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QUARTERLY FUND REVIEW | AS OF JUNE 30, 2021

Fidelity Advisor® Fund

Investment Approach FUND INFORMATION • ® Fidelity Advisor Biotechnology Fund is an industry-based, equity-focused strategy that seeks Manager(s): to outperform its benchmark through active management. Eirene Kontopoulos • Our philosophy is rooted in the belief that successfully investing in biotechnology requires having a competitive edge on the behind the drugs, the likelihood of clinical success, Trading Symbol: and the size of the total addressable market, which can help to improve probability of realizing FBTIX value creation. Start Date: • Stock selection and idea generation come from in-depth fundamental research that leverages Fidelity's deep and experienced global health care team, paired with our specialized December 27, 2000 knowledge of science, design and statistical analysis. Size (in millions): • The fund seeks to identify companies that can develop what we consider to be the most $2,602.74 innovative therapies, where the benefits to society far outweigh the cost to the health care system. In our view, addressing disease at the root cause has the greatest probability of both Morningstar Category: clinical-trial success and life-changing clinical benefit. Fund Health • Sector and industry strategies could be used by investors as alternatives to individual stocks for either tactical- or strategic-allocation purposes. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse PERFORMANCE Cumulative Annualized issuer, political, regulatory, market, or economic developments. Foreign SUMMARY 3 1 3 5 10 Year/ securities are subject to interest rate, 1 Month YTD Year Year Year LOF currency exchange rate, economic, and Fidelity Advisor Biotechnology Fund - Class I political risks. Focus funds can be more 1.85% -1.73% 12.61% 13.56% 15.76% 17.92% Gross Expense Ratio: 0.75%2 volatile because of their narrow concentration in a specific industry. The S&P 500 Index 8.55% 15.25% 40.79% 18.67% 17.65% 14.84% biotechnology industry can be MSCI US IMI Biotechnology 25/50 7.02% 6.09% 14.88% 12.98% 14.71% 18.94% significantly affected by patent considerations, intense competition, Morningstar Fund Health 7.18% 7.95% 30.16% 16.10% 15.71% 15.27% rapid technological change and % Rank in Morningstar Category (1% = Best) -- -- 93% 74% 35% 19% obsolescence, and government regulation. The fund may have additional # of Funds in Morningstar Category -- -- 163 138 128 103 volatility because it can invest a 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/27/2000. significant portion of assets in securities 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the of a small number of individual issuers. most recent fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus. Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class performance, visit institutional.fidelity.com or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. For definitions and other important information, please see the Definitions and Important Information section of this Fund Review.

Not FDIC Insured • May Lose Value • No Bank Guarantee QUARTERLY FUND REVIEW: Fidelity Advisor® Biotechnology Fund | AS OF JUNE 30, 2021

Market Review Performance Review

For the three months ending June 30, 2021, the biotechnology For the quarter, the fund's Class I shares gained 1.85%, considerably industry rose 7.02%, as measured by the MSCI U.S. IMI lagging both the MSCI U.S. IMI Biotechnology 25/50 Index and the Biotechnology 25/50 Index. This trailed the 8.55% advance of the broad-based S&P 500® index. broad-based S&P 500® index. Stock selection in the fund's core biotechnology segment was the The past three months, biotech stocks traded mostly in line with the primary reason for its underperformance of the MSCI industry index broader stock market, where the main trend continued to be up. the past three months. Non-index exposure to pharmaceuticals and The S&P 500® and other broad-market indexes rose on the prospect health care services stocks weighed on our relative result to a much of a surge in economic growth amid widespread COVID-19 lesser extent. vaccinations, fiscal stimulus and fresh spending programs. The S&P Avoiding strong-performing index component Moderna (+79%) was 500® closed the first half of 2021 at an all-time high, after an historic by far the largest relative detractor. Sales of the company's COVID- climb from its low on March 23, 2020, when investors' panic over the 19 totaled $1.7 billion in Q1, and Moderna also said it has spread of the coronavirus reached its zenith. signed $19.2 billion worth of advance purchase agreements for its Biotech shares did enjoy a nice bump up on June 7, after regulators vaccine. However, the stock's valuation has become exceedingly approved 's aducanumab as the first drug to attack a likely full, in our view. Furthermore, as other, non-messenger RNA cause of Alzheimer's disease, despite controversy about whether come to market, we believe Moderna's vaccine might the clinical evidence proves the drug actually works. This high- struggle to remain competitive due to what we consider its greater profile event marked the first new treatment for the dreaded disease side effects. in nearly two decades. Shares of ChemoCentryx, where the fund had an overweighting, The second quarter also saw the continued rollout of three COVID- suffered a steep plunge in May and returned -74% for the quarter. 19 vaccines in the U.S., although the pace of vaccination slowed The stock fell after a U.S. Food and Drug Administration (FDA) from what it had been earlier in the year. About 57% of adult advisory committee offered up a split opinion on the efficacy of Americans were fully vaccinated as of late June, which likely meant avacopan, the biotech's treatment for a form of vasculitis. The panel falling short of President Biden's 70% target by July 4. generally leaned in favor of the treatment, voting 10-8 in support of avacopan's safety profile and its benefit-risk profile in treating adult Among MSCI biotech index components with meaningful patients, but it split 9-9 on whether the efficacy data supported weightings, Moderna (+79%) stood out on the upside. The COVID- approving avacopan for treating them. While that means there's still 19 vaccine maker logged its first profitable quarter in the first three hope avacopan can get full FDA approval, the hesitancy suggests months of 2021. Other strong performers in the index included the committee harbors doubts that could be a hurdle going forward. Biogen (+24%), (+20%) and Regeneron Pharmaceuticals (+18%). Conversely, overweighting Protagonist Therapeutics made the stock one of the fund's top relative contributors for the quarter, with a Conversely, MSCI index heavyweights (-1%) and AbbVie gain of roughly 74% in the portfolio. In June, the company (+5%) lagged the biotech index the past three months, as did Vertex announced updated data from a phase 2 study evaluating its Pharmaceuticals (-6%). ■ injectable, rusfertide, for the treatment of polycythemia vera, a type of blood cancer. The market responded well to this new data. ■

LARGEST CONTRIBUTORS VS. BENCHMARK LARGEST DETRACTORS VS. BENCHMARK Relative Relative Average Contribution Average Contribution Relative (basis Relative (basis Holding Market Segment Weight points)* Holding Market Segment Weight points)* Amgen, Inc. Biotechnology -13.20% 108 Moderna, Inc. Biotechnology -4.43% -238 Protagonist Therapeutics, ChemoCentryx, Inc. Biotechnology 0.38% -62 Biotechnology 1.28% 68 Inc. TG Therapeutics, Inc. Biotechnology 1.92% -61 Novavax, Inc. Biotechnology 3.54% 53 Exelixis, Inc. Biotechnology 2.14% -58 Regeneron Alexion Pharmaceuticals, Biotechnology 5.07% 52 Biotechnology -3.62% -43 Pharmaceuticals, Inc. Inc. , Biotechnology 3.85% 51 * 1 basis point = 0.01%. Inc. * 1 basis point = 0.01%.

2 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review. QUARTERLY FUND REVIEW: Fidelity Advisor® Biotechnology Fund | AS OF JUNE 30, 2021

Outlook and Positioning We like Regeneron because it is one of the few large-cap biotech firms that rely mainly on in-house research and development. Our goal remains to do the comprehensive fundamental research Regeneron does most of its drug development on VelocImmune®, a that should guide us to which stocks we should own, and then to novel platform for the production of fully-human therapeutic hold those stocks through whatever market volatility comes our way, antibodies. The platform uses mice with immune systems that have knowing that, over time, we believe we will likely be rewarded if our been genetically altered to replicate those of humans. This has research is accurate. enabled Regeneron trials to achieve a much higher success rate than typical clinical trials. Interest in COVID-19 vaccines and therapeutics has helped fuel the market for biotech IPOs (initial public offerings), private placements Another meaningful overweighting in the portfolio as of midyear and secondary stock offerings in the first half of 2021. However, was AbbVie. The market has seen a gradual easing of investor while the pace of IPOs has increased, their relative size appears to concern about the firm's acquisition of , maker of the be creeping downward. Of the 49 biotechs to go public as of June popular Botox® anti-aging cosmetic treatment. The deal, first 30, 53% raised at least $150 million, versus 64% of 2020's IPOs. announced in June 2019, finally was completed in May 2020. In Those companies raised an average of about $180 million per IPO, addition, AbbVie has benefited from market-share gains for some of compared to $211 million a year ago. This could be a sign of less risk its newer drugs, such as Venclexta® and Skyrizi®. What's more, the appetite for early, unproven products. stock sported a roughly 4.5% dividend yield at the end of June.

With IPO pricing still expensive, in our opinion, we continue to The fund also maintained a sizable non-index position in search for private placement opportunities of companies that are on Netherlands-based argenx. Although the stock had a choppy first the verge of going public, which potentially affords the fund half of 2021, it had an outstanding 2020. We remain encouraged by significantly better valuations than would have been available if we positive results argenx reported in 2020 from a phase 3 trial of had waited for the IPO. Additionally, we continue to lean into high- efgartigimod, its drug to treat myasthenia gravis, a rare neurological quality and larger-cap stocks as risk-management measures. autoimmune disease. We think this drug is a best-in-class treatment.

In all cases, our focus remains on identifying companies that are Conversely, the portfolio's largest underweightings as of June 30 developing what we consider to be the most innovative therapies, were Amgen, and Moderna. In the first two cases, where the benefits to society far outweigh the cost to the health we fail to see sufficiently attractive drivers of earnings growth. Our care system. Companies providing these therapies, we believe, are reservations about Moderna were discussed earlier. where the best investment opportunities are likely to be found. As always, we thank you for your confidence in Fidelity's investment- As of June 30, the fund's largest overweighting and second-largest management capabilities. ■ holding in absolute terms was Regeneron Pharmaceuticals.

10 LARGEST HOLDINGS ASSET ALLOCATION

Holding Market Segment Relative AbbVie, Inc. Biotechnology Change Portfolio Index Relative From Prior Regeneron Pharmaceuticals, Inc. Biotechnology Asset Class Weight Weight Weight Quarter Alnylam Pharmaceuticals, Inc. Biotechnology Domestic Equities 90.73% 99.99% -9.26% 1.31% Novavax, Inc. Biotechnology International Equities 9.16% 0.01% 9.15% -0.73% , Inc. Biotechnology Developed Markets 7.97% 0.01% 7.96% -1.05% Argenx SE ADR Biotechnology Agios Pharmaceuticals, Inc. Biotechnology Emerging Markets 1.19% 0.00% 1.19% 0.32% Ascendis Pharma A/S sponsored ADR Biotechnology Tax-Advantaged 0.00% 0.00% 0.00% 0.00% Domiciles TG Therapeutics, Inc. Biotechnology Exelixis, Inc. Biotechnology Bonds 0.00% 0.00% 0.00% 0.00% 10 Largest Holdings as a % of Net Cash & Net Other Assets 0.11% 0.00% 0.11% -0.58% 62.32% Assets Net Other Assets can include fund receivables, fund payables, and offsets Total Number of Holdings 111 to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to The 10 largest holdings are as of the end of the reporting period, and which the fund invests in derivatives and the number of positions that are may not be representative of the fund's current or future investments. held for future settlement, Net Other Assets can be a negative number. Holdings do not include money market investments. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

3 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review. QUARTERLY FUND REVIEW: Fidelity Advisor® Biotechnology Fund | AS OF JUNE 30, 2021

LARGEST OVERWEIGHTS BY HOLDING LARGEST UNDERWEIGHTS BY HOLDING Relative Relative Holding Market Segment Weight Holding Market Segment Weight Regeneron Pharmaceuticals, Amgen, Inc. Biotechnology -12.07% Biotechnology 5.69% Inc. Gilead Sciences, Inc. Biotechnology -7.36% AbbVie, Inc. Biotechnology 4.86% Moderna, Inc. Biotechnology -6.20% Alnylam Pharmaceuticals, Inc. Biotechnology 4.52% Biogen, Inc. Biotechnology -4.65% Novavax, Inc. Biotechnology 4.29% Alexion Pharmaceuticals, Inc. Biotechnology -3.67% Argenx SE ADR Biotechnology 3.16%

3-YEAR RISK/RETURN STATISTICS

Portfolio Index Beta 1.00 1.00 Standard Deviation 22.30% 21.50% Sharpe Ratio 0.55 0.54 Tracking Error 5.80% -- Information Ratio 0.10 -- R-Squared 0.93 --

4 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review. QUARTERLY FUND REVIEW: Fidelity Advisor® Biotechnology Fund | AS OF JUNE 30, 2021

Definitions and Important Information sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. Information provided in this document is for informational and educational purposes only. To the extent any investment information RELATIVE WEIGHTS in this material is deemed to be a recommendation, it is not meant Relative weights represents the % of fund assets in a particular to be impartial investment advice or advice in a fiduciary capacity market segment, asset class or credit quality relative to the and is not intended to be used as a primary basis for you or your benchmark. A positive number represents an overweight, and a client's investment decisions. Fidelity, and its representatives may negative number is an underweight. The fund's benchmark is listed have a conflict of interest in the products or services mentioned in immediately under the fund name in the Performance Summary. this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance.

INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

MSCI U.S. IMI Biotechnology 25/50 Index is a modified market- capitalization-weighted index of stocks designed to measure the performance of Biotechnology companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 Indices.

S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION © 2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

% Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top- performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude

5 | 3-YEAR RISK/RETURN STATISTICS Standard Deviation is a statistical measurement of the dispersion Beta is a measure of the volatility of a fund relative to its of a fund's return over a specified time period. Fidelity calculates benchmark index. A beta greater (less) than 1 is more (less) standard deviations by comparing a fund's monthly returns to its volatile than the index. average monthly return over a 36-month period, and then annualizes the number. Investors may examine historical standard Information Ratio measures a fund's active return (fund's average deviation in conjunction with historical returns to decide whether monthly return minus the benchmark's average monthly return) in a fund's volatility would have been acceptable given the returns it relation to the volatility of its active returns. would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical R-Squared measures how a fund's performance correlates with a volatility. Standard deviation does not indicate how the fund benchmark index's performance and shows what portion of it can actually performed, but merely indicates the volatility of its returns be explained by the performance of the overall market/index. R- over time. Squared ranges from 0, meaning no correlation, to 1, meaning perfect correlation. An R-Squared value of less than 0.5 indicates Tracking Error is the divergence between the price behavior of a that annualized alpha and beta are not reliable performance position or a portfolio and the price behavior of a benchmark, statistics. creating an unexpected profit or loss.

Sharpe Ratio is a measure of historical risk-adjusted performance. It is calculated by dividing the fund's excess returns (the fund's average annual return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bill rate.

Before investing in any mutual fund, please carefully consider S&P 500 is a registered service mark of Standard & Poor's Financial the investment objectives, risks, charges, and expenses. For Services LLC. this and other information, call or write Fidelity for a free Other third-party marks appearing herein are the property of their prospectus or, if available, a summary prospectus. Read it respective owners. carefully before you invest. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Past performance is no guarantee of future results. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Views expressed are through the end of the period stated and do not Street, Smithfield, RI 02917. necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI any responsibility to update such views. These views may not be relied 02917. on as investment advice and, because investment decisions for a Fidelity © 2021 FMR LLC. All rights reserved. fund are based on numerous factors, may not be relied on as an Not NCUA or NCUSIF insured. May lose value. No credit union indication of trading intent on behalf of any Fidelity fund. The securities guarantee. mentioned are not necessarily holdings invested in by the portfolio 668254.32.0 manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss.