$
798
$
798
 
 
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 55% of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing primarily in common stocks.
  • Normally investing at least 80% of assets in securities of companies principally engaged in providing financial services to consumers and industry.
  • Investing in domestic and foreign issuers.
  • Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
Principal Investment Risks
  • Stock Market Volatility.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.
  • Foreign Exposure.
Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • Financials Industry Concentration.
The financials industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.
  • Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.
The value of securities of smaller issuers can be more volatile than that of larger issuers.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.
Performance
The following information is intended to help you understand the risks of investing in the fund.
The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit institutional.fidelity.com for more recent performance information.
Year-by-Year Returns
The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.
 
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
 
33.39%
 
10.64%
 
-4.06%
 
18.34%
 
20.54%
 
-16.03%
 
33.76%
 
-0.23%
 
33.01%
 
-8.89%
 
During the periods shown in the chart for Class A:
Returns
Quarter ended
   Highest Quarter Return
30.61%
December 31, 2020
   Lowest Quarter Return
-35.63%
March 31, 2020
   Year-to-Date Return
-3.25%
June 30, 2023
Average Annual Returns
Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
 
For the periods ended December 31, 2022
Past 1
year
Past 5
years
Past 10
years
Class A - Return Before Taxes  
-14.13%
5.06%
9.97%
  Return After Taxes on Distributions
-15.30%
4.20%
9.45%
- Return After Taxes on Distributions and Sale of Fund Shares
-7.56%
3.87%
8.17%
Class M - Return Before Taxes  
-12.29%
5.29%
9.93%
Class C - Return Before Taxes  
-10.45%
5.51%
9.96%
Class I - Return Before Taxes  
-8.66%
6.61%
10.94%
Class Z - Return Before Taxes  
-8.53%
8.52%A
-
S&P 500® Index
(reflects no deduction for fees, expenses, or taxes)
 
-18.11%
 
9.42%
 
12.56%
MSCI U.S. IMI Financials 5% Capped Linked Index
(reflects no deduction for fees, expenses, or taxes)
 
-11.18%
 
6.17%
 
11.70%
 
 
 
 
AFrom October 2, 2018.
Investment Adviser
Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Matthew Reed (Portfolio Manager) has managed the fund since 2019.
Purchase and Sale of Shares
You may buy or sell shares through a retirement account or through an investment professional.
You may buy or sell shares in various ways:
Internet
institutional.fidelity.com
Phone
To reach a Fidelity representative 1-877-208-0098
Mail
 
Fidelity Investments
P.O. Box 770002
Cincinnati, OH  45277-0081
Overnight Express:
Fidelity Investments
100 Crosby Parkway
Covington, KY 41015
Class I and Class Z eligibility requirements are listed in the "Additional Information about the Purchase and Sale of Shares" section of the prospectus.
The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver.
The price to buy one share of Class C, Class I, or Class Z is its NAV.
Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.
The price to sell one share of Class A, Class M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC).
The price to sell one share of Class I or Class Z is its NAV.
Shares will be sold at the NAV next calculated after an order is received in proper form, minus any applicable CDSC.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
There is no purchase minimum for fund shares.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
 
Fund Summary
Fund/Class:
Fidelity Advisor® Health Care Fund
/A, M, C, I, Z 
Investment Objective
Fidelity Advisor® Health Care Fund seeks capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 53 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see "Sales Charge Waiver Policies Applied by Certain Intermediaries" in the "Appendix" section of the prospectus.
 
Shareholder fees
(fees paid directly from your investment)
 
Class A
Class M
Class C
Class I
Class Z
Maximum sales charge (load) on purchases (as a % of offering price)
5.75%
3.50%
None
None
None
 
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption
proceeds)
NoneA
 
NoneA
 
1.00%B
 
None
 
None
 
 
 
 
 
 
 
AClass A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% and 0.25%, respectively.
BOn Class C shares redeemed less than one year after purchase.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Class A
Class M
Class C
Class I
Class Z
Management fee
0.53%   
0.53%   
0.53%   
0.53%   
0.53%   
Distribution and/or Service (12b-1) fees
0.25%   
0.50%   
1.00%   
None   
None   
Other expenses
0.20%   
0.20%   
0.20%   
0.19%   
0.06%   
Total annual operating expenses
0.98%   
1.23%   
1.73%   
0.72%   
0.59%   
This example helps compare the cost of investing in the fund with the cost of investing in other funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares:
 
 
 
Class A
Class M
Class C
Class I
Class Z
 
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
1 year
$
669
$
669
$
471
$
471
$
276
$
176
$
74
$
74
$
60
$
60
3 years
$
869
$
869
$
727
$
727
$
545
$
545
$
230
$
230
$
189
$
189
5 years
$
1,086
$
1,086
$
1,002
$
1,002
$
939
$
939
$
401
$
401
$
329
$
329
10 years
$
1,707
$
1,707
$
1,787
$
1,787
$
1,842
$
1,842
$
894
$
894
$
738
$
738
 
 
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 47% of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing primarily in common stocks.
  • Normally investing at least 80% of assets in securities of companies principally engaged in the design, manufacture, or sale of products or services used for or in connection with health care or medicine.
  • Investing in domestic and foreign issuers.
  • Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
Principal Investment Risks
  • Stock Market Volatility.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.
  • Foreign Exposure.
Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • Health Care Industry Concentration.
The health care industries are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by product liability claims, rapid obsolescence, and patent expirations.
  • Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.
The value of securities of smaller issuers can be more volatile than that of larger issuers.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.
Performance
The following information is intended to help you understand the risks of investing in the fund.
The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit institutional.fidelity.com for more recent performance information.
Year-by-Year Returns
The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.
 
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
 
55.70%
 
32.23%
 
5.95%
 
-10.33%
 
24.09%
 
7.34%
 
27.89%
 
21.08%
 
11.19%
 
-13.07%
 
During the periods shown in the chart for Class A:
Returns
Quarter ended
   Highest Quarter Return
21.25%
December 31, 2019
   Lowest Quarter Return
-15.00%
December 31, 2018
   Year-to-Date Return
2.99%
June 30, 2023
Average Annual Returns
Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
 
For the periods ended December 31, 2022
Past 1
year
Past 5
years
Past 10
years
Class A - Return Before Taxes  
-18.07%
8.65%
13.90%
  Return After Taxes on Distributions
-18.07%
7.78%
12.51%
- Return After Taxes on Distributions and Sale of Fund Shares
-10.70%
6.80%
11.19%
Class M - Return Before Taxes  
-16.33%
8.89%
13.87%
Class C - Return Before Taxes  
-14.58%
9.13%
13.89%
Class I - Return Before Taxes  
-12.84%
10.24%
14.88%
Class Z - Return Before Taxes  
-12.74%
6.51%A
-
S&P 500® Index
(reflects no deduction for fees, expenses, or taxes)
 
-18.11%
 
9.42%
 
12.56%
MSCI U.S. IMI Health Care 25-50 Index
(reflects no deduction for fees, expenses, or taxes)
 
-5.43%
 
11.70%
 
14.84%
 
 
 
 
AFrom October 2, 2018.
Investment Adviser
Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Eddie Yoon (Portfolio Manager) has managed the fund since 2008.
Purchase and Sale of Shares
You may buy or sell shares through a retirement account or through an investment professional.
You may buy or sell shares in various ways:
Internet
institutional.fidelity.com
Phone
To reach a Fidelity representative 1-877-208-0098
Mail
 
Fidelity Investments
P.O. Box 770002
Cincinnati, OH  45277-0081
Overnight Express:
Fidelity Investments
100 Crosby Parkway
Covington, KY 41015
Class I and Class Z eligibility requirements are listed in the "Additional Information about the Purchase and Sale of Shares" section of the prospectus.
The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver.
The price to buy one share of Class C, Class I, or Class Z is its NAV.
Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.
The price to sell one share of Class A, Class M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC).
The price to sell one share of Class I or Class Z is its NAV.
Shares will be sold at the NAV next calculated after an order is received in proper form, minus any applicable CDSC.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
There is no purchase minimum for fund shares.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
 
Fund Summary
Fund/Class:
Fidelity Advisor® Industrials Fund
/A, M, C, I, Z 
Investment Objective
Fidelity Advisor® Industrials Fund seeks capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 53 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see "Sales Charge Waiver Policies Applied by Certain Intermediaries" in the "Appendix" section of the prospectus.
 
Shareholder fees
(fees paid directly from your investment)
 
Class A
Class M
Class C
Class I
Class Z
Maximum sales charge (load) on purchases (as a % of offering price)
5.75%
3.50%
None
None
None
 
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption
proceeds)
NoneA
 
NoneA
 
1.00%B
 
None
 
None
 
 
 
 
 
 
 
AClass A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% and 0.25%, respectively.
BOn Class C shares redeemed less than one year after purchase.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Class A
Class M
Class C
Class I
Class Z
Management fee
0.53%   
0.53%   
0.53%   
0.53%   
0.53%   
Distribution and/or Service (12b-1) fees
0.25%   
0.50%   
1.00%   
None   
None   
Other expenses
0.25%   
0.26%   
0.26%   
0.23%   
0.11%   
Total annual operating expenses
1.03%   
1.29%   
1.79%   
0.76%   
0.64%   
This example helps compare the cost of investing in the fund with the cost of investing in other funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares:
 
 
 
Class A
Class M
Class C
Class I
Class Z
 
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
1 year
$
674
$
674
$
477
$
477
$
282
$
182
$
78
$
78
$
65
$
65
3 years
$
884
$
884
$
745
$
745
$
563
$
563
$
243
$
243
$
205
$
205
5 years
$
1,111
$
1,111
$
1,033
$
1,033
$
970
$
970
$
422
$
422
$
357
$
357
10 years
$
1,762
$
1,762
$
1,852
$
1,852
$
1,905
$
1,905
$
942
$
942
$
798
$
798
 
 
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 189% of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing primarily in common stocks.
  • Normally investing at least 80% of assets in securities of companies principally engaged in the research, development, manufacture, distribution, supply, or sale of industrial products, services, or equipment.
  • Investing in domestic and foreign issuers.
  • Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
Principal Investment Risks
  • Stock Market Volatility.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.
  • Foreign Exposure.
Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • Industrials Industry Concentration.
Industrial industries can be significantly affected by general economic trends, changes in consumer sentiment and spending, commodity prices, legislation, government regulation and spending, import controls, worldwide competition, and liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.
  • Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.
The value of securities of smaller issuers can be more volatile than that of larger issuers.
  • High Portfolio Turnover.
High portfolio turnover (more than 100%) may result in increased transaction costs and potentially higher capital gains or losses. The effects of higher than normal portfolio turnover may adversely affect the fund's performance.
In addition, the fund is classified as non-diversified under the Investment Company Act of 1940 (1940 Act), which means that it has the ability to invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.
Performance
The following information is intended to help you understand the risks of investing in the fund.
The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit institutional.fidelity.com for more recent performance information.
Year-by-Year Returns
The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.
 
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
 
39.41%
 
5.88%
 
-2.19%
 
15.48%
 
19.56%
 
-15.58%
 
27.75%
 
11.17%
 
16.60%
 
-10.62%
 
During the periods shown in the chart for Class A:
Returns
Quarter ended
   Highest Quarter Return
19.81%
June 30, 2020
   Lowest Quarter Return
-28.79%
March 31, 2020
   Year-to-Date Return
10.95%
June 30, 2023
Average Annual Returns
Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
 
For the periods ended December 31, 2022
Past 1
year
Past 5
years
Past 10
years
Class A - Return Before Taxes  
-15.76%
3.33%
8.91%
  Return After Taxes on Distributions
-16.44%
1.24%
7.04%
- Return After Taxes on Distributions and Sale of Fund Shares
-8.86%
2.36%
6.93%
Class M - Return Before Taxes  
-13.97%
3.54%
8.88%
Class C - Return Before Taxes  
-12.15%
3.77%
8.89%
Class I - Return Before Taxes  
-10.39%
4.84%
9.85%
Class Z - Return Before Taxes  
-10.27%
4.32%A
-
S&P 500® Index
(reflects no deduction for fees, expenses, or taxes)
 
-18.11%
 
9.42%
 
12.56%
MSCI U.S. IMI Industrials 25-50 Index
(reflects no deduction for fees, expenses, or taxes)
 
-8.42%
 
6.91%
 
11.78%
 
 
 
 
AFrom October 2, 2018.
Investment Adviser
Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
David Wagner (Portfolio Manager) has managed the fund since 2023.
Purchase and Sale of Shares
You may buy or sell shares through a retirement account or through an investment professional.
You may buy or sell shares in various ways:
Internet
institutional.fidelity.com
Phone
To reach a Fidelity representative 1-877-208-0098
Mail
 
Fidelity Investments
P.O. Box 770002
Cincinnati, OH  45277-0081
Overnight Express:
Fidelity Investments
100 Crosby Parkway
Covington, KY 41015
Class I and Class Z eligibility requirements are listed in the "Additional Information about the Purchase and Sale of Shares" section of the prospectus.
The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver.
The price to buy one share of Class C, Class I, or Class Z is its NAV.
Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.
The price to sell one share of Class A, Class M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC).
The price to sell one share of Class I or Class Z is its NAV.
Shares will be sold at the NAV next calculated after an order is received in proper form, minus any applicable CDSC.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
There is no purchase minimum for fund shares.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
 
Fund Summary
Fund/Class:
Fidelity Advisor® Semiconductors Fund
/A, M, C, I, Z 
Investment Objective
Fidelity Advisor® Semiconductors Fund seeks capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 53 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see "Sales Charge Waiver Policies Applied by Certain Intermediaries" in the "Appendix" section of the prospectus.
 
Shareholder fees
(fees paid directly from your investment)
 
Class A
Class M
Class C
Class I
Class Z
Maximum sales charge (load) on purchases (as a % of offering price)
5.75%
3.50%
None
None
None
 
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption
proceeds)
NoneA
 
NoneA
 
1.00%B
 
None
 
None
 
 
 
 
 
 
 
AClass A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% and 0.25%, respectively.
BOn Class C shares redeemed less than one year after purchase.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Class A
Class M
Class C
Class I
Class Z
Management fee
0.53%   
0.53%   
0.53%   
0.53%   
0.53%   
Distribution and/or Service (12b-1) fees
0.25%   
0.50%   
1.00%   
None   
None   
Other expenses
0.23%   
0.22%   
0.23%   
0.21%   
0.09%   
Total annual operating expenses
1.01%   
1.25%   
1.76%   
0.74%   
0.62%   
This example helps compare the cost of investing in the fund with the cost of investing in other funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares:
 
 
 
Class A
Class M
Class C
Class I
Class Z
 
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
1 year
$
672
$
672
$
473
$
473
$
279
$
179
$
76
$
76
$
63
$
63
3 years
$
878
$
878
$
733
$
733
$
554
$
554
$
237
$
237
$
199
$
199
5 years
$
1,101
$
1,101
$
1,012
$
1,012
$
954
$
954
$
411
$
411
$
346
$
346
10 years
$
1,740
$
1,740
$
1,808
$
1,808
$
1,875
$
1,875
$
918
$
918
$
774
$
774
 
 
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 40% of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing primarily in common stocks.
  • Normally investing at least 80% of assets in securities of companies principally engaged in the design, manufacture, or sale of semiconductors and semiconductor equipment.
  • Investing in domestic and foreign issuers.
  • Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
Principal Investment Risks
  • Stock Market Volatility.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.
  • Foreign Exposure.
Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • Electronics Industry Concentration.