# EDGAR Filing Document

**Accession Number:** 0000315700
**File Stem:** 0000315700-25-000127
**Filing Date:** 2025-9
**Character Count:** 989725
**Document Hash:** 0df76f889979173ad9dd717a2fe7c435
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315700-25-000127.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0000315700-25-000127

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 153

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY ADVISOR SERIES VII
- **CENTRAL INDEX KEY:** 0000315700

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03010
- **FILM NUMBER:** 251328976

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY SECURITIES TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PLYMOUTH SECURITIES TRUST
- **DATE OF NAME CHANGE:** 19911118

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** READY CASH FUND
- **DATE OF NAME CHANGE:** 19880207

## Series and Classes Contracts Data

### Fidelity Advisor Biotechnology Fund (Series ID: S000005321)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014519 | Class A      | FBTAX           |
| C000014521 | Class C      | FBTCX           |
| C000014522 | Class M      | FBTTX           |
| C000014523 | Class I      | FBTIX           |
| C000204999 | Class Z      | FIJYX           |

### Fidelity Advisor Technology Fund (Series ID: S000005322)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014524 | Class A      | FADTX           |
| C000014526 | Class C      | FTHCX           |
| C000014527 | Class M      | FATEX           |
| C000014528 | Class I      | FATIX           |
| C000205000 | Class Z      | FIKHX           |

### Fidelity Advisor Utilities Fund (Series ID: S000005323)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014529 | Class A      | FUGAX           |
| C000014531 | Class C      | FUGCX           |
| C000014532 | Class M      | FAUFX           |
| C000014533 | Class I      | FUGIX           |
| C000205001 | Class Z      | FIKIX           |

### Fidelity Advisor Consumer Discretionary Fund (Series ID: S000005324)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014534 | Class A      | FCNAX           |
| C000014536 | Class C      | FCECX           |
| C000014537 | Class M      | FACPX           |
| C000014538 | Class I      | FCNIX           |
| C000205002 | Class Z      | FIJZX           |

### Fidelity Advisor Industrials Fund (Series ID: S000005325)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014539 | Class A      | FCLAX           |
| C000014541 | Class C      | FCLCX           |
| C000014542 | Class M      | FCLTX           |
| C000014543 | Class I      | FCLIX           |
| C000205003 | Class Z      | FIKEX           |

### Fidelity Advisor Semiconductors Fund (Series ID: S000005327)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014549 | Class A      | FELAX           |
| C000014551 | Class C      | FELCX           |
| C000014552 | Class M      | FELTX           |
| C000014553 | Class I      | FELIX           |
| C000205004 | Class Z      | FIKGX           |

### Fidelity Advisor Financials Fund (Series ID: S000005328)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014554 | Class A      | FAFDX           |
| C000014556 | Class C      | FAFCX           |
| C000014557 | Class M      | FAFSX           |
| C000014558 | Class I      | FFSIX           |
| C000205005 | Class Z      | FIKBX           |

### Fidelity Advisor Health Care Fund (Series ID: S000005329)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014559 | Class A      | FACDX           |
| C000014561 | Class C      | FHCCX           |
| C000014562 | Class M      | FACTX           |
| C000014563 | Class I      | FHCIX           |
| C000205006 | Class Z      | FIKCX           |

### Fidelity Advisor Energy Fund (Series ID: S000005330)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014564 | Class A      | FANAX           |
| C000014566 | Class C      | FNRCX           |
| C000014567 | Class M      | FAGNX           |
| C000014568 | Class I      | FANIX           |
| C000205007 | Class Z      | FIKAX           |

### Fidelity Advisor Real Estate Fund (Series ID: S000005331)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014569 | Class A      | FHEAX           |
| C000014571 | Class C      | FHECX           |
| C000014572 | Class M      | FHETX           |
| C000014573 | Class I      | FHEIX           |
| C000205008 | Class Z      | FIKJX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-03010</u>

<u>Fidelity Advisor Series VII</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| Date of fiscal year end: | July 31 |
| Date of reporting period: | July 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Utilities Fund<br> **Fidelity Advisor® Utilities Fund Class Z : FIKIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Utilities Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $66  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, especially an overweight in independent power producers & energy traders. Security selection in heavy electrical equipment also boosted relative performance. Also lifting the fund's relative result was an underweight in water utilities.

• The top individual relative contributor was an overweight in Vistra (+162%). The company was among our largest holdings. A non-index stake in GE Vernova gained roughly 96% and was a second notable relative contributor. This was an investment we established this period. Another notable relative contributor was an overweight in Entergy (+60%). The stock was one of our biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was stock picking in independent power producers & energy traders. Also hurting our result was security selection in electric utilities and electrical components & equipment.

• The largest individual relative detractor was our stake in AES (-32%). The second-largest relative detractor was an overweight in PG&E (-22%). The company was among the fund's biggest holdings this period. Another notable relative detractor was untimely positioning in NRG Energy (+55%). The stock was among the fund's biggest holdings at period end.

• Notable changes in positioning include increased exposure to the independent power producers & energy traders industry and a lower allocation to multi-utilities.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10904<br>| $10778<br>| $12439<br>| $14824<br>| $14644<br>| $17129<br>| $20926<br>|
| MSCI U.S. IMI Utilities 25-50 Index<br>| $10000 | $11420<br>| $11793<br>| $13232<br>| $15237<br>| $14234<br>| $16033<br>| $19359<br>|
| S&P 500® Index<br>| $10000 | $10365<br>| $11604<br>| $15833<br>| $15098<br>| $17064<br>| $20843<br>| $24247<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111583_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 22.16% | 14.19% | 11.41% |
| MSCI U.S. IMI Utilities 25-50 Index | 20.74%<br>| 10.42%<br>| 10.15% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.84% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1352161801<br>|
| Number of Holdings | 32<br>|
| Total Advisory Fee | $7639454<br>|
| Portfolio Turnover | 119%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 64.9 |
| Multi-Utilities | 17.0 |
| Independent Power and Renewable Electricity Producers | 9.7 |
| Oil, Gas & Consumable Fuels | 2.2 |
| Electrical Equipment | 1.8 |
| Construction & Engineering | 1.6 |
| Gas Utilities | 1.6 |
| Semiconductors & Semiconductor Equipment | 0.7 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img186_20250731_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

United States 97.3 <br> Canada 2.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img186_20250731_GD.jpg) <br>|

---

United States - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NextEra Energy Inc | 11.7<br>|
| Constellation Energy Corp | 9.3<br>|
| Duke Energy Corp | 8.0<br>|
| Vistra Corp | 7.5<br>|
| Sempra | 6.2<br>|
| Exelon Corp | 5.4<br>|
| Entergy Corp | 4.9<br>|
| NRG Energy Inc | 4.0<br>|
| Ameren Corp | 3.9<br>|
| Xcel Energy Inc | 3.9<br>|
|  | 64.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img186_20250731_2.jpg)<br>| ![](img111583_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913410.101 3298-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Utilities Fund<br> **Fidelity Advisor® Utilities Fund Class M : FAUFX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Utilities Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $137  | 1.23% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, especially an overweight in independent power producers & energy traders. Security selection in heavy electrical equipment also boosted relative performance. Also lifting the fund's relative result was an underweight in water utilities.

• The top individual relative contributor was an overweight in Vistra (+162%). The company was among our largest holdings. A non-index stake in GE Vernova gained roughly 96% and was a second notable relative contributor. This was an investment we established this period. Another notable relative contributor was an overweight in Entergy (+60%). The stock was one of our biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was stock picking in independent power producers & energy traders. Also hurting our result was security selection in electric utilities and electrical components & equipment.

• The largest individual relative detractor was our stake in AES (-32%). The second-largest relative detractor was an overweight in PG&E (-22%). The company was among the fund's biggest holdings this period. Another notable relative detractor was untimely positioning in NRG Energy (+55%). The stock was among the fund's biggest holdings at period end.

• Notable changes in positioning include increased exposure to the independent power producers & energy traders industry and a lower allocation to multi-utilities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10922<br>| $11961<br>| $13101<br>| $14593<br>| $14328<br>| $16424<br>| $19441<br>| $19082<br>| $22172<br>| $26919<br>|
| MSCI U.S. IMI Utilities 25-50 Index<br>| $10000 | $12378<br>| $13216<br>| $13746<br>| $15949<br>| $16470<br>| $18480<br>| $21281<br>| $19880<br>| $22393<br>| $27038<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111584_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 17.16% | 12.64%<br>| 10.41% |
| Class M (without 3.50% sales charge) | 21.41% | 13.44% | 10.80% |
| MSCI U.S. IMI Utilities 25-50 Index | 20.74%<br>| 10.42%<br>| 10.46% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1352161801<br>|
| Number of Holdings | 32<br>|
| Total Advisory Fee | $7639454<br>|
| Portfolio Turnover | 119%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 64.9 |
| Multi-Utilities | 17.0 |
| Independent Power and Renewable Electricity Producers | 9.7 |
| Oil, Gas & Consumable Fuels | 2.2 |
| Electrical Equipment | 1.8 |
| Construction & Engineering | 1.6 |
| Gas Utilities | 1.6 |
| Semiconductors & Semiconductor Equipment | 0.7 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img186_20250731_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

United States 97.3 <br> Canada 2.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img186_20250731_GD.jpg) <br>|

---

United States - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NextEra Energy Inc | 11.7<br>|
| Constellation Energy Corp | 9.3<br>|
| Duke Energy Corp | 8.0<br>|
| Vistra Corp | 7.5<br>|
| Sempra | 6.2<br>|
| Exelon Corp | 5.4<br>|
| Entergy Corp | 4.9<br>|
| NRG Energy Inc | 4.0<br>|
| Ameren Corp | 3.9<br>|
| Xcel Energy Inc | 3.9<br>|
|  | 64.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img186_20250731_2.jpg)<br>| ![](img111584_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913408.101 196-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Utilities Fund<br> **Fidelity Advisor® Utilities Fund Class I : FUGIX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Utilities Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $80  | 0.72% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, especially an overweight in independent power producers & energy traders. Security selection in heavy electrical equipment also boosted relative performance. Also lifting the fund's relative result was an underweight in water utilities.

• The top individual relative contributor was an overweight in Vistra (+162%). The company was among our largest holdings. A non-index stake in GE Vernova gained roughly 96% and was a second notable relative contributor. This was an investment we established this period. Another notable relative contributor was an overweight in Entergy (+60%). The stock was one of our biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was stock picking in independent power producers & energy traders. Also hurting our result was security selection in electric utilities and electrical components & equipment.

• The largest individual relative detractor was our stake in AES (-32%). The second-largest relative detractor was an overweight in PG&E (-22%). The company was among the fund's biggest holdings this period. Another notable relative detractor was untimely positioning in NRG Energy (+55%). The stock was among the fund's biggest holdings at period end.

• Notable changes in positioning include increased exposure to the independent power producers & energy traders industry and a lower allocation to multi-utilities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $11381<br>| $12538<br>| $13809<br>| $15472<br>| $15270<br>| $17606<br>| $20951<br>| $20670<br>| $24148<br>| $29466<br>|
| MSCI U.S. IMI Utilities 25-50 Index<br>| $10000 | $12378<br>| $13216<br>| $13746<br>| $15949<br>| $16470<br>| $18480<br>| $21281<br>| $19880<br>| $22393<br>| $27038<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111585_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 22.02% | 14.05% | 11.41% |
| MSCI U.S. IMI Utilities 25-50 Index | 20.74%<br>| 10.42%<br>| 10.46% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1352161801<br>|
| Number of Holdings | 32<br>|
| Total Advisory Fee | $7639454<br>|
| Portfolio Turnover | 119%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 64.9 |
| Multi-Utilities | 17.0 |
| Independent Power and Renewable Electricity Producers | 9.7 |
| Oil, Gas & Consumable Fuels | 2.2 |
| Electrical Equipment | 1.8 |
| Construction & Engineering | 1.6 |
| Gas Utilities | 1.6 |
| Semiconductors & Semiconductor Equipment | 0.7 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img186_20250731_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

United States 97.3 <br> Canada 2.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img186_20250731_GD.jpg) <br>|

---

United States - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NextEra Energy Inc | 11.7<br>|
| Constellation Energy Corp | 9.3<br>|
| Duke Energy Corp | 8.0<br>|
| Vistra Corp | 7.5<br>|
| Sempra | 6.2<br>|
| Exelon Corp | 5.4<br>|
| Entergy Corp | 4.9<br>|
| NRG Energy Inc | 4.0<br>|
| Ameren Corp | 3.9<br>|
| Xcel Energy Inc | 3.9<br>|
|  | 64.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img186_20250731_2.jpg)<br>| ![](img111585_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913409.101 206-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Utilities Fund<br> **Fidelity Advisor® Utilities Fund Class C : FUGCX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Utilities Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $191  | 1.73% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, especially an overweight in independent power producers & energy traders. Security selection in heavy electrical equipment also boosted relative performance. Also lifting the fund's relative result was an underweight in water utilities.

• The top individual relative contributor was an overweight in Vistra (+162%). The company was among our largest holdings. A non-index stake in GE Vernova gained roughly 96% and was a second notable relative contributor. This was an investment we established this period. Another notable relative contributor was an overweight in Entergy (+60%). The stock was one of our biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was stock picking in independent power producers & energy traders. Also hurting our result was security selection in electric utilities and electrical components & equipment.

• The largest individual relative detractor was our stake in AES (-32%). The second-largest relative detractor was an overweight in PG&E (-22%). The company was among the fund's biggest holdings this period. Another notable relative detractor was untimely positioning in NRG Energy (+55%). The stock was among the fund's biggest holdings at period end.

• Notable changes in positioning include increased exposure to the independent power producers & energy traders industry and a lower allocation to multi-utilities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $11264<br>| $12280<br>| $13390<br>| $14845<br>| $14506<br>| $16552<br>| $19496<br>| $19039<br>| $22177<br>| $26994<br>|
| MSCI U.S. IMI Utilities 25-50 Index<br>| $10000 | $12378<br>| $13216<br>| $13746<br>| $15949<br>| $16470<br>| $18480<br>| $21281<br>| $19880<br>| $22393<br>| $27038<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111586_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 19.78% | 12.89%<br>| 10.44% |
| Class C | 20.78% | 12.89% | 10.44% |
| MSCI U.S. IMI Utilities 25-50 Index | 20.74%<br>| 10.42%<br>| 10.46% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1352161801<br>|
| Number of Holdings | 32<br>|
| Total Advisory Fee | $7639454<br>|
| Portfolio Turnover | 119%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 64.9 |
| Multi-Utilities | 17.0 |
| Independent Power and Renewable Electricity Producers | 9.7 |
| Oil, Gas & Consumable Fuels | 2.2 |
| Electrical Equipment | 1.8 |
| Construction & Engineering | 1.6 |
| Gas Utilities | 1.6 |
| Semiconductors & Semiconductor Equipment | 0.7 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img186_20250731_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

United States 97.3 <br> Canada 2.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img186_20250731_GD.jpg) <br>|

---

United States - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NextEra Energy Inc | 11.7<br>|
| Constellation Energy Corp | 9.3<br>|
| Duke Energy Corp | 8.0<br>|
| Vistra Corp | 7.5<br>|
| Sempra | 6.2<br>|
| Exelon Corp | 5.4<br>|
| Entergy Corp | 4.9<br>|
| NRG Energy Inc | 4.0<br>|
| Ameren Corp | 3.9<br>|
| Xcel Energy Inc | 3.9<br>|
|  | 64.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img186_20250731_2.jpg)<br>| ![](img111586_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913411.101 477-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Utilities Fund<br> **Fidelity Advisor® Utilities Fund Class A : FUGAX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Utilities Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $109  | 0.98% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, especially an overweight in independent power producers & energy traders. Security selection in heavy electrical equipment also boosted relative performance. Also lifting the fund's relative result was an underweight in water utilities.

• The top individual relative contributor was an overweight in Vistra (+162%). The company was among our largest holdings. A non-index stake in GE Vernova gained roughly 96% and was a second notable relative contributor. This was an investment we established this period. Another notable relative contributor was an overweight in Entergy (+60%). The stock was one of our biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was stock picking in independent power producers & energy traders. Also hurting our result was security selection in electric utilities and electrical components & equipment.

• The largest individual relative detractor was our stake in AES (-32%). The second-largest relative detractor was an overweight in PG&E (-22%). The company was among the fund's biggest holdings this period. Another notable relative detractor was untimely positioning in NRG Energy (+55%). The stock was among the fund's biggest holdings at period end.

• Notable changes in positioning include increased exposure to the independent power producers & energy traders industry and a lower allocation to multi-utilities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10697<br>| $11752<br>| $12909<br>| $14423<br>| $14198<br>| $16322<br>| $19373<br>| $19067<br>| $22209<br>| $27034<br>|
| MSCI U.S. IMI Utilities 25-50 Index<br>| $10000 | $12378<br>| $13216<br>| $13746<br>| $15949<br>| $16470<br>| $18480<br>| $21281<br>| $19880<br>| $22393<br>| $27038<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111587_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 14.72% | 12.41%<br>| 10.46% |
| Class A (without 5.75% sales charge) | 21.72% | 13.75% | 11.11% |
| MSCI U.S. IMI Utilities 25-50 Index | 20.74%<br>| 10.42%<br>| 10.46% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1352161801<br>|
| Number of Holdings | 32<br>|
| Total Advisory Fee | $7639454<br>|
| Portfolio Turnover | 119%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 64.9 |
| Multi-Utilities | 17.0 |
| Independent Power and Renewable Electricity Producers | 9.7 |
| Oil, Gas & Consumable Fuels | 2.2 |
| Electrical Equipment | 1.8 |
| Construction & Engineering | 1.6 |
| Gas Utilities | 1.6 |
| Semiconductors & Semiconductor Equipment | 0.7 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img186_20250731_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

United States 97.3 <br> Canada 2.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img186_20250731_GD.jpg) <br>|

---

United States - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NextEra Energy Inc | 11.7<br>|
| Constellation Energy Corp | 9.3<br>|
| Duke Energy Corp | 8.0<br>|
| Vistra Corp | 7.5<br>|
| Sempra | 6.2<br>|
| Exelon Corp | 5.4<br>|
| Entergy Corp | 4.9<br>|
| NRG Energy Inc | 4.0<br>|
| Ameren Corp | 3.9<br>|
| Xcel Energy Inc | 3.9<br>|
|  | 64.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img186_20250731_2.jpg)<br>| ![](img111587_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913407.101 186-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Technology Fund<br> **Fidelity Advisor® Technology Fund Class Z : FIKHX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Technology Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $62  | 0.55% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Information Technology 25/50 Index for the fiscal year, especially an overweight in semiconductors. Stock picks in technology hardware, storage & peripherals also boosted relative performance. Also contributing to our result were stock selection and an overweight in internet services & infrastructure.

• The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's biggest holding. Not owning Adobe, an index component that returned -35%, was a second notable relative contributor. A non-index stake in Shopify gained 94% and notably helped.

• In contrast, the biggest detractor from performance versus the industry index was security selection in semiconductors. An underweight in application software also hampered the fund's result. Also detracting from our result were stock picking and an underweight in systems software.

• The largest individual relative detractor was an overweight in ON Semiconductor (-28%). The company was among the fund's biggest holdings. A second notable relative detractor was an underweight in Broadcom (+85%). This was an investment we established this period. The stock was one of our largest holdings at period end. An overweight in NXP Semiconductors (-18%) also detracted. The company was one of the fund's biggest holdings.

• Notable changes in positioning include increased exposure to the communications equipment industry and a lower allocation to technology hardware, storage & peripherals.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10288<br>| $15370<br>| $22342<br>| $18664<br>| $24449<br>| $31190<br>| $38837<br>|
| MSCI U.S. IMI Information Technology 25-50 Index<br>| $10000 | $10841<br>| $14876<br>| $20939<br>| $18969<br>| $23535<br>| $29607<br>| $36204<br>|
| S&P 500® Index<br>| $10000 | $10365<br>| $11604<br>| $15833<br>| $15098<br>| $17064<br>| $20843<br>| $24247<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111588_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 24.52% | 20.37% | 21.97% |
| MSCI U.S. IMI Information Technology 25-50 Index | 22.28%<br>| 19.47%<br>| 20.72% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.84% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7999966088<br>|
| Number of Holdings | 100<br>|
| Total Advisory Fee | $44120239<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 44.3 |
| Software | 25.2 |
| Technology Hardware, Storage & Peripherals | 12.2 |
| IT Services | 5.6 |
| Communications Equipment | 4.0 |
| Ground Transportation | 2.1 |
| Electronic Equipment, Instruments & Components | 1.1 |
| Broadline Retail | 1.0 |
| Entertainment | 0.8 |
| Others | 0.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.7 |
| Preferred Stocks | 1.9 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img187_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.4 |

---

---

| | |
|:---|:---|
| United States | 91.7 |
| Netherlands | 4.1 |
| Taiwan | 2.3 |
| Canada | 1.7 |
| India | 0.2 |
| United Kingdom | 0.0 |
| China | 0.0 |
| Korea (South) | 0.0 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img187_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.7<br>|
| Microsoft Corp | 12.8<br>|
| Apple Inc | 9.3<br>|
| Cisco Systems Inc | 4.0<br>|
| Marvell Technology Inc | 3.6<br>|
| NXP Semiconductors NV | 3.5<br>|
| ON Semiconductor Corp | 3.0<br>|
| Servicenow Inc | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| Broadcom Inc | 2.1<br>|
|  | 67.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img187_20250731_2.jpg)<br>| ![](img111588_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913415.101 3297-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Technology Fund<br> **Fidelity Advisor® Technology Fund Class M : FATEX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Technology Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $131  | 1.17% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Information Technology 25/50 Index for the fiscal year, especially an overweight in semiconductors. Stock picks in technology hardware, storage & peripherals also boosted relative performance. Also contributing to our result were stock selection and an overweight in internet services & infrastructure.

• The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's biggest holding. Not owning Adobe, an index component that returned -35%, was a second notable relative contributor. A non-index stake in Shopify gained 94% and notably helped.

• In contrast, the biggest detractor from performance versus the industry index was security selection in semiconductors. An underweight in application software also hampered the fund's result. Also detracting from our result were stock picking and an underweight in systems software.

• The largest individual relative detractor was an overweight in ON Semiconductor (-28%). The company was among the fund's biggest holdings. A second notable relative detractor was an underweight in Broadcom (+85%). This was an investment we established this period. The stock was one of our largest holdings at period end. An overweight in NXP Semiconductors (-18%) also detracted. The company was one of the fund's biggest holdings.

• Notable changes in positioning include increased exposure to the communications equipment industry and a lower allocation to technology hardware, storage & peripherals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10383<br>| $14484<br>| $18118<br>| $19386<br>| $28776<br>| $41573<br>| $34508<br>| $44928<br>| $56957<br>| $70493<br>|
| MSCI U.S. IMI Information Technology 25-50 Index<br>| $10000 | $10844<br>| $13982<br>| $17908<br>| $20772<br>| $28502<br>| $40120<br>| $36345<br>| $45093<br>| $56728<br>| $69368<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111589_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 19.43% | 18.78%<br>| 21.57% |
| Class M (without 3.50% sales charge) | 23.77% | 19.63% | 22.00% |
| MSCI U.S. IMI Information Technology 25-50 Index | 22.28%<br>| 19.47%<br>| 21.37% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7999966088<br>|
| Number of Holdings | 100<br>|
| Total Advisory Fee | $44120239<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 44.3 |
| Software | 25.2 |
| Technology Hardware, Storage & Peripherals | 12.2 |
| IT Services | 5.6 |
| Communications Equipment | 4.0 |
| Ground Transportation | 2.1 |
| Electronic Equipment, Instruments & Components | 1.1 |
| Broadline Retail | 1.0 |
| Entertainment | 0.8 |
| Others | 0.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.7 |
| Preferred Stocks | 1.9 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img187_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.4 |

---

---

| | |
|:---|:---|
| United States | 91.7 |
| Netherlands | 4.1 |
| Taiwan | 2.3 |
| Canada | 1.7 |
| India | 0.2 |
| United Kingdom | 0.0 |
| China | 0.0 |
| Korea (South) | 0.0 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img187_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.7<br>|
| Microsoft Corp | 12.8<br>|
| Apple Inc | 9.3<br>|
| Cisco Systems Inc | 4.0<br>|
| Marvell Technology Inc | 3.6<br>|
| NXP Semiconductors NV | 3.5<br>|
| ON Semiconductor Corp | 3.0<br>|
| Servicenow Inc | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| Broadcom Inc | 2.1<br>|
|  | 67.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img187_20250731_2.jpg)<br>| ![](img111589_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913413.101 192-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Technology Fund<br> **Fidelity Advisor® Technology Fund Class I : FATIX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Technology Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $75  | 0.67% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Information Technology 25/50 Index for the fiscal year, especially an overweight in semiconductors. Stock picks in technology hardware, storage & peripherals also boosted relative performance. Also contributing to our result were stock selection and an overweight in internet services & infrastructure.

• The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's biggest holding. Not owning Adobe, an index component that returned -35%, was a second notable relative contributor. A non-index stake in Shopify gained 94% and notably helped.

• In contrast, the biggest detractor from performance versus the industry index was security selection in semiconductors. An underweight in application software also hampered the fund's result. Also detracting from our result were stock picking and an underweight in systems software.

• The largest individual relative detractor was an overweight in ON Semiconductor (-28%). The company was among the fund's biggest holdings. A second notable relative detractor was an underweight in Broadcom (+85%). This was an investment we established this period. The stock was one of our largest holdings at period end. An overweight in NXP Semiconductors (-18%) also detracted. The company was one of the fund's biggest holdings.

• Notable changes in positioning include increased exposure to the communications equipment industry and a lower allocation to technology hardware, storage & peripherals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10824<br>| $15182<br>| $19091<br>| $20534<br>| $30641<br>| $44486<br>| $37118<br>| $48564<br>| $61878<br>| $76965<br>|
| MSCI U.S. IMI Information Technology 25-50 Index<br>| $10000 | $10844<br>| $13982<br>| $17908<br>| $20772<br>| $28502<br>| $40120<br>| $36345<br>| $45093<br>| $56728<br>| $69368<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111590_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 24.38% | 20.23% | 22.64% |
| MSCI U.S. IMI Information Technology 25-50 Index | 22.28%<br>| 19.47%<br>| 21.37% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7999966088<br>|
| Number of Holdings | 100<br>|
| Total Advisory Fee | $44120239<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 44.3 |
| Software | 25.2 |
| Technology Hardware, Storage & Peripherals | 12.2 |
| IT Services | 5.6 |
| Communications Equipment | 4.0 |
| Ground Transportation | 2.1 |
| Electronic Equipment, Instruments & Components | 1.1 |
| Broadline Retail | 1.0 |
| Entertainment | 0.8 |
| Others | 0.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.7 |
| Preferred Stocks | 1.9 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img187_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.4 |

---

---

| | |
|:---|:---|
| United States | 91.7 |
| Netherlands | 4.1 |
| Taiwan | 2.3 |
| Canada | 1.7 |
| India | 0.2 |
| United Kingdom | 0.0 |
| China | 0.0 |
| Korea (South) | 0.0 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img187_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.7<br>|
| Microsoft Corp | 12.8<br>|
| Apple Inc | 9.3<br>|
| Cisco Systems Inc | 4.0<br>|
| Marvell Technology Inc | 3.6<br>|
| NXP Semiconductors NV | 3.5<br>|
| ON Semiconductor Corp | 3.0<br>|
| Servicenow Inc | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| Broadcom Inc | 2.1<br>|
|  | 67.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img187_20250731_2.jpg)<br>| ![](img111590_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913414.101 202-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Technology Fund<br> **Fidelity Advisor® Technology Fund Class C : FTHCX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Technology Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $186  | 1.67% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Information Technology 25/50 Index for the fiscal year, especially an overweight in semiconductors. Stock picks in technology hardware, storage & peripherals also boosted relative performance. Also contributing to our result were stock selection and an overweight in internet services & infrastructure.

• The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's biggest holding. Not owning Adobe, an index component that returned -35%, was a second notable relative contributor. A non-index stake in Shopify gained 94% and notably helped.

• In contrast, the biggest detractor from performance versus the industry index was security selection in semiconductors. An underweight in application software also hampered the fund's result. Also detracting from our result were stock picking and an underweight in systems software.

• The largest individual relative detractor was an overweight in ON Semiconductor (-28%). The company was among the fund's biggest holdings. A second notable relative detractor was an underweight in Broadcom (+85%). This was an investment we established this period. The stock was one of our largest holdings at period end. An overweight in NXP Semiconductors (-18%) also detracted. The company was one of the fund's biggest holdings.

• Notable changes in positioning include increased exposure to the communications equipment industry and a lower allocation to technology hardware, storage & peripherals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10708<br>| $14862<br>| $18500<br>| $19692<br>| $29084<br>| $41801<br>| $34522<br>| $44706<br>| $56817<br>| $70487<br>|
| MSCI U.S. IMI Information Technology 25-50 Index<br>| $10000 | $10844<br>| $13982<br>| $17908<br>| $20772<br>| $28502<br>| $40120<br>| $36345<br>| $45093<br>| $56728<br>| $69368<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111591_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 22.14% | 19.01%<br>| 21.57% |
| Class C | 23.14% | 19.01% | 21.57% |
| MSCI U.S. IMI Information Technology 25-50 Index | 22.28%<br>| 19.47%<br>| 21.37% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7999966088<br>|
| Number of Holdings | 100<br>|
| Total Advisory Fee | $44120239<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 44.3 |
| Software | 25.2 |
| Technology Hardware, Storage & Peripherals | 12.2 |
| IT Services | 5.6 |
| Communications Equipment | 4.0 |
| Ground Transportation | 2.1 |
| Electronic Equipment, Instruments & Components | 1.1 |
| Broadline Retail | 1.0 |
| Entertainment | 0.8 |
| Others | 0.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.7 |
| Preferred Stocks | 1.9 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img187_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.4 |

---

---

| | |
|:---|:---|
| United States | 91.7 |
| Netherlands | 4.1 |
| Taiwan | 2.3 |
| Canada | 1.7 |
| India | 0.2 |
| United Kingdom | 0.0 |
| China | 0.0 |
| Korea (South) | 0.0 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img187_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.7<br>|
| Microsoft Corp | 12.8<br>|
| Apple Inc | 9.3<br>|
| Cisco Systems Inc | 4.0<br>|
| Marvell Technology Inc | 3.6<br>|
| NXP Semiconductors NV | 3.5<br>|
| ON Semiconductor Corp | 3.0<br>|
| Servicenow Inc | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| Broadcom Inc | 2.1<br>|
|  | 67.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img187_20250731_2.jpg)<br>| ![](img111591_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913416.101 476-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Technology Fund<br> **Fidelity Advisor® Technology Fund Class A : FADTX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Technology Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $103  | 0.92% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Information Technology 25/50 Index for the fiscal year, especially an overweight in semiconductors. Stock picks in technology hardware, storage & peripherals also boosted relative performance. Also contributing to our result were stock selection and an overweight in internet services & infrastructure.

• The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's biggest holding. Not owning Adobe, an index component that returned -35%, was a second notable relative contributor. A non-index stake in Shopify gained 94% and notably helped.

• In contrast, the biggest detractor from performance versus the industry index was security selection in semiconductors. An underweight in application software also hampered the fund's result. Also detracting from our result were stock picking and an underweight in systems software.

• The largest individual relative detractor was an overweight in ON Semiconductor (-28%). The company was among the fund's biggest holdings. A second notable relative detractor was an underweight in Broadcom (+85%). This was an investment we established this period. The stock was one of our largest holdings at period end. An overweight in NXP Semiconductors (-18%) also detracted. The company was one of the fund's biggest holdings.

• Notable changes in positioning include increased exposure to the communications equipment industry and a lower allocation to technology hardware, storage & peripherals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10166<br>| $14217<br>| $17832<br>| $19127<br>| $28466<br>| $41220<br>| $34304<br>| $44769<br>| $56896<br>| $70586<br>|
| MSCI U.S. IMI Information Technology 25-50 Index<br>| $10000 | $10844<br>| $13982<br>| $17908<br>| $20772<br>| $28502<br>| $40120<br>| $36345<br>| $45093<br>| $56728<br>| $69368<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111592_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 16.93% | 18.50%<br>| 21.58% |
| Class A (without 5.75% sales charge) | 24.06% | 19.92% | 22.30% |
| MSCI U.S. IMI Information Technology 25-50 Index | 22.28%<br>| 19.47%<br>| 21.37% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7999966088<br>|
| Number of Holdings | 100<br>|
| Total Advisory Fee | $44120239<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 44.3 |
| Software | 25.2 |
| Technology Hardware, Storage & Peripherals | 12.2 |
| IT Services | 5.6 |
| Communications Equipment | 4.0 |
| Ground Transportation | 2.1 |
| Electronic Equipment, Instruments & Components | 1.1 |
| Broadline Retail | 1.0 |
| Entertainment | 0.8 |
| Others | 0.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.7 |
| Preferred Stocks | 1.9 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img187_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.4 |

---

---

| | |
|:---|:---|
| United States | 91.7 |
| Netherlands | 4.1 |
| Taiwan | 2.3 |
| Canada | 1.7 |
| India | 0.2 |
| United Kingdom | 0.0 |
| China | 0.0 |
| Korea (South) | 0.0 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img187_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.7<br>|
| Microsoft Corp | 12.8<br>|
| Apple Inc | 9.3<br>|
| Cisco Systems Inc | 4.0<br>|
| Marvell Technology Inc | 3.6<br>|
| NXP Semiconductors NV | 3.5<br>|
| ON Semiconductor Corp | 3.0<br>|
| Servicenow Inc | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| Broadcom Inc | 2.1<br>|
|  | 67.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img187_20250731_2.jpg)<br>| ![](img111592_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913412.101 187-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Semiconductors Fund<br> **Fidelity Advisor® Semiconductors Fund Class Z : FIKGX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Semiconductors Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $63  | 0.57% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25/50 Index for the fiscal year, led by the core semiconductors group. Picks and an underweight in semiconductor materials & equipment also boosted relative performance. Also contributing to our result was modest out-of-benchmark exposure to technology hardware, storage & peripherals.

• The top individual relative contributor was an overweight in Astera Labs (+208%). A non-index stake in Taiwan Semiconductor Manufacturing gained 47% and was a second notable relative contributor. The stock was one of the fund's largest holdings. An underweight in Intel (-35%) also helped. This was a stake we established this period.

• In contrast, the biggest detractor from performance versus the industry index was security selection in communications equipment. Additionally, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Broadcom (+85%). This period we meaningfully increased our position in Broadcom, and the stock was among the fund's biggest holdings at period end. A non-index stake in GlobalFoundries returned about -27% and was the second-largest relative detractor. The stock was among the fund's largest holdings. Another notable relative detractor was an overweight in ON Semiconductor (-29%). The stock was among the fund's biggest holdings.

• Notable changes in positioning include decreased exposure to semiconductor materials & equipment.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $11203<br>| $14700<br>| $23970<br>| $23292<br>| $34912<br>| $48893<br>| $60206<br>|
| MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index<br>| $10000 | $10992<br>| $14816<br>| $23440<br>| $22253<br>| $33233<br>| $49556<br>| $57990<br>|
| S&P 500® Index<br>| $10000 | $10365<br>| $11604<br>| $15833<br>| $15098<br>| $17064<br>| $20843<br>| $24247<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111593_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 23.14% | 32.58% | 30.05% |
| MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index | 17.02%<br>| 31.38%<br>| 29.34% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.84% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3557844337<br>|
| Number of Holdings | 55<br>|
| Total Advisory Fee | $18962310<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 88.6 |
| Technology Hardware, Storage & Peripherals | 2.9 |
| Electrical Equipment | 0.1 |
| Software | 0.1 |
| Electronic Equipment, Instruments & Components | 0.1 |
| Financial Services | 0.1 |
| Metals & Mining | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 91.3 |
| Preferred Stocks | 0.6 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img689_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.1 |

---

---

| | |
|:---|:---|
| United States | 82.2 |
| Taiwan | 7.1 |
| Netherlands | 6.4 |
| Israel | 2.4 |
| Japan | 1.9 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img689_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 82.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.9<br>|
| Broadcom Inc | 12.0<br>|
| NXP Semiconductors NV | 6.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 6.2<br>|
| Marvell Technology Inc | 4.9<br>|
| Lam Research Corp | 4.9<br>|
| Monolithic Power Systems Inc | 4.8<br>|
| ON Semiconductor Corp | 4.8<br>|
| Micron Technology Inc | 4.7<br>|
| GlobalFoundries Inc | 3.3<br>|
|  | 76.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img689_20250731_2.jpg)<br>| ![](img111593_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913445.101 3296-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Semiconductors Fund<br> **Fidelity Advisor® Semiconductors Fund Class M : FELTX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Semiconductors Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $132  | 1.19% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25/50 Index for the fiscal year, led by the core semiconductors group. Picks and an underweight in semiconductor materials & equipment also boosted relative performance. Also contributing to our result was modest out-of-benchmark exposure to technology hardware, storage & peripherals.

• The top individual relative contributor was an overweight in Astera Labs (+208%). A non-index stake in Taiwan Semiconductor Manufacturing gained 47% and was a second notable relative contributor. The stock was one of the fund's largest holdings. An underweight in Intel (-35%) also helped. This was a stake we established this period.

• In contrast, the biggest detractor from performance versus the industry index was security selection in communications equipment. Additionally, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Broadcom (+85%). This period we meaningfully increased our position in Broadcom, and the stock was among the fund's biggest holdings at period end. A non-index stake in GlobalFoundries returned about -27% and was the second-largest relative detractor. The stock was among the fund's largest holdings. Another notable relative detractor was an overweight in ON Semiconductor (-29%). The stock was among the fund's biggest holdings.

• Notable changes in positioning include decreased exposure to semiconductor materials & equipment.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $11581<br>| $15139<br>| $19218<br>| $21110<br>| $27503<br>| $44550<br>| $43021<br>| $64080<br>| $89185<br>| $109143<br>|
| MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index<br>| $10000 | $12430<br>| $16498<br>| $20753<br>| $22850<br>| $30800<br>| $48728<br>| $46260<br>| $69086<br>| $103018<br>| $120549<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111594_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 18.10% | 30.81%<br>| 27.00% |
| Class M (without 3.50% sales charge) | 22.38% | 31.74% | 27.45% |
| MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index | 17.02%<br>| 31.38%<br>| 28.27% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3557844337<br>|
| Number of Holdings | 55<br>|
| Total Advisory Fee | $18962310<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 88.6 |
| Technology Hardware, Storage & Peripherals | 2.9 |
| Electrical Equipment | 0.1 |
| Software | 0.1 |
| Electronic Equipment, Instruments & Components | 0.1 |
| Financial Services | 0.1 |
| Metals & Mining | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 91.3 |
| Preferred Stocks | 0.6 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img689_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.1 |

---

---

| | |
|:---|:---|
| United States | 82.2 |
| Taiwan | 7.1 |
| Netherlands | 6.4 |
| Israel | 2.4 |
| Japan | 1.9 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img689_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 82.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.9<br>|
| Broadcom Inc | 12.0<br>|
| NXP Semiconductors NV | 6.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 6.2<br>|
| Marvell Technology Inc | 4.9<br>|
| Lam Research Corp | 4.9<br>|
| Monolithic Power Systems Inc | 4.8<br>|
| ON Semiconductor Corp | 4.8<br>|
| Micron Technology Inc | 4.7<br>|
| GlobalFoundries Inc | 3.3<br>|
|  | 76.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img689_20250731_2.jpg)<br>| ![](img111594_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913444.101 139-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Semiconductors Fund<br> **Fidelity Advisor® Semiconductors Fund Class I : FELIX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Semiconductors Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $76  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25/50 Index for the fiscal year, led by the core semiconductors group. Picks and an underweight in semiconductor materials & equipment also boosted relative performance. Also contributing to our result was modest out-of-benchmark exposure to technology hardware, storage & peripherals.

• The top individual relative contributor was an overweight in Astera Labs (+208%). A non-index stake in Taiwan Semiconductor Manufacturing gained 47% and was a second notable relative contributor. The stock was one of the fund's largest holdings. An underweight in Intel (-35%) also helped. This was a stake we established this period.

• In contrast, the biggest detractor from performance versus the industry index was security selection in communications equipment. Additionally, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Broadcom (+85%). This period we meaningfully increased our position in Broadcom, and the stock was among the fund's biggest holdings at period end. A non-index stake in GlobalFoundries returned about -27% and was the second-largest relative detractor. The stock was among the fund's largest holdings. Another notable relative detractor was an overweight in ON Semiconductor (-29%). The stock was among the fund's biggest holdings.

• Notable changes in positioning include decreased exposure to semiconductor materials & equipment.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $12085<br>| $15906<br>| $20319<br>| $22444<br>| $29418<br>| $47910<br>| $46494<br>| $69608<br>| $97359<br>| $119755<br>|
| MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index<br>| $10000 | $12430<br>| $16498<br>| $20753<br>| $22850<br>| $30800<br>| $48728<br>| $46260<br>| $69086<br>| $103018<br>| $120549<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111595_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 23.00% | 32.41% | 28.18% |
| MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index | 17.02%<br>| 31.38%<br>| 28.27% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3557844337<br>|
| Number of Holdings | 55<br>|
| Total Advisory Fee | $18962310<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 88.6 |
| Technology Hardware, Storage & Peripherals | 2.9 |
| Electrical Equipment | 0.1 |
| Software | 0.1 |
| Electronic Equipment, Instruments & Components | 0.1 |
| Financial Services | 0.1 |
| Metals & Mining | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 91.3 |
| Preferred Stocks | 0.6 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img689_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.1 |

---

---

| | |
|:---|:---|
| United States | 82.2 |
| Taiwan | 7.1 |
| Netherlands | 6.4 |
| Israel | 2.4 |
| Japan | 1.9 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img689_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 82.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.9<br>|
| Broadcom Inc | 12.0<br>|
| NXP Semiconductors NV | 6.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 6.2<br>|
| Marvell Technology Inc | 4.9<br>|
| Lam Research Corp | 4.9<br>|
| Monolithic Power Systems Inc | 4.8<br>|
| ON Semiconductor Corp | 4.8<br>|
| Micron Technology Inc | 4.7<br>|
| GlobalFoundries Inc | 3.3<br>|
|  | 76.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img689_20250731_2.jpg)<br>| ![](img111595_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913442.101 121-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Semiconductors Fund<br> **Fidelity Advisor® Semiconductors Fund Class C : FELCX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Semiconductors Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $187  | 1.69% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25/50 Index for the fiscal year, led by the core semiconductors group. Picks and an underweight in semiconductor materials & equipment also boosted relative performance. Also contributing to our result was modest out-of-benchmark exposure to technology hardware, storage & peripherals.

• The top individual relative contributor was an overweight in Astera Labs (+208%). A non-index stake in Taiwan Semiconductor Manufacturing gained 47% and was a second notable relative contributor. The stock was one of the fund's largest holdings. An underweight in Intel (-35%) also helped. This was a stake we established this period.

• In contrast, the biggest detractor from performance versus the industry index was security selection in communications equipment. Additionally, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Broadcom (+85%). This period we meaningfully increased our position in Broadcom, and the stock was among the fund's biggest holdings at period end. A non-index stake in GlobalFoundries returned about -27% and was the second-largest relative detractor. The stock was among the fund's largest holdings. Another notable relative detractor was an overweight in ON Semiconductor (-29%). The stock was among the fund's biggest holdings.

• Notable changes in positioning include decreased exposure to semiconductor materials & equipment.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $11948<br>| $15557<br>| $19662<br>| $21496<br>| $27887<br>| $44946<br>| $43181<br>| $63988<br>| $89274<br>| $109531<br>|
| MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index<br>| $10000 | $12430<br>| $16498<br>| $20753<br>| $22850<br>| $30800<br>| $48728<br>| $46260<br>| $69086<br>| $103018<br>| $120549<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111596_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 20.78% | 31.07%<br>| 27.04% |
| Class C | 21.78% | 31.07% | 27.04% |
| MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index | 17.02%<br>| 31.38%<br>| 28.27% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3557844337<br>|
| Number of Holdings | 55<br>|
| Total Advisory Fee | $18962310<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 88.6 |
| Technology Hardware, Storage & Peripherals | 2.9 |
| Electrical Equipment | 0.1 |
| Software | 0.1 |
| Electronic Equipment, Instruments & Components | 0.1 |
| Financial Services | 0.1 |
| Metals & Mining | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 91.3 |
| Preferred Stocks | 0.6 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img689_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.1 |

---

---

| | |
|:---|:---|
| United States | 82.2 |
| Taiwan | 7.1 |
| Netherlands | 6.4 |
| Israel | 2.4 |
| Japan | 1.9 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img689_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 82.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.9<br>|
| Broadcom Inc | 12.0<br>|
| NXP Semiconductors NV | 6.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 6.2<br>|
| Marvell Technology Inc | 4.9<br>|
| Lam Research Corp | 4.9<br>|
| Monolithic Power Systems Inc | 4.8<br>|
| ON Semiconductor Corp | 4.8<br>|
| Micron Technology Inc | 4.7<br>|
| GlobalFoundries Inc | 3.3<br>|
|  | 76.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img689_20250731_2.jpg)<br>| ![](img111596_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913441.101 119-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Semiconductors Fund<br> **Fidelity Advisor® Semiconductors Fund Class A : FELAX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Semiconductors Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $104  | 0.94% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25/50 Index for the fiscal year, led by the core semiconductors group. Picks and an underweight in semiconductor materials & equipment also boosted relative performance. Also contributing to our result was modest out-of-benchmark exposure to technology hardware, storage & peripherals.

• The top individual relative contributor was an overweight in Astera Labs (+208%). A non-index stake in Taiwan Semiconductor Manufacturing gained 47% and was a second notable relative contributor. The stock was one of the fund's largest holdings. An underweight in Intel (-35%) also helped. This was a stake we established this period.

• In contrast, the biggest detractor from performance versus the industry index was security selection in communications equipment. Additionally, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Broadcom (+85%). This period we meaningfully increased our position in Broadcom, and the stock was among the fund's biggest holdings at period end. A non-index stake in GlobalFoundries returned about -27% and was the second-largest relative detractor. The stock was among the fund's largest holdings. Another notable relative detractor was an overweight in ON Semiconductor (-29%). The stock was among the fund's biggest holdings.

• Notable changes in positioning include decreased exposure to semiconductor materials & equipment.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $11353<br>| $14897<br>| $18972<br>| $20903<br>| $27310<br>| $44364<br>| $42942<br>| $64117<br>| $89453<br>| $109750<br>|
| MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index<br>| $10000 | $12430<br>| $16498<br>| $20753<br>| $22850<br>| $30800<br>| $48728<br>| $46260<br>| $69086<br>| $103018<br>| $120549<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111597_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 15.64% | 30.52%<br>| 27.07% |
| Class A (without 5.75% sales charge) | 22.69% | 32.07% | 27.82% |
| MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index | 17.02%<br>| 31.38%<br>| 28.27% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3557844337<br>|
| Number of Holdings | 55<br>|
| Total Advisory Fee | $18962310<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 88.6 |
| Technology Hardware, Storage & Peripherals | 2.9 |
| Electrical Equipment | 0.1 |
| Software | 0.1 |
| Electronic Equipment, Instruments & Components | 0.1 |
| Financial Services | 0.1 |
| Metals & Mining | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 91.3 |
| Preferred Stocks | 0.6 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img689_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.1 |

---

---

| | |
|:---|:---|
| United States | 82.2 |
| Taiwan | 7.1 |
| Netherlands | 6.4 |
| Israel | 2.4 |
| Japan | 1.9 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img689_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 82.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.9<br>|
| Broadcom Inc | 12.0<br>|
| NXP Semiconductors NV | 6.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 6.2<br>|
| Marvell Technology Inc | 4.9<br>|
| Lam Research Corp | 4.9<br>|
| Monolithic Power Systems Inc | 4.8<br>|
| ON Semiconductor Corp | 4.8<br>|
| Micron Technology Inc | 4.7<br>|
| GlobalFoundries Inc | 3.3<br>|
|  | 76.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img689_20250731_2.jpg)<br>| ![](img111597_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913443.101 138-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Real Estate Fund<br> **Fidelity Advisor® Real Estate Fund Class Z : FIKJX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Real Estate Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $64  | 0.63% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Real Estate 25/50 Linked Index for the fiscal year, especially an overweight among industrial REITs. Also hurting our result was stock selection in the retail and telecom tower groups.

• The biggest individual relative detractor was an overweight in Americold Realty Trust (-44%), followed by a stake in Welltower (+51%), the latter being one of our biggest holdings. An overweight in Public Storage (-5%), a position we established this period and one of our biggest holdings, also hurt.

• In contrast, the primary contributor to performance versus the real estate index was security selection in health care. Picks and an overweight in real estate services also boosted relative performance. Also bolstering our relative result were investment choices among multi-family residential REITs.

• The top individual relative contributor was an overweight in Ventas (+27%). Though we decreased our position in the stock this period it was among the fund's largest holdings. Outsized exposure to CBRE (+39%) also helped. We decreased our position in the stock the past 12 months, though it finished the period among our biggest holdings. Avoiding Alexandria Real Estate Equities, an index component that returned -31%, was another plus.

• Notable changes in positioning include increased exposure to the retail industry and a lower allocation to self-storage stocks.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $11122<br>| $10366<br>| $13574<br>| $12867<br>| $11413<br>| $12622<br>| $12930<br>|
| MSCI US IMI Real Estate 25/50 Linked Index<br>| $10000 | $11209<br>| $9382<br>| $12693<br>| $12155<br>| $10981<br>| $12159<br>| $12478<br>|
| S&P 500® Index<br>| $10000 | $10365<br>| $11604<br>| $15833<br>| $15098<br>| $17064<br>| $20843<br>| $24247<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111598_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 2.44% | 4.52% | 3.83% |
| MSCI US IMI Real Estate 25/50 Linked Index | 2.63%<br>| 5.87%<br>| 3.29% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.84% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $184465945<br>|
| Number of Holdings | 45<br>|
| Total Advisory Fee | $1452559<br>|
| Portfolio Turnover | 72%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 35.6 |
| Industrial REITs | 15.6 |
| Retail REITs | 15.5 |
| Residential REITs | 13.8 |
| Health Care REITs | 11.2 |
| Real Estate Management & Development | 8.1 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1128_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1128_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| American Tower Corp | 9.8<br>|
| Prologis Inc | 9.2<br>|
| Equinix Inc | 7.7<br>|
| Welltower Inc | 7.5<br>|
| Kimco Realty Corp | 4.5<br>|
| Digital Realty Trust Inc | 4.3<br>|
| NNN REIT Inc | 4.2<br>|
| UDR Inc | 4.1<br>|
| Public Storage Operating Co | 4.0<br>|
| CBRE Group Inc Class A | 4.0<br>|
|  | 59.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1128_20250731_2.jpg)<br>| ![](img111598_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913450.101 3299-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Real Estate Fund<br> **Fidelity Advisor® Real Estate Fund Class M : FHETX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Real Estate Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $130  | 1.29% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Real Estate 25/50 Linked Index for the fiscal year, especially an overweight among industrial REITs. Also hurting our result was stock selection in the retail and telecom tower groups.

• The biggest individual relative detractor was an overweight in Americold Realty Trust (-44%), followed by a stake in Welltower (+51%), the latter being one of our biggest holdings. An overweight in Public Storage (-5%), a position we established this period and one of our biggest holdings, also hurt.

• In contrast, the primary contributor to performance versus the real estate index was security selection in health care. Picks and an overweight in real estate services also boosted relative performance. Also bolstering our relative result were investment choices among multi-family residential REITs.

• The top individual relative contributor was an overweight in Ventas (+27%). Though we decreased our position in the stock this period it was among the fund's largest holdings. Outsized exposure to CBRE (+39%) also helped. We decreased our position in the stock the past 12 months, though it finished the period among our biggest holdings. Avoiding Alexandria Real Estate Equities, an index component that returned -31%, was another plus.

• Notable changes in positioning include increased exposure to the retail industry and a lower allocation to self-storage stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $11389<br>| $10726<br>| $10976<br>| $12002<br>| $11112<br>| $14461<br>| $13618<br>| $12002<br>| $13184<br>| $13419<br>|
| MSCI US IMI Real Estate 25/50 Linked Index<br>| $10000 | $12092<br>| $11407<br>| $11847<br>| $13138<br>| $10996<br>| $14876<br>| $14246<br>| $12870<br>| $14251<br>| $14625<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111599_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | -1.78% | 3.11%<br>| 2.98% |
| Class M (without 3.50% sales charge) | 1.79% | 3.85% | 3.35% |
| MSCI US IMI Real Estate 25/50 Linked Index | 2.63%<br>| 5.87%<br>| 3.87% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $184465945<br>|
| Number of Holdings | 45<br>|
| Total Advisory Fee | $1452559<br>|
| Portfolio Turnover | 72%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 35.6 |
| Industrial REITs | 15.6 |
| Retail REITs | 15.5 |
| Residential REITs | 13.8 |
| Health Care REITs | 11.2 |
| Real Estate Management & Development | 8.1 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1128_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1128_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| American Tower Corp | 9.8<br>|
| Prologis Inc | 9.2<br>|
| Equinix Inc | 7.7<br>|
| Welltower Inc | 7.5<br>|
| Kimco Realty Corp | 4.5<br>|
| Digital Realty Trust Inc | 4.3<br>|
| NNN REIT Inc | 4.2<br>|
| UDR Inc | 4.1<br>|
| Public Storage Operating Co | 4.0<br>|
| CBRE Group Inc Class A | 4.0<br>|
|  | 59.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1128_20250731_2.jpg)<br>| ![](img111599_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913448.101 1131-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Real Estate Fund<br> **Fidelity Advisor® Real Estate Fund Class I : FHEIX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Real Estate Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $79  | 0.78% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Real Estate 25/50 Linked Index for the fiscal year, especially an overweight among industrial REITs. Also hurting our result was stock selection in the retail and telecom tower groups.

• The biggest individual relative detractor was an overweight in Americold Realty Trust (-44%), followed by a stake in Welltower (+51%), the latter being one of our biggest holdings. An overweight in Public Storage (-5%), a position we established this period and one of our biggest holdings, also hurt.

• In contrast, the primary contributor to performance versus the real estate index was security selection in health care. Picks and an overweight in real estate services also boosted relative performance. Also bolstering our relative result were investment choices among multi-family residential REITs.

• The top individual relative contributor was an overweight in Ventas (+27%). Though we decreased our position in the stock this period it was among the fund's largest holdings. Outsized exposure to CBRE (+39%) also helped. We decreased our position in the stock the past 12 months, though it finished the period among our biggest holdings. Avoiding Alexandria Real Estate Equities, an index component that returned -31%, was another plus.

• Notable changes in positioning include increased exposure to the retail industry and a lower allocation to self-storage stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $11861<br>| $11225<br>| $11544<br>| $12690<br>| $11803<br>| $15420<br>| $14584<br>| $12917<br>| $14260<br>| $14592<br>|
| MSCI US IMI Real Estate 25/50 Linked Index<br>| $10000 | $12092<br>| $11407<br>| $11847<br>| $13138<br>| $10996<br>| $14876<br>| $14246<br>| $12870<br>| $14251<br>| $14625<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111600_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 2.32% | 4.33% | 3.85% |
| MSCI US IMI Real Estate 25/50 Linked Index | 2.63%<br>| 5.87%<br>| 3.87% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $184465945<br>|
| Number of Holdings | 45<br>|
| Total Advisory Fee | $1452559<br>|
| Portfolio Turnover | 72%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 35.6 |
| Industrial REITs | 15.6 |
| Retail REITs | 15.5 |
| Residential REITs | 13.8 |
| Health Care REITs | 11.2 |
| Real Estate Management & Development | 8.1 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1128_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1128_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| American Tower Corp | 9.8<br>|
| Prologis Inc | 9.2<br>|
| Equinix Inc | 7.7<br>|
| Welltower Inc | 7.5<br>|
| Kimco Realty Corp | 4.5<br>|
| Digital Realty Trust Inc | 4.3<br>|
| NNN REIT Inc | 4.2<br>|
| UDR Inc | 4.1<br>|
| Public Storage Operating Co | 4.0<br>|
| CBRE Group Inc Class A | 4.0<br>|
|  | 59.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1128_20250731_2.jpg)<br>| ![](img111600_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913449.101 1132-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Real Estate Fund<br> **Fidelity Advisor® Real Estate Fund Class C : FHECX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Real Estate Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $180  | 1.79% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Real Estate 25/50 Linked Index for the fiscal year, especially an overweight among industrial REITs. Also hurting our result was stock selection in the retail and telecom tower groups.

• The biggest individual relative detractor was an overweight in Americold Realty Trust (-44%), followed by a stake in Welltower (+51%), the latter being one of our biggest holdings. An overweight in Public Storage (-5%), a position we established this period and one of our biggest holdings, also hurt.

• In contrast, the primary contributor to performance versus the real estate index was security selection in health care. Picks and an overweight in real estate services also boosted relative performance. Also bolstering our relative result were investment choices among multi-family residential REITs.

• The top individual relative contributor was an overweight in Ventas (+27%). Though we decreased our position in the stock this period it was among the fund's largest holdings. Outsized exposure to CBRE (+39%) also helped. We decreased our position in the stock the past 12 months, though it finished the period among our biggest holdings. Avoiding Alexandria Real Estate Equities, an index component that returned -31%, was another plus.

• Notable changes in positioning include increased exposure to the retail industry and a lower allocation to self-storage stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $11740<br>| $10996<br>| $11191<br>| $12167<br>| $11200<br>| $14488<br>| $13568<br>| $11889<br>| $13089<br>| $13359<br>|
| MSCI US IMI Real Estate 25/50 Linked Index<br>| $10000 | $12092<br>| $11407<br>| $11847<br>| $13138<br>| $10996<br>| $14876<br>| $14246<br>| $12870<br>| $14251<br>| $14625<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111601_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 0.34% | 3.28%<br>| 2.94% |
| Class C | 1.27% | 3.28% | 2.94% |
| MSCI US IMI Real Estate 25/50 Linked Index | 2.63%<br>| 5.87%<br>| 3.87% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $184465945<br>|
| Number of Holdings | 45<br>|
| Total Advisory Fee | $1452559<br>|
| Portfolio Turnover | 72%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 35.6 |
| Industrial REITs | 15.6 |
| Retail REITs | 15.5 |
| Residential REITs | 13.8 |
| Health Care REITs | 11.2 |
| Real Estate Management & Development | 8.1 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1128_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1128_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| American Tower Corp | 9.8<br>|
| Prologis Inc | 9.2<br>|
| Equinix Inc | 7.7<br>|
| Welltower Inc | 7.5<br>|
| Kimco Realty Corp | 4.5<br>|
| Digital Realty Trust Inc | 4.3<br>|
| NNN REIT Inc | 4.2<br>|
| UDR Inc | 4.1<br>|
| Public Storage Operating Co | 4.0<br>|
| CBRE Group Inc Class A | 4.0<br>|
|  | 59.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1128_20250731_2.jpg)<br>| ![](img111601_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913447.101 1130-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Real Estate Fund<br> **Fidelity Advisor® Real Estate Fund Class A : FHEAX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Real Estate Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $105  | 1.04% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Real Estate 25/50 Linked Index for the fiscal year, especially an overweight among industrial REITs. Also hurting our result was stock selection in the retail and telecom tower groups.

• The biggest individual relative detractor was an overweight in Americold Realty Trust (-44%), followed by a stake in Welltower (+51%), the latter being one of our biggest holdings. An overweight in Public Storage (-5%), a position we established this period and one of our biggest holdings, also hurt.

• In contrast, the primary contributor to performance versus the real estate index was security selection in health care. Picks and an overweight in real estate services also boosted relative performance. Also bolstering our relative result were investment choices among multi-family residential REITs.

• The top individual relative contributor was an overweight in Ventas (+27%). Though we decreased our position in the stock this period it was among the fund's largest holdings. Outsized exposure to CBRE (+39%) also helped. We decreased our position in the stock the past 12 months, though it finished the period among our biggest holdings. Avoiding Alexandria Real Estate Equities, an index component that returned -31%, was another plus.

• Notable changes in positioning include increased exposure to the retail industry and a lower allocation to self-storage stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $11153<br>| $10525<br>| $10794<br>| $11832<br>| $10979<br>| $14314<br>| $13506<br>| $11925<br>| $13129<br>| $13399<br>|
| MSCI US IMI Real Estate 25/50 Linked Index<br>| $10000 | $12092<br>| $11407<br>| $11847<br>| $13138<br>| $10996<br>| $14876<br>| $14246<br>| $12870<br>| $14251<br>| $14625<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111602_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | -3.81% | 2.84%<br>| 2.97% |
| Class A (without 5.75% sales charge) | 2.06% | 4.07% | 3.58% |
| MSCI US IMI Real Estate 25/50 Linked Index | 2.63%<br>| 5.87%<br>| 3.87% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $184465945<br>|
| Number of Holdings | 45<br>|
| Total Advisory Fee | $1452559<br>|
| Portfolio Turnover | 72%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 35.6 |
| Industrial REITs | 15.6 |
| Retail REITs | 15.5 |
| Residential REITs | 13.8 |
| Health Care REITs | 11.2 |
| Real Estate Management & Development | 8.1 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1128_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1128_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| American Tower Corp | 9.8<br>|
| Prologis Inc | 9.2<br>|
| Equinix Inc | 7.7<br>|
| Welltower Inc | 7.5<br>|
| Kimco Realty Corp | 4.5<br>|
| Digital Realty Trust Inc | 4.3<br>|
| NNN REIT Inc | 4.2<br>|
| UDR Inc | 4.1<br>|
| Public Storage Operating Co | 4.0<br>|
| CBRE Group Inc Class A | 4.0<br>|
|  | 59.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1128_20250731_2.jpg)<br>| ![](img111602_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913446.101 1128-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Industrials Fund<br> **Fidelity Advisor® Industrials Fund Class Z : FIKEX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Industrials Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $67  | 0.59% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Industrials 25/50 Linked Index for the fiscal year, led by an overweight in heavy electrical equipment. Stock picks and an overweight in aerospace & defense also boosted the fund's relative performance. Also contributing to our result was an underweight in air freight & logistics.

• The top individual relative contributor was an overweight in GE Vernova (+271%). The company was the fund's largest holding at period end. The second-largest relative contributor was an overweight in Howmet Aerospace (+85%). The stock was among our biggest holdings. An overweight in GE Aerospace (+60%) also helped. The company was the fund's largest holding this period, on an average basis.

• In contrast, the biggest detractor from performance versus the sector index was an overweight in cargo ground transportation. An overweight in industrial machinery & supplies & components also hampered the fund's result. Also hurting our result was security selection in construction materials.

• The biggest individual relative detractor was an overweight in Ingersoll Rand (-16%). The company was one of our biggest holdings. The second-largest relative detractor was an overweight in Knight-Swift Transportation (-21%). Another notable relative detractor was an overweight in KBR (-29%).

• Notable changes in positioning include increased exposure to the heavy electrical equipment industry and a lower allocation to rail transportation.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9808<br>| $9199<br>| $12525<br>| $11596<br>| $13816<br>| $17564<br>| $22165<br>|
| MSCI U.S. IMI Industrials 25-50 Index<br>| $10000 | $10039<br>| $9457<br>| $13947<br>| $12942<br>| $15447<br>| $18353<br>| $21730<br>|
| S&P 500® Index<br>| $10000 | $10365<br>| $11604<br>| $15833<br>| $15098<br>| $17064<br>| $20843<br>| $24247<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111603_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 26.20% | 19.23% | 12.35% |
| MSCI U.S. IMI Industrials 25-50 Index | 18.40%<br>| 18.10%<br>| 12.03% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.84% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $806882131<br>|
| Number of Holdings | 52<br>|
| Total Advisory Fee | $4441200<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 27.9 |
| Machinery | 20.2 |
| Electrical Equipment | 15.9 |
| Ground Transportation | 8.1 |
| Building Products | 7.9 |
| Trading Companies & Distributors | 5.7 |
| Commercial Services & Supplies | 4.6 |
| Construction & Engineering | 3.4 |
| Professional Services | 2.3 |
| Others | 3.2 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img184_20250731_AA.jpg) <br>|

---

Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.8 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img184_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Aerospace | 8.0<br>|
| GE Vernova Inc | 7.6<br>|
| Howmet Aerospace Inc | 5.7<br>|
| Boeing Co | 4.8<br>|
| Trane Technologies PLC | 4.3<br>|
| Eaton Corp PLC | 4.1<br>|
| Parker-Hannifin Corp | 4.1<br>|
| TransDigm Group Inc | 3.3<br>|
| Deere & Co | 3.1<br>|
| Ingersoll Rand Inc | 3.1<br>|
|  | 48.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img184_20250731_2.jpg)<br>| ![](img111603_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913401.101 3295-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Industrials Fund<br> **Fidelity Advisor® Industrials Fund Class M : FCLTX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Industrials Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $138  | 1.23% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Industrials 25/50 Linked Index for the fiscal year, led by an overweight in heavy electrical equipment. Stock picks and an overweight in aerospace & defense also boosted the fund's relative performance. Also contributing to our result was an underweight in air freight & logistics.

• The top individual relative contributor was an overweight in GE Vernova (+271%). The company was the fund's largest holding at period end. The second-largest relative contributor was an overweight in Howmet Aerospace (+85%). The stock was among our biggest holdings. An overweight in GE Aerospace (+60%) also helped. The company was the fund's largest holding this period, on an average basis.

• In contrast, the biggest detractor from performance versus the sector index was an overweight in cargo ground transportation. An overweight in industrial machinery & supplies & components also hampered the fund's result. Also hurting our result was security selection in construction materials.

• The biggest individual relative detractor was an overweight in Ingersoll Rand (-16%). The company was one of our biggest holdings. The second-largest relative detractor was an overweight in Knight-Swift Transportation (-21%). Another notable relative detractor was an overweight in KBR (-29%).

• Notable changes in positioning include increased exposure to the heavy electrical equipment industry and a lower allocation to rail transportation.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10107<br>| $11353<br>| $13136<br>| $13370<br>| $12458<br>| $16850<br>| $15498<br>| $18348<br>| $23173<br>| $29060<br>|
| MSCI U.S. IMI Industrials 25-50 Index<br>| $10000 | $10866<br>| $12911<br>| $14805<br>| $15280<br>| $14394<br>| $21229<br>| $19698<br>| $23512<br>| $27935<br>| $33074<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111604_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 21.01% | 17.62%<br>| 11.26% |
| Class M (without 3.50% sales charge) | 25.40% | 18.46% | 11.65% |
| MSCI U.S. IMI Industrials 25-50 Index | 18.40%<br>| 18.10%<br>| 12.71% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $806882131<br>|
| Number of Holdings | 52<br>|
| Total Advisory Fee | $4441200<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 27.9 |
| Machinery | 20.2 |
| Electrical Equipment | 15.9 |
| Ground Transportation | 8.1 |
| Building Products | 7.9 |
| Trading Companies & Distributors | 5.7 |
| Commercial Services & Supplies | 4.6 |
| Construction & Engineering | 3.4 |
| Professional Services | 2.3 |
| Others | 3.2 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img184_20250731_AA.jpg) <br>|

---

Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.8 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img184_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Aerospace | 8.0<br>|
| GE Vernova Inc | 7.6<br>|
| Howmet Aerospace Inc | 5.7<br>|
| Boeing Co | 4.8<br>|
| Trane Technologies PLC | 4.3<br>|
| Eaton Corp PLC | 4.1<br>|
| Parker-Hannifin Corp | 4.1<br>|
| TransDigm Group Inc | 3.3<br>|
| Deere & Co | 3.1<br>|
| Ingersoll Rand Inc | 3.1<br>|
|  | 48.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img184_20250731_2.jpg)<br>| ![](img111604_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913398.101 194-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Industrials Fund<br> **Fidelity Advisor® Industrials Fund Class I : FCLIX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Industrials Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $80  | 0.71% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Industrials 25/50 Linked Index for the fiscal year, led by an overweight in heavy electrical equipment. Stock picks and an overweight in aerospace & defense also boosted the fund's relative performance. Also contributing to our result was an underweight in air freight & logistics.

• The top individual relative contributor was an overweight in GE Vernova (+271%). The company was the fund's largest holding at period end. The second-largest relative contributor was an overweight in Howmet Aerospace (+85%). The stock was among our biggest holdings. An overweight in GE Aerospace (+60%) also helped. The company was the fund's largest holding this period, on an average basis.

• In contrast, the biggest detractor from performance versus the sector index was an overweight in cargo ground transportation. An overweight in industrial machinery & supplies & components also hampered the fund's result. Also hurting our result was security selection in construction materials.

• The biggest individual relative detractor was an overweight in Ingersoll Rand (-16%). The company was one of our biggest holdings. The second-largest relative detractor was an overweight in Knight-Swift Transportation (-21%). Another notable relative detractor was an overweight in KBR (-29%).

• Notable changes in positioning include increased exposure to the heavy electrical equipment industry and a lower allocation to rail transportation.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10533<br>| $11893<br>| $13832<br>| $14152<br>| $13258<br>| $18028<br>| $16667<br>| $19837<br>| $25186<br>| $31749<br>|
| MSCI U.S. IMI Industrials 25-50 Index<br>| $10000 | $10866<br>| $12911<br>| $14805<br>| $15280<br>| $14394<br>| $21229<br>| $19698<br>| $23512<br>| $27935<br>| $33074<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111605_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 26.05% | 19.08% | 12.25% |
| MSCI U.S. IMI Industrials 25-50 Index | 18.40%<br>| 18.10%<br>| 12.71% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $806882131<br>|
| Number of Holdings | 52<br>|
| Total Advisory Fee | $4441200<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 27.9 |
| Machinery | 20.2 |
| Electrical Equipment | 15.9 |
| Ground Transportation | 8.1 |
| Building Products | 7.9 |
| Trading Companies & Distributors | 5.7 |
| Commercial Services & Supplies | 4.6 |
| Construction & Engineering | 3.4 |
| Professional Services | 2.3 |
| Others | 3.2 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img184_20250731_AA.jpg) <br>|

---

Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.8 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img184_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Aerospace | 8.0<br>|
| GE Vernova Inc | 7.6<br>|
| Howmet Aerospace Inc | 5.7<br>|
| Boeing Co | 4.8<br>|
| Trane Technologies PLC | 4.3<br>|
| Eaton Corp PLC | 4.1<br>|
| Parker-Hannifin Corp | 4.1<br>|
| TransDigm Group Inc | 3.3<br>|
| Deere & Co | 3.1<br>|
| Ingersoll Rand Inc | 3.1<br>|
|  | 48.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img184_20250731_2.jpg)<br>| ![](img111605_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913399.101 204-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Industrials Fund<br> **Fidelity Advisor® Industrials Fund Class C : FCLCX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Industrials Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $195  | 1.74% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Industrials 25/50 Linked Index for the fiscal year, led by an overweight in heavy electrical equipment. Stock picks and an overweight in aerospace & defense also boosted the fund's relative performance. Also contributing to our result was an underweight in air freight & logistics.

• The top individual relative contributor was an overweight in GE Vernova (+271%). The company was the fund's largest holding at period end. The second-largest relative contributor was an overweight in Howmet Aerospace (+85%). The stock was among our biggest holdings. An overweight in GE Aerospace (+60%) also helped. The company was the fund's largest holding this period, on an average basis.

• In contrast, the biggest detractor from performance versus the sector index was an overweight in cargo ground transportation. An overweight in industrial machinery & supplies & components also hampered the fund's result. Also hurting our result was security selection in construction materials.

• The biggest individual relative detractor was an overweight in Ingersoll Rand (-16%). The company was one of our biggest holdings. The second-largest relative detractor was an overweight in Knight-Swift Transportation (-21%). Another notable relative detractor was an overweight in KBR (-29%).

• Notable changes in positioning include increased exposure to the heavy electrical equipment industry and a lower allocation to rail transportation.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10425<br>| $11650<br>| $13413<br>| $13584<br>| $12596<br>| $16952<br>| $15514<br>| $18277<br>| $23146<br>| $29094<br>|
| MSCI U.S. IMI Industrials 25-50 Index<br>| $10000 | $10866<br>| $12911<br>| $14805<br>| $15280<br>| $14394<br>| $21229<br>| $19698<br>| $23512<br>| $27935<br>| $33074<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111606_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 23.73% | 17.86%<br>| 11.27% |
| Class C | 24.73% | 17.86% | 11.27% |
| MSCI U.S. IMI Industrials 25-50 Index | 18.40%<br>| 18.10%<br>| 12.71% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $806882131<br>|
| Number of Holdings | 52<br>|
| Total Advisory Fee | $4441200<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 27.9 |
| Machinery | 20.2 |
| Electrical Equipment | 15.9 |
| Ground Transportation | 8.1 |
| Building Products | 7.9 |
| Trading Companies & Distributors | 5.7 |
| Commercial Services & Supplies | 4.6 |
| Construction & Engineering | 3.4 |
| Professional Services | 2.3 |
| Others | 3.2 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img184_20250731_AA.jpg) <br>|

---

Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.8 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img184_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Aerospace | 8.0<br>|
| GE Vernova Inc | 7.6<br>|
| Howmet Aerospace Inc | 5.7<br>|
| Boeing Co | 4.8<br>|
| Trane Technologies PLC | 4.3<br>|
| Eaton Corp PLC | 4.1<br>|
| Parker-Hannifin Corp | 4.1<br>|
| TransDigm Group Inc | 3.3<br>|
| Deere & Co | 3.1<br>|
| Ingersoll Rand Inc | 3.1<br>|
|  | 48.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img184_20250731_2.jpg)<br>| ![](img111606_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913400.101 283-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Industrials Fund<br> **Fidelity Advisor® Industrials Fund Class A : FCLAX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Industrials Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $110  | 0.98% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Industrials 25/50 Linked Index for the fiscal year, led by an overweight in heavy electrical equipment. Stock picks and an overweight in aerospace & defense also boosted the fund's relative performance. Also contributing to our result was an underweight in air freight & logistics.

• The top individual relative contributor was an overweight in GE Vernova (+271%). The company was the fund's largest holding at period end. The second-largest relative contributor was an overweight in Howmet Aerospace (+85%). The stock was among our biggest holdings. An overweight in GE Aerospace (+60%) also helped. The company was the fund's largest holding this period, on an average basis.

• In contrast, the biggest detractor from performance versus the sector index was an overweight in cargo ground transportation. An overweight in industrial machinery & supplies & components also hampered the fund's result. Also hurting our result was security selection in construction materials.

• The biggest individual relative detractor was an overweight in Ingersoll Rand (-16%). The company was one of our biggest holdings. The second-largest relative detractor was an overweight in Knight-Swift Transportation (-21%). Another notable relative detractor was an overweight in KBR (-29%).

• Notable changes in positioning include increased exposure to the heavy electrical equipment industry and a lower allocation to rail transportation.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9900<br>| $11149<br>| $12929<br>| $13196<br>| $12327<br>| $16719<br>| $15417<br>| $18297<br>| $23171<br>| $29126<br>|
| MSCI U.S. IMI Industrials 25-50 Index<br>| $10000 | $10866<br>| $12911<br>| $14805<br>| $15280<br>| $14394<br>| $21229<br>| $19698<br>| $23512<br>| $27935<br>| $33074<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111607_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 18.47% | 17.36%<br>| 11.28% |
| Class A (without 5.75% sales charge) | 25.70% | 18.76% | 11.94% |
| MSCI U.S. IMI Industrials 25-50 Index | 18.40%<br>| 18.10%<br>| 12.71% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $806882131<br>|
| Number of Holdings | 52<br>|
| Total Advisory Fee | $4441200<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 27.9 |
| Machinery | 20.2 |
| Electrical Equipment | 15.9 |
| Ground Transportation | 8.1 |
| Building Products | 7.9 |
| Trading Companies & Distributors | 5.7 |
| Commercial Services & Supplies | 4.6 |
| Construction & Engineering | 3.4 |
| Professional Services | 2.3 |
| Others | 3.2 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img184_20250731_AA.jpg) <br>|

---

Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.8 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img184_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Aerospace | 8.0<br>|
| GE Vernova Inc | 7.6<br>|
| Howmet Aerospace Inc | 5.7<br>|
| Boeing Co | 4.8<br>|
| Trane Technologies PLC | 4.3<br>|
| Eaton Corp PLC | 4.1<br>|
| Parker-Hannifin Corp | 4.1<br>|
| TransDigm Group Inc | 3.3<br>|
| Deere & Co | 3.1<br>|
| Ingersoll Rand Inc | 3.1<br>|
|  | 48.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img184_20250731_2.jpg)<br>| ![](img111607_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913397.101 184-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Health Care Fund<br> **Fidelity Advisor® Health Care Fund Class Z : FIKCX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Health Care Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $54  | 0.56% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection and market selection were the primary contributors to the fund's performance versus the MSCI US IMI Health Care 25/50 Index for the fiscal year, led by health care equipment. Picks and an overweight in biotechnology also boosted the fund's relative performance. Also lifting the fund's relative result was an overweight in health care technology.

• The top individual relative contributor was an overweight in Boston Scientific (+43%). This period we decreased our stake in Boston Scientific. The company was the fund's biggest holding. The second-largest relative contributor was an overweight in Penumbra (+51%). The stock was among the fund's largest holdings. An overweight in Insulet (+48%) also helped. The stock was one of our largest holdings.

• In contrast, the biggest detractor from performance versus the sector index was security selection in life sciences tools & services. An underweight in health care distributors also hampered the fund's result. Also hurting our result were stock picking and an overweight in managed health care.

• The biggest individual relative detractor was our stake in UnitedHealth Group (-56%). The company was one of the fund's biggest holdings. A second notable relative detractor this period was avoiding Johnson & Johnson, an index component that gained 8%. Another notable relative detractor this period was avoiding Abbott Laboratories, an index component that gained about 21%.

• Notable changes in positioning include increased exposure to the health care technology industry and a lower allocation to managed health care.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9714<br>| $12141<br>| $14709<br>| $13008<br>| $13543<br>| $14506<br>| $13626<br>|
| MSCI U.S. IMI Health Care 25-50 Index<br>| $10000 | $9682<br>| $11598<br>| $14864<br>| $14388<br>| $14767<br>| $16651<br>| $14869<br>|
| S&P 500® Index<br>| $10000 | $10365<br>| $11604<br>| $15833<br>| $15098<br>| $17064<br>| $20843<br>| $24247<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111608_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | -6.07% | 2.33% | 4.63% |
| MSCI U.S. IMI Health Care 25-50 Index | -10.70%<br>| 5.09%<br>| 5.98% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.84% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3222572788<br>|
| Number of Holdings | 126<br>|
| Total Advisory Fee | $26404412<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 37.7 |
| Health Care Equipment & Supplies | 28.3 |
| Health Care Providers & Services | 10.1 |
| Life Sciences Tools & Services | 9.7 |
| Pharmaceuticals | 9.6 |
| Health Care Technology | 4.2 |
| Financial Services | 0.2 |
| Chemicals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.4 |
| Preferred Stocks | 1.8 |
| Preferred Securities | 0.5 |
| Bonds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img177_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 87.8 |
| Netherlands | 4.9 |
| Denmark | 2.3 |
| Belgium | 2.0 |
| Canada | 1.0 |
| Germany | 0.8 |
| China | 0.6 |
| United Kingdom | 0.4 |
| Israel | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img177_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Boston Scientific Corp | 8.1<br>|
| Danaher Corp | 5.9<br>|
| Eli Lilly & Co | 5.2<br>|
| Penumbra Inc | 4.9<br>|
| Alnylam Pharmaceuticals Inc | 3.9<br>|
| Masimo Corp | 3.8<br>|
| Argenx SE ADR | 3.3<br>|
| Insulet Corp | 3.0<br>|
| Stryker Corp | 2.9<br>|
| UnitedHealth Group Inc | 2.8<br>|
|  | 43.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img177_20250731_2.jpg)<br>| ![](img111608_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913391.101 3294-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Health Care Fund<br> **Fidelity Advisor® Health Care Fund Class M : FACTX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Health Care Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $114  | 1.18% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection and market selection were the primary contributors to the fund's performance versus the MSCI US IMI Health Care 25/50 Index for the fiscal year, led by health care equipment. Picks and an overweight in biotechnology also boosted the fund's relative performance. Also lifting the fund's relative result was an overweight in health care technology.

• The top individual relative contributor was an overweight in Boston Scientific (+43%). This period we decreased our stake in Boston Scientific. The company was the fund's biggest holding. The second-largest relative contributor was an overweight in Penumbra (+51%). The stock was among the fund's largest holdings. An overweight in Insulet (+48%) also helped. The stock was one of our largest holdings.

• In contrast, the biggest detractor from performance versus the sector index was security selection in life sciences tools & services. An underweight in health care distributors also hampered the fund's result. Also hurting our result were stock picking and an overweight in managed health care.

• The biggest individual relative detractor was our stake in UnitedHealth Group (-56%). The company was one of the fund's biggest holdings. A second notable relative detractor this period was avoiding Johnson & Johnson, an index component that gained 8%. Another notable relative detractor this period was avoiding Abbott Laboratories, an index component that gained about 21%.

• Notable changes in positioning include increased exposure to the health care technology industry and a lower allocation to managed health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $8680<br>| $9477<br>| $11321<br>| $11617<br>| $14427<br>| $17368<br>| $15263<br>| $15789<br>| $16805<br>| $15689<br>|
| MSCI U.S. IMI Health Care 25-50 Index<br>| $10000 | $9742<br>| $10654<br>| $12301<br>| $12779<br>| $15308<br>| $19619<br>| $18990<br>| $19490<br>| $21977<br>| $19625<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111609_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | -9.91% | 0.97%<br>| 4.61% |
| Class M (without 3.50% sales charge) | -6.64% | 1.69% | 4.98% |
| MSCI U.S. IMI Health Care 25-50 Index | -10.70%<br>| 5.09%<br>| 6.97% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3222572788<br>|
| Number of Holdings | 126<br>|
| Total Advisory Fee | $26404412<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 37.7 |
| Health Care Equipment & Supplies | 28.3 |
| Health Care Providers & Services | 10.1 |
| Life Sciences Tools & Services | 9.7 |
| Pharmaceuticals | 9.6 |
| Health Care Technology | 4.2 |
| Financial Services | 0.2 |
| Chemicals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.4 |
| Preferred Stocks | 1.8 |
| Preferred Securities | 0.5 |
| Bonds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img177_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 87.8 |
| Netherlands | 4.9 |
| Denmark | 2.3 |
| Belgium | 2.0 |
| Canada | 1.0 |
| Germany | 0.8 |
| China | 0.6 |
| United Kingdom | 0.4 |
| Israel | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img177_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Boston Scientific Corp | 8.1<br>|
| Danaher Corp | 5.9<br>|
| Eli Lilly & Co | 5.2<br>|
| Penumbra Inc | 4.9<br>|
| Alnylam Pharmaceuticals Inc | 3.9<br>|
| Masimo Corp | 3.8<br>|
| Argenx SE ADR | 3.3<br>|
| Insulet Corp | 3.0<br>|
| Stryker Corp | 2.9<br>|
| UnitedHealth Group Inc | 2.8<br>|
|  | 43.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img177_20250731_2.jpg)<br>| ![](img111609_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913388.101 191-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Health Care Fund<br> **Fidelity Advisor® Health Care Fund Class I : FHCIX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Health Care Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $66  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection and market selection were the primary contributors to the fund's performance versus the MSCI US IMI Health Care 25/50 Index for the fiscal year, led by health care equipment. Picks and an overweight in biotechnology also boosted the fund's relative performance. Also lifting the fund's relative result was an overweight in health care technology.

• The top individual relative contributor was an overweight in Boston Scientific (+43%). This period we decreased our stake in Boston Scientific. The company was the fund's biggest holding. The second-largest relative contributor was an overweight in Penumbra (+51%). The stock was among the fund's largest holdings. An overweight in Insulet (+48%) also helped. The stock was one of our largest holdings.

• In contrast, the biggest detractor from performance versus the sector index was security selection in life sciences tools & services. An underweight in health care distributors also hampered the fund's result. Also hurting our result were stock picking and an overweight in managed health care.

• The biggest individual relative detractor was our stake in UnitedHealth Group (-56%). The company was one of the fund's biggest holdings. A second notable relative detractor this period was avoiding Johnson & Johnson, an index component that gained 8%. Another notable relative detractor this period was avoiding Abbott Laboratories, an index component that gained about 21%.

• Notable changes in positioning include increased exposure to the health care technology industry and a lower allocation to managed health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9040<br>| $9924<br>| $11918<br>| $12293<br>| $15346<br>| $18570<br>| $16401<br>| $17054<br>| $18244<br>| $17119<br>|
| MSCI U.S. IMI Health Care 25-50 Index<br>| $10000 | $9742<br>| $10654<br>| $12301<br>| $12779<br>| $15308<br>| $19619<br>| $18990<br>| $19490<br>| $21977<br>| $19625<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111610_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | -6.17% | 2.21% | 5.52% |
| MSCI U.S. IMI Health Care 25-50 Index | -10.70%<br>| 5.09%<br>| 6.97% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3222572788<br>|
| Number of Holdings | 126<br>|
| Total Advisory Fee | $26404412<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 37.7 |
| Health Care Equipment & Supplies | 28.3 |
| Health Care Providers & Services | 10.1 |
| Life Sciences Tools & Services | 9.7 |
| Pharmaceuticals | 9.6 |
| Health Care Technology | 4.2 |
| Financial Services | 0.2 |
| Chemicals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.4 |
| Preferred Stocks | 1.8 |
| Preferred Securities | 0.5 |
| Bonds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img177_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 87.8 |
| Netherlands | 4.9 |
| Denmark | 2.3 |
| Belgium | 2.0 |
| Canada | 1.0 |
| Germany | 0.8 |
| China | 0.6 |
| United Kingdom | 0.4 |
| Israel | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img177_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Boston Scientific Corp | 8.1<br>|
| Danaher Corp | 5.9<br>|
| Eli Lilly & Co | 5.2<br>|
| Penumbra Inc | 4.9<br>|
| Alnylam Pharmaceuticals Inc | 3.9<br>|
| Masimo Corp | 3.8<br>|
| Argenx SE ADR | 3.3<br>|
| Insulet Corp | 3.0<br>|
| Stryker Corp | 2.9<br>|
| UnitedHealth Group Inc | 2.8<br>|
|  | 43.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img177_20250731_2.jpg)<br>| ![](img111610_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913389.101 271-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Health Care Fund<br> **Fidelity Advisor® Health Care Fund Class C : FHCCX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Health Care Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $162  | 1.68% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection and market selection were the primary contributors to the fund's performance versus the MSCI US IMI Health Care 25/50 Index for the fiscal year, led by health care equipment. Picks and an overweight in biotechnology also boosted the fund's relative performance. Also lifting the fund's relative result was an overweight in health care technology.

• The top individual relative contributor was an overweight in Boston Scientific (+43%). This period we decreased our stake in Boston Scientific. The company was the fund's biggest holding. The second-largest relative contributor was an overweight in Penumbra (+51%). The stock was among the fund's largest holdings. An overweight in Insulet (+48%) also helped. The stock was one of our largest holdings.

• In contrast, the biggest detractor from performance versus the sector index was security selection in life sciences tools & services. An underweight in health care distributors also hampered the fund's result. Also hurting our result were stock picking and an overweight in managed health care.

• The biggest individual relative detractor was our stake in UnitedHealth Group (-56%). The company was one of the fund's biggest holdings. A second notable relative detractor this period was avoiding Johnson & Johnson, an index component that gained 8%. Another notable relative detractor this period was avoiding Abbott Laboratories, an index component that gained about 21%.

• Notable changes in positioning include increased exposure to the health care technology industry and a lower allocation to managed health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $8950<br>| $9726<br>| $11564<br>| $11807<br>| $14592<br>| $17478<br>| $15282<br>| $15730<br>| $16781<br>| $15707<br>|
| MSCI U.S. IMI Health Care 25-50 Index<br>| $10000 | $9742<br>| $10654<br>| $12301<br>| $12779<br>| $15308<br>| $19619<br>| $18990<br>| $19490<br>| $21977<br>| $19625<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111611_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | -7.89% | 1.18%<br>| 4.62% |
| Class C | -7.10% | 1.18% | 4.62% |
| MSCI U.S. IMI Health Care 25-50 Index | -10.70%<br>| 5.09%<br>| 6.97% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3222572788<br>|
| Number of Holdings | 126<br>|
| Total Advisory Fee | $26404412<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 37.7 |
| Health Care Equipment & Supplies | 28.3 |
| Health Care Providers & Services | 10.1 |
| Life Sciences Tools & Services | 9.7 |
| Pharmaceuticals | 9.6 |
| Health Care Technology | 4.2 |
| Financial Services | 0.2 |
| Chemicals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.4 |
| Preferred Stocks | 1.8 |
| Preferred Securities | 0.5 |
| Bonds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img177_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 87.8 |
| Netherlands | 4.9 |
| Denmark | 2.3 |
| Belgium | 2.0 |
| Canada | 1.0 |
| Germany | 0.8 |
| China | 0.6 |
| United Kingdom | 0.4 |
| Israel | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img177_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Boston Scientific Corp | 8.1<br>|
| Danaher Corp | 5.9<br>|
| Eli Lilly & Co | 5.2<br>|
| Penumbra Inc | 4.9<br>|
| Alnylam Pharmaceuticals Inc | 3.9<br>|
| Masimo Corp | 3.8<br>|
| Argenx SE ADR | 3.3<br>|
| Insulet Corp | 3.0<br>|
| Stryker Corp | 2.9<br>|
| UnitedHealth Group Inc | 2.8<br>|
|  | 43.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img177_20250731_2.jpg)<br>| ![](img111611_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913390.101 285-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Health Care Fund<br> **Fidelity Advisor® Health Care Fund Class A : FACDX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Health Care Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $90  | 0.93% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection and market selection were the primary contributors to the fund's performance versus the MSCI US IMI Health Care 25/50 Index for the fiscal year, led by health care equipment. Picks and an overweight in biotechnology also boosted the fund's relative performance. Also lifting the fund's relative result was an overweight in health care technology.

• The top individual relative contributor was an overweight in Boston Scientific (+43%). This period we decreased our stake in Boston Scientific. The company was the fund's biggest holding. The second-largest relative contributor was an overweight in Penumbra (+51%). The stock was among the fund's largest holdings. An overweight in Insulet (+48%) also helped. The stock was one of our largest holdings.

• In contrast, the biggest detractor from performance versus the sector index was security selection in life sciences tools & services. An underweight in health care distributors also hampered the fund's result. Also hurting our result were stock picking and an overweight in managed health care.

• The biggest individual relative detractor was our stake in UnitedHealth Group (-56%). The company was one of the fund's biggest holdings. A second notable relative detractor this period was avoiding Johnson & Johnson, an index component that gained 8%. Another notable relative detractor this period was avoiding Abbott Laboratories, an index component that gained about 21%.

• Notable changes in positioning include increased exposure to the health care technology industry and a lower allocation to managed health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $8500<br>| $9305<br>| $11148<br>| $11467<br>| $14277<br>| $17232<br>| $15181<br>| $15745<br>| $16797<br>| $15722<br>|
| MSCI U.S. IMI Health Care 25-50 Index<br>| $10000 | $9742<br>| $10654<br>| $12301<br>| $12779<br>| $15308<br>| $19619<br>| $18990<br>| $19490<br>| $21977<br>| $19625<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111612_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | -11.78% | 0.75%<br>| 4.63% |
| Class A (without 5.75% sales charge) | -6.40% | 1.95% | 5.25% |
| MSCI U.S. IMI Health Care 25-50 Index | -10.70%<br>| 5.09%<br>| 6.97% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3222572788<br>|
| Number of Holdings | 126<br>|
| Total Advisory Fee | $26404412<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 37.7 |
| Health Care Equipment & Supplies | 28.3 |
| Health Care Providers & Services | 10.1 |
| Life Sciences Tools & Services | 9.7 |
| Pharmaceuticals | 9.6 |
| Health Care Technology | 4.2 |
| Financial Services | 0.2 |
| Chemicals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.4 |
| Preferred Stocks | 1.8 |
| Preferred Securities | 0.5 |
| Bonds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img177_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 87.8 |
| Netherlands | 4.9 |
| Denmark | 2.3 |
| Belgium | 2.0 |
| Canada | 1.0 |
| Germany | 0.8 |
| China | 0.6 |
| United Kingdom | 0.4 |
| Israel | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img177_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Boston Scientific Corp | 8.1<br>|
| Danaher Corp | 5.9<br>|
| Eli Lilly & Co | 5.2<br>|
| Penumbra Inc | 4.9<br>|
| Alnylam Pharmaceuticals Inc | 3.9<br>|
| Masimo Corp | 3.8<br>|
| Argenx SE ADR | 3.3<br>|
| Insulet Corp | 3.0<br>|
| Stryker Corp | 2.9<br>|
| UnitedHealth Group Inc | 2.8<br>|
|  | 43.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img177_20250731_2.jpg)<br>| ![](img111612_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913387.101 177-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Financials Fund<br> **Fidelity Advisor® Financials Fund Class Z : FIKBX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Financials Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $66  | 0.59% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, both security selection and market selection contributed to the fund's performance versus the MSCI US IMI Financials 5% Capped Linked Index for the fiscal year, led by consumer finance stocks. Picks among regional banks boosted relative performance as well, as did an underweight in the life & health insurance industry.

• The top individual relative contributor was an overweight in LPL Financial (+80%), where we decreased our investment this period. Outsized exposure to Wells Fargo (+39%), one of the fund's biggest holdings, helped as well, along with avoiding Berkshire Hathaway, an index component that gained approximately 8%.

• In contrast, the primary detractor from performance versus the sector index was stock selection in the transaction & payment processing services category. Picks and an overweight in reinsurance also hampered the fund's result, in addition to an overweight in regional banks.

• The largest individual relative detractor was an overweight in Reinsurance Group of America (-13%), where we increased our investment this period. The company was one of the fund's largest holdings. Not owning JPMorgan Chase, an index component that gained about 42%, also hurt. Another notable relative detractor this period was avoiding Goldman Sachs Group, an index component that gained 45%.

• Notable changes in positioning include increased exposure to the consumer finance and financial exchanges & data industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10472<br>| $8924<br>| $14504<br>| $14065<br>| $14710<br>| $19231<br>| $23248<br>|
| MSCI U.S. IMI Financials 5% Capped Linked Index<br>| $10000 | $10457<br>| $8858<br>| $13921<br>| $13268<br>| $13983<br>| $17897<br>| $21515<br>|
| S&P 500® Index<br>| $10000 | $10365<br>| $11604<br>| $15833<br>| $15098<br>| $17064<br>| $20843<br>| $24247<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111613_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 20.89% | 21.11% | 13.14% |
| MSCI U.S. IMI Financials 5% Capped Linked Index | 20.22%<br>| 19.42%<br>| 11.87% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.84% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $683721199<br>|
| Number of Holdings | 67<br>|
| Total Advisory Fee | $4252428<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 32.5 |
| Capital Markets | 24.7 |
| Insurance | 17.9 |
| Financial Services | 17.7 |
| Consumer Finance | 5.9 |
| Professional Services | 1.2 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img183_20250731_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 93.0 |
| United Kingdom | 2.5 |
| Puerto Rico | 1.2 |
| Australia | 1.0 |
| France | 0.9 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Mexico | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img183_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.9&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mastercard Inc Class A | 10.1<br>|
| Wells Fargo & Co | 6.5<br>|
| Bank of America Corp | 5.5<br>|
| Citigroup Inc | 3.6<br>|
| Charles Schwab Corp/The | 3.6<br>|
| Reinsurance Group of America Inc | 3.5<br>|
| State Street Corp | 2.6<br>|
| Chubb Ltd | 2.6<br>|
| Morgan Stanley | 2.4<br>|
| Capital One Financial Corp | 2.2<br>|
|  | 42.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img183_20250731_2.jpg)<br>| ![](img111613_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913396.101 3293-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Financials Fund<br> **Fidelity Advisor® Financials Fund Class M : FAFSX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Financials Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $137  | 1.24% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, both security selection and market selection contributed to the fund's performance versus the MSCI US IMI Financials 5% Capped Linked Index for the fiscal year, led by consumer finance stocks. Picks among regional banks boosted relative performance as well, as did an underweight in the life & health insurance industry.

• The top individual relative contributor was an overweight in LPL Financial (+80%), where we decreased our investment this period. Outsized exposure to Wells Fargo (+39%), one of the fund's biggest holdings, helped as well, along with avoiding Berkshire Hathaway, an index component that gained approximately 8%.

• In contrast, the primary detractor from performance versus the sector index was stock selection in the transaction & payment processing services category. Picks and an overweight in reinsurance also hampered the fund's result, in addition to an overweight in regional banks.

• The largest individual relative detractor was an overweight in Reinsurance Group of America (-13%), where we increased our investment this period. The company was one of the fund's largest holdings. Not owning JPMorgan Chase, an index component that gained about 42%, also hurt. Another notable relative detractor this period was avoiding Goldman Sachs Group, an index component that gained 45%.

• Notable changes in positioning include increased exposure to the consumer finance and financial exchanges & data industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9029<br>| $11433<br>| $12787<br>| $13013<br>| $11012<br>| $17783<br>| $17137<br>| $17802<br>| $23125<br>| $27774<br>|
| MSCI U.S. IMI Financials 5% Capped Linked Index<br>| $10000 | $9859<br>| $12939<br>| $14512<br>| $14982<br>| $12691<br>| $19944<br>| $19009<br>| $20034<br>| $25641<br>| $30825<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111614_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 15.90% | 19.47%<br>| 10.76% |
| Class M (without 3.50% sales charge) | 20.10% | 20.32% | 11.15% |
| MSCI U.S. IMI Financials 5% Capped Linked Index | 20.22%<br>| 19.42%<br>| 11.92% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $683721199<br>|
| Number of Holdings | 67<br>|
| Total Advisory Fee | $4252428<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 32.5 |
| Capital Markets | 24.7 |
| Insurance | 17.9 |
| Financial Services | 17.7 |
| Consumer Finance | 5.9 |
| Professional Services | 1.2 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img183_20250731_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 93.0 |
| United Kingdom | 2.5 |
| Puerto Rico | 1.2 |
| Australia | 1.0 |
| France | 0.9 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Mexico | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img183_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.9&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mastercard Inc Class A | 10.1<br>|
| Wells Fargo & Co | 6.5<br>|
| Bank of America Corp | 5.5<br>|
| Citigroup Inc | 3.6<br>|
| Charles Schwab Corp/The | 3.6<br>|
| Reinsurance Group of America Inc | 3.5<br>|
| State Street Corp | 2.6<br>|
| Chubb Ltd | 2.6<br>|
| Morgan Stanley | 2.4<br>|
| Capital One Financial Corp | 2.2<br>|
|  | 42.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img183_20250731_2.jpg)<br>| ![](img111614_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913393.101 193-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Financials Fund<br> **Fidelity Advisor® Financials Fund Class I : FFSIX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Financials Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $80  | 0.72% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, both security selection and market selection contributed to the fund's performance versus the MSCI US IMI Financials 5% Capped Linked Index for the fiscal year, led by consumer finance stocks. Picks among regional banks boosted relative performance as well, as did an underweight in the life & health insurance industry.

• The top individual relative contributor was an overweight in LPL Financial (+80%), where we decreased our investment this period. Outsized exposure to Wells Fargo (+39%), one of the fund's biggest holdings, helped as well, along with avoiding Berkshire Hathaway, an index component that gained approximately 8%.

• In contrast, the primary detractor from performance versus the sector index was stock selection in the transaction & payment processing services category. Picks and an overweight in reinsurance also hampered the fund's result, in addition to an overweight in regional banks.

• The largest individual relative detractor was an overweight in Reinsurance Group of America (-13%), where we increased our investment this period. The company was one of the fund's largest holdings. Not owning JPMorgan Chase, an index component that gained about 42%, also hurt. Another notable relative detractor this period was avoiding Goldman Sachs Group, an index component that gained 45%.

• Notable changes in positioning include increased exposure to the consumer finance and financial exchanges & data industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9411<br>| $11986<br>| $13475<br>| $13794<br>| $11738<br>| $19051<br>| $18454<br>| $19280<br>| $25165<br>| $30385<br>|
| MSCI U.S. IMI Financials 5% Capped Linked Index<br>| $10000 | $9859<br>| $12939<br>| $14512<br>| $14982<br>| $12691<br>| $19944<br>| $19009<br>| $20034<br>| $25641<br>| $30825<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111615_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 20.75% | 20.95% | 11.75% |
| MSCI U.S. IMI Financials 5% Capped Linked Index | 20.22%<br>| 19.42%<br>| 11.92% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $683721199<br>|
| Number of Holdings | 67<br>|
| Total Advisory Fee | $4252428<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 32.5 |
| Capital Markets | 24.7 |
| Insurance | 17.9 |
| Financial Services | 17.7 |
| Consumer Finance | 5.9 |
| Professional Services | 1.2 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img183_20250731_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 93.0 |
| United Kingdom | 2.5 |
| Puerto Rico | 1.2 |
| Australia | 1.0 |
| France | 0.9 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Mexico | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img183_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.9&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mastercard Inc Class A | 10.1<br>|
| Wells Fargo & Co | 6.5<br>|
| Bank of America Corp | 5.5<br>|
| Citigroup Inc | 3.6<br>|
| Charles Schwab Corp/The | 3.6<br>|
| Reinsurance Group of America Inc | 3.5<br>|
| State Street Corp | 2.6<br>|
| Chubb Ltd | 2.6<br>|
| Morgan Stanley | 2.4<br>|
| Capital One Financial Corp | 2.2<br>|
|  | 42.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img183_20250731_2.jpg)<br>| ![](img111615_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913394.101 273-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Financials Fund<br> **Fidelity Advisor® Financials Fund Class C : FAFCX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Financials Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $192  | 1.75% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, both security selection and market selection contributed to the fund's performance versus the MSCI US IMI Financials 5% Capped Linked Index for the fiscal year, led by consumer finance stocks. Picks among regional banks boosted relative performance as well, as did an underweight in the life & health insurance industry.

• The top individual relative contributor was an overweight in LPL Financial (+80%), where we decreased our investment this period. Outsized exposure to Wells Fargo (+39%), one of the fund's biggest holdings, helped as well, along with avoiding Berkshire Hathaway, an index component that gained approximately 8%.

• In contrast, the primary detractor from performance versus the sector index was stock selection in the transaction & payment processing services category. Picks and an overweight in reinsurance also hampered the fund's result, in addition to an overweight in regional banks.

• The largest individual relative detractor was an overweight in Reinsurance Group of America (-13%), where we increased our investment this period. The company was one of the fund's largest holdings. Not owning JPMorgan Chase, an index component that gained about 42%, also hurt. Another notable relative detractor this period was avoiding Goldman Sachs Group, an index component that gained 45%.

• Notable changes in positioning include increased exposure to the consumer finance and financial exchanges & data industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9312<br>| $11739<br>| $13064<br>| $13233<br>| $11143<br>| $17898<br>| $17159<br>| $17738<br>| $23092<br>| $27807<br>|
| MSCI U.S. IMI Financials 5% Capped Linked Index<br>| $10000 | $9859<br>| $12939<br>| $14512<br>| $14982<br>| $12691<br>| $19944<br>| $19009<br>| $20034<br>| $25641<br>| $30825<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111616_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 18.53% | 19.72%<br>| 10.77% |
| Class C | 19.53% | 19.72% | 10.77% |
| MSCI U.S. IMI Financials 5% Capped Linked Index | 20.22%<br>| 19.42%<br>| 11.92% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $683721199<br>|
| Number of Holdings | 67<br>|
| Total Advisory Fee | $4252428<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 32.5 |
| Capital Markets | 24.7 |
| Insurance | 17.9 |
| Financial Services | 17.7 |
| Consumer Finance | 5.9 |
| Professional Services | 1.2 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img183_20250731_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 93.0 |
| United Kingdom | 2.5 |
| Puerto Rico | 1.2 |
| Australia | 1.0 |
| France | 0.9 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Mexico | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img183_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.9&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mastercard Inc Class A | 10.1<br>|
| Wells Fargo & Co | 6.5<br>|
| Bank of America Corp | 5.5<br>|
| Citigroup Inc | 3.6<br>|
| Charles Schwab Corp/The | 3.6<br>|
| Reinsurance Group of America Inc | 3.5<br>|
| State Street Corp | 2.6<br>|
| Chubb Ltd | 2.6<br>|
| Morgan Stanley | 2.4<br>|
| Capital One Financial Corp | 2.2<br>|
|  | 42.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img183_20250731_2.jpg)<br>| ![](img111616_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913395.101 284-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Financials Fund<br> **Fidelity Advisor® Financials Fund Class A : FAFDX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Financials Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $110  | 1.00% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, both security selection and market selection contributed to the fund's performance versus the MSCI US IMI Financials 5% Capped Linked Index for the fiscal year, led by consumer finance stocks. Picks among regional banks boosted relative performance as well, as did an underweight in the life & health insurance industry.

• The top individual relative contributor was an overweight in LPL Financial (+80%), where we decreased our investment this period. Outsized exposure to Wells Fargo (+39%), one of the fund's biggest holdings, helped as well, along with avoiding Berkshire Hathaway, an index component that gained approximately 8%.

• In contrast, the primary detractor from performance versus the sector index was stock selection in the transaction & payment processing services category. Picks and an overweight in reinsurance also hampered the fund's result, in addition to an overweight in regional banks.

• The largest individual relative detractor was an overweight in Reinsurance Group of America (-13%), where we increased our investment this period. The company was one of the fund's largest holdings. Not owning JPMorgan Chase, an index component that gained about 42%, also hurt. Another notable relative detractor this period was avoiding Goldman Sachs Group, an index component that gained 45%.

• Notable changes in positioning include increased exposure to the consumer finance and financial exchanges & data industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $8845<br>| $11231<br>| $12593<br>| $12851<br>| $10904<br>| $17647<br>| $17047<br>| $17758<br>| $23118<br>| $27838<br>|
| MSCI U.S. IMI Financials 5% Capped Linked Index<br>| $10000 | $9859<br>| $12939<br>| $14512<br>| $14982<br>| $12691<br>| $19944<br>| $19009<br>| $20034<br>| $25641<br>| $30825<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111617_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 13.49% | 19.20%<br>| 10.78% |
| Class A (without 5.75% sales charge) | 20.42% | 20.62% | 11.44% |
| MSCI U.S. IMI Financials 5% Capped Linked Index | 20.22%<br>| 19.42%<br>| 11.92% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $683721199<br>|
| Number of Holdings | 67<br>|
| Total Advisory Fee | $4252428<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 32.5 |
| Capital Markets | 24.7 |
| Insurance | 17.9 |
| Financial Services | 17.7 |
| Consumer Finance | 5.9 |
| Professional Services | 1.2 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img183_20250731_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 93.0 |
| United Kingdom | 2.5 |
| Puerto Rico | 1.2 |
| Australia | 1.0 |
| France | 0.9 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Mexico | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img183_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.9&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mastercard Inc Class A | 10.1<br>|
| Wells Fargo & Co | 6.5<br>|
| Bank of America Corp | 5.5<br>|
| Citigroup Inc | 3.6<br>|
| Charles Schwab Corp/The | 3.6<br>|
| Reinsurance Group of America Inc | 3.5<br>|
| State Street Corp | 2.6<br>|
| Chubb Ltd | 2.6<br>|
| Morgan Stanley | 2.4<br>|
| Capital One Financial Corp | 2.2<br>|
|  | 42.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img183_20250731_2.jpg)<br>| ![](img111617_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913392.101 183-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Energy Fund<br> **Fidelity Advisor® Energy Fund Class Z : FIKAX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Energy Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $57  | 0.58% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, especially an underweight in oil & gas storage & transportation. Picks in integrated oil & gas also hampered the fund's result. Also detracting from our result was an overweight in oil & gas drilling.

• The largest individual relative detractor was our non-index stake in Cenovus Energy (-22%). The stock was one of the fund's largest holdings. A second notable relative detractor was an underweight in Williams Companies (+45%). This was an investment we established this period. Our stake in Valaris (-41%) also detracted. The stock was not held at period end.

• In contrast, the biggest contributor to performance versus the sector index was stock selection in independent power producers & energy traders. Picks in oil & gas equipment & services also boosted relative performance. Also lifting the fund's relative result was an underweight in oil & gas exploration & production.

• The top individual relative contributor was our non-index stake in Vistra (+166%). The company was one of the fund's largest holdings at period end. A second notable relative contributor was our non-index stake in Energy Transfer (+19%). The stock was one of our biggest holdings. Another notable relative contributor was an overweight in Cheniere Energy (+30%). The company was one of our biggest holdings.

• Notable changes in positioning include increased exposure to the independent power producers & energy traders and oil & gas storage & transportation industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $7566<br>| $4598<br>| $6781<br>| $11652<br>| $13563<br>| $15178<br>| $14435<br>|
| MSCI U.S. IMI Energy 25-50 Index<br>| $10000 | $7981<br>| $4842<br>| $7269<br>| $12046<br>| $13985<br>| $15431<br>| $14938<br>|
| S&P 500® Index<br>| $10000 | $10365<br>| $11604<br>| $15833<br>| $15098<br>| $17064<br>| $20843<br>| $24247<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111618_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | -4.90% | 25.71% | 5.52% |
| MSCI U.S. IMI Energy 25-50 Index | -3.19%<br>| 25.27%<br>| 6.05% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.84% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $941576025<br>|
| Number of Holdings | 34<br>|
| Total Advisory Fee | $7463958<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 84.6 |
| Energy Equipment & Services | 10.8 |
| Independent Power and Renewable Electricity Producers | 4.4 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img226_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 87.0 |
| Canada | 9.4 |
| United Kingdom | 3.2 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img226_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 24.8<br>|
| Chevron Corp | 9.3<br>|
| Cheniere Energy Inc | 5.0<br>|
| Energy Transfer LP | 4.9<br>|
| Marathon Petroleum Corp | 4.9<br>|
| Canadian Natural Resources Ltd | 4.4<br>|
| Vistra Corp | 4.4<br>|
| Cenovus Energy Inc | 4.3<br>|
| Valero Energy Corp | 3.7<br>|
| Schlumberger NV | 3.1<br>|
|  | 68.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img226_20250731_2.jpg)<br>| ![](img111618_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913419.101 3292-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Energy Fund<br> **Fidelity Advisor® Energy Fund Class M : FAGNX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Energy Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $120  | 1.23% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, especially an underweight in oil & gas storage & transportation. Picks in integrated oil & gas also hampered the fund's result. Also detracting from our result was an overweight in oil & gas drilling.

• The largest individual relative detractor was our non-index stake in Cenovus Energy (-22%). The stock was one of the fund's largest holdings. A second notable relative detractor was an underweight in Williams Companies (+45%). This was an investment we established this period. Our stake in Valaris (-41%) also detracted. The stock was not held at period end.

• In contrast, the biggest contributor to performance versus the sector index was stock selection in independent power producers & energy traders. Picks in oil & gas equipment & services also boosted relative performance. Also lifting the fund's relative result was an underweight in oil & gas exploration & production.

• The top individual relative contributor was our non-index stake in Vistra (+166%). The company was one of the fund's largest holdings at period end. A second notable relative contributor was our non-index stake in Energy Transfer (+19%). The stock was one of our biggest holdings. Another notable relative contributor was an overweight in Cheniere Energy (+30%). The company was one of our biggest holdings.

• Notable changes in positioning include increased exposure to the independent power producers & energy traders and oil & gas storage & transportation industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9745<br>| $9607<br>| $11888<br>| $8883<br>| $5360<br>| $7845<br>| $13387<br>| $15481<br>| $17206<br>| $16260<br>|
| MSCI U.S. IMI Energy 25-50 Index<br>| $10000 | $10016<br>| $9989<br>| $12080<br>| $9738<br>| $5908<br>| $8869<br>| $14698<br>| $17064<br>| $18827<br>| $18226<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111619_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | -8.81% | 23.97%<br>| 4.98% |
| Class M (without 3.50% sales charge) | -5.50% | 24.85% | 5.36% |
| MSCI U.S. IMI Energy 25-50 Index | -3.19%<br>| 25.27%<br>| 6.19% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $941576025<br>|
| Number of Holdings | 34<br>|
| Total Advisory Fee | $7463958<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 84.6 |
| Energy Equipment & Services | 10.8 |
| Independent Power and Renewable Electricity Producers | 4.4 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img226_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 87.0 |
| Canada | 9.4 |
| United Kingdom | 3.2 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img226_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 24.8<br>|
| Chevron Corp | 9.3<br>|
| Cheniere Energy Inc | 5.0<br>|
| Energy Transfer LP | 4.9<br>|
| Marathon Petroleum Corp | 4.9<br>|
| Canadian Natural Resources Ltd | 4.4<br>|
| Vistra Corp | 4.4<br>|
| Cenovus Energy Inc | 4.3<br>|
| Valero Energy Corp | 3.7<br>|
| Schlumberger NV | 3.1<br>|
|  | 68.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img226_20250731_2.jpg)<br>| ![](img111619_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913417.101 226-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Energy Fund<br> **Fidelity Advisor® Energy Fund Class I : FANIX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Energy Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $70  | 0.71% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, especially an underweight in oil & gas storage & transportation. Picks in integrated oil & gas also hampered the fund's result. Also detracting from our result was an overweight in oil & gas drilling.

• The largest individual relative detractor was our non-index stake in Cenovus Energy (-22%). The stock was one of the fund's largest holdings. A second notable relative detractor was an underweight in Williams Companies (+45%). This was an investment we established this period. Our stake in Valaris (-41%) also detracted. The stock was not held at period end.

• In contrast, the biggest contributor to performance versus the sector index was stock selection in independent power producers & energy traders. Picks in oil & gas equipment & services also boosted relative performance. Also lifting the fund's relative result was an underweight in oil & gas exploration & production.

• The top individual relative contributor was our non-index stake in Vistra (+166%). The company was one of the fund's largest holdings at period end. A second notable relative contributor was our non-index stake in Energy Transfer (+19%). The stock was one of our biggest holdings. Another notable relative contributor was an overweight in Cheniere Energy (+30%). The company was one of our biggest holdings.

• Notable changes in positioning include increased exposure to the independent power producers & energy traders and oil & gas storage & transportation industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10150<br>| $10063<br>| $12521<br>| $9410<br>| $5709<br>| $8407<br>| $14429<br>| $16773<br>| $18741<br>| $17802<br>|
| MSCI U.S. IMI Energy 25-50 Index<br>| $10000 | $10016<br>| $9989<br>| $12080<br>| $9738<br>| $5908<br>| $8869<br>| $14698<br>| $17064<br>| $18827<br>| $18226<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111620_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | -5.01% | 25.54% | 5.94% |
| MSCI U.S. IMI Energy 25-50 Index | -3.19%<br>| 25.27%<br>| 6.19% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $941576025<br>|
| Number of Holdings | 34<br>|
| Total Advisory Fee | $7463958<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 84.6 |
| Energy Equipment & Services | 10.8 |
| Independent Power and Renewable Electricity Producers | 4.4 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img226_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 87.0 |
| Canada | 9.4 |
| United Kingdom | 3.2 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img226_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 24.8<br>|
| Chevron Corp | 9.3<br>|
| Cheniere Energy Inc | 5.0<br>|
| Energy Transfer LP | 4.9<br>|
| Marathon Petroleum Corp | 4.9<br>|
| Canadian Natural Resources Ltd | 4.4<br>|
| Vistra Corp | 4.4<br>|
| Cenovus Energy Inc | 4.3<br>|
| Valero Energy Corp | 3.7<br>|
| Schlumberger NV | 3.1<br>|
|  | 68.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img226_20250731_2.jpg)<br>| ![](img111620_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913421.101 686-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Energy Fund<br> **Fidelity Advisor® Energy Fund Class C : FNRCX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Energy Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $168  | 1.73% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, especially an underweight in oil & gas storage & transportation. Picks in integrated oil & gas also hampered the fund's result. Also detracting from our result was an overweight in oil & gas drilling.

• The largest individual relative detractor was our non-index stake in Cenovus Energy (-22%). The stock was one of the fund's largest holdings. A second notable relative detractor was an underweight in Williams Companies (+45%). This was an investment we established this period. Our stake in Valaris (-41%) also detracted. The stock was not held at period end.

• In contrast, the biggest contributor to performance versus the sector index was stock selection in independent power producers & energy traders. Picks in oil & gas equipment & services also boosted relative performance. Also lifting the fund's relative result was an underweight in oil & gas exploration & production.

• The top individual relative contributor was our non-index stake in Vistra (+166%). The company was one of the fund's largest holdings at period end. A second notable relative contributor was our non-index stake in Energy Transfer (+19%). The stock was one of our biggest holdings. Another notable relative contributor was an overweight in Cheniere Energy (+30%). The company was one of our biggest holdings.

• Notable changes in positioning include increased exposure to the independent power producers & energy traders and oil & gas storage & transportation industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10052<br>| $9867<br>| $12152<br>| $9039<br>| $5428<br>| $7908<br>| $13432<br>| $15459<br>| $17227<br>| $16319<br>|
| MSCI U.S. IMI Energy 25-50 Index<br>| $10000 | $10016<br>| $9989<br>| $12080<br>| $9738<br>| $5908<br>| $8869<br>| $14698<br>| $17064<br>| $18827<br>| $18226<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111621_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | -6.91% | 24.25%<br>| 5.02% |
| Class C | -5.98% | 24.25% | 5.02% |
| MSCI U.S. IMI Energy 25-50 Index | -3.19%<br>| 25.27%<br>| 6.19% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $941576025<br>|
| Number of Holdings | 34<br>|
| Total Advisory Fee | $7463958<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 84.6 |
| Energy Equipment & Services | 10.8 |
| Independent Power and Renewable Electricity Producers | 4.4 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img226_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 87.0 |
| Canada | 9.4 |
| United Kingdom | 3.2 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img226_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 24.8<br>|
| Chevron Corp | 9.3<br>|
| Cheniere Energy Inc | 5.0<br>|
| Energy Transfer LP | 4.9<br>|
| Marathon Petroleum Corp | 4.9<br>|
| Canadian Natural Resources Ltd | 4.4<br>|
| Vistra Corp | 4.4<br>|
| Cenovus Energy Inc | 4.3<br>|
| Valero Energy Corp | 3.7<br>|
| Schlumberger NV | 3.1<br>|
|  | 68.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img226_20250731_2.jpg)<br>| ![](img111621_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913420.101 528-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Energy Fund<br> **Fidelity Advisor® Energy Fund Class A : FANAX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Energy Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $96  | 0.98% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, especially an underweight in oil & gas storage & transportation. Picks in integrated oil & gas also hampered the fund's result. Also detracting from our result was an overweight in oil & gas drilling.

• The largest individual relative detractor was our non-index stake in Cenovus Energy (-22%). The stock was one of the fund's largest holdings. A second notable relative detractor was an underweight in Williams Companies (+45%). This was an investment we established this period. Our stake in Valaris (-41%) also detracted. The stock was not held at period end.

• In contrast, the biggest contributor to performance versus the sector index was stock selection in independent power producers & energy traders. Picks in oil & gas equipment & services also boosted relative performance. Also lifting the fund's relative result was an underweight in oil & gas exploration & production.

• The top individual relative contributor was our non-index stake in Vistra (+166%). The company was one of the fund's largest holdings at period end. A second notable relative contributor was our non-index stake in Energy Transfer (+19%). The stock was one of our biggest holdings. Another notable relative contributor was an overweight in Cheniere Energy (+30%). The company was one of our biggest holdings.

• Notable changes in positioning include increased exposure to the independent power producers & energy traders and oil & gas storage & transportation industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9543<br>| $9434<br>| $11705<br>| $8770<br>| $5303<br>| $7783<br>| $13318<br>| $15442<br>| $17209<br>| $16301<br>|
| MSCI U.S. IMI Energy 25-50 Index<br>| $10000 | $10016<br>| $9989<br>| $12080<br>| $9738<br>| $5908<br>| $8869<br>| $14698<br>| $17064<br>| $18827<br>| $18226<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111622_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | -10.72% | 23.71%<br>| 5.01% |
| Class A (without 5.75% sales charge) | -5.27% | 25.18% | 5.63% |
| MSCI U.S. IMI Energy 25-50 Index | -3.19%<br>| 25.27%<br>| 6.19% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $941576025<br>|
| Number of Holdings | 34<br>|
| Total Advisory Fee | $7463958<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 84.6 |
| Energy Equipment & Services | 10.8 |
| Independent Power and Renewable Electricity Producers | 4.4 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img226_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 87.0 |
| Canada | 9.4 |
| United Kingdom | 3.2 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img226_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 24.8<br>|
| Chevron Corp | 9.3<br>|
| Cheniere Energy Inc | 5.0<br>|
| Energy Transfer LP | 4.9<br>|
| Marathon Petroleum Corp | 4.9<br>|
| Canadian Natural Resources Ltd | 4.4<br>|
| Vistra Corp | 4.4<br>|
| Cenovus Energy Inc | 4.3<br>|
| Valero Energy Corp | 3.7<br>|
| Schlumberger NV | 3.1<br>|
|  | 68.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img226_20250731_2.jpg)<br>| ![](img111622_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913418.101 247-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Consumer Discretionary Fund<br> **Fidelity Advisor® Consumer Discretionary Fund Class Z : FIJZX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Consumer Discretionary Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $64  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Consumer Discretionary 25/50 Index for the fiscal year, especially an underweight in automobile manufacturers. Also hurting our result were security selection and underweights in restaurants and casinos & gaming.

• The largest individual relative detractor this period was avoiding DoorDash, an index component that gained 126%. A second notable relative detractor was our stake in Aptiv Irish Holdings (-16%). The stock was not held at period end. An overweight in Floor & Decor Holding (-22%) also detracted.

• In contrast, the biggest contributor to performance versus the sector index was stock picking in home furnishings. Stock selection in apparel, accessories & luxury goods also boosted relative performance. Also contributing to our result was an underweight in homebuilding.

• The top individual relative contributor was an overweight in Tapestry (+174%). A second notable relative contributor was an overweight in Somnigroup International (+40%). The stock was one of our biggest holdings. An overweight in Aptiv (+22%) also helped. This was a stake we established this period.

• Notable changes in positioning include decreased exposure to the apparel, accessories & luxury goods and home improvement retail industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10336<br>| $12040<br>| $16643<br>| $13658<br>| $15377<br>| $17529<br>| $20137<br>|
| MSCI U.S. IMI Consumer Discretionary 25-50 Index<br>| $10000 | $10388<br>| $12652<br>| $18604<br>| $16041<br>| $17671<br>| $19618<br>| $22715<br>|
| S&P 500® Index<br>| $10000 | $10365<br>| $11604<br>| $15833<br>| $15098<br>| $17064<br>| $20843<br>| $24247<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111623_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 14.88% | 10.84% | 10.79% |
| MSCI U.S. IMI Consumer Discretionary 25-50 Index | 15.78%<br>| 12.42%<br>| 12.76% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.84% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $502585624<br>|
| Number of Holdings | 58<br>|
| Total Advisory Fee | $3311863<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 28.6 |
| Specialty Retail | 23.1 |
| Hotels, Restaurants & Leisure | 18.2 |
| Automobiles | 14.2 |
| Household Durables | 5.5 |
| Textiles, Apparel & Luxury Goods | 5.5 |
| Automobile Components | 2.2 |
| Consumer Staples Distribution & Retail | 1.1 |
| Construction Materials | 1.0 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img185_20250731_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 93.1 |
| Brazil | 2.4 |
| Canada | 2.0 |
| Bailiwick Of Jersey | 1.8 |
| United Kingdom | 0.3 |
| Switzerland | 0.2 |
| France | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img185_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Amazon.com Inc | 25.0<br>|
| Tesla Inc | 12.7<br>|
| Home Depot Inc/The | 4.0<br>|
| Lowe's Cos Inc | 3.9<br>|
| McDonald's Corp | 3.0<br>|
| TJX Cos Inc/The | 2.8<br>|
| Somnigroup International Inc | 2.5<br>|
| Hilton Worldwide Holdings Inc | 2.5<br>|
| MercadoLibre Inc | 2.4<br>|
| Booking Holdings Inc | 2.4<br>|
|  | 61.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img185_20250731_2.jpg)<br>| ![](img111623_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913406.101 3291-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Consumer Discretionary Fund<br> **Fidelity Advisor® Consumer Discretionary Fund Class M : FACPX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Consumer Discretionary Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $134  | 1.25% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Consumer Discretionary 25/50 Index for the fiscal year, especially an underweight in automobile manufacturers. Also hurting our result were security selection and underweights in restaurants and casinos & gaming.

• The largest individual relative detractor this period was avoiding DoorDash, an index component that gained 126%. A second notable relative detractor was our stake in Aptiv Irish Holdings (-16%). The stock was not held at period end. An overweight in Floor & Decor Holding (-22%) also detracted.

• In contrast, the biggest contributor to performance versus the sector index was stock picking in home furnishings. Stock selection in apparel, accessories & luxury goods also boosted relative performance. Also contributing to our result was an underweight in homebuilding.

• The top individual relative contributor was an overweight in Tapestry (+174%). A second notable relative contributor was an overweight in Somnigroup International (+40%). The stock was one of our biggest holdings. An overweight in Aptiv (+22%) also helped. This was a stake we established this period.

• Notable changes in positioning include decreased exposure to the apparel, accessories & luxury goods and home improvement retail industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9585<br>| $10507<br>| $12900<br>| $13747<br>| $15905<br>| $21840<br>| $17803<br>| $19916<br>| $22550<br>| $25743<br>|
| MSCI U.S. IMI Consumer Discretionary 25-50 Index<br>| $10000 | $10123<br>| $11594<br>| $14080<br>| $15212<br>| $18528<br>| $27243<br>| $23491<br>| $25876<br>| $28729<br>| $33263<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111624_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 10.16% | 9.33%<br>| 9.92% |
| Class M (without 3.50% sales charge) | 14.16% | 10.11% | 10.31% |
| MSCI U.S. IMI Consumer Discretionary 25-50 Index | 15.78%<br>| 12.42%<br>| 12.77% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $502585624<br>|
| Number of Holdings | 58<br>|
| Total Advisory Fee | $3311863<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 28.6 |
| Specialty Retail | 23.1 |
| Hotels, Restaurants & Leisure | 18.2 |
| Automobiles | 14.2 |
| Household Durables | 5.5 |
| Textiles, Apparel & Luxury Goods | 5.5 |
| Automobile Components | 2.2 |
| Consumer Staples Distribution & Retail | 1.1 |
| Construction Materials | 1.0 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img185_20250731_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 93.1 |
| Brazil | 2.4 |
| Canada | 2.0 |
| Bailiwick Of Jersey | 1.8 |
| United Kingdom | 0.3 |
| Switzerland | 0.2 |
| France | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img185_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Amazon.com Inc | 25.0<br>|
| Tesla Inc | 12.7<br>|
| Home Depot Inc/The | 4.0<br>|
| Lowe's Cos Inc | 3.9<br>|
| McDonald's Corp | 3.0<br>|
| TJX Cos Inc/The | 2.8<br>|
| Somnigroup International Inc | 2.5<br>|
| Hilton Worldwide Holdings Inc | 2.5<br>|
| MercadoLibre Inc | 2.4<br>|
| Booking Holdings Inc | 2.4<br>|
|  | 61.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img185_20250731_2.jpg)<br>| ![](img111624_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913403.101 195-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Consumer Discretionary Fund<br> **Fidelity Advisor® Consumer Discretionary Fund Class I : FCNIX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Consumer Discretionary Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $78  | 0.73% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Consumer Discretionary 25/50 Index for the fiscal year, especially an underweight in automobile manufacturers. Also hurting our result were security selection and underweights in restaurants and casinos & gaming.

• The largest individual relative detractor this period was avoiding DoorDash, an index component that gained 126%. A second notable relative detractor was our stake in Aptiv Irish Holdings (-16%). The stock was not held at period end. An overweight in Floor & Decor Holding (-22%) also detracted.

• In contrast, the biggest contributor to performance versus the sector index was stock picking in home furnishings. Stock selection in apparel, accessories & luxury goods also boosted relative performance. Also contributing to our result was an underweight in homebuilding.

• The top individual relative contributor was an overweight in Tapestry (+174%). A second notable relative contributor was an overweight in Somnigroup International (+40%). The stock was one of our biggest holdings. An overweight in Aptiv (+22%) also helped. This was a stake we established this period.

• Notable changes in positioning include decreased exposure to the apparel, accessories & luxury goods and home improvement retail industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9987<br>| $11013<br>| $13596<br>| $14562<br>| $16942<br>| $23388<br>| $19169<br>| $21556<br>| $24540<br>| $28157<br>|
| MSCI U.S. IMI Consumer Discretionary 25-50 Index<br>| $10000 | $10123<br>| $11594<br>| $14080<br>| $15212<br>| $18528<br>| $27243<br>| $23491<br>| $25876<br>| $28729<br>| $33263<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111625_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 14.74% | 10.69% | 10.91% |
| MSCI U.S. IMI Consumer Discretionary 25-50 Index | 15.78%<br>| 12.42%<br>| 12.77% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $502585624<br>|
| Number of Holdings | 58<br>|
| Total Advisory Fee | $3311863<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 28.6 |
| Specialty Retail | 23.1 |
| Hotels, Restaurants & Leisure | 18.2 |
| Automobiles | 14.2 |
| Household Durables | 5.5 |
| Textiles, Apparel & Luxury Goods | 5.5 |
| Automobile Components | 2.2 |
| Consumer Staples Distribution & Retail | 1.1 |
| Construction Materials | 1.0 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img185_20250731_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 93.1 |
| Brazil | 2.4 |
| Canada | 2.0 |
| Bailiwick Of Jersey | 1.8 |
| United Kingdom | 0.3 |
| Switzerland | 0.2 |
| France | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img185_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Amazon.com Inc | 25.0<br>|
| Tesla Inc | 12.7<br>|
| Home Depot Inc/The | 4.0<br>|
| Lowe's Cos Inc | 3.9<br>|
| McDonald's Corp | 3.0<br>|
| TJX Cos Inc/The | 2.8<br>|
| Somnigroup International Inc | 2.5<br>|
| Hilton Worldwide Holdings Inc | 2.5<br>|
| MercadoLibre Inc | 2.4<br>|
| Booking Holdings Inc | 2.4<br>|
|  | 61.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img185_20250731_2.jpg)<br>| ![](img111625_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913404.101 205-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Consumer Discretionary Fund<br> **Fidelity Advisor® Consumer Discretionary Fund Class C : FCECX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Consumer Discretionary Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $187  | 1.75% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Consumer Discretionary 25/50 Index for the fiscal year, especially an underweight in automobile manufacturers. Also hurting our result were security selection and underweights in restaurants and casinos & gaming.

• The largest individual relative detractor this period was avoiding DoorDash, an index component that gained 126%. A second notable relative detractor was our stake in Aptiv Irish Holdings (-16%). The stock was not held at period end. An overweight in Floor & Decor Holding (-22%) also detracted.

• In contrast, the biggest contributor to performance versus the sector index was stock picking in home furnishings. Stock selection in apparel, accessories & luxury goods also boosted relative performance. Also contributing to our result was an underweight in homebuilding.

• The top individual relative contributor was an overweight in Tapestry (+174%). A second notable relative contributor was an overweight in Somnigroup International (+40%). The stock was one of our biggest holdings. An overweight in Aptiv (+22%) also helped. This was a stake we established this period.

• Notable changes in positioning include decreased exposure to the apparel, accessories & luxury goods and home improvement retail industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9889<br>| $10787<br>| $13181<br>| $13975<br>| $16090<br>| $21988<br>| $17836<br>| $19854<br>| $22542<br>| $25797<br>|
| MSCI U.S. IMI Consumer Discretionary 25-50 Index<br>| $10000 | $10123<br>| $11594<br>| $14080<br>| $15212<br>| $18528<br>| $27243<br>| $23491<br>| $25876<br>| $28729<br>| $33263<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111626_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 12.57% | 9.57%<br>| 9.94% |
| Class C | 13.57% | 9.57% | 9.94% |
| MSCI U.S. IMI Consumer Discretionary 25-50 Index | 15.78%<br>| 12.42%<br>| 12.77% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $502585624<br>|
| Number of Holdings | 58<br>|
| Total Advisory Fee | $3311863<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 28.6 |
| Specialty Retail | 23.1 |
| Hotels, Restaurants & Leisure | 18.2 |
| Automobiles | 14.2 |
| Household Durables | 5.5 |
| Textiles, Apparel & Luxury Goods | 5.5 |
| Automobile Components | 2.2 |
| Consumer Staples Distribution & Retail | 1.1 |
| Construction Materials | 1.0 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img185_20250731_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 93.1 |
| Brazil | 2.4 |
| Canada | 2.0 |
| Bailiwick Of Jersey | 1.8 |
| United Kingdom | 0.3 |
| Switzerland | 0.2 |
| France | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img185_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Amazon.com Inc | 25.0<br>|
| Tesla Inc | 12.7<br>|
| Home Depot Inc/The | 4.0<br>|
| Lowe's Cos Inc | 3.9<br>|
| McDonald's Corp | 3.0<br>|
| TJX Cos Inc/The | 2.8<br>|
| Somnigroup International Inc | 2.5<br>|
| Hilton Worldwide Holdings Inc | 2.5<br>|
| MercadoLibre Inc | 2.4<br>|
| Booking Holdings Inc | 2.4<br>|
|  | 61.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img185_20250731_2.jpg)<br>| ![](img111626_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913405.101 282-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Consumer Discretionary Fund<br> **Fidelity Advisor® Consumer Discretionary Fund Class A : FCNAX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Consumer Discretionary Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $106  | 0.99% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Consumer Discretionary 25/50 Index for the fiscal year, especially an underweight in automobile manufacturers. Also hurting our result were security selection and underweights in restaurants and casinos & gaming.

• The largest individual relative detractor this period was avoiding DoorDash, an index component that gained 126%. A second notable relative detractor was our stake in Aptiv Irish Holdings (-16%). The stock was not held at period end. An overweight in Floor & Decor Holding (-22%) also detracted.

• In contrast, the biggest contributor to performance versus the sector index was stock picking in home furnishings. Stock selection in apparel, accessories & luxury goods also boosted relative performance. Also contributing to our result was an underweight in homebuilding.

• The top individual relative contributor was an overweight in Tapestry (+174%). A second notable relative contributor was an overweight in Somnigroup International (+40%). The stock was one of our biggest holdings. An overweight in Aptiv (+22%) also helped. This was a stake we established this period.

• Notable changes in positioning include decreased exposure to the apparel, accessories & luxury goods and home improvement retail industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9389<br>| $10321<br>| $12708<br>| $13572<br>| $15748<br>| $21682<br>| $17723<br>| $19874<br>| $22564<br>| $25823<br>|
| MSCI U.S. IMI Consumer Discretionary 25-50 Index<br>| $10000 | $10123<br>| $11594<br>| $14080<br>| $15212<br>| $18528<br>| $27243<br>| $23491<br>| $25876<br>| $28729<br>| $33263<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111627_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 7.86% | 9.10%<br>| 9.95% |
| Class A (without 5.75% sales charge) | 14.44% | 10.40% | 10.60% |
| MSCI U.S. IMI Consumer Discretionary 25-50 Index | 15.78%<br>| 12.42%<br>| 12.77% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $502585624<br>|
| Number of Holdings | 58<br>|
| Total Advisory Fee | $3311863<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 28.6 |
| Specialty Retail | 23.1 |
| Hotels, Restaurants & Leisure | 18.2 |
| Automobiles | 14.2 |
| Household Durables | 5.5 |
| Textiles, Apparel & Luxury Goods | 5.5 |
| Automobile Components | 2.2 |
| Consumer Staples Distribution & Retail | 1.1 |
| Construction Materials | 1.0 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img185_20250731_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 93.1 |
| Brazil | 2.4 |
| Canada | 2.0 |
| Bailiwick Of Jersey | 1.8 |
| United Kingdom | 0.3 |
| Switzerland | 0.2 |
| France | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img185_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Amazon.com Inc | 25.0<br>|
| Tesla Inc | 12.7<br>|
| Home Depot Inc/The | 4.0<br>|
| Lowe's Cos Inc | 3.9<br>|
| McDonald's Corp | 3.0<br>|
| TJX Cos Inc/The | 2.8<br>|
| Somnigroup International Inc | 2.5<br>|
| Hilton Worldwide Holdings Inc | 2.5<br>|
| MercadoLibre Inc | 2.4<br>|
| Booking Holdings Inc | 2.4<br>|
|  | 61.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img185_20250731_2.jpg)<br>| ![](img111627_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913402.101 185-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Biotechnology Fund<br> **Fidelity Advisor® Biotechnology Fund Class Z : FIJYX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Biotechnology Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $56  | 0.58% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Biotechnology 25/50 Index for the fiscal year, especially an overweight in pharmaceuticals.

• The largest individual relative detractor was an underweight in Gilead Sciences (+52%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was Regeneron Pharmaceuticals (-50%). The company was one of our biggest holdings, on average, during the 12 months, but it was not held at period end. Another notable relative detractor was an overweight in Viking Therapeutics (-43%).

• In contrast, the primary contributor to performance versus the industry index was security selection in biotechnology. Stock selection in pharmaceuticals also boosted the fund's relative performance.

• Not owning Moderna, an index component that returned -75%, was the top individual relative contributor. A second notable relative contributor was an overweight in Alnylam Pharmaceuticals (+65%). The company was among our biggest holdings. A non-index stake in Ascendis Pharma gained 30% and notably helped. The stock was one of our biggest holdings.

• Notable changes in positioning include decreased exposure to pharmaceuticals.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9217<br>| $12031<br>| $13774<br>| $11207<br>| $12965<br>| $16814<br>| $15597<br>|
| MSCI U.S. IMI Biotechnology 25-50 Index<br>| $10000 | $8683<br>| $11477<br>| $13581<br>| $12037<br>| $13159<br>| $16701<br>| $15512<br>|
| S&P 500® Index<br>| $10000 | $10365<br>| $11604<br>| $15833<br>| $15098<br>| $17064<br>| $20843<br>| $24247<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111628_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | -7.24% | 5.33% | 6.72% |
| MSCI U.S. IMI Biotechnology 25-50 Index | -7.12%<br>| 6.21%<br>| 6.64% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.84% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1399039702<br>|
| Number of Holdings | 81<br>|
| Total Advisory Fee | $10675957<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 95.9 |
| Pharmaceuticals | 2.5 |
| Health Care Technology | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 96.6 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img262_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.4 |

---

---

| | |
|:---|:---|
| United States | 84.9 |
| Netherlands | 7.9 |
| Denmark | 5.1 |
| Canada | 1.6 |
| Belgium | 0.5 |
| United Kingdom | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img262_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| AbbVie Inc | 18.1<br>|
| Alnylam Pharmaceuticals Inc | 8.6<br>|
| Gilead Sciences Inc | 7.6<br>|
| Argenx SE ADR | 5.3<br>|
| Ascendis Pharma A/S ADR | 5.1<br>|
| Amgen Inc | 4.5<br>|
| Insmed Inc | 2.6<br>|
| Nuvalent Inc Class A | 2.3<br>|
| Viridian Therapeutics Inc | 2.2<br>|
| Soleno Therapeutics Inc | 2.1<br>|
|  | 58.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img262_20250731_2.jpg)<br>| ![](img111628_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913428.101 3290-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Biotechnology Fund<br> **Fidelity Advisor® Biotechnology Fund Class M : FBTTX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Biotechnology Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $116  | 1.21% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Biotechnology 25/50 Index for the fiscal year, especially an overweight in pharmaceuticals.

• The largest individual relative detractor was an underweight in Gilead Sciences (+52%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was Regeneron Pharmaceuticals (-50%). The company was one of our biggest holdings, on average, during the 12 months, but it was not held at period end. Another notable relative detractor was an overweight in Viking Therapeutics (-43%).

• In contrast, the primary contributor to performance versus the industry index was security selection in biotechnology. Stock selection in pharmaceuticals also boosted the fund's relative performance.

• Not owning Moderna, an index component that returned -75%, was the top individual relative contributor. A second notable relative contributor was an overweight in Alnylam Pharmaceuticals (+65%). The company was among our biggest holdings. A non-index stake in Ascendis Pharma gained 30% and notably helped. The stock was one of our biggest holdings.

• Notable changes in positioning include decreased exposure to pharmaceuticals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $6876<br>| $7830<br>| $8875<br>| $8304<br>| $10765<br>| $12238<br>| $9892<br>| $11363<br>| $14643<br>| $13500<br>|
| MSCI U.S. IMI Biotechnology 25-50 Index<br>| $10000 | $8007<br>| $9308<br>| $10395<br>| $9259<br>| $12239<br>| $14483<br>| $12836<br>| $14033<br>| $17810<br>| $16542<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111629_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | -11.03% | 3.89%<br>| 3.05% |
| Class M (without 3.50% sales charge) | -7.81% | 4.63% | 3.41% |
| MSCI U.S. IMI Biotechnology 25-50 Index | -7.12%<br>| 6.21%<br>| 5.16% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1399039702<br>|
| Number of Holdings | 81<br>|
| Total Advisory Fee | $10675957<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 95.9 |
| Pharmaceuticals | 2.5 |
| Health Care Technology | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 96.6 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img262_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.4 |

---

---

| | |
|:---|:---|
| United States | 84.9 |
| Netherlands | 7.9 |
| Denmark | 5.1 |
| Canada | 1.6 |
| Belgium | 0.5 |
| United Kingdom | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img262_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| AbbVie Inc | 18.1<br>|
| Alnylam Pharmaceuticals Inc | 8.6<br>|
| Gilead Sciences Inc | 7.6<br>|
| Argenx SE ADR | 5.3<br>|
| Ascendis Pharma A/S ADR | 5.1<br>|
| Amgen Inc | 4.5<br>|
| Insmed Inc | 2.6<br>|
| Nuvalent Inc Class A | 2.3<br>|
| Viridian Therapeutics Inc | 2.2<br>|
| Soleno Therapeutics Inc | 2.1<br>|
|  | 58.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img262_20250731_2.jpg)<br>| ![](img111629_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913426.101 115-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Biotechnology Fund<br> **Fidelity Advisor® Biotechnology Fund Class I : FBTIX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Biotechnology Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $68  | 0.71% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Biotechnology 25/50 Index for the fiscal year, especially an overweight in pharmaceuticals.

• The largest individual relative detractor was an underweight in Gilead Sciences (+52%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was Regeneron Pharmaceuticals (-50%). The company was one of our biggest holdings, on average, during the 12 months, but it was not held at period end. Another notable relative detractor was an overweight in Viking Therapeutics (-43%).

• In contrast, the primary contributor to performance versus the industry index was security selection in biotechnology. Stock selection in pharmaceuticals also boosted the fund's relative performance.

• Not owning Moderna, an index component that returned -75%, was the top individual relative contributor. A second notable relative contributor was an overweight in Alnylam Pharmaceuticals (+65%). The company was among our biggest holdings. A non-index stake in Ascendis Pharma gained 30% and notably helped. The stock was one of our biggest holdings.

• Notable changes in positioning include decreased exposure to pharmaceuticals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $7168<br>| $8212<br>| $9364<br>| $8812<br>| $11484<br>| $13131<br>| $10670<br>| $12325<br>| $15964<br>| $14796<br>|
| MSCI U.S. IMI Biotechnology 25-50 Index<br>| $10000 | $8007<br>| $9308<br>| $10395<br>| $9259<br>| $12239<br>| $14483<br>| $12836<br>| $14033<br>| $17810<br>| $16542<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111630_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | -7.32% | 5.20% | 4.00% |
| MSCI U.S. IMI Biotechnology 25-50 Index | -7.12%<br>| 6.21%<br>| 5.16% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1399039702<br>|
| Number of Holdings | 81<br>|
| Total Advisory Fee | $10675957<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 95.9 |
| Pharmaceuticals | 2.5 |
| Health Care Technology | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 96.6 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img262_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.4 |

---

---

| | |
|:---|:---|
| United States | 84.9 |
| Netherlands | 7.9 |
| Denmark | 5.1 |
| Canada | 1.6 |
| Belgium | 0.5 |
| United Kingdom | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img262_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| AbbVie Inc | 18.1<br>|
| Alnylam Pharmaceuticals Inc | 8.6<br>|
| Gilead Sciences Inc | 7.6<br>|
| Argenx SE ADR | 5.3<br>|
| Ascendis Pharma A/S ADR | 5.1<br>|
| Amgen Inc | 4.5<br>|
| Insmed Inc | 2.6<br>|
| Nuvalent Inc Class A | 2.3<br>|
| Viridian Therapeutics Inc | 2.2<br>|
| Soleno Therapeutics Inc | 2.1<br>|
|  | 58.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img262_20250731_2.jpg)<br>| ![](img111630_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913427.101 116-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Biotechnology Fund<br> **Fidelity Advisor® Biotechnology Fund Class C : FBTCX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Biotechnology Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $164  | 1.71% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Biotechnology 25/50 Index for the fiscal year, especially an overweight in pharmaceuticals.

• The largest individual relative detractor was an underweight in Gilead Sciences (+52%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was Regeneron Pharmaceuticals (-50%). The company was one of our biggest holdings, on average, during the 12 months, but it was not held at period end. Another notable relative detractor was an overweight in Viking Therapeutics (-43%).

• In contrast, the primary contributor to performance versus the industry index was security selection in biotechnology. Stock selection in pharmaceuticals also boosted the fund's relative performance.

• Not owning Moderna, an index component that returned -75%, was the top individual relative contributor. A second notable relative contributor was an overweight in Alnylam Pharmaceuticals (+65%). The company was among our biggest holdings. A non-index stake in Ascendis Pharma gained 30% and notably helped. The stock was one of our biggest holdings.

• Notable changes in positioning include decreased exposure to pharmaceuticals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $7094<br>| $8049<br>| $9084<br>| $8460<br>| $10919<br>| $12355<br>| $9941<br>| $11369<br>| $14690<br>| $13573<br>|
| MSCI U.S. IMI Biotechnology 25-50 Index<br>| $10000 | $8007<br>| $9308<br>| $10395<br>| $9259<br>| $12239<br>| $14483<br>| $12836<br>| $14033<br>| $17810<br>| $16542<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111631_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | -9.11% | 4.13%<br>| 3.10% |
| Class C | -8.25% | 4.13% | 3.10% |
| MSCI U.S. IMI Biotechnology 25-50 Index | -7.12%<br>| 6.21%<br>| 5.16% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1399039702<br>|
| Number of Holdings | 81<br>|
| Total Advisory Fee | $10675957<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 95.9 |
| Pharmaceuticals | 2.5 |
| Health Care Technology | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 96.6 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img262_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.4 |

---

---

| | |
|:---|:---|
| United States | 84.9 |
| Netherlands | 7.9 |
| Denmark | 5.1 |
| Canada | 1.6 |
| Belgium | 0.5 |
| United Kingdom | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img262_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| AbbVie Inc | 18.1<br>|
| Alnylam Pharmaceuticals Inc | 8.6<br>|
| Gilead Sciences Inc | 7.6<br>|
| Argenx SE ADR | 5.3<br>|
| Ascendis Pharma A/S ADR | 5.1<br>|
| Amgen Inc | 4.5<br>|
| Insmed Inc | 2.6<br>|
| Nuvalent Inc Class A | 2.3<br>|
| Viridian Therapeutics Inc | 2.2<br>|
| Soleno Therapeutics Inc | 2.1<br>|
|  | 58.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img262_20250731_2.jpg)<br>| ![](img111631_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913425.101 114-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity Advisor® Biotechnology Fund<br> **Fidelity Advisor® Biotechnology Fund Class A : FBTAX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Biotechnology Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $92  | 0.96% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Biotechnology 25/50 Index for the fiscal year, especially an overweight in pharmaceuticals.

• The largest individual relative detractor was an underweight in Gilead Sciences (+52%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was Regeneron Pharmaceuticals (-50%). The company was one of our biggest holdings, on average, during the 12 months, but it was not held at period end. Another notable relative detractor was an overweight in Viking Therapeutics (-43%).

• In contrast, the primary contributor to performance versus the industry index was security selection in biotechnology. Stock selection in pharmaceuticals also boosted the fund's relative performance.

• Not owning Moderna, an index component that returned -75%, was the top individual relative contributor. A second notable relative contributor was an overweight in Alnylam Pharmaceuticals (+65%). The company was among our biggest holdings. A non-index stake in Ascendis Pharma gained 30% and notably helped. The stock was one of our biggest holdings.

• Notable changes in positioning include decreased exposure to pharmaceuticals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $6735<br>| $7698<br>| $8753<br>| $8213<br>| $10677<br>| $12176<br>| $9868<br>| $11367<br>| $14687<br>| $13571<br>|
| MSCI U.S. IMI Biotechnology 25-50 Index<br>| $10000 | $8007<br>| $9308<br>| $10395<br>| $9259<br>| $12239<br>| $14483<br>| $12836<br>| $14033<br>| $17810<br>| $16542<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111632_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | -12.92% | 3.68%<br>| 3.10% |
| Class A (without 5.75% sales charge) | -7.60% | 4.91% | 3.71% |
| MSCI U.S. IMI Biotechnology 25-50 Index | -7.12%<br>| 6.21%<br>| 5.16% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1399039702<br>|
| Number of Holdings | 81<br>|
| Total Advisory Fee | $10675957<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 95.9 |
| Pharmaceuticals | 2.5 |
| Health Care Technology | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 96.6 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img262_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.4 |

---

---

| | |
|:---|:---|
| United States | 84.9 |
| Netherlands | 7.9 |
| Denmark | 5.1 |
| Canada | 1.6 |
| Belgium | 0.5 |
| United Kingdom | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img262_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| AbbVie Inc | 18.1<br>|
| Alnylam Pharmaceuticals Inc | 8.6<br>|
| Gilead Sciences Inc | 7.6<br>|
| Argenx SE ADR | 5.3<br>|
| Ascendis Pharma A/S ADR | 5.1<br>|
| Amgen Inc | 4.5<br>|
| Insmed Inc | 2.6<br>|
| Nuvalent Inc Class A | 2.3<br>|
| Viridian Therapeutics Inc | 2.2<br>|
| Soleno Therapeutics Inc | 2.1<br>|
|  | 58.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img262_20250731_2.jpg)<br>| ![](img111632_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913424.101 112-TSRA-0925 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, July 31, 2025, Fidelity Advisor Series VII (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to 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 Real Estate Fund, Fidelity Advisor Semiconductors Fund, Fidelity Advisor Technology Fund and Fidelity Advisor Utilities Fund (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>July 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Advisor Biotechnology Fund | $54100  | $- | $7500  | $900  |
| Fidelity Advisor Consumer Discretionary Fund | $37800  | $- | $9000  | $700  |
| Fidelity Advisor Energy Fund | $40100  | $- | $10300  | $700  |
| Fidelity Advisor Financials Fund | $39700  | $- | $10000  | $700  |
| Fidelity Advisor Health Care Fund | $38200  | $- | $9200  | $700  |
| Fidelity Advisor Industrials Fund | $40100  | $- | $9000  | $700  |
| Fidelity Advisor Real Estate Fund | $40400  | $- | $9000  | $700  |
| Fidelity Advisor Semiconductors Fund | $36000  | $- | $7800  | $700  |
| Fidelity Advisor Technology Fund | $41300  | $- | $9200  | $700  |
| Fidelity Advisor Utilities Fund | $35900  | $- | $9500  | $700  |

---

**<u>July 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Advisor Biotechnology Fund | $51800  | $- | $7700  | $1300  |
| Fidelity Advisor Consumer Discretionary Fund | $34400  | $- | $9200  | $900  |
| Fidelity Advisor Energy Fund | $36300  | $- | $10800  | $1000  |
| Fidelity Advisor Financials Fund | $36200  | $- | $11100  | $1000  |
| Fidelity Advisor Health Care Fund | $36300  | $- | $9900  | $1000  |
| Fidelity Advisor Industrials Fund | $38300  | $- | $10900  | $900  |
| Fidelity Advisor Real Estate Fund | $38300  | $- | $8900  | $1000  |
| Fidelity Advisor Semiconductors Fund | $34200  | $- | $8200  | $900  |
| Fidelity Advisor Technology Fund | $37900  | $- | $9400  | $1000  |
| Fidelity Advisor Utilities Fund | $34000  | $- | $9700  | $900  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | **<u>July 31, 2025</u><sup>A</sup>** | **<u>July 31, 2024</u><sup>A</sup>** |
| Audit-Related Fees | $125000 | $200000 |
| Tax Fees | $- | $- |
| All Other Fees | $2970400 | $1929500 |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>July 31, 2025</u><sup>A</sup>** | **<u>July 31, 2024</u><sup>A</sup>** |
| Deloitte Entities | $3539900  | $5065100  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity Advisor® Real Estate Fund**

**Annual Report**

**July 31, 2025**

![](img111450_1.jpg)

![](img111450_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ARE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Real Estate Fund](#Sub_Sec_Fund_1128_ARE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1128_ARE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ARE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ARE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ARE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ARE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ARE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ARE-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity Advisor® Real Estate Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 99.8%  |  |  |
| Real Estate - 99.8% |  |  |
| Health Care REITs - 11.2% |  |  |
| Ventas Inc  | 101584 | 6824413 |
| Welltower Inc  | 83415 | 13769314 |
|  |  | 20593727 |
| Industrial REITs - 15.6% |  |  |
| Americold Realty Trust Inc  | 243101 | 3909064 |
| Prologis Inc  | 158049 | 16876472 |
| STAG Industrial Inc Class A  | 157745 | 5415386 |
| Terreno Realty Corp  | 47192 | 2618684 |
|  |  | 28819606 |
| Real Estate Management & Development - 8.1% |  |  |
| CBRE Group Inc Class A (a) | 46358 | 7219795 |
| Compass Inc Class A (a) | 253087 | 2009511 |
| CoStar Group Inc (a) | 18369 | 1748545 |
| Jones Lang LaSalle Inc (a) | 8367 | 2262102 |
| Zillow Group Inc Class C (a) | 21715 | 1727428 |
|  |  | 14967381 |
| Residential REITs - 13.8% |  |  |
| American Homes 4 Rent Class A  | 109217 | 3788738 |
| Camden Property Trust  | 23019 | 2513675 |
| Elme Communities  | 31658 | 477403 |
| Equity LifeStyle Properties Inc  | 2199 | 131764 |
| Equity Residential  | 89794 | 5674981 |
| Invitation Homes Inc  | 92791 | 2844044 |
| Mid-America Apartment Communities Inc  | 5494 | 782510 |
| Sun Communities Inc  | 14311 | 1774993 |
| UDR Inc  | 190534 | 7486081 |
|  |  | 25474189 |
| Retail REITs - 15.5% |  |  |
| Acadia Realty Trust  | 46156 | 864040 |
| Curbline Properties Corp  | 16400 | 362440 |
| FrontView REIT Inc (b) | 32844 | 386574 |
| InvenTrust Properties Corp  | 23738 | 654457 |
| Kimco Realty Corp  | 394443 | 8374025 |
| Macerich Co/The  | 107636 | 1798598 |
| NNN REIT Inc  | 188589 | 7781182 |
| Phillips Edison & Co Inc  | 45526 | 1538324 |
| Regency Centers Corp  | 29348 | 2095447 |
| SITE Centers Corp  | 31208 | 336109 |
| Tanger Inc  | 41778 | 1254176 |
| Urban Edge Properties  | 157108 | 3098170 |
|  |  | 28543542 |
| Specialized REITs - 35.6% |  |  |
| American Tower Corp  | 86917 | 18112635 |
| CubeSmart  | 43420 | 1689472 |
| Digital Realty Trust Inc  | 44462 | 7844875 |
| Equinix Inc  | 17982 | 14118927 |
| Extra Space Storage Inc  | 8118 | 1090734 |
| Four Corners Property Trust Inc  | 71605 | 1807310 |
| Iron Mountain Inc  | 60052 | 5846663 |
| Lamar Advertising Co Class A  | 20269 | 2477885 |
| Public Storage Operating Co  | 27026 | 7349450 |
| SBA Communications Corp Class A  | 16455 | 3697768 |
| Weyerhaeuser Co  | 62522 | 1566176 |
|  |  | 65601895 |
| TOTAL REAL ESTATE |  | 184000340 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $155,882,498) |  | <br> **184000340** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 991778 | 991976 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 16248 | 16250 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,008,226) |  |  | **1008226** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $156,890,724)<br>| <br>**185008566** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(542621)** |
| **NET ASSETS - 100.0%** | **184465945** |

---

**Legend**

(a) Non-income producing.

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

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2431246 | 33762672 | 35201942 | 36253 | - | - | 991976 | 991778 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2412825 | 8098527 | 10495102 | 739 | - | - | 16250 | 16248 | 0.0% |
| Total | 4844071 | 41861199 | 45697044 | 36992 | - | - | 1008226 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Real Estate | 184000340 | 184000340 | - | - |
|  **Money Market Funds** | 1008226 | 1008226 | - | - |
| **Total Investments in Securities:** | 185008566 | 185008566 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $15,301) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $155,882,498) | $184000340 |  |
| Fidelity Central Funds (cost $1,008,226) | 1008226 |  |
| Total Investment in Securities (cost $156,890,724) |  | $185008566 |
| Receivable for investments sold |  | 92893 |
| Receivable for fund shares sold |  | 65630 |
| Dividends receivable |  | 149352 |
| Distributions receivable from Fidelity Central Funds |  | 1417 |
| Prepaid expenses |  | 25 |
| Other receivables |  | 116971 |
| **Total assets** |  | 185434854 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $421029 |  |
| Payable for fund shares redeemed | 207204 |  |
| Accrued management fee | 110528 |  |
| Distribution and service plan fees payable | 49197 |  |
| Deferred Trustees payable | 116970 |  |
| Other payables and accrued expenses | 47731 |  |
| Collateral on securities loaned | 16250 |  |
| **Total liabilities** |  | 968909 |
| **Net Assets**  |  | $184465945 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $137984841 |
| Total accumulated earnings (loss) |  | 46481104 |
| **Net Assets** |  | $184465945 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($77,230,599 ÷ 4,677,008 shares)(a) |  | $16.51 |
| Maximum offering price per share (100/94.25 of $16.51) |  | $17.52 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($69,232,541 ÷ 4,216,873 shares)(a) |  | $16.42 |
| Maximum offering price per share (100/96.50 of $16.42) |  | $17.02 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($4,200,589 ÷ 270,307 shares)(a) |  | $15.54 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($27,651,696 ÷ 1,639,496 shares) |  | $16.87 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,150,520 ÷ 365,622 shares) |  | $16.82 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $5558252 |
| Income from Fidelity Central Funds (including $739 from security lending)  |  | 36992 |
| **Total income** |  | 5595244 |
| **Expenses** |  |  |
| Management fee | $1452559 |  |
| Distribution and service plan fees | 635445 |  |
| Custodian fees and expenses | 13768 |  |
| Independent trustees' fees and expenses | 851 |  |
| Registration fees | 59867 |  |
| Audit fees | 55686 |  |
| Legal | 401 |  |
| Miscellaneous | 12875 |  |
| **Total expenses** |  | 2231452 |
| **Net Investment income (loss)** |  | 3363792 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 33083360 |  |
| Total net realized gain (loss) |  | 33083360 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (29670930) |
| **Net gain (loss)** |  | 3412430 |
| **Net increase (decrease) in net assets resulting from operations** |  | $6776222 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3363792 | $4862065 |
| &nbsp;&nbsp;Net realized gain (loss) | 33083360<br>| 4967987<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (29670930) | 11235336<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6776222<br>| 21065388<br>|
| Distributions to shareholders | (15600155)<br>| (4738172)<br>|
| Share transactions - net increase (decrease) | (43715640)<br>| (37939622)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (52539573)<br>| (21612406)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 237005518 | 258617924<br>|
| &nbsp;&nbsp;End of period | $184465945 | $237005518 |

---

**Financial Highlights** 

**Fidelity Advisor® Real Estate Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.53 | $16.24 | $21.95 | $24.66 | $19.62 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .33  | .34  | .22  | .26  |
| Net realized and unrealized gain (loss)  | .07  | 1.28  | (3.09)  | (1.47)  | 5.50  |
| Total from investment operations  | .36  | 1.61  | (2.75)  | (1.25)  | 5.76  |
| Distributions from net investment income  | (.30)  | (.32)  | (.26)  | (.17)  | (.24)  |
| Distributions from net realized gain  | (1.08)  | -  | (2.69)  | (1.30)  | (.48)  |
| Total distributions  | (1.38)  | (.32)  | (2.96) C | (1.46) C | (.72)  |
| Net asset value, end of period  | $16.51 | $17.53 | $16.24 | $21.95 | $24.66 |
| **Total Return** D,E | 2.06% <br>| 10.10%  | (11.70)%  | (5.65)%  | 30.38%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.04%  | 1.07%  | 1.11%  | 1.07%  | 1.09%  |
| Expenses net of fee waivers, if any  | 1.04% <br>| 1.07%  | 1.10%  | 1.07%  | 1.09%  |
| Expenses net of all reductions, if any  | 1.04%  | 1.07%  | 1.10%  | 1.07%  | 1.08%  |
| Net investment income (loss)  | 1.70%  | 2.11%  | 1.96%  | .95%  | 1.24%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $77231 | $83618 | $91784 | $122949 | $138134 |
| Portfolio turnover rate H | 72% <br>| 24%  | 31%  | 48%  | 53%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Real Estate Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.44 | $16.16 | $21.87 | $24.59 | $19.58 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .25  | .29  | .30  | .17  | .21  |
| Net realized and unrealized gain (loss)  | .06  | 1.28  | (3.08)  | (1.46)  | 5.49  |
| Total from investment operations  | .31  | 1.57  | (2.78)  | (1.29)  | 5.70  |
| Distributions from net investment income  | (.26)  | (.29)  | (.24)  | (.13)  | (.22)  |
| Distributions from net realized gain  | (1.08)  | -  | (2.69)  | (1.30)  | (.48)  |
| Total distributions  | (1.33) C | (.29)  | (2.93)  | (1.43)  | (.69) C |
| Net asset value, end of period  | $16.42 | $17.44 | $16.16 | $21.87 | $24.59 |
| **Total Return** D,E | 1.79% <br>| 9.85%  | (11.87)%  | (5.83)%  | 30.14%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.29%  | 1.31%  | 1.31%  | 1.29%  | 1.31%  |
| Expenses net of fee waivers, if any  | 1.29% <br>| 1.30%  | 1.31%  | 1.28%  | 1.31%  |
| Expenses net of all reductions, if any  | 1.29%  | 1.30%  | 1.31%  | 1.28%  | 1.30%  |
| Net investment income (loss)  | 1.45%  | 1.88%  | 1.75%  | .73%  | 1.03%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $69233 | $81022 | $84126 | $100892 | $118778 |
| Portfolio turnover rate H | 72% <br>| 24%  | 31%  | 48%  | 53%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Real Estate Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.58 | $15.38 | $21.00 | $23.74 | $18.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .20  | .20  | .03  | .09  |
| Net realized and unrealized gain (loss)  | .07  | 1.21  | (2.97)  | (1.39)  | 5.30  |
| Total from investment operations  | .22  | 1.41  | (2.77)  | (1.36)  | 5.39  |
| Distributions from net investment income  | (.18)  | (.21)  | (.16)  | (.08)  | (.15)  |
| Distributions from net realized gain  | (1.08)  | -  | (2.69)  | (1.30)  | (.48)  |
| Total distributions  | (1.26)  | (.21)  | (2.85)  | (1.38)  | (.62) C |
| Net asset value, end of period  | $15.54 | $16.58 | $15.38 | $21.00 | $23.74 |
| **Total Return** D,E | 1.27% <br>| 9.30%  | (12.38)%  | (6.35)%  | 29.36%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.79%  | 1.81%  | 1.87%  | 1.86%  | 1.88%  |
| Expenses net of fee waivers, if any  | 1.79% <br>| 1.81%  | 1.86%  | 1.86%  | 1.88%  |
| Expenses net of all reductions, if any  | 1.79%  | 1.81%  | 1.86%  | 1.86%  | 1.87%  |
| Net investment income (loss)  | .95%  | 1.37%  | 1.20%  | .15%  | .46%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4201 | $5355 | $6937 | $12375 | $16069 |
| Portfolio turnover rate H | 72% <br>| 24%  | 31%  | 48%  | 53%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Real Estate Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.86 | $16.54 | $22.26 | $24.96 | $19.84 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .38  | .40  | .27  | .31  |
| Net realized and unrealized gain (loss)  | .06  | 1.30  | (3.14)  | (1.48)  | 5.56  |
| Total from investment operations  | .41  | 1.68  | (2.74)  | (1.21)  | 5.87  |
| Distributions from net investment income  | (.33)  | (.36)  | (.29)  | (.19)  | (.27)  |
| Distributions from net realized gain  | (1.08)  | -  | (2.69)  | (1.30)  | (.48)  |
| Total distributions  | (1.40) C | (.36)  | (2.98)  | (1.49)  | (.75)  |
| Net asset value, end of period  | $16.87 | $17.86 | $16.54 | $22.26 | $24.96 |
| **Total Return** D | 2.32% <br>| 10.40%  | (11.43)%  | (5.43)%  | 30.65%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .78%  | .80%  | .84%  | .86%  | .88%  |
| Expenses net of fee waivers, if any  | .78% <br>| .79%  | .83%  | .86%  | .87%  |
| Expenses net of all reductions, if any  | .78%  | .79%  | .83%  | .86%  | .87%  |
| Net investment income (loss)  | 1.95%  | 2.39%  | 2.23%  | 1.15%  | 1.46%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $27652 | $60502 | $69081 | $160565 | $197873 |
| Portfolio turnover rate G | 72% <br>| 24%  | 31%  | 48%  | 53%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Real Estate Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.84 | $16.52 | $22.29 | $24.97 | $19.85 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .41  | .43  | .33  | .36  |
| Net realized and unrealized gain (loss)  | .06  | 1.30  | (3.15)  | (1.48)  | 5.56  |
| Total from investment operations  | .43  | 1.71  | (2.72)  | (1.15)  | 5.92  |
| Distributions from net investment income  | (.38)  | (.39)  | (.36)  | (.23)  | (.32)  |
| Distributions from net realized gain  | (1.08)  | -  | (2.69)  | (1.30)  | (.48)  |
| Total distributions  | (1.45) C | (.39)  | (3.05)  | (1.53)  | (.80)  |
| Net asset value, end of period  | $16.82 | $17.84 | $16.52 | $22.29 | $24.97 |
| **Total Return** D | 2.44% <br>| 10.60%  | (11.30)%  | (5.21)%  | 30.95%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .63%  | .64%  | .65%  | .64%  | .64%  |
| Expenses net of fee waivers, if any  | .63% <br>| .64%  | .65%  | .63%  | .64%  |
| Expenses net of all reductions, if any  | .63%  | .64%  | .65%  | .63%  | .64%  |
| Net investment income (loss)  | 2.10%  | 2.54%  | 2.41%  | 1.38%  | 1.69%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6151 | $6508 | $6690 | $13539 | $16573 |
| Portfolio turnover rate G | 72% <br>| 24%  | 31%  | 48%  | 53%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended July 31, 2025

**1. Organization.**

Fidelity Advisor Real Estate Fund (the Fund) is a non-diversified fund of Fidelity Advisor Series VII (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and deferred trustees payable, as applicable.

---

| | |
|:---|:---|
| **Fidelity Advisor Real Estate Fund** | $116970 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the underlying funds, certain corporate actions, deferred Trustee compensation, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $36027135 |
| **Gross unrealized depreciation**  | <u>(7469197)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$28557938</u> |
| **Tax Cost**  | <u>$156450628</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$943121</u> |
| **Undistributed long-term capital gain**  | <u>$17046749</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$28557938</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $3439218 | $4738172 |
| **Long-term Capital Gains**  | <u>12160937</u> | <u>-</u> |
| **Total**  | <u>$15600155</u> | <u>$4738172</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Real Estate Fund** | 146449901 | 196209211 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .72 |
| **Class M** | .72 |
| **Class C** | .72 |
| **Class I** | .71 |
| **Class Z** | .56 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .72 |
| **Class M** | .72 |
| **Class C** | .72 |
| **Class I** | .71 |
| **Class Z** | .56 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 205297 | 3255 |
| **Class M** | .25% | .25% | 381336 | 1924 |
| **Class C** | .75% | .25% | <u>48812</u> | <u>4873</u> |
|  |  |  | <u>635445</u> | <u>10052</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 9106 |
| **Class M** | 1206 |
| **Class C**A | <u>139</u> |
|  | <u>10451</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Real Estate Fund** | 5342 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Real Estate Fund** | 6928906 | 19025819 | 3496741 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Real Estate Fund** | 239 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Real Estate Fund** | 83 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Fidelity Advisor Real Estate Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $6354635 | $1689144 |
| Class M | 5789333 | 1436091 |
| Class C | 370255 | 84828 |
| Class I | 2541036 | 1372528 |
| Class Z | <u>544896</u> | <u>155581</u> |
| Total  | <u>$15600155</u> | <u>$4738172</u> |

---

**9. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** |
| **Fidelity Advisor Real Estate Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 581974 | 451227 | $10030746 | $7090438 |
| Reinvestment of distributions | 376108 | 103378 | 6259347 | 1662406 |
| Shares redeemed | <u>(1049729)</u> | <u>(1436554)</u> | <u>(18203086)</u> | <u>(22498145)</u> |
| Net increase (decrease) | <u>(91647)</u> | <u>(881949)</u> | <u>$(1912993)</u> | <u>$(13745301)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 177655 | 347408 | $3060415 | $5408153 |
| Reinvestment of distributions | 349163 | 89517 | 5777045 | 1432781 |
| Shares redeemed | <u>(956625)</u> | <u>(996785)</u> | <u>(16505802)</u> | <u>(15582053)</u> |
| Net increase (decrease) | <u>(429807)</u> | <u>(559860)</u> | <u>$(7668342)</u> | <u>$(8741119)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 45862 | 36190 | $751441 | $540520 |
| Reinvestment of distributions | 23607 | 5452 | 369890 | 82977 |
| Shares redeemed | <u>(122195)</u> | <u>(169564)</u> | <u>(1999823)</u> | <u>(2502399)</u> |
| Net increase (decrease) | <u>(52726)</u> | <u>(127922)</u> | <u>$(878492)</u> | <u>$(1878902)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 480653 | 743512 | $8464126 | $11842316 |
| Reinvestment of distributions | 144824 | 82703 | 2474331 | 1353197 |
| Shares redeemed | <u>(2374194)</u> | <u>(1615757)</u> | <u>(44204527)</u> | <u>(26190165)</u> |
| Net increase (decrease) | <u>(1748717)</u> | <u>(789542)</u> | <u>$(33266070)</u> | <u>$(12994652)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 103779 | 146206 | $1840806 | $2345828 |
| Reinvestment of distributions | 30127 | 8833 | 510757 | 144068 |
| Shares redeemed | <u>(133118)</u> | <u>(195106)</u> | <u>(2341306)</u> | <u>(3069544)</u> |
| Net increase (decrease) | <u>788</u> | <u>(40067)</u> | <u>$10257</u> | <u>$(579648)</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series VII and the Shareholders of Fidelity Advisor Real Estate Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Real Estate Fund (the "Fund"), a fund of Fidelity Advisor Series VII, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 10, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $30,673,021, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.04% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $7,128 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 98.38%, 100% and 100%; Class C designates 100%,100% and 0%; Class I designates 92.65%, 100%, and 100%; Class M designates 100%, 100%, and 100%; and Class Z designates 86.76%, 100%, and 100%; of the dividends distributed in September, December, and June, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Advisor Real Estate Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered the effective management fee rate for Class I from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Class I of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Class I of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Class I of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Class I of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate for Class I ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111450_4.jpg)<br>

1.789690.122 ARE-ANN-0925

**Fidelity Advisor Focus Funds®**

**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**

**Annual Report**

**July 31, 2025**

![](img111451_1.jpg)

![](img111451_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_AFOC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Biotechnology Fund](#Sub_Sec_Fund_262_AFOC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Consumer Discretionary Fund](#Sub_Sec_Fund_185_AFOC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Energy Fund](#Sub_Sec_Fund_226_AFOC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Financials Fund](#Sub_Sec_Fund_183_AFOC-ANN)** |
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_AFOC-ANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Health Care Fund](#Sub_Sec_Fund_177_AFOC-ANN)** |
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_AFOC-ANN_2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Industrials Fund](#Sub_Sec_Fund_184_AFOC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Semiconductors Fund](#Sub_Sec_Fund_689_AFOC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Technology Fund](#Sub_Sec_Fund_187_AFOC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Utilities Fund](#Sub_Sec_Fund_186_AFOC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements262_AFOC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_AFOC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_AFOC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AFOC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AFOC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AFOC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AFOC-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity Advisor® Biotechnology Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.6%** | &nbsp;&nbsp;**Common Stocks - 96.6%** | &nbsp;&nbsp;**Common Stocks - 96.6%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.5%  |  |  |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 34100 | 7411347 |
| CANADA - 1.6%  |  |  |
| Health Care - 1.6% |  |  |
| Biotechnology - 1.6% |  |  |
| Xenon Pharmaceuticals Inc (b) | 710758 | 21706549 |
| DENMARK - 5.1%  |  |  |
| Health Care - 5.1% |  |  |
| Biotechnology - 5.1% |  |  |
| Ascendis Pharma A/S ADR (b)(c) | 407925 | 70774988 |
| NETHERLANDS - 7.9%  |  |  |
| Health Care - 7.9% |  |  |
| Biotechnology - 7.9% |  |  |
| Argenx SE ADR (b) | 109900 | 73669267 |
| Merus NV (b)(c) | 411509 | 27258356 |
| Newamsterdam Pharma Co NV (b)(c) | 424400 | 9256164 |
| TOTAL NETHERLANDS |  | 110183787 |
| UNITED KINGDOM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Mereo Biopharma Group PLC ADR (b) | 759100 | 1282879 |
| UNITED STATES - 81.5%  |  |  |
| Health Care - 81.5% |  |  |
| Biotechnology - 79.7% |  |  |
| AbbVie Inc  | 1331980 | 251770860 |
| Akero Therapeutics Inc (b) | 240244 | 11735919 |
| Alnylam Pharmaceuticals Inc (b) | 304886 | 119588485 |
| Amgen Inc  | 207703 | 61293155 |
| Apogee Therapeutics Inc (b) | 472339 | 18071690 |
| Arcellx Inc (b)(c) | 181600 | 12964424 |
| Astria Therapeutics Inc warrants (b) | 247630 | 574021 |
| Bicara Therapeutics Inc (b)(c) | 476916 | 5298537 |
| Bridgebio Pharma Inc (b) | 106464 | 5032553 |
| Celldex Therapeutics Inc (b) | 468752 | 10303169 |
| CG oncology Inc (b) | 288100 | 7689389 |
| Cidara Therapeutics Inc (b) | 103900 | 6577909 |
| Cogent Biosciences Inc (b) | 2578718 | 29448960 |
| Crescent Biopharma Inc (d) | 251090 | 3118538 |
| Crinetics Pharmaceuticals Inc (b) | 544470 | 15566397 |
| Cytokinetics Inc (b) | 436771 | 16440060 |
| CytomX Therapeutics Inc (b)(c) | 3444351 | 7543129 |
| Day One Biopharmaceuticals Inc (b) | 795300 | 5336463 |
| Dianthus Therapeutics Inc (b)(c) | 444962 | 9197365 |
| Disc Medicine Inc (b) | 210184 | 12560596 |
| Exact Sciences Corp (b) | 231300 | 10859535 |
| Gilead Sciences Inc  | 931500 | 104598135 |
| Ideaya Biosciences Inc (b) | 206646 | 5031830 |
| Immunovant Inc (b)(c) | 599050 | 9632724 |
| Insmed Inc (b) | 336700 | 36121176 |
| Jade Biosciences Inc  | 858143 | 6170048 |
| Janux Therapeutics Inc (b) | 320385 | 7694046 |
| Kymera Therapeutics Inc (b)(c) | 165800 | 7253750 |
| Mineralys Therapeutics Inc (b)(c) | 301700 | 4269055 |
| MoonLake Immunotherapeutics Class A (b)(c) | 262962 | 13263803 |
| Neurocrine Biosciences Inc (b) | 165000 | 21157950 |
| Nurix Therapeutics Inc (b) | 655200 | 7377552 |
| Nuvalent Inc Class A (b) | 409298 | 32068498 |
| Oruka Therapeutics Inc (c) | 710786 | 9659582 |
| Perspective Therapeutics Inc (b) | 888118 | 3410373 |
| Rezolute Inc (b)(c) | 2745200 | 16333940 |
| Rhythm Pharmaceuticals Inc (b) | 187000 | 15938010 |
| Scholar Rock Holding Corp (b)(c) | 576368 | 21354435 |
| Scholar Rock Holding Corp warrants 12/31/2025 (b)(d) | 6000 | 178970 |
| Soleno Therapeutics Inc (b) | 343800 | 29728386 |
| Spyre Therapeutics Inc (b)(c) | 658368 | 11172505 |
| Stoke Therapeutics Inc (b) | 711700 | 9145345 |
| Summit Therapeutics Inc (b)(c) | 329400 | 8686278 |
| Tectonic Therapeutic Inc (b)(c) | 120995 | 2684878 |
| Travere Therapeutics Inc (b) | 355600 | 5494020 |
| Upstream Bio Inc (c) | 1107402 | 16954325 |
| Vaxcyte Inc (b) | 671129 | 22784830 |
| Viking Therapeutics Inc (b)(c) | 605687 | 19727226 |
| Viridian Therapeutics Inc (b)(c) | 1763164 | 30890633 |
| Zenas Biopharma Inc (c) | 934800 | 14685708 |
|  |  | 1114439165 |
| Pharmaceuticals - 1.8% |  |  |
| Enliven Therapeutics Inc (b)(c) | 628162 | 11815728 |
| Enliven Therapeutics Inc (b)(d) | 73200 | 1376892 |
| Enliven Therapeutics Inc rights (b)(e) | 739725 | 7 |
| Maze Therapeutics Inc (c) | 65900 | 972024 |
| MBX Biosciences Inc (b)(c) | 173500 | 2298875 |
| Rapport Therapeutics Inc (b)(c) | 180046 | 2585461 |
| Structure Therapeutics Inc ADR (b)(c) | 361500 | 6434700 |
|  |  | 25483687 |
| TOTAL UNITED STATES |  | 1139922852 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $818,187,816) |  | <br> **1351282402** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Technology - 0.1% |  |  |
| Wugen Inc 10% 12/31/2199 (d)(e)<br>(Cost $831,312)<br>| 831313 | **989512** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.9%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 1.9%  |  |  |
| Health Care - 1.9% |  |  |
| Biotechnology - 1.6% |  |  |
| Bright Peak Therapeutics Inc. Series B (b)(d)(e) | 1920122 | 2937787 |
| Bright Peak Therapeutics Inc. Series C (b)(d)(e) | 873604 | 952228 |
| Cardurion Pharmaceuticals Inc Series B (b)(d)(e) | 331596 | 1415915 |
| Endeavor BioMedicines Inc Series C (b)(d)(e) | 526643 | 2749076 |
| LifeMine Therapeutics Inc Series C (b)(d)(e) | 1950028 | 2301033 |
| Parabilis Medicines Inc Series D (b)(d)(e) | 239281 | 1363902 |
| Sonoma Biotherapeutics Inc Series B (b)(d)(e) | 1967762 | 4998116 |
| Sonoma Biotherapeutics Inc Series B1 (b)(d)(e) | 1049456 | 3053917 |
| T-Knife Therapeutics Inc Series B (b)(d)(e) | 1300097 | 1768132 |
| Treeline Biosciences Series A (b)(d)(e) | 47600 | 283696 |
|  |  | 21823802 |
| Health Care Technology - 0.1% |  |  |
| Candid Therapeutics Series B (d)(e) | 1500060 | 1485059 |
| Wugen Inc Series B (b)(d)(e) | 580277 | 870415 |
|  |  | 2355474 |
| Pharmaceuticals - 0.2% |  |  |
| Afferent Pharmaceuticals Inc Series C (b)(d)(e) | 1915787 | 19 |
| Kartos Therapeutics Inc Series C (b)(d)(e) | 530692 | 3009024 |
|  |  | 3009043 |
| TOTAL HEALTH CARE |  | 27188319 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $44,269,852) |  | <br> **27188319** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.6%** | &nbsp;&nbsp;**Money Market Funds - 8.6%** | &nbsp;&nbsp;**Money Market Funds - 8.6%** | &nbsp;&nbsp;**Money Market Funds - 8.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 20540303 | 20544411 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 99821918 | 99831900 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $120,372,188) |  |  | **120376311** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 107.2%**<br> (Cost $983,661,168)<br>| <br>**1499836544** |
| **NET OTHER ASSETS (LIABILITIES) - (7.2)%**  | **(100796842)** |
| **NET ASSETS - 100.0%** | **1399039702** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

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

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,852,231 or 2.3% of net assets.

(e) Level 3 security

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Afferent Pharmaceuticals Inc Series C | 7/01/15 | 0 |
| Bright Peak Therapeutics Inc. Series B | 5/14/21 | 7499997 |
| Bright Peak Therapeutics Inc. Series C | 5/07/24 | 990230 |
| Candid Therapeutics Series B | 8/27/24 | 1800072 |
| Cardurion Pharmaceuticals Inc Series B | 7/10/24 | 1624025 |
| Crescent Biopharma Inc | 10/28/24 | 3320670 |
| Endeavor BioMedicines Inc Series C | 4/22/24 | 3436135 |
| Enliven Therapeutics Inc | 3/19/24 | 1024800 |
| Kartos Therapeutics Inc Series C | 8/22/23 | 3000002 |
| LifeMine Therapeutics Inc Series C | 2/15/22 | 3971408 |
| Parabilis Medicines Inc Series D | 11/17/22 | 2575405 |
| Scholar Rock Holding Corp warrants 12/31/2025 | 6/17/22 | 0 |
| Sonoma Biotherapeutics Inc Series B | 7/26/21 | 3888888 |
| Sonoma Biotherapeutics Inc Series B1 | 7/26/21 | 3111112 |
| T-Knife Therapeutics Inc Series B | 6/30/21 | 7500000 |
| Treeline Biosciences Series A | 7/30/21 | 372589 |
| Wugen Inc 10% 12/31/2199 | 6/14/24 | 831313 |
| Wugen Inc Series B | 7/09/21 | 4499990 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 21081884 | 445365487 | 445902960 | 498901 | - | - | 20544411 | 20540303 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 155099956 | 733925447 | 789193503 | 742416 | - | - | 99831900 | 99821918 | 0.4% |
| Total | 176181840 | 1179290934 | 1235096463 | 1241317 | - | - | 120376311 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Other Affiliated Issuers**

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Allakos Inc | 4371030 | - | 1217959 | - | (6691265) | 3538194 | - | - |
| Total | 4371030 | - | 1217959 | - | (6691265) | 3538194 | - |  |

---

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Health Care | 1351282402 | 1350529404 | 752991 | 7 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 989512 | - | - | 989512 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 27188319 | - | - | 27188319 |
|  **Money Market Funds** | 120376311 | 120376311 | - | - |
| **Total Investments in Securities:** | 1499836544 | 1470905715 | 752991 | 28177838 |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)** |
| **Common Stocks** | 383164 | 455406 | 3848007 | 4544151 | (9230721) | - | - | - | 7 | 231164 |
| **Convertible Preferred Stocks** | 32510460 | - | (7122213) | 1800072 | - | - | - | - | 27188319 | (7122213) |
| **Convertible Corporate Bonds** | 850350 | - | 139162 | - | - | - | - | - | 989512 | 139162 |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |  |  |  |

---

**Fidelity Advisor® Biotechnology Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $104,869,345) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $863,288,980) | $1379460233 |  |
| Fidelity Central Funds (cost $120,372,188) | 120376311 |  |
| Total Investment in Securities (cost $983,661,168) |  | $1499836544 |
| Receivable for fund shares sold |  | 1168404 |
| Dividends receivable |  | 2233381 |
| Interest receivable |  | 94215 |
| Distributions receivable from Fidelity Central Funds |  | 157041 |
| Prepaid expenses |  | 158 |
| **Total assets** |  | 1503489743 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2550536 |  |
| Payable for fund shares redeemed | 1024531 |  |
| Accrued management fee | 774874 |  |
| Distribution and service plan fees payable | 208486 |  |
| Other payables and accrued expenses | 92817 |  |
| Collateral on securities loaned | 99798797 |  |
| **Total liabilities** |  | 104450041 |
| **Net Assets**  |  | $1399039702 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $924351443 |
| Total accumulated earnings (loss) |  | 474688259 |
| **Net Assets** |  | $1399039702 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($585,073,845 ÷ 20,722,546 shares)(a) |  | $28.23 |
| Maximum offering price per share (100/94.25 of $28.23) |  | $29.95 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($107,181,380 ÷ 4,179,076 shares)(a) |  | $25.65 |
| Maximum offering price per share (100/96.50 of $25.65) |  | $26.58 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($54,984,888 ÷ 2,525,688 shares)(a) |  | $21.77 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($561,341,862 ÷ 18,075,439 shares) |  | $31.06 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($90,457,727 ÷ 2,905,616 shares) |  | $31.13 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $16169017 |
| Interest  |  | 83362 |
| Income from Fidelity Central Funds (including $742,416 from security lending)  |  | 1241317 |
| **Total income** |  | 17493696 |
| **Expenses** |  |  |
| Management fee | $10675957 |  |
| Distribution and service plan fees | 2864771 |  |
| Custodian fees and expenses | 63794 |  |
| Independent trustees' fees and expenses | 6565 |  |
| Registration fees | 92853 |  |
| Audit fees | 72336 |  |
| Legal | 2069 |  |
| Interest | 2855 |  |
| Miscellaneous | 62125 |  |
| Total expenses before reductions | 13843325 |  |
| Expense reductions | (5890) |  |
| Total expenses after reductions |  | 13837435 |
| **Net Investment income (loss)** |  | 3656261 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 10457073 |  |
| Affiliated issuers | (6691265) |  |
| Foreign currency transactions | 8869 |  |
| Total net realized gain (loss) |  | 3774677 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (161474196) |  |
| Affiliated issuers  | 3538194 |  |
| Unfunded commitments | (2795057) |  |
| Assets and liabilities in foreign currencies | 1633 |  |
| Total change in net unrealized appreciation (depreciation) |  | (160729426) |
| **Net gain (loss)** |  | (156954749) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(153298488) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3656261 | $7323993 |
| &nbsp;&nbsp;Net realized gain (loss) | 3774677<br>| 91744149<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (160729426) | 315812084<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (153298488)<br>| 414880226<br>|
| Distributions to shareholders | (87826457)<br>| (18817060)<br>|
| Share transactions - net increase (decrease) | (172019334)<br>| (217017143)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (413144279)<br>| 179046023<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1812183981 | 1633137958<br>|
| &nbsp;&nbsp;End of period | $1399039702 | $1812183981 |

---

**Financial Highlights** 

**Fidelity Advisor® Biotechnology Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.34 | $25.34 | $22.00 | $32.58 | $31.03 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .10  | .02  | (.06)  | .07  |
| Net realized and unrealized gain (loss)  | (2.53)  | 7.22  | 3.32  | (5.16)  | 4.42  |
| Total from investment operations  | (2.48)  | 7.32  | 3.34  | (5.22)  | 4.49  |
| Distributions from net investment income  | (.80)  | (.32)  | -  | (.11)  | (.13)  |
| Distributions from net realized gain  | (.84)  | -  | -  | (5.25)  | (2.81)  |
| Total distributions  | (1.63) C | (.32)  | -  | (5.36)  | (2.94)  |
| Net asset value, end of period  | $28.23 | $32.34 | $25.34 | $22.00 | $32.58 |
| **Total Return** D,E | (7.60)% <br>| 29.21%  | 15.18%  | (18.95)%  | 14.03%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .96%  | .99%  | 1.01%  | 1.00%  | 1.01%  |
| Expenses net of fee waivers, if any  | .96% <br>| .98%  | 1.00%  | 1.00%  | 1.00%  |
| Expenses net of all reductions, if any  | .96%  | .98%  | 1.00%  | 1.00%  | 1.00%  |
| Net investment income (loss)  | .16%  | .39%  | .07%  | (.23)%  | .20%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $585074 | $737152 | $636505 | $594911 | $808610 |
| Portfolio turnover rate H | 51% <br>| 73%  | 78%  | 43%  | 72%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Biotechnology Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.56 | $23.17 | $20.17 | $30.35 | $29.08 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | .03  | (.05)  | (.13)  | (.02)  |
| Net realized and unrealized gain (loss)  | (2.30)  | 6.59  | 3.05  | (4.73)  | 4.14  |
| Total from investment operations  | (2.32)  | 6.62  | 3.00  | (4.86)  | 4.12  |
| Distributions from net investment income  | (.75)  | (.23)  | -  | (.07)  | (.07)  |
| Distributions from net realized gain  | (.84)  | -  | -  | (5.25)  | (2.78)  |
| Total distributions  | (1.59)  | (.23)  | -  | (5.32)  | (2.85)  |
| Net asset value, end of period  | $25.65 | $29.56 | $23.17 | $20.17 | $30.35 |
| **Total Return** C,D | (7.81)% <br>| 28.87%  | 14.87%  | (19.18)%  | 13.69%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.21%  | 1.25%  | 1.29%  | 1.28%  | 1.28%  |
| Expenses net of fee waivers, if any  | 1.21% <br>| 1.24%  | 1.28%  | 1.28%  | 1.28%  |
| Expenses net of all reductions, if any  | 1.21%  | 1.24%  | 1.28%  | 1.28%  | 1.28%  |
| Net investment income (loss)  | (.09)%  | .13%  | (.20)%  | (.51)%  | (.07)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $107181 | $130547 | $113960 | $109815 | $161619 |
| Portfolio turnover rate G | 51% <br>| 73%  | 78%  | 43%  | 72%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Biotechnology Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.31 | $19.75 | $17.27 | $26.79 | $25.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.13)  | (.07)  | (.13)  | (.21)  | (.15)  |
| Net realized and unrealized gain (loss)  | (1.97)  | 5.63  | 2.61  | (4.07)  | 3.71  |
| Total from investment operations  | (2.10)  | 5.56  | 2.48  | (4.28)  | 3.56  |
| Distributions from net investment income  | (.60)  | -  | -  | -  | (.01)  |
| Distributions from net realized gain  | (.84)  | -  | -  | (5.24)  | (2.73)  |
| Total distributions  | (1.44)  | -  | -  | (5.24)  | (2.74)  |
| Net asset value, end of period  | $21.77 | $25.31 | $19.75 | $17.27 | $26.79 |
| **Total Return** C,D | (8.25)% <br>| 28.15%  | 14.36%  | (19.54)%  | 13.15%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.71%  | 1.72%  | 1.76%  | 1.75%  | 1.75%  |
| Expenses net of fee waivers, if any  | 1.71% <br>| 1.72%  | 1.76%  | 1.74%  | 1.75%  |
| Expenses net of all reductions, if any  | 1.71%  | 1.72%  | 1.76%  | 1.74%  | 1.75%  |
| Net investment income (loss)  | (.59)%  | (.35)%  | (.69)%  | (.97)%  | (.55)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $54985 | $92046 | $119843 | $168797 | $328417 |
| Portfolio turnover rate G | 51% <br>| 73%  | 78%  | 43%  | 72%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Biotechnology Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.37 | $27.71 | $23.99 | $35.00 | $33.16 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .13  | .19  | .09  | .01  | .17  |
| Net realized and unrealized gain (loss)  | (2.74)  | 7.88  | 3.63  | (5.61)  | 4.72  |
| Total from investment operations  | (2.61)  | 8.07  | 3.72  | (5.60)  | 4.89  |
| Distributions from net investment income  | (.86)  | (.41)  | -  | (.16)  | (.21)  |
| Distributions from net realized gain  | (.84)  | -  | -  | (5.25)  | (2.85)  |
| Total distributions  | (1.70)  | (.41)  | -  | (5.41)  | (3.05) C |
| Net asset value, end of period  | $31.06 | $35.37 | $27.71 | $23.99 | $35.00 |
| **Total Return** D | (7.32)% <br>| 29.53%  | 15.51%  | (18.74)%  | 14.34%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .71%  | .72%  | .74%  | .73%  | .74%  |
| Expenses net of fee waivers, if any  | .71% <br>| .72%  | .73%  | .73%  | .74%  |
| Expenses net of all reductions, if any  | .71%  | .72%  | .73%  | .73%  | .74%  |
| Net investment income (loss)  | .41%  | .65%  | .34%  | .04%  | .47%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $561342 | $768136 | $701786 | $697079 | $1129492 |
| Portfolio turnover rate G | 51% <br>| 73%  | 78%  | 43%  | 72%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Biotechnology Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.47 | $27.81 | $24.04 | $35.05 | $33.22 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .23  | .13  | .05  | .21  |
| Net realized and unrealized gain (loss)  | (2.76)  | 7.90  | 3.64  | (5.62)  | 4.74  |
| Total from investment operations  | (2.59)  | 8.13  | 3.77  | (5.57)  | 4.95  |
| Distributions from net investment income  | (.91)  | (.47)  | -  | (.19)  | (.26)  |
| Distributions from net realized gain  | (.84)  | -  | -  | (5.25)  | (2.87)  |
| Total distributions  | (1.75)  | (.47)  | -  | (5.44)  | (3.12) C |
| Net asset value, end of period  | $31.13 | $35.47 | $27.81 | $24.04 | $35.05 |
| **Total Return** D | (7.24)% <br>| 29.69%  | 15.68%  | (18.63)%  | 14.49%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .58%  | .60%  | .61%  | .61%  | .61%  |
| Expenses net of fee waivers, if any  | .58% <br>| .60%  | .60%  | .60%  | .61%  |
| Expenses net of all reductions, if any  | .58%  | .59%  | .60%  | .60%  | .61%  |
| Net investment income (loss)  | .54%  | .78%  | .47%  | .16%  | .60%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $90458 | $84303 | $61044 | $62729 | $89641 |
| Portfolio turnover rate G | 51% <br>| 73%  | 78%  | 43%  | 72%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Consumer Discretionary Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 1.8%  |  |  |
| Consumer Discretionary - 1.8% |  |  |
| Automobile Components - 1.8% |  |  |
| Aptiv PLC  | 135220 | 9281501 |
| BRAZIL - 2.4%  |  |  |
| Consumer Discretionary - 2.4% |  |  |
| Broadline Retail - 2.4% |  |  |
| MercadoLibre Inc (a) | 5045 | 11976275 |
| CANADA - 2.0%  |  |  |
| Consumer Discretionary - 2.0% |  |  |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Restaurant Brands International Inc  | 84575 | 5738843 |
| Specialty Retail - 0.9% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 84000 | 4508574 |
| TOTAL CANADA |  | 10247417 |
| FRANCE - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 1747 | 937811 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| On Holding AG Class A (a) | 23284 | 1130904 |
| UNITED KINGDOM - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Flutter Entertainment PLC (a) | 5800 | 1753108 |
| UNITED STATES - 92.5%  |  |  |
| Consumer Discretionary - 90.4% |  |  |
| Automobile Components - 0.4% |  |  |
| LCI Industries  | 19840 | 1884799 |
| Automobiles - 14.2% |  |  |
| General Motors Co  | 141460 | 7545476 |
| Tesla Inc (a) | 206850 | 63765650 |
|  |  | 71311126 |
| Broadline Retail - 26.2% |  |  |
| Amazon.com Inc (a) | 534154 | 125050793 |
| Etsy Inc (a) | 46240 | 2694404 |
| Ollie's Bargain Outlet Holdings Inc (a) | 26293 | 3592413 |
|  |  | 131337610 |
| Hotels, Restaurants & Leisure - 16.8% |  |  |
| Aramark  | 53399 | 2272661 |
| Booking Holdings Inc  | 2149 | 11828225 |
| Caesars Entertainment Inc (a) | 56251 | 1500777 |
| Carnival Corp (a) | 145930 | 4344336 |
| Chipotle Mexican Grill Inc (a) | 127590 | 5471059 |
| Churchill Downs Inc  | 25324 | 2710681 |
| Domino's Pizza Inc  | 19964 | 9247524 |
| Hilton Worldwide Holdings Inc  | 47015 | 12603781 |
| Marriott International Inc/MD Class A1  | 15799 | 4168250 |
| McDonald's Corp  | 49511 | 14856767 |
| Penn Entertainment Inc (a) | 90735 | 1638674 |
| Red Rock Resorts Inc Class A  | 47540 | 2916579 |
| Royal Caribbean Cruises Ltd  | 11650 | 3703186 |
| Starbucks Corp  | 37300 | 3325668 |
| Wyndham Hotels & Resorts Inc  | 44700 | 3844200 |
|  |  | 84432368 |
| Household Durables - 5.5% |  |  |
| Cavco Industries Inc (a) | 6420 | 2591561 |
| PulteGroup Inc  | 56890 | 6424019 |
| Somnigroup International Inc  | 176945 | 12807279 |
| TopBuild Corp (a) | 15955 | 5910211 |
|  |  | 27733070 |
| Specialty Retail - 22.2% |  |  |
| Academy Sports & Outdoors Inc  | 112580 | 5717938 |
| Dick's Sporting Goods Inc  | 52869 | 11182322 |
| Floor & Decor Holdings Inc Class A (a) | 96988 | 7433160 |
| Gap Inc/The  | 77670 | 1511458 |
| Group 1 Automotive Inc (b) | 12410 | 5114782 |
| Home Depot Inc/The  | 54173 | 19909120 |
| Lowe's Cos Inc  | 87312 | 19520344 |
| O'Reilly Automotive Inc (a) | 25850 | 2541572 |
| Restoration Hardware Inc (a) | 10200 | 2097324 |
| Ross Stores Inc  | 62150 | 8485961 |
| Sally Beauty Holdings Inc (a) | 165220 | 1609243 |
| TJX Cos Inc/The  | 112179 | 13969651 |
| Ulta Beauty Inc (a) | 6430 | 3311514 |
| Wayfair Inc Class A (a) | 19985 | 1311815 |
| Williams-Sonoma Inc  | 40800 | 7631640 |
|  |  | 111347844 |
| Textiles, Apparel & Luxury Goods - 5.1% |  |  |
| Capri Holdings Ltd (a) | 71700 | 1304223 |
| Deckers Outdoor Corp (a) | 40892 | 4341504 |
| NIKE Inc Class B  | 126072 | 9416318 |
| PVH Corp  | 39739 | 2917637 |
| Tapestry Inc  | 71004 | 7670562 |
|  |  | 25650244 |
| TOTAL CONSUMER DISCRETIONARY |  | 453697061 |
| Consumer Staples - 1.1% |  |  |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Dollar Tree Inc (a) | 42124 | 4783181 |
| Performance Food Group Co (a) | 9611 | 964944 |
|  |  | 5748125 |
| Materials - 1.0% |  |  |
| Construction Materials - 1.0% |  |  |
| James Hardie Industries PLC ADR (a) | 17476 | 453327 |
| James Hardie Industries PLC depository receipt (a) | 165917 | 4354898 |
|  |  | 4808225 |
| TOTAL UNITED STATES |  | 464253411 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $241,060,156) |  | <br> **499580427** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 1582187 | 1582504 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 3872813 | 3873200 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $5,455,704) |  |  | **5455704** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $246,515,860)<br>| <br>**505036131** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(2450507)** |
| **NET ASSETS - 100.0%** | **502585624** |

---

**Legend**

(a) Non-income producing.

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

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 596655 | 84706790 | 83720941 | 71327 | - | - | 1582504 | 1582187 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3858000 | 94178856 | 94163656 | 5155 | - | - | 3873200 | 3872813 | 0.0% |
| Total | 4454655 | 178885646 | 177884597 | 76482 | - | - | 5455704 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 489024077 | 488086266 | 937811 | - |
| Consumer Staples | 5748125 | 5748125 | - | - |
| Materials | 4808225 | 453327 | 4354898 | - |
|  **Money Market Funds** | 5455704 | 5455704 | - | - |
| **Total Investments in Securities:** | 505036131 | 499743422 | 5292709 | - |

---

**Fidelity Advisor® Consumer Discretionary Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,791,780) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $241,060,156) | $499580427 |  |
| Fidelity Central Funds (cost $5,455,704) | 5455704 |  |
| Total Investment in Securities (cost $246,515,860) |  | $505036131 |
| Foreign currency held at value (cost $20,959) |  | 20543 |
| Receivable for investments sold |  | 10675751 |
| Receivable for fund shares sold |  | 112203 |
| Dividends receivable |  | 142806 |
| Distributions receivable from Fidelity Central Funds |  | 9311 |
| Prepaid expenses |  | 80 |
| Other receivables |  | 3790 |
| **Total assets** |  | 516000615 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $8854028 |  |
| Payable for fund shares redeemed | 276556 |  |
| Accrued management fee | 287207 |  |
| Distribution and service plan fees payable | 84414 |  |
| Other payables and accrued expenses | 39586 |  |
| Collateral on securities loaned | 3873200 |  |
| **Total liabilities** |  | 13414991 |
| **Net Assets**  |  | $502585624 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $224179150 |
| Total accumulated earnings (loss) |  | 278406474 |
| **Net Assets** |  | $502585624 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($217,962,040 ÷ 4,701,125 shares)(a) |  | $46.36 |
| Maximum offering price per share (100/94.25 of $46.36) |  | $49.19 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($35,354,943 ÷ 844,458 shares)(a) |  | $41.87 |
| Maximum offering price per share (100/96.50 of $41.87) |  | $43.39 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($28,312,952 ÷ 840,128 shares)(a) |  | $33.70 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($165,061,252 ÷ 3,189,601 shares) |  | $51.75 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($55,894,437 ÷ 1,071,527 shares) |  | $52.16 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $3518382 |
| Income from Fidelity Central Funds (including $5,155 from security lending)  |  | 76482 |
| **Total income** |  | 3594864 |
| **Expenses** |  |  |
| Management fee | $3311863 |  |
| Distribution and service plan fees | 1034363 |  |
| Custodian fees and expenses | 11559 |  |
| Independent trustees' fees and expenses | 1949 |  |
| Registration fees | 81441 |  |
| Audit fees | 59559 |  |
| Legal | 4220 |  |
| Miscellaneous | 13397 |  |
| **Total expenses** |  | 4518351 |
| **Net Investment income (loss)** |  | (923487) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 34555388 |  |
| Foreign currency transactions | 10209 |  |
| Total net realized gain (loss) |  | 34565597 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 30227445 |  |
| Assets and liabilities in foreign currencies | 25 |  |
| Total change in net unrealized appreciation (depreciation) |  | 30227470 |
| **Net gain (loss)** |  | 64793067 |
| **Net increase (decrease) in net assets resulting from operations** |  | $63869580 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(923487) | $(862291) |
| &nbsp;&nbsp;Net realized gain (loss) | 34565597<br>| 46224901<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 30227470 | 8840836<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 63869580<br>| 54203446<br>|
| Distributions to shareholders | (28535068)<br>| -<br>|
| Share transactions - net increase (decrease) | (8303146)<br>| (86759146)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 27031366<br>| (32555700)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 475554258 | 508109958<br>|
| &nbsp;&nbsp;End of period | $502585624 | $475554258 |

---

**Financial Highlights** 

**Fidelity Advisor® Consumer Discretionary Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $42.78 | $37.68 | $35.05 | $45.74 | $33.70 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.11)  | (.09)  | (.09)  | (.16)  | (.20)  |
| Net realized and unrealized gain (loss)  | 6.45  | 5.19  | 4.07  | (7.62)  | 12.82  |
| Total from investment operations  | 6.34  | 5.10  | 3.98  | (7.78)  | 12.62  |
| Distributions from net realized gain  | (2.76)  | -  | (1.35)  | (2.91)  | (.58)  |
| Total distributions  | (2.76)  | -  | (1.35)  | (2.91)  | (.58)  |
| Net asset value, end of period  | $46.36 | $42.78 | $37.68 | $35.05 | $45.74 |
| **Total Return** C,D | 14.44% <br>| 13.54%  | 12.14%  | (18.26)%  | 37.68%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .99%  | 1.01%  | 1.04%  | 1.01%  | 1.03%  |
| Expenses net of fee waivers, if any  | .99% <br>| 1.00%  | 1.04%  | 1.01%  | 1.03%  |
| Expenses net of all reductions, if any  | .99%  | 1.00%  | 1.04%  | 1.01%  | 1.03%  |
| Net investment income (loss)  | (.24)%  | (.22)%  | (.27)%  | (.38)%  | (.48)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $217962 | $222157 | $203468 | $188092 | $259488 |
| Portfolio turnover rate G | 27% <br>| 25% H | 43%  | 34%  | 35%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Consumer Discretionary Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.95 | $34.40 | $32.20 | $42.23 | $31.23 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.21)  | (.17)  | (.16)  | (.24)  | (.29)  |
| Net realized and unrealized gain (loss)  | 5.89  | 4.72  | 3.71  | (7.02)  | 11.87  |
| Total from investment operations  | 5.68  | 4.55  | 3.55  | (7.26)  | 11.58  |
| Distributions from net realized gain  | (2.76)  | -  | (1.35)  | (2.77)  | (.58)  |
| Total distributions  | (2.76)  | -  | (1.35)  | (2.77)  | (.58)  |
| Net asset value, end of period  | $41.87 | $38.95 | $34.40 | $32.20 | $42.23 |
| **Total Return** C,D | 14.16% <br>| 13.23%  | 11.87%  | (18.49)%  | 37.32%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.25%  | 1.28%  | 1.31%  | 1.28%  | 1.30%  |
| Expenses net of fee waivers, if any  | 1.25% <br>| 1.27%  | 1.30%  | 1.27%  | 1.30%  |
| Expenses net of all reductions, if any  | 1.25%  | 1.27%  | 1.30%  | 1.27%  | 1.29%  |
| Net investment income (loss)  | (.51)%  | (.49)%  | (.53)%  | (.64)%  | (.75)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $35355 | $35773 | $35811 | $35219 | $48288 |
| Portfolio turnover rate G | 27% <br>| 25% H | 43%  | 34%  | 35%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Consumer Discretionary Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.95 | $28.35 | $26.92 | $35.82 | $26.69 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.33)  | (.29)  | (.25)  | (.36)  | (.40)  |
| Net realized and unrealized gain (loss)  | 4.84  | 3.89  | 3.03  | (5.87)  | 10.11  |
| Total from investment operations  | 4.51  | 3.60  | 2.78  | (6.23)  | 9.71  |
| Distributions from net realized gain  | (2.76)  | -  | (1.35)  | (2.67)  | (.58)  |
| Total distributions  | (2.76)  | -  | (1.35)  | (2.67)  | (.58)  |
| Net asset value, end of period  | $33.70 | $31.95 | $28.35 | $26.92 | $35.82 |
| **Total Return** C,D | 13.57% <br>| 12.70%  | 11.32%  | (18.88)%  | 36.66%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.75%  | 1.77%  | 1.80%  | 1.77%  | 1.79%  |
| Expenses net of fee waivers, if any  | 1.75% <br>| 1.76%  | 1.79%  | 1.76%  | 1.79%  |
| Expenses net of all reductions, if any  | 1.75%  | 1.76%  | 1.79%  | 1.76%  | 1.79%  |
| Net investment income (loss)  | (1.00)%  | (.99)%  | (1.02)%  | (1.13)%  | (1.24)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $28313 | $31369 | $43294 | $54035 | $85549 |
| Portfolio turnover rate G | 27% <br>| 25% H | 43%  | 34%  | 35%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Consumer Discretionary Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $47.37 | $41.61 | $38.45 | $49.91 | $36.63 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | .02  | - C | (.05)  | (.10)  |
| Net realized and unrealized gain (loss)  | 7.13  | 5.74  | 4.51  | (8.36)  | 13.96  |
| Total from investment operations  | 7.14  | 5.76  | 4.51  | (8.41)  | 13.86  |
| Distributions from net realized gain  | (2.76)  | -  | (1.35)  | (3.05)  | (.58)  |
| Total distributions  | (2.76)  | -  | (1.35)  | (3.05)  | (.58)  |
| Net asset value, end of period  | $51.75 | $47.37 | $41.61 | $38.45 | $49.91 |
| **Total Return** D | 14.74% <br>| 13.84%  | 12.45%  | (18.04)%  | 38.05%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .73%  | .75%  | .77%  | .75%  | .77%  |
| Expenses net of fee waivers, if any  | .73% <br>| .74%  | .76%  | .74%  | .76%  |
| Expenses net of all reductions, if any  | .73%  | .74%  | .76%  | .74%  | .76%  |
| Net investment income (loss)  | .02%  | .04%  | .01%  | (.11)%  | (.22)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $165061 | $144234 | $139088 | $118859 | $259846 |
| Portfolio turnover rate G | 27% <br>| 25% H | 43%  | 34%  | 35%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Consumer Discretionary Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $47.67 | $41.82 | $38.59 | $50.10 | $36.72 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .07  | .07  | .05  | - C | (.04)  |
| Net realized and unrealized gain (loss)  | 7.18  | 5.78  | 4.53  | (8.38)  | 14.00  |
| Total from investment operations  | 7.25  | 5.85  | 4.58  | (8.38)  | 13.96  |
| Distributions from net realized gain  | (2.76)  | -  | (1.35)  | (3.13)  | (.58)  |
| Total distributions  | (2.76)  | -  | (1.35)  | (3.13)  | (.58)  |
| Net asset value, end of period  | $52.16 | $47.67 | $41.82 | $38.59 | $50.10 |
| **Total Return** D | 14.88% <br>| 13.99%  | 12.59%  | (17.93)%  | 38.23%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .60%  | .62%  | .64%  | .62%  | .64%  |
| Expenses net of fee waivers, if any  | .60% <br>| .62%  | .64%  | .62%  | .64%  |
| Expenses net of all reductions, if any  | .60%  | .62%  | .64%  | .62%  | .64%  |
| Net investment income (loss)  | .15%  | .16%  | .13%  | .01%  | (.09)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $55894 | $42021 | $86450 | $44785 | $87644 |
| Portfolio turnover rate G | 27% <br>| 25% H | 43%  | 34%  | 35%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Energy Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| CANADA - 9.4%  |  |  |
| Energy - 9.4% |  |  |
| Oil, Gas & Consumable Fuels - 9.4% |  |  |
| Canadian Natural Resources Ltd  | 1301600 | 41201051 |
| Cenovus Energy Inc  | 2676900 | 40744675 |
| Imperial Oil Ltd (a) | 76100 | 6345144 |
| TOTAL CANADA |  | 88290870 |
| FRANCE - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Vallourec SACA  | 70300 | 1314509 |
| NORWAY - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Odfjell Drilling Ltd  | 349356 | 2500541 |
| UNITED KINGDOM - 3.2%  |  |  |
| Energy - 3.2% |  |  |
| Energy Equipment & Services - 3.2% |  |  |
| Subsea 7 SA  | 54900 | 1071587 |
| TechnipFMC PLC  | 801900 | 29165103 |
| TOTAL UNITED KINGDOM |  | 30236690 |
| UNITED STATES - 86.8%  |  |  |
| Energy - 82.4% |  |  |
| Energy Equipment & Services - 7.2% |  |  |
| Baker Hughes Co Class A  | 526300 | 23709815 |
| National Energy Services Reunited Corp (a)(b) | 2276171 | 15182061 |
| Schlumberger NV  | 866318 | 29281548 |
|  |  | 68173424 |
| Oil, Gas & Consumable Fuels - 75.2% |  |  |
| Antero Resources Corp (b) | 436600 | 15250438 |
| Cheniere Energy Inc  | 198500 | 46822180 |
| Chevron Corp  | 579888 | 87934216 |
| Chord Energy Corp  | 48230 | 5321216 |
| ConocoPhillips  | 281050 | 26795307 |
| Diamondback Energy Inc  | 182600 | 27145316 |
| Energy Transfer LP  | 2560500 | 46191420 |
| EOG Resources Inc  | 34686 | 4163014 |
| Expand Energy Corp  | 107200 | 11232416 |
| Exxon Mobil Corp  | 2093371 | 233703939 |
| Kinder Morgan Inc  | 170800 | 4792648 |
| Marathon Petroleum Corp  | 270078 | 45964575 |
| Northern Oil & Gas Inc  | 28530 | 803405 |
| Occidental Petroleum Corp  | 476700 | 20946198 |
| Ovintiv Inc  | 451900 | 18609242 |
| Permian Resources Corp Class A  | 704900 | 9981384 |
| Phillips 66  | 98418 | 12162496 |
| Range Resources Corp  | 379400 | 13931568 |
| Targa Resources Corp  | 142600 | 23730066 |
| Valero Energy Corp  | 251000 | 34464810 |
| Williams Cos Inc/The  | 296700 | 17787165 |
|  |  | 707733019 |
| TOTAL ENERGY |  | 775906443 |
| Utilities - 4.4% |  |  |
| Independent Power and Renewable Electricity Producers - 4.4% |  |  |
| Vistra Corp  | 196800 | 41040672 |
| TOTAL UNITED STATES |  | 816947115 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $533,821,432) |  | <br> **939289725** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 128611 | 128636 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 2562843 | 2563100 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,691,735) |  |  | **2691736** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $536,513,167)<br>| <br>**941981461** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(405436)** |
| **NET ASSETS - 100.0%** | **941576025** |

---

**Legend**

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

(b) Non-income producing.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 3329635 | 99806049 | 103007048 | 61636 | - | - | 128636 | 128611 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 18242180 | 576179721 | 591858802 | 59946 | - | 1 | 2563100 | 2562843 | 0.0% |
| Total | 21571815 | 675985770 | 694865850 | 121582 | - | 1 | 2691736 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Energy | 898249053 | 898249053 | - | - |
| Utilities | 41040672 | 41040672 | - | - |
|  **Money Market Funds** | 2691736 | 2691736 | - | - |
| **Total Investments in Securities:** | 941981461 | 941981461 | - | - |

---

**Fidelity Advisor® Energy Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,394,100) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $533,821,432) | $939289725 |  |
| Fidelity Central Funds (cost $2,691,735) | 2691736 |  |
| Total Investment in Securities (cost $536,513,167) |  | $941981461 |
| Cash |  | 20 |
| Foreign currency held at value (cost $50,501) |  | 47818 |
| Receivable for investments sold |  | 2824347 |
| Receivable for fund shares sold |  | 368861 |
| Dividends receivable |  | 494395 |
| Distributions receivable from Fidelity Central Funds |  | 3998 |
| Prepaid expenses |  | 105 |
| Other receivables |  | 113905 |
| **Total assets** |  | 945834910 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $841483 |  |
| Accrued management fee | 541106 |  |
| Distribution and service plan fees payable | 155629 |  |
| Other payables and accrued expenses | 157892 |  |
| Collateral on securities loaned | 2562775 |  |
| **Total liabilities** |  | 4258885 |
| **Net Assets**  |  | $941576025 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $672233763 |
| Total accumulated earnings (loss) |  | 269342262 |
| **Net Assets** |  | $941576025 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($320,527,628 ÷ 6,984,688 shares)(a) |  | $45.89 |
| Maximum offering price per share (100/94.25 of $45.89) |  | $48.69 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($98,790,197 ÷ 2,096,031 shares)(a) |  | $47.13 |
| Maximum offering price per share (100/96.50 of $47.13) |  | $48.84 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($57,129,809 ÷ 1,375,204 shares)(a) |  | $41.54 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($368,758,274 ÷ 7,547,018 shares) |  | $48.86 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($96,370,117 ÷ 1,973,220 shares) |  | $48.84 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $28716847 |
| Income from Fidelity Central Funds (including $59,946 from security lending)  |  | 121582 |
| **Total income** |  | 28838429 |
| **Expenses** |  |  |
| Management fee | $7463958 |  |
| Distribution and service plan fees | 2036362 |  |
| Custodian fees and expenses | 49627 |  |
| Independent trustees' fees and expenses | 4621 |  |
| Registration fees | 98781 |  |
| Audit fees | 58990 |  |
| Legal | 2144 |  |
| Interest | 9066 |  |
| Miscellaneous | 44818 |  |
| **Total expenses** |  | 9768367 |
| **Net Investment income (loss)** |  | 19070062 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 54359376 |  |
| Foreign currency transactions | 56650 |  |
| Total net realized gain (loss) |  | 54416026 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (156255034) |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | (2273) |  |
| Total change in net unrealized appreciation (depreciation) |  | (156257306) |
| **Net gain (loss)** |  | (101841280) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(82771218) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $19070062 | $21340728 |
| &nbsp;&nbsp;Net realized gain (loss) | 54416026<br>| 129269550<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (156257306) | (30832449)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (82771218)<br>| 119777829<br>|
| Distributions to shareholders | (10612834)<br>| (23514383)<br>|
| Share transactions - net increase (decrease) | (276497525)<br>| (146093812)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (369881577)<br>| (49830366)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1311457602 | 1361287968<br>|
| &nbsp;&nbsp;End of period | $941576025 | $1311457602 |

---

**Financial Highlights** 

**Fidelity Advisor® Energy Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $48.92 | $44.81 | $39.49 | $23.59 | $16.59 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .75  | .73  | .96  | .80  | .65 C |
| Net realized and unrealized gain (loss)  | (3.36)  | 4.26  | 5.26  | 15.68  | 6.94  |
| Total from investment operations  | (2.61)  | 4.99  | 6.22  | 16.48  | 7.59  |
| Distributions from net investment income  | (.42)  | (.88)  | (.90)  | (.58)  | (.59)  |
| Total distributions  | (.42)  | (.88)  | (.90)  | (.58)  | (.59)  |
| Net asset value, end of period  | $45.89 | $48.92 | $44.81 | $39.49 | $23.59 |
| **Total Return** D,E | (5.27)% <br>| 11.44%  | 15.94%  | 71.12%  | 46.78%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .98%  | 1.00%  | 1.01%  | 1.05%  | 1.11%  |
| Expenses net of fee waivers, if any  | .98% <br>| .99%  | 1.01%  | 1.04%  | 1.11%  |
| Expenses net of all reductions, if any  | .98%  | .99%  | 1.01%  | 1.04%  | 1.11%  |
| Net investment income (loss)  | 1.67%  | 1.59%  | 2.29%  | 2.43%  | 3.15% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $320528 | $397263 | $379351 | $361023 | $175221 |
| Portfolio turnover rate H | 15% <br>| 31% I | 21%  | 37%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Energy Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $50.29 | $46.03 | $40.53 | $24.20 | $17.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .65  | .63  | .88  | .73  | .60 C |
| Net realized and unrealized gain (loss)  | (3.45)  | 4.38  | 5.39  | 16.11  | 7.13  |
| Total from investment operations  | (2.80)  | 5.01  | 6.27  | 16.84  | 7.73  |
| Distributions from net investment income  | (.36)  | (.75)  | (.77)  | (.51)  | (.53)  |
| Total distributions  | (.36)  | (.75)  | (.77)  | (.51)  | (.53)  |
| Net asset value, end of period  | $47.13 | $50.29 | $46.03 | $40.53 | $24.20 |
| **Total Return** D,E | (5.50)% <br>| 11.14%  | 15.64%  | 70.66%  | 46.37%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.23%  | 1.25%  | 1.27%  | 1.31%  | 1.38%  |
| Expenses net of fee waivers, if any  | 1.23% <br>| 1.24%  | 1.27%  | 1.31%  | 1.38%  |
| Expenses net of all reductions, if any  | 1.23%  | 1.24%  | 1.27%  | 1.31%  | 1.38%  |
| Net investment income (loss)  | 1.42%  | 1.34%  | 2.04%  | 2.16%  | 2.88% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $98790 | $111844 | $109406 | $114014 | $62519 |
| Portfolio turnover rate H | 15% <br>| 31% I | 21%  | 37%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Energy Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $44.53 | $40.83 | $36.08 | $21.60 | $15.23 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .35  | .59  | .51  | .45 C |
| Net realized and unrealized gain (loss)  | (3.06)  | 3.90  | 4.80  | 14.38  | 6.38  |
| Total from investment operations  | (2.68)  | 4.25  | 5.39  | 14.89  | 6.83  |
| Distributions from net investment income  | (.31)  | (.55)  | (.64)  | (.41)  | (.46)  |
| Total distributions  | (.31)  | (.55)  | (.64)  | (.41)  | (.46)  |
| Net asset value, end of period  | $41.54 | $44.53 | $40.83 | $36.08 | $21.60 |
| **Total Return** D,E | (5.98)% <br>| 10.61%  | 15.09%  | 69.86%  | 45.68%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.73%  | 1.74%  | 1.76%  | 1.79%  | 1.84%  |
| Expenses net of fee waivers, if any  | 1.73% <br>| 1.74%  | 1.75%  | 1.78%  | 1.84%  |
| Expenses net of all reductions, if any  | 1.73%  | 1.74%  | 1.75%  | 1.78%  | 1.84%  |
| Net investment income (loss)  | .92%  | .85%  | 1.55%  | 1.69%  | 2.42% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $57130 | $80848 | $94348 | $105747 | $56068 |
| Portfolio turnover rate H | 15% <br>| 31% I | 21%  | 37%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Energy Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $51.96 | $47.54 | $41.83 | $24.95 | $17.51 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .93  | .91  | 1.14  | .97  | .74 C |
| Net realized and unrealized gain (loss)  | (3.57)  | 4.51  | 5.57  | 16.57  | 7.35  |
| Total from investment operations  | (2.64)  | 5.42  | 6.71  | 17.54  | 8.09  |
| Distributions from net investment income  | (.46)  | (1.00)  | (1.00)  | (.66)  | (.65)  |
| Total distributions  | (.46)  | (1.00)  | (1.00)  | (.66)  | (.65)  |
| Net asset value, end of period  | $48.86 | $51.96 | $47.54 | $41.83 | $24.95 |
| **Total Return** D | (5.01)% <br>| 11.73%  | 16.25%  | 71.63%  | 47.26%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .71%  | .73%  | .74%  | .76%  | .79%  |
| Expenses net of fee waivers, if any  | .71% <br>| .72%  | .74%  | .76%  | .79%  |
| Expenses net of all reductions, if any  | .71%  | .72%  | .74%  | .76%  | .79%  |
| Net investment income (loss)  | 1.94%  | 1.86%  | 2.57%  | 2.71%  | 3.47% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $368758 | $609322 | $511737 | $533005 | $177248 |
| Portfolio turnover rate G | 15% <br>| 31% H | 21%  | 37%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Energy Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $51.91 | $47.46 | $41.75 | $24.91 | $17.48 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .99  | .97  | 1.19  | 1.02  | .80 C |
| Net realized and unrealized gain (loss)  | (3.57)  | 4.51  | 5.56  | 16.52  | 7.30  |
| Total from investment operations  | (2.58)  | 5.48  | 6.75  | 17.54  | 8.10  |
| Distributions from net investment income  | (.49)  | (1.03)  | (1.04)  | (.70)  | (.67)  |
| Total distributions  | (.49)  | (1.03)  | (1.04)  | (.70)  | (.67)  |
| Net asset value, end of period  | $48.84 | $51.91 | $47.46 | $41.75 | $24.91 |
| **Total Return** D | (4.90)% <br>| 11.90%  | 16.40%  | 71.83%  | 47.47%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .58%  | .60%  | .62%  | .63%  | .65%  |
| Expenses net of fee waivers, if any  | .58% <br>| .59%  | .61%  | .62%  | .64%  |
| Expenses net of all reductions, if any  | .58%  | .59%  | .61%  | .62%  | .64%  |
| Net investment income (loss)  | 2.07%  | 1.99%  | 2.69%  | 2.85%  | 3.62% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $96370 | $112181 | $266447 | $263802 | $81903 |
| Portfolio turnover rate G | 15% <br>| 31% H | 21%  | 37%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Financials Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Insurance - 1.0% |  |  |
| AUB Group Ltd  | 325435 | 7068864 |
| FRANCE - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Amundi SA (a)(b) | 85000 | 6309980 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Patria Investments Ltd Class A (c) | 420000 | 5859000 |
| MEXICO - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| Bolsa Mexicana de Valores SAB de CV  | 1763541 | 3782288 |
| PUERTO RICO - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Popular Inc  | 70471 | 8074567 |
| UNITED KINGDOM - 2.5%  |  |  |
| Financials - 2.5% |  |  |
| Insurance - 2.5% |  |  |
| Hiscox Ltd  | 569100 | 9710438 |
| Lancashire Holdings Ltd  | 855366 | 7071541 |
| TOTAL UNITED KINGDOM |  | 16781979 |
| UNITED STATES - 92.9%  |  |  |
| Financials - 91.7% |  |  |
| Banks - 31.3% |  |  |
| Associated Banc-Corp  | 235547 | 5827433 |
| Bank of America Corp  | 798756 | 37757196 |
| BOK Financial Corp  | 67000 | 6802510 |
| Cadence Bank  | 72124 | 2513520 |
| Citigroup Inc  | 260005 | 24362469 |
| East West Bancorp Inc  | 49800 | 4992450 |
| Eastern Bankshares Inc  | 335100 | 5177295 |
| First Hawaiian Inc  | 150700 | 3654475 |
| First Interstate BancSystem Inc Class A  | 223052 | 6421667 |
| KeyCorp  | 284000 | 5089280 |
| M&T Bank Corp  | 57188 | 10791376 |
| Old National Bancorp/IN  | 312333 | 6593350 |
| TriCo Bancshares  | 109500 | 4502640 |
| Truist Financial Corp  | 276300 | 12077073 |
| UMB Financial Corp  | 69745 | 7671253 |
| United Community Banks Inc/GA  | 119200 | 3635600 |
| US Bancorp  | 273400 | 12292064 |
| Wells Fargo & Co  | 549428 | 44300380 |
| WesBanco Inc  | 120400 | 3627652 |
| Wintrust Financial Corp  | 20466 | 2619238 |
| Zions Bancorp NA  | 61200 | 3281544 |
|  |  | 213990465 |
| Capital Markets - 22.4% |  |  |
| AllianceBernstein Holding LP  | 133500 | 5445465 |
| Bridge Investment Group Holdings Inc Class A  | 423800 | 4339712 |
| Carlyle Group Inc/The  | 126800 | 7691688 |
| Charles Schwab Corp/The  | 246000 | 24041580 |
| Lazard Inc  | 136252 | 7082379 |
| LPL Financial Holdings Inc  | 14200 | 5619366 |
| MarketAxess Holdings Inc  | 38200 | 7850100 |
| Moody's Corp  | 19500 | 10056735 |
| Morgan Stanley  | 116900 | 16653574 |
| Nasdaq Inc  | 154300 | 14846746 |
| Northern Trust Corp  | 71500 | 9295000 |
| Perella Weinberg Partners Class A  | 131100 | 2614134 |
| Raymond James Financial Inc  | 41650 | 6960965 |
| State Street Corp  | 160700 | 17958225 |
| Stifel Financial Corp  | 51000 | 5820120 |
| Virtu Financial Inc Class A  | 158160 | 6981182 |
|  |  | 153256971 |
| Consumer Finance - 5.9% |  |  |
| Capital One Financial Corp  | 70357 | 15126755 |
| FirstCash Holdings Inc  | 79971 | 10659335 |
| OneMain Holdings Inc  | 90900 | 5253111 |
| SLM Corp  | 293000 | 9317400 |
|  |  | 40356601 |
| Financial Services - 17.7% |  |  |
| Apollo Global Management Inc  | 95700 | 13907124 |
| Corebridge Financial Inc  | 102401 | 3641380 |
| Corpay Inc (d) | 25900 | 8366995 |
| Fiserv Inc (d) | 62300 | 8655962 |
| Mastercard Inc Class A  | 122500 | 69392575 |
| PayPal Holdings Inc (d) | 105900 | 7281684 |
| Voya Financial Inc  | 143800 | 10066000 |
|  |  | 121311720 |
| Insurance - 14.4% |  |  |
| American Financial Group Inc/OH  | 71500 | 8930350 |
| Arthur J Gallagher & Co  | 33000 | 9479250 |
| Assurant Inc  | 49700 | 9308810 |
| Baldwin Insurance Group Inc/The Class A (d) | 167504 | 6170847 |
| Brown & Brown Inc  | 91400 | 8351218 |
| Chubb Ltd  | 67000 | 17824680 |
| First American Financial Corp  | 130200 | 7818510 |
| Reinsurance Group of America Inc  | 120600 | 23209470 |
| Selective Insurance Group Inc  | 90800 | 7079676 |
|  |  | 98172811 |
| TOTAL FINANCIALS |  | 627088568 |
| Industrials - 1.2% |  |  |
| Professional Services - 1.2% |  |  |
| TransUnion  | 87900 | 8367201 |
| TOTAL UNITED STATES |  | 635455769 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $491,001,644) |  | <br> **683332447** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 1494196 | 1494495 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 530647 | 530700 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,025,195) |  |  | **2025195** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $493,026,839)<br>| <br>**685357642** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(1636443)** |
| **NET ASSETS - 100.0%** | **683721199** |

---

**Legend**

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,309,980 or 0.9% of net assets.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $6,309,980 or 0.9% of net assets.

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

(d) Non-income producing.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1868007 | 143097699 | 143471211 | 114322 | - | - | 1494495 | 1494196 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 4708125 | 108926987 | 113104412 | 129083 | - | - | 530700 | 530647 | 0.0% |
| Total | 6576132 | 252024686 | 256575623 | 243405 | - | - | 2025195 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Financials | 674965246 | 667896382 | 7068864 | - |
| Industrials | 8367201 | 8367201 | - | - |
|  **Money Market Funds** | 2025195 | 2025195 | - | - |
| **Total Investments in Securities:** | 685357642 | 678288778 | 7068864 | - |

---

**Fidelity Advisor® Financials Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $510,570) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $491,001,644) | $683332447 |  |
| Fidelity Central Funds (cost $2,025,195) | 2025195 |  |
| Total Investment in Securities (cost $493,026,839) |  | $685357642 |
| Foreign currency held at value (cost $58,297) |  | 58297 |
| Receivable for fund shares sold |  | 305657 |
| Dividends receivable |  | 203920 |
| Distributions receivable from Fidelity Central Funds |  | 8788 |
| Prepaid expenses |  | 140 |
| Other receivables |  | 2530 |
| **Total assets** |  | 685936974 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $605417 |  |
| Payable for fund shares redeemed | 511588 |  |
| Accrued management fee | 396028 |  |
| Distribution and service plan fees payable | 124157 |  |
| Other payables and accrued expenses | 47885 |  |
| Collateral on securities loaned | 530700 |  |
| **Total liabilities** |  | 2215775 |
| **Net Assets**  |  | $683721199 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $459388333 |
| Total accumulated earnings (loss) |  | 224332866 |
| **Net Assets** |  | $683721199 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($262,933,634 ÷ 6,959,837 shares)(a) |  | $37.78 |
| Maximum offering price per share (100/94.25 of $37.78) |  | $40.08 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($90,286,540 ÷ 2,425,791 shares)(a) |  | $37.22 |
| Maximum offering price per share (100/96.50 of $37.22) |  | $38.57 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($36,180,589 ÷ 1,039,755 shares)(a) |  | $34.80 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($212,456,308 ÷ 5,415,840 shares) |  | $39.23 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($81,864,128 ÷ 2,087,921 shares) |  | $39.21 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $14209523 |
| Income from Fidelity Central Funds (including $129,083 from security lending)  |  | 243405 |
| **Total income** |  | 14452928 |
| **Expenses** |  |  |
| Management fee | $4252428 |  |
| Distribution and service plan fees | 1389784 |  |
| Custodian fees and expenses | 21313 |  |
| Independent trustees' fees and expenses | 2357 |  |
| Registration fees | 99348 |  |
| Audit fees | 56354 |  |
| Legal | 839 |  |
| Interest | 2230 |  |
| Miscellaneous | 18032 |  |
| **Total expenses** |  | 5842685 |
| **Net Investment income (loss)** |  | 8610243 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 48782892 |  |
| Foreign currency transactions | (27330) |  |
| Total net realized gain (loss) |  | 48755562 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 51741863 |
| **Net gain (loss)** |  | 100497425 |
| **Net increase (decrease) in net assets resulting from operations** |  | $109107668 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8610243 | $8063454 |
| &nbsp;&nbsp;Net realized gain (loss) | 48755562<br>| 22789712<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 51741863 | 79119055<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 109107668<br>| 109972221<br>|
| Distributions to shareholders | (29319932)<br>| (8982095)<br>|
| Share transactions - net increase (decrease) | 96518976<br>| (66836659)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 176306712<br>| 34153467<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 507414487 | 473261020<br>|
| &nbsp;&nbsp;End of period | $683721199 | $507414487 |

---

**Financial Highlights** 

**Fidelity Advisor® Financials Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.88 | $25.84 | $26.31 | $28.41 | $18.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .47  | .51  | .51  | .44  | .42  |
| Net realized and unrealized gain (loss)  | 6.11  | 7.17  | .50  | (1.32)  | 10.55  |
| Total from investment operations  | 6.58  | 7.68  | 1.01  | (.88)  | 10.97  |
| Distributions from net investment income  | (.44)  | (.64)  | (.45)  | (.43)  | (.45)  |
| Distributions from net realized gain  | (1.25)  | -  | (1.03)  | (.80)  | (.11)  |
| Total distributions  | (1.68) C | (.64)  | (1.48)  | (1.22) C | (.56)  |
| Net asset value, end of period  | $37.78 | $32.88 | $25.84 | $26.31 | $28.41 |
| **Total Return** D,E | 20.42% <br>| 30.18%  | 4.17%  | (3.40)%  | 61.84%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.00%  | 1.03%  | 1.05%  | 1.03%  | 1.07%  |
| Expenses net of fee waivers, if any  | 1.00% <br>| 1.03%  | 1.04%  | 1.03%  | 1.07%  |
| Expenses net of all reductions, if any  | 1.00%  | 1.03%  | 1.04%  | 1.03%  | 1.06%  |
| Net investment income (loss)  | 1.34%  | 1.83%  | 2.02%  | 1.55%  | 1.76%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $262934 | $203328 | $169271 | $189413 | $181251 |
| Portfolio turnover rate H | 49% <br>| 44% I | 55%  | 40%  | 51%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Financials Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.43 | $25.49 | $25.98 | $28.08 | $17.79 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .44  | .44  | .37  | .36  |
| Net realized and unrealized gain (loss)  | 6.02  | 7.07  | .49  | (1.31)  | 10.44  |
| Total from investment operations  | 6.40  | 7.51  | .93  | (.94)  | 10.80  |
| Distributions from net investment income  | (.36)  | (.57)  | (.39)  | (.37)  | (.39)  |
| Distributions from net realized gain  | (1.25)  | -  | (1.03)  | (.80)  | (.11)  |
| Total distributions  | (1.61)  | (.57)  | (1.42)  | (1.16) C | (.51) C |
| Net asset value, end of period  | $37.22 | $32.43 | $25.49 | $25.98 | $28.08 |
| **Total Return** D,E | 20.10% <br>| 29.90%  | 3.88%  | (3.63)%  | 61.48%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.24%  | 1.27%  | 1.29%  | 1.28%  | 1.32%  |
| Expenses net of fee waivers, if any  | 1.24% <br>| 1.27%  | 1.28%  | 1.28%  | 1.32%  |
| Expenses net of all reductions, if any  | 1.24%  | 1.27%  | 1.28%  | 1.28%  | 1.31%  |
| Net investment income (loss)  | 1.10%  | 1.60%  | 1.78%  | 1.30%  | 1.51%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $90287 | $76611 | $64588 | $69176 | $60508 |
| Portfolio turnover rate H | 49% <br>| 44% I | 55%  | 40%  | 51%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Financials Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.43 | $23.92 | $24.44 | $26.48 | $16.80 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .28  | .30  | .21  | .22  |
| Net realized and unrealized gain (loss)  | 5.64  | 6.64  | .46  | (1.23)  | 9.85  |
| Total from investment operations  | 5.83  | 6.92  | .76  | (1.02)  | 10.07  |
| Distributions from net investment income  | (.22)  | (.41)  | (.25)  | (.23)  | (.28)  |
| Distributions from net realized gain  | (1.25)  | -  | (1.03)  | (.80)  | (.11)  |
| Total distributions  | (1.46) C | (.41)  | (1.28)  | (1.02) C | (.39)  |
| Net asset value, end of period  | $34.80 | $30.43 | $23.92 | $24.44 | $26.48 |
| **Total Return** D,E | 19.53% <br>| 29.23%  | 3.38%  | (4.13)%  | 60.62%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.75%  | 1.78%  | 1.79%  | 1.79%  | 1.83%  |
| Expenses net of fee waivers, if any  | 1.75% <br>| 1.77%  | 1.79%  | 1.78%  | 1.82%  |
| Expenses net of all reductions, if any  | 1.75%  | 1.77%  | 1.79%  | 1.78%  | 1.82%  |
| Net investment income (loss)  | .59%  | 1.09%  | 1.27%  | .80%  | 1.00%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $36181 | $36108 | $41339 | $58177 | $57856 |
| Portfolio turnover rate H | 49% <br>| 44% I | 55%  | 40%  | 51%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Financials Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $34.10 | $26.77 | $27.20 | $29.32 | $18.55 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .59  | .61  | .60  | .54  | .52  |
| Net realized and unrealized gain (loss)  | 6.34  | 7.43  | .52  | (1.37)  | 10.86  |
| Total from investment operations  | 6.93  | 8.04  | 1.12  | (.83)  | 11.38  |
| Distributions from net investment income  | (.55)  | (.71)  | (.53)  | (.50)  | (.50)  |
| Distributions from net realized gain  | (1.25)  | -  | (1.03)  | (.80)  | (.11)  |
| Total distributions  | (1.80)  | (.71)  | (1.55) C | (1.29) C | (.61)  |
| Net asset value, end of period  | $39.23 | $34.10 | $26.77 | $27.20 | $29.32 |
| **Total Return** D | 20.75% <br>| 30.52%  | 4.47%  | (3.13)%  | 62.31%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .72%  | .76%  | .77%  | .76%  | .79%  |
| Expenses net of fee waivers, if any  | .72% <br>| .75%  | .77%  | .76%  | .79%  |
| Expenses net of all reductions, if any  | .72%  | .75%  | .77%  | .76%  | .78%  |
| Net investment income (loss)  | 1.62%  | 2.11%  | 2.29%  | 1.82%  | 2.04%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $212456 | $124435 | $110244 | $131118 | $118424 |
| Portfolio turnover rate G | 49% <br>| 44% H | 55%  | 40%  | 51%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Financials Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $34.07 | $26.71 | $27.16 | $29.28 | $18.53 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .64  | .63  | .63  | .57  | .54  |
| Net realized and unrealized gain (loss)  | 6.33  | 7.44  | .51  | (1.37)  | 10.86  |
| Total from investment operations  | 6.97  | 8.07  | 1.14  | (.80)  | 11.40  |
| Distributions from net investment income  | (.58)  | (.71)  | (.57)  | (.53)  | (.54)  |
| Distributions from net realized gain  | (1.25)  | -  | (1.03)  | (.80)  | (.11)  |
| Total distributions  | (1.83)  | (.71)  | (1.59) C | (1.32) C | (.65)  |
| Net asset value, end of period  | $39.21 | $34.07 | $26.71 | $27.16 | $29.28 |
| **Total Return** D | 20.89% <br>| 30.73%  | 4.58%  | (3.03)%  | 62.53%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .59%  | .63%  | .64%  | .64%  | .66%  |
| Expenses net of fee waivers, if any  | .59% <br>| .62%  | .64%  | .63%  | .66%  |
| Expenses net of all reductions, if any  | .59%  | .62%  | .64%  | .63%  | .65%  |
| Net investment income (loss)  | 1.75%  | 2.24%  | 2.42%  | 1.95%  | 2.17%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $81864 | $66932 | $87819 | $63009 | $49214 |
| Portfolio turnover rate G | 49% <br>| 44% H | 55%  | 40%  | 51%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity Advisor® Health Care Fund**

**Consolidated Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.4%** | &nbsp;&nbsp;**Common Stocks - 97.4%** | &nbsp;&nbsp;**Common Stocks - 97.4%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 2.0%  |  |  |
| Health Care - 2.0% |  |  |
| Pharmaceuticals - 2.0% |  |  |
| UCB SA  | 300000 | 65202462 |
| CANADA - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.7% |  |  |
| Xenon Pharmaceuticals Inc (b) | 740000 | 22599600 |
| CHINA - 0.5%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| BeOne Medicines Ltd ADR (b) | 56000 | 16863280 |
| DENMARK - 2.3%  |  |  |
| Health Care - 2.3% |  |  |
| Biotechnology - 2.3% |  |  |
| Ascendis Pharma A/S ADR (b) | 428000 | 74258000 |
| GERMANY - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.8% |  |  |
| BioNTech SE ADR (b)(c) | 228000 | 24510000 |
| NETHERLANDS - 4.9%  |  |  |
| Health Care - 4.9% |  |  |
| Biotechnology - 4.6% |  |  |
| Argenx SE ADR (b)(c) | 157500 | 105576975 |
| Merus NV (b) | 650000 | 43056000 |
|  |  | 148632975 |
| Pharmaceuticals - 0.3% |  |  |
| Pharvaris NV (b)(c) | 495789 | 9856285 |
| TOTAL NETHERLANDS |  | 158489260 |
| UNITED KINGDOM - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Immunocore Holdings PLC ADR (b)(c) | 340000 | 11141800 |
| Mereo Biopharma Group PLC ADR (b) | 725534 | 1226152 |
| TOTAL UNITED KINGDOM |  | 12367952 |
| UNITED STATES - 85.8%  |  |  |
| Health Care - 85.8% |  |  |
| Biotechnology - 27.7% |  |  |
| AbbVie Inc  | 335000 | 63321700 |
| Acumen Pharmaceuticals Inc (b) | 700000 | 980000 |
| Akero Therapeutics Inc (b) | 160000 | 7816000 |
| Alnylam Pharmaceuticals Inc (b) | 318000 | 124732320 |
| Annexon Inc (b) | 750000 | 1800000 |
| Apogee Therapeutics Inc (b) | 39416 | 1508056 |
| Arcellx Inc (b)(c) | 240000 | 17133600 |
| Avidity Biosciences Inc (b) | 360000 | 13215600 |
| Caris Life Sciences Inc (d) | 1166998 | 32769304 |
| Cartesian Therapeutics Inc (b) | 230254 | 2949554 |
| CG oncology Inc (b)(c) | 400000 | 10676000 |
| Cidara Therapeutics Inc (b) | 80000 | 5064800 |
| Cogent Biosciences Inc (b) | 1900000 | 21698000 |
| Crinetics Pharmaceuticals Inc (b) | 745280 | 21307555 |
| Cytokinetics Inc (b) | 485000 | 18255400 |
| Day One Biopharmaceuticals Inc (b) | 600000 | 4026000 |
| Disc Medicine Inc (b) | 320000 | 19123200 |
| Exact Sciences Corp (b) | 1350000 | 63382500 |
| Gilead Sciences Inc  | 528000 | 59289120 |
| Immunovant Inc (b) | 560000 | 9004800 |
| Insmed Inc (b) | 236000 | 25318080 |
| Jade Biosciences Inc  | 235836 | 1695661 |
| Janux Therapeutics Inc (b) | 458104 | 11001368 |
| Legend Biotech Corp ADR (b) | 2080000 | 81265600 |
| Metsera Inc (c) | 191690 | 6323853 |
| MoonLake Immunotherapeutics Class A (b) | 260000 | 13114400 |
| Nurix Therapeutics Inc (b) | 1000000 | 11260000 |
| Nuvalent Inc Class A (b) | 400000 | 31340000 |
| Oruka Therapeutics Inc (c) | 629689 | 8557474 |
| Perspective Therapeutics Inc (b) | 350000 | 1344000 |
| Revolution Medicines Inc (b) | 360000 | 13417200 |
| Rezolute Inc (b) | 1600000 | 9520000 |
| Rhythm Pharmaceuticals Inc (b) | 128000 | 10909440 |
| Scholar Rock Holding Corp (b) | 59135 | 2190952 |
| Soleno Therapeutics Inc (b) | 440000 | 38046800 |
| Spyre Therapeutics Inc (b)(c) | 384500 | 6524965 |
| Stoke Therapeutics Inc (b) | 690000 | 8866500 |
| Summit Therapeutics Inc (b)(c) | 350000 | 9229500 |
| Ultragenyx Pharmaceutical Inc (b) | 280000 | 7649600 |
| Upstream Bio Inc  | 630000 | 9645300 |
| Vaxcyte Inc (b) | 630000 | 21388500 |
| Veracyte Inc (b) | 800000 | 18808000 |
| Viking Therapeutics Inc (b)(c) | 600000 | 19542000 |
| Viridian Therapeutics Inc (b) | 1581200 | 27702624 |
| Zenas Biopharma Inc  | 59615 | 936551 |
|  |  | 893651877 |
| Health Care Equipment & Supplies - 27.6% |  |  |
| Boston Scientific Corp (b) | 2460000 | 258103200 |
| Edwards Lifesciences Corp (b) | 815000 | 64637650 |
| Glaukos Corp (b) | 70000 | 6026300 |
| Inspire Medical Systems Inc (b) | 154000 | 19179160 |
| Insulet Corp (b) | 335000 | 96614000 |
| Intuitive Surgical Inc (b) | 54000 | 25978860 |
| Kestra Medical Technologies Ltd  | 362040 | 5973660 |
| Masimo Corp (b) | 805000 | 123800950 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(e)(f) | 9982 | 121181 |
| Outset Medical Inc (b) | 750000 | 12045000 |
| Penumbra Inc (b) | 628000 | 158425560 |
| PROCEPT BioRobotics Corp (b)(c) | 375000 | 18191250 |
| Shoulder Innovations Inc (d)(f) | 256191 | 3855675 |
| Shoulder Innovations Inc  | 54500 | 820225 |
| Stryker Corp  | 242000 | 95040660 |
|  |  | 888813331 |
| Health Care Providers & Services - 10.0% |  |  |
| agilon health Inc (b) | 6966293 | 12469664 |
| Astrana Health Inc (b) | 330000 | 7873800 |
| BrightSpring Health Services Inc (b)(c) | 2080000 | 42952000 |
| Cigna Group/The  | 56000 | 14973280 |
| CVS Health Corp  | 1325000 | 82282500 |
| LifeStance Health Group Inc (b) | 2080000 | 8278400 |
| Omada Health Inc (d) | 485651 | 8508606 |
| Privia Health Group Inc (b) | 1600000 | 31232000 |
| Surgery Partners Inc (b) | 1020000 | 22389000 |
| UnitedHealth Group Inc  | 360000 | 89841600 |
|  |  | 320800850 |
| Health Care Technology - 3.6% |  |  |
| Evolent Health Inc Class A (b) | 819272 | 8233684 |
| Phreesia Inc (b) | 650000 | 17524000 |
| Veeva Systems Inc Class A (b) | 270000 | 76734000 |
| Waystar Holding Corp (b) | 325000 | 12018500 |
|  |  | 114510184 |
| Life Sciences Tools & Services - 9.7% |  |  |
| 10X Genomics Inc Class A (b) | 1040000 | 13988000 |
| Bruker Corp  | 420000 | 16140600 |
| Danaher Corp  | 970000 | 191245200 |
| IQVIA Holdings Inc (b) | 204000 | 37915440 |
| Repligen Corp (b) | 200000 | 23414000 |
| Thermo Fisher Scientific Inc  | 67000 | 31334560 |
|  |  | 314037800 |
| Pharmaceuticals - 7.2% |  |  |
| Contineum Therapeutics Inc Class A (b) | 280000 | 1652000 |
| Eli Lilly & Co  | 228000 | 168735960 |
| Enliven Therapeutics Inc (b)(c) | 690000 | 12978900 |
| Ocular Therapeutix Inc (b) | 149448 | 1730608 |
| Rapport Therapeutics Inc (b)(c) | 159600 | 2291856 |
| Royalty Pharma PLC Class A  | 1000000 | 36800000 |
| Structure Therapeutics Inc ADR (b)(c) | 480000 | 8544000 |
|  |  | 232733324 |
| TOTAL UNITED STATES |  | 2764547366 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,085,602,881) |  | <br> **3138837920** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Saluda Medical Inc 0% (e)(f)(g) | 1933200 | 2193602 |
| Health Care - 0.1% |  |  |
| Health Care Technology - 0.1% |  |  |
| Wugen Inc 10% 12/31/2199 (e)(f) | 1433586 | 1706397 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 10% 2/28/2027 (e)(f) | 1101674 | 1407609 |
| TOTAL HEALTH CARE |  | 3114006 |
| TOTAL UNITED STATES |  | 5307608 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $4,774,395) |  | <br> **5307608** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.8%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/CA Series D-7 (e)(f) | 2164613 | 1255476 |
| Kardium Inc/CA Series D-7 (e)(f) | 450354 | 261205 |
| TOTAL CANADA |  | 1516681 |
| CHINA - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (b)(e)(f) | 205024 | 1640192 |
| ISRAEL - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| InSightec Ltd Series G (b)(e)(f) | 7391153 | 5691188 |
| UNITED STATES - 1.5%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Saluda Medical Inc Series E (b)(e)(f) | 542142 | 2754081 |
| Saluda Medical Inc Series E-1 (e)(f) | 239441 | 1989755 |
|  |  | 4743836 |
| Health Care - 1.3% |  |  |
| Biotechnology - 0.7% |  |  |
| Asimov Inc Series B (b)(e)(f) | 67547 | 1806207 |
| Cleerly Inc Series C (b)(e)(f) | 882089 | 9958785 |
| Element Biosciences Inc Series C (b)(e)(f) | 376690 | 3265903 |
| Element Biosciences Inc Series D (b)(e)(f) | 246623 | 1536461 |
| Element Biosciences Inc Series D1 (b)(e)(f) | 246623 | 1536461 |
| ElevateBio LLC Series C (b)(e)(f) | 163300 | 321701 |
| Endeavor BioMedicines Inc Series C (b)(e)(f) | 863746 | 4508754 |
|  |  | 22934272 |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Medical Microinstruments Inc/Italy Series C (b)(e)(f) | 199633 | 6681717 |
| Health Care Providers & Services - 0.0% |  |  |
| Thriveworks Topco LLC Class B (b)(e)(f)(h) | 327591 | 1336571 |
| Health Care Technology - 0.3% |  |  |
| Aledade Inc Series B1 (b)(e)(f) | 130618 | 4584692 |
| Aledade Inc Series E1 (b)(e)(f) | 46526 | 1633063 |
| Candid Therapeutics Series B (e)(f) | 1956465 | 1936900 |
| Wugen Inc Series B (b)(e)(f) | 300054 | 450081 |
|  |  | 8604736 |
| Pharmaceuticals - 0.1% |  |  |
| Galvanize Therapeutics Series B (b)(e)(f) | 2552870 | 1838066 |
| Galvanize Therapeutics Series C-1 (e)(f) | 3668545 | 1614159 |
|  |  | 3452225 |
| TOTAL HEALTH CARE |  | 43009521 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Manus Bio Inc Series One-6 (e)(f) | 695694 | 2309704 |
| TOTAL UNITED STATES |  | 50063061 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $93,053,417) |  | <br> **58911122** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.5%** | &nbsp;&nbsp;**Preferred Securities - 0.5%** | &nbsp;&nbsp;**Preferred Securities - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Kardium Inc/CA 10% 12/31/2026 (e)(f) | 7138632 | 9253888 |
| UNITED STATES - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Technology - 0.2% |  |  |
| HeartFlow Inc 0% (e)(f)(g) | 5650200 | 6323139 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $12,788,832) |  | <br> **15577027** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.33 | 8127191 | 8128816 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.33 | 114137024 | 114148438 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $122,277,254) |  |  | **122277254** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.7%**<br> (Cost $2,318,496,779)<br>| <br>**3340910931** |
| **NET OTHER ASSETS (LIABILITIES) - (3.7)%**  | **(118338143)** |
| **NET ASSETS - 100.0%** | **3222572788** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

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

(d) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $45,133,585 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(e) Level 3 security

(f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $83,772,613 or 2.6% of net assets.

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

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

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Aledade Inc Series B1 | 5/07/21 | 5001455 |
| Aledade Inc Series E1 | 5/20/22 | 2317665 |
| Asimov Inc Series B | 10/29/21 | 6260303 |
| Candid Therapeutics Series B | 8/27/24 | 2347758 |
| Cleerly Inc Series C | 7/08/22 | 10391538 |
| dMed Biopharmaceutical Co Ltd Series C | 12/01/20 | 2911986 |
| Element Biosciences Inc Series C | 6/21/21 | 7743503 |
| Element Biosciences Inc Series D | 6/28/24 | 1934338 |
| Element Biosciences Inc Series D1 | 6/28/24 | 1934338 |
| ElevateBio LLC Series C | 3/09/21 | 685044 |
| Endeavor BioMedicines Inc Series C | 4/22/24 | 5635597 |
| Galvanize Therapeutics 10% 2/28/2027 | 7/07/25 | 1407609 |
| Galvanize Therapeutics Series B | 3/29/22 | 4419746 |
| Galvanize Therapeutics Series C-1 | 7/07/25 | 1614160 |
| HeartFlow Inc 0% | 3/26/25 | 5650200 |
| InSightec Ltd Series G | 6/17/24 | 6561866 |
| Kardium Inc/CA 10% 12/31/2026 | 5/31/24 - 6/30/25 | 7138632 |
| Kardium Inc/CA Series D-7 | 5/31/24 - 3/31/25 | 1050768 |
| Kardium Inc/CA Series D-7 | 5/31/24 - 3/31/25 | 70060 |
| Manus Bio Inc Series One-6 | 3/30/21 | 7297324 |
| Medical Microinstruments Inc/Italy Series C | 2/16/24 | 6654507 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/24 | 0 |
| Saluda Medical Inc 0% | 1/03/25 | 1933200 |
| Saluda Medical Inc Series E | 4/06/23 | 4377146 |
| Saluda Medical Inc Series E-1 | 4/06/23 | 1933199 |
| Shoulder Innovations Inc | 7/18/25 | 3646300 |
| Thriveworks Topco LLC Class B | 7/23/21 - 2/25/22 | 9402913 |
| Wugen Inc 10% 12/31/2199 | 6/14/24 | 1433586 |
| Wugen Inc Series B | 7/09/21 | 2326889 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Caris Life Sciences Inc | 12/15/2025 |
| Omada Health Inc | 12/3/2025 |
| Shoulder Innovations Inc | 1/27/2026 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 9058921 | 720178357 | 721108462 | 669511 | - | - | 8128816 | 8127191 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 204662086 | 491024598 | 581538246 | 987506 | - | - | 114148438 | 114137024 | 0.4% |
| Total | 213721007 | 1211202955 | 1302646708 | 1657017 | - | - | 122277254 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Health Care | 3138837920 | 3138716739 | - | 121181 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Financials | 2193602 | - | - | 2193602 |
| Health Care | 3114006 | - | - | 3114006 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 4743836 | - | - | 4743836 |
| Health Care | 51857582 | - | - | 51857582 |
| Materials | 2309704 | - | - | 2309704 |
|  **Preferred Securities** |  |  |  |  |
| Health Care | 15577027 | - | - | 15577027 |
|  **Money Market Funds** | 122277254 | 122277254 | - | - |
| **Total Investments in Securities:** | 3340910931 | 3260993993 | - | 79916938 |

---

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)** |
| **Common Stocks** | 3130877 | - | 8583763 | 1563490 | (13156949) | - | - | - | 121181 | (1098) |
| **Convertible Preferred Stocks** | 74276923 | (73082) | 5553087 | 14356429 | (35202235) | - | - | - | 58911122 | (13610797) |
| **Convertible Corporate Bonds** | 3643149 | 939168 | 406250 | 3340809 | (3021768) | - | - | - | 5307608 | 500384 |
| **Preferred Securities** | 7682374 | - | 2671350 | 6344131 | (1120828) | - | - | - | 15577027 | 2671350 |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Fidelity Advisor® Health Care Fund**

**Consolidated Financial Statements** 

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $157,615,044) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,196,219,525) | $3218633677 |  |
| Fidelity Central Funds (cost $122,277,254) | 122277254 |  |
| Total Investment in Securities (cost $2,318,496,779) |  | $3340910931 |
| Cash |  | 3866 |
| Foreign currency held at value (cost $880,334) |  | 903239 |
| Receivable for investments sold |  | 14160574 |
| Receivable for fund shares sold |  | 594781 |
| Dividends receivable |  | 2783173 |
| Interest receivable |  | 371212 |
| Distributions receivable from Fidelity Central Funds |  | 189114 |
| Prepaid expenses |  | 363 |
| **Total assets** |  | 3359917253 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $14768072 |  |
| Payable for fund shares redeemed | 6055707 |  |
| Accrued management fee | 1808687 |  |
| Distribution and service plan fees payable | 480866 |  |
| Other payables and accrued expenses | 84572 |  |
| Collateral on securities loaned | 114146561 |  |
| **Total liabilities** |  | 137344465 |
| **Net Assets**  |  | $3222572788 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1972004895 |
| Total accumulated earnings (loss) |  | 1250567893 |
| **Net Assets** |  | $3222572788 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($1,131,992,172 ÷ 21,274,115 shares)(a) |  | $53.21 |
| Maximum offering price per share (100/94.25 of $53.21) |  | $56.46 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($237,799,634 ÷ 4,974,169 shares)(a) |  | $47.81 |
| Maximum offering price per share (100/96.50 of $47.81) |  | $49.54 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($163,698,196 ÷ 4,407,805 shares)(a) |  | $37.14 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,324,127,172 ÷ 22,004,157 shares) |  | $60.18 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($364,955,614 ÷ 6,030,001 shares) |  | $60.52 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $22098808 |
| Interest  |  | 98565 |
| Income from Fidelity Central Funds (including $987,506 from security lending)  |  | 1657017 |
| **Total income** |  | 23854390 |
| **Expenses** |  |  |
| Management fee | $26404412 |  |
| Distribution and service plan fees | 6943782 |  |
| Custodian fees and expenses | 109256 |  |
| Independent trustees' fees and expenses | 17217 |  |
| Registration fees | 127973 |  |
| Audit fees | 57096 |  |
| Legal | 5053 |  |
| Interest | 73890 |  |
| Miscellaneous | 55069 |  |
| **Total expenses** |  | 33793748 |
| **Net Investment income (loss)** |  | (9939358) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 472587443 |  |
| Foreign currency transactions | 15836 |  |
| Total net realized gain (loss) |  | 472603279 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (691231317) |  |
| Unfunded commitments | (3804424) |  |
| Assets and liabilities in foreign currencies | 83709 |  |
| Total change in net unrealized appreciation (depreciation) |  | (694952032) |
| **Net gain (loss)** |  | (222348753) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(232288111) |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(9939358) | $(10109111) |
| &nbsp;&nbsp;Net realized gain (loss) | 472603279<br>| 306778453<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (694952032) | (39300835)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (232288111)<br>| 257368507<br>|
| Distributions to shareholders | (441537070)<br>| -<br>|
| Share transactions - net increase (decrease) | (719185180)<br>| (1313714176)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (1393010361)<br>| (1056345669)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4615583149 | 5671928818<br>|
| &nbsp;&nbsp;End of period | $3222572788 | $4615583149 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Health Care Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $63.72 | $59.73 | $57.59 | $69.58 | $61.07 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.20)  | (.19)  | (.24)  | (.26)  | (.26)  |
| Net realized and unrealized gain (loss)  | (3.45)  | 4.18  | 2.38  | (7.58)  | 12.55  |
| Total from investment operations  | (3.65)  | 3.99  | 2.14  | (7.84)  | 12.29  |
| Distributions from net investment income  | -  | -  | -  | -  | (.16)  |
| Distributions from net realized gain  | (6.86)  | -  | -  | (4.15)  | (3.62)  |
| Total distributions  | (6.86)  | -  | -  | (4.15)  | (3.78)  |
| Net asset value, end of period  | $53.21 | $63.72 | $59.73 | $57.59 | $69.58 |
| **Total Return** C,D | (6.40)% <br>| 6.68%  | 3.72%  | (11.90)%  | 20.70%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .93%  | .97%  | .98%  | .97%  | .98%  |
| Expenses net of fee waivers, if any  | .93% <br>| .96%  | .97%  | .97%  | .98%  |
| Expenses net of all reductions, if any  | .93%  | .96%  | .97%  | .97%  | .98%  |
| Net investment income (loss)  | (.34)%  | (.32)%  | (.42)%  | (.42)%  | (.39)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1131992 | $1437683 | $1535212 | $1488238 | $1735235 |
| Portfolio turnover rate G | 52% <br>| 37%  | 47%  | 33%  | 38%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Health Care Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $58.09 | $54.58 | $52.76 | $64.25 | $56.62 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.32)  | (.31)  | (.36)  | (.38)  | (.39)  |
| Net realized and unrealized gain (loss)  | (3.10)  | 3.82  | 2.18  | (6.96)  | 11.61  |
| Total from investment operations  | (3.42)  | 3.51  | 1.82  | (7.34)  | 11.22  |
| Distributions from net investment income  | -  | -  | -  | -  | (.02)  |
| Distributions from net realized gain  | (6.86)  | -  | -  | (4.15)  | (3.57)  |
| Total distributions  | (6.86)  | -  | -  | (4.15)  | (3.59)  |
| Net asset value, end of period  | $47.81 | $58.09 | $54.58 | $52.76 | $64.25 |
| **Total Return** C,D | (6.64)% <br>| 6.43%  | 3.45%  | (12.12)%  | 20.39%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.18%  | 1.22%  | 1.23%  | 1.22%  | 1.23%  |
| Expenses net of fee waivers, if any  | 1.18% <br>| 1.22%  | 1.23%  | 1.22%  | 1.23%  |
| Expenses net of all reductions, if any  | 1.18%  | 1.22%  | 1.23%  | 1.22%  | 1.23%  |
| Net investment income (loss)  | (.59)%  | (.57)%  | (.67)%  | (.67)%  | (.65)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $237800 | $301382 | $315963 | $330452 | $402175 |
| Portfolio turnover rate G | 52% <br>| 37%  | 47%  | 33%  | 38%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Health Care Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $46.87 | $44.26 | $43.00 | $53.40 | $47.63 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.46)  | (.46)  | (.51)  | (.55)  | (.58)  |
| Net realized and unrealized gain (loss)  | (2.41)  | 3.07  | 1.77  | (5.70)  | 9.71  |
| Total from investment operations  | (2.87)  | 2.61  | 1.26  | (6.25)  | 9.13  |
| Distributions from net realized gain  | (6.86)  | -  | -  | (4.15)  | (3.36)  |
| Total distributions  | (6.86)  | -  | -  | (4.15)  | (3.36)  |
| Net asset value, end of period  | $37.14 | $46.87 | $44.26 | $43.00 | $53.40 |
| **Total Return** C,D | (7.10)% <br>| 5.90%  | 2.93%  | (12.56)%  | 19.78%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.68%  | 1.71%  | 1.73%  | 1.72%  | 1.73%  |
| Expenses net of fee waivers, if any  | 1.68% <br>| 1.70%  | 1.73%  | 1.72%  | 1.73%  |
| Expenses net of all reductions, if any  | 1.68%  | 1.70%  | 1.73%  | 1.72%  | 1.73%  |
| Net investment income (loss)  | (1.09)%  | (1.06)%  | (1.17)%  | (1.17)%  | (1.15)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $163698 | $265779 | $365165 | $501742 | $697626 |
| Portfolio turnover rate G | 52% <br>| 37%  | 47%  | 33%  | 38%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Health Care Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $71.00 | $66.37 | $63.83 | $76.48 | $66.81 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.06)  | (.04)  | (.10)  | (.11)  | (.10)  |
| Net realized and unrealized gain (loss)  | (3.90)  | 4.67  | 2.64  | (8.39)  | 13.76  |
| Total from investment operations  | (3.96)  | 4.63  | 2.54  | (8.50)  | 13.66  |
| Distributions from net investment income  | -  | -  | -  | -  | (.30)  |
| Distributions from net realized gain  | (6.86)  | -  | -  | (4.15)  | (3.69)  |
| Total distributions  | (6.86)  | -  | -  | (4.15)  | (3.99)  |
| Net asset value, end of period  | $60.18 | $71.00 | $66.37 | $63.83 | $76.48 |
| **Total Return** C | (6.17)% <br>| 6.98%  | 3.98%  | (11.68)%  | 21.01%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .68%  | .70%  | .72%  | .71%  | .72%  |
| Expenses net of fee waivers, if any  | .68% <br>| .70%  | .71%  | .71%  | .72%  |
| Expenses net of all reductions, if any  | .68%  | .70%  | .71%  | .71%  | .72%  |
| Net investment income (loss)  | (.09)%  | (.05)%  | (.16)%  | (.16)%  | (.13)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1324127 | $2031441 | $2593539 | $2743740 | $3410787 |
| Portfolio turnover rate F | 52% <br>| 37%  | 47%  | 33%  | 38%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Health Care Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $71.29 | $66.56 | $63.93 | $76.55 | $66.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .02  | .06  | (.02)  | (.03)  | (.01)  |
| Net realized and unrealized gain (loss)  | (3.93)  | 4.67  | 2.65  | (8.38)  | 13.77  |
| Total from investment operations  | (3.91)  | 4.73  | 2.63  | (8.41)  | 13.76  |
| Distributions from net investment income  | -  | -  | -  | -  | (.37)  |
| Distributions from net realized gain  | (6.86)  | -  | -  | (4.21)  | (3.73)  |
| Total distributions  | (6.86)  | -  | -  | (4.21)  | (4.09) C |
| Net asset value, end of period  | $60.52 | $71.29 | $66.56 | $63.93 | $76.55 |
| **Total Return** D | (6.07)% <br>| 7.11%  | 4.11%  | (11.56)%  | 21.15%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .56%  | .56%  | .59%  | .59%  | .60%  |
| Expenses net of fee waivers, if any  | .56% <br>| .56%  | .59%  | .59%  | .60%  |
| Expenses net of all reductions, if any  | .56%  | .56%  | .59%  | .59%  | .59%  |
| Net investment income (loss)  | .03%  | .08%  | (.03)%  | (.04)%  | (.01)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $364956 | $579298 | $862051 | $817321 | $952460 |
| Portfolio turnover rate G | 52% <br>| 37%  | 47%  | 33%  | 38%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity Advisor® Industrials Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 99.2%  |  |  |
| Industrials - 98.1% |  |  |
| Aerospace & Defense - 27.9% |  |  |
| Axon Enterprise Inc (a) | 20400 | 15411996 |
| Boeing Co (a) | 174964 | 38814014 |
| GE Aerospace  | 234237 | 63496966 |
| General Dynamics Corp  | 44300 | 13804323 |
| HEICO Corp Class A  | 38900 | 10039701 |
| Howmet Aerospace Inc  | 253358 | 45546168 |
| Loar Holdings Inc (a) | 500 | 36955 |
| Rocket Lab Corp (b) | 42400 | 1947008 |
| RTX Corp  | 53800 | 8477266 |
| StandardAero Inc  | 3000 | 85650 |
| TransDigm Group Inc  | 16514 | 26562108 |
|  |  | 224222155 |
| Air Freight & Logistics - 0.2% |  |  |
| CH Robinson Worldwide Inc  | 12600 | 1453032 |
| Building Products - 7.9% |  |  |
| Carlisle Cos Inc (b) | 22824 | 8095901 |
| Johnson Controls International plc  | 113057 | 11870985 |
| Simpson Manufacturing Co Inc (b) | 47379 | 8501214 |
| Trane Technologies PLC  | 79700 | 34914976 |
|  |  | 63383076 |
| Commercial Services & Supplies - 4.6% |  |  |
| Cintas Corp  | 94900 | 21119995 |
| Waste Connections Inc (United States) (b) | 86800 | 16202956 |
|  |  | 37322951 |
| Construction & Engineering - 3.4% |  |  |
| Comfort Systems USA Inc  | 12400 | 8720920 |
| Quanta Services Inc  | 45100 | 18316463 |
|  |  | 27037383 |
| Electrical Equipment - 15.9% |  |  |
| AMETEK Inc  | 112334 | 20764940 |
| Eaton Corp PLC (b) | 86816 | 33399852 |
| GE Vernova Inc  | 92859 | 61313869 |
| Regal Rexnord Corp  | 42405 | 6482876 |
| Vertiv Holdings Co Class A  | 45200 | 6581120 |
|  |  | 128542657 |
| Ground Transportation - 8.1% |  |  |
| CSX Corp  | 70783 | 2515628 |
| Knight-Swift Transportation Holdings Inc (b) | 222600 | 9460500 |
| Old Dominion Freight Line Inc  | 59400 | 8865450 |
| Uber Technologies Inc (a) | 221800 | 19462950 |
| Union Pacific Corp  | 70700 | 15693279 |
| XPO Inc (a)(b) | 78400 | 9430736 |
|  |  | 65428543 |
| Industrial Conglomerates - 1.9% |  |  |
| 3M Co (b) | 104900 | 15653178 |
| Machinery - 20.2% |  |  |
| Allison Transmission Holdings Inc  | 23700 | 2134659 |
| Caterpillar Inc  | 23400 | 10249668 |
| Chart Industries Inc (a) | 37400 | 7436242 |
| Deere & Co  | 47800 | 25064886 |
| Dover Corp  | 106000 | 19200840 |
| Ingersoll Rand Inc  | 291843 | 24698673 |
| ITT Inc  | 134309 | 22827158 |
| Parker-Hannifin Corp  | 44813 | 32798635 |
| RBC Bearings Inc (a) | 3800 | 1471891 |
| Westinghouse Air Brake Technologies Corp  | 90700 | 17418935 |
|  |  | 163301587 |
| Professional Services - 2.3% |  |  |
| KBR Inc (b) | 133300 | 6230442 |
| Leidos Holdings Inc  | 79600 | 12708140 |
|  |  | 18938582 |
| Trading Companies & Distributors - 5.7% |  |  |
| Core & Main Inc Class A (a) | 171500 | 10914260 |
| United Rentals Inc (b) | 22600 | 19954444 |
| Watsco Inc  | 12900 | 5816352 |
| WW Grainger Inc  | 8800 | 9147952 |
|  |  | 45833008 |
| TOTAL INDUSTRIALS |  | 791116152 |
| Materials - 1.1% |  |  |
| Construction Materials - 1.1% |  |  |
| Eagle Materials Inc  | 22100 | 4956809 |
| James Hardie Industries PLC ADR (a) | 160072 | 4152268 |
|  |  | 9109077 |
| TOTAL UNITED STATES |  | 800225229 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $500,240,347) |  | <br> **800225229** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 9675057 | 9676992 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 18792785 | 18794664 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $28,471,656) |  |  | **28471656** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.7%**<br> (Cost $528,712,003)<br>| <br>**828696885** |
| **NET OTHER ASSETS (LIABILITIES) - (2.7)%**  | **(21814754)** |
| **NET ASSETS - 100.0%** | **806882131** |

---

**Legend**

(a) Non-income producing.

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

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2941600 | 159490452 | 152755060 | 175713 | - | - | 9676992 | 9675057 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 10896975 | 307684912 | 299787223 | 6602 | - | - | 18794664 | 18792785 | 0.1% |
| Total | 13838575 | 467175364 | 452542283 | 182315 | - | - | 28471656 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Industrials | 791116152 | 791116152 | - | - |
| Materials | 9109077 | 9109077 | - | - |
|  **Money Market Funds** | 28471656 | 28471656 | - | - |
| **Total Investments in Securities:** | 828696885 | 828696885 | - | - |

---

**Fidelity Advisor® Industrials Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $17,773,759) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $500,240,347) | $800225229 |  |
| Fidelity Central Funds (cost $28,471,656) | 28471656 |  |
| Total Investment in Securities (cost $528,712,003) |  | $828696885 |
| Receivable for investments sold |  | 6062118 |
| Receivable for fund shares sold |  | 1079526 |
| Dividends receivable |  | 201200 |
| Distributions receivable from Fidelity Central Funds |  | 20250 |
| Prepaid expenses |  | 147 |
| **Total assets** |  | 836060126 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9384065 |  |
| Payable for fund shares redeemed | 373841 |  |
| Accrued management fee | 445598 |  |
| Distribution and service plan fees payable | 135184 |  |
| Other payables and accrued expenses | 44643 |  |
| Collateral on securities loaned | 18794664 |  |
| **Total liabilities** |  | 29177995 |
| **Net Assets**  |  | $806882131 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $496867333 |
| Total accumulated earnings (loss) |  | 310014798 |
| **Net Assets** |  | $806882131 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($355,052,753 ÷ 6,430,922 shares)(a) |  | $55.21 |
| Maximum offering price per share (100/94.25 of $55.21) |  | $58.58 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($84,708,181 ÷ 1,604,601 shares)(a) |  | $52.79 |
| Maximum offering price per share (100/96.50 of $52.79) |  | $54.70 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($35,335,522 ÷ 804,127 shares)(a) |  | $43.94 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($263,765,447 ÷ 4,357,225 shares) |  | $60.54 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($68,020,228 ÷ 1,123,780 shares) |  | $60.53 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $4860907 |
| Special dividends |  | 551062 |
| Income from Fidelity Central Funds (including $6,602 from security lending)  |  | 182315 |
| **Total income** |  | 5594284 |
| **Expenses** |  |  |
| Management fee | $4441200 |  |
| Distribution and service plan fees | 1429316 |  |
| Custodian fees and expenses | 12916 |  |
| Independent trustees' fees and expenses | 2507 |  |
| Registration fees | 91732 |  |
| Audit fees | 55009 |  |
| Legal | 1941 |  |
| Interest | 1695 |  |
| Miscellaneous | 16114 |  |
| **Total expenses** |  | 6052430 |
| **Net Investment income (loss)** |  | (458146) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 26573267 |  |
| Total net realized gain (loss) |  | 26573267 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 129514452 |
| **Net gain (loss)** |  | 156087719 |
| **Net increase (decrease) in net assets resulting from operations** |  | $155629573 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(458146) | $281065 |
| &nbsp;&nbsp;Net realized gain (loss) | 26573267<br>| 24765828<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 129514452 | 93441973<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 155629573<br>| 118488866<br>|
| Distributions to shareholders | (24480680)<br>| (39770362)<br>|
| Share transactions - net increase (decrease) | 93722990<br>| (55430353)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 224871883<br>| 23288151<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 582010248 | 558722097<br>|
| &nbsp;&nbsp;End of period | $806882131 | $582010248 |

---

**Financial Highlights** 

**Fidelity Advisor® Industrials Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $45.68 | $39.24 | $34.23 | $45.64 | $33.85 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.06) C | .01 D | (.05) E | (.14)  | (.17)  |
| Net realized and unrealized gain (loss)  | 11.43  | 9.77  | 6.24  | (2.62)  | 12.20  |
| Total from investment operations  | 11.37  | 9.78  | 6.19  | (2.76)  | 12.03  |
| Distributions from net investment income  | (.08)  | -  | (.02)  | -  | -  |
| Distributions from net realized gain  | (1.76)  | (3.34)  | (1.16)  | (8.65)  | (.24)  |
| Total distributions  | (1.84)  | (3.34)  | (1.18)  | (8.65)  | (.24)  |
| Net asset value, end of period  | $55.21 | $45.68 | $39.24 | $34.23 | $45.64 |
| **Total Return** F,G | 25.70% <br>| 26.64%  | 18.68%  | (7.79)%  | 35.63%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .98%  | 1.00%  | 1.03%  | 1.02%  | 1.03%  |
| Expenses net of fee waivers, if any  | .98% <br>| 1.00%  | 1.03%  | 1.01%  | 1.03%  |
| Expenses net of all reductions, if any  | .98%  | 1.00%  | 1.03%  | 1.01%  | 1.01%  |
| Net investment income (loss)  | (.12)% C | .02% D | (.13)% E | (.35)%  | (.40)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $355053 | $275457 | $226370 | $214576 | $264130 |
| Portfolio turnover rate J | 29% <br>| 29% K | 189% K | 106%  | 205%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.20)%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.10)%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.25)%.*

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

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

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Industrials Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.74 | $37.77 | $33.05 | $44.31 | $32.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.17) C | (.09) D | (.13) E | (.23)  | (.27)  |
| Net realized and unrealized gain (loss)  | 10.94  | 9.36  | 6.01  | (2.53)  | 11.86  |
| Total from investment operations  | 10.77  | 9.27  | 5.88  | (2.76)  | 11.59  |
| Distributions from net realized gain  | (1.72)  | (3.30)  | (1.16)  | (8.50)  | (.24)  |
| Total distributions  | (1.72)  | (3.30)  | (1.16)  | (8.50)  | (.24)  |
| Net asset value, end of period  | $52.79 | $43.74 | $37.77 | $33.05 | $44.31 |
| **Total Return** F,G | 25.40% <br>| 26.30%  | 18.39%  | (8.03)%  | 35.25%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | 1.23%  | 1.25%  | 1.29%  | 1.27%  | 1.29%  |
| Expenses net of fee waivers, if any  | 1.23% <br>| 1.25%  | 1.28%  | 1.27%  | 1.29%  |
| Expenses net of all reductions, if any  | 1.23%  | 1.25%  | 1.28%  | 1.27%  | 1.27%  |
| Net investment income (loss)  | (.37)% C | (.23)% D | (.38)% E | (.60)%  | (.66)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $84708 | $67472 | $54175 | $49501 | $56680 |
| Portfolio turnover rate J | 29% <br>| 29% K | 189% K | 106%  | 205%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.45)%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.35)%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.51)%.*

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

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

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Industrials Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $36.87 | $32.48 | $28.72 | $39.46 | $29.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.34) C | (.24) D | (.26) E | (.37)  | (.41)  |
| Net realized and unrealized gain (loss)  | 9.13  | 7.93  | 5.18  | (2.19)  | 10.59  |
| Total from investment operations  | 8.79  | 7.69  | 4.92  | (2.56)  | 10.18  |
| Distributions from net realized gain  | (1.72)  | (3.30)  | (1.16)  | (8.18)  | (.24)  |
| Total distributions  | (1.72)  | (3.30)  | (1.16)  | (8.18)  | (.24)  |
| Net asset value, end of period  | $43.94 | $36.87 | $32.48 | $28.72 | $39.46 |
| **Total Return** F,G | 24.73% <br>| 25.68%  | 17.81%  | (8.48)%  | 34.58%  |
| **Ratios to Average Net Assets** A,H,I |  |  |  |  |  |
| Expenses before reductions  | 1.74%  | 1.76%  | 1.79%  | 1.77%  | 1.79%  |
| Expenses net of fee waivers, if any  | 1.74% <br>| 1.76%  | 1.78%  | 1.77%  | 1.79%  |
| Expenses net of all reductions, if any  | 1.74%  | 1.76%  | 1.78%  | 1.77%  | 1.77%  |
| Net investment income (loss)  | (.88)% C | (.74)% D | (.89)% E | (1.10)%  | (1.16)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $35336 | $33930 | $33293 | $37417 | $55576 |
| Portfolio turnover rate J | 29% <br>| 29% K | 189% K | 106%  | 205%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.96)%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.86)%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.01)%.*

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

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

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Industrials Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $49.94 | $42.55 | $36.95 | $48.64 | $35.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .08 C | .13 D | .05 E | (.03)  | (.06)  |
| Net realized and unrealized gain (loss)  | 12.53  | 10.65  | 6.77  | (2.84)  | 12.97  |
| Total from investment operations  | 12.61  | 10.78  | 6.82  | (2.87)  | 12.91  |
| Distributions from net investment income  | (.24)  | -  | (.06)  | -  | -  |
| Distributions from net realized gain  | (1.76)  | (3.39)  | (1.16)  | (8.82)  | (.24)  |
| Total distributions  | (2.01) F | (3.39)  | (1.22)  | (8.82)  | (.24)  |
| Net asset value, end of period  | $60.54 | $49.94 | $42.55 | $36.95 | $48.64 |
| **Total Return** G | 26.05% <br>| 26.97%  | 19.02%  | (7.55)%  | 35.98%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .71%  | .74%  | .76%  | .75%  | .76%  |
| Expenses net of fee waivers, if any  | .71% <br>| .73%  | .76%  | .75%  | .76%  |
| Expenses net of all reductions, if any  | .71%  | .73%  | .76%  | .75%  | .74%  |
| Net investment income (loss)  | .15% C | .29% D | .14% E | (.08)%  | (.14)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $263765 | $157455 | $140764 | $145849 | $248090 |
| Portfolio turnover rate J | 29% <br>| 29% K | 189% K | 106%  | 205%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .07%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .16%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .02%.*

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

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

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Industrials Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $49.95 | $42.52 | $36.91 | $48.61 | $35.90 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .14 C | .18 D | .10 E | .02  | - F |
| Net realized and unrealized gain (loss)  | 12.52  | 10.65  | 6.75  | (2.83)  | 12.95  |
| Total from investment operations  | 12.66  | 10.83  | 6.85  | (2.81)  | 12.95  |
| Distributions from net investment income  | (.32)  | -  | (.08)  | -  | -  |
| Distributions from net realized gain  | (1.76)  | (3.40)  | (1.16)  | (8.89)  | (.24)  |
| Total distributions  | (2.08)  | (3.40)  | (1.24)  | (8.89)  | (.24)  |
| Net asset value, end of period  | $60.53 | $49.95 | $42.52 | $36.91 | $48.61 |
| **Total Return** G | 26.20% <br>| 27.12%  | 19.14%  | (7.42)%  | 36.16%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .59%  | .61%  | .64%  | .63%  | .64%  |
| Expenses net of fee waivers, if any  | .59% <br>| .61%  | .63%  | .62%  | .64%  |
| Expenses net of all reductions, if any  | .59%  | .61%  | .63%  | .62%  | .62%  |
| Net investment income (loss)  | .27% C | .41% D | .26% E | .04%  | (.01)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $68020 | $47696 | $104120 | $23974 | $50167 |
| Portfolio turnover rate J | 29% <br>| 29% K | 189% K | 106%  | 205%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .19%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .14%.*

F*Amount represents less than $.005 per share.*

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

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Semiconductors Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 91.3%** | &nbsp;&nbsp;**Common Stocks - 91.3%** | &nbsp;&nbsp;**Common Stocks - 91.3%** |
|  | Shares | Value ($)<br>|
| ISRAEL - 2.3%  |  |  |
| Information Technology - 2.3% |  |  |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Nova Ltd (b)(c) | 306532 | 80492238 |
| JAPAN - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.9% |  |  |
| Allegro MicroSystems Inc (c) | 1745614 | 54829736 |
| Kioxia Holdings Corp (c) | 712600 | 11607313 |
| TOTAL JAPAN |  | 66437049 |
| NETHERLANDS - 6.4%  |  |  |
| Information Technology - 6.4% |  |  |
| Semiconductors & Semiconductor Equipment - 6.4% |  |  |
| NXP Semiconductors NV  | 1069675 | 228664425 |
| TAIWAN - 7.1%  |  |  |
| Information Technology - 7.1% |  |  |
| Semiconductors & Semiconductor Equipment - 7.1% |  |  |
| Silicon Motion Technology Corp ADR  | 418000 | 31993720 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 915929 | 221306765 |
| TOTAL TAIWAN |  | 253300485 |
| UNITED STATES - 73.6%  |  |  |
| Information Technology - 73.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Aeva Technologies Inc (c) | 23620 | 440277 |
| Semiconductors & Semiconductor Equipment - 70.8% |  |  |
| Advanced Micro Devices Inc (c) | 38500 | 6787935 |
| Astera Labs Inc (c) | 611501 | 83610532 |
| Broadcom Inc  | 1453417 | 426868573 |
| Entegris Inc  | 176000 | 13808960 |
| GlobalFoundries Inc (c) | 3109783 | 116274786 |
| Impinj Inc (c) | 198259 | 30646876 |
| Intel Corp  | 1323915 | 26213517 |
| Lam Research Corp  | 1830160 | 173572374 |
| Lattice Semiconductor Corp (c) | 102528 | 5108970 |
| MACOM Technology Solutions Holdings Inc (c) | 410092 | 56240017 |
| Marvell Technology Inc  | 2166588 | 174128678 |
| Micron Technology Inc  | 1530401 | 167027965 |
| Monolithic Power Systems Inc  | 242185 | 172251659 |
| NVIDIA Corp  | 4971336 | 884251534 |
| ON Semiconductor Corp (c) | 3044757 | 171602505 |
| Synaptics Inc (c) | 140821 | 8829477 |
| Wolfspeed Inc (b)(c) | 54700 | 82050 |
|  |  | 2517306408 |
| Software - 0.0% |  |  |
| Celestial AI Inc (d)(e) | 3908 | 66397 |
| Technology Hardware, Storage & Peripherals - 2.8% |  |  |
| Western Digital Corp  | 1274468 | 100287887 |
| TOTAL UNITED STATES |  | 2618100969 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,604,625,376) |  | <br> **3246995166** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (d)(e) | 21300 | 1173843 |
| ISRAEL - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Element Labs Inc Series A (d)(e) | 199700 | 1577630 |
| Element Labs Inc Series B (d)(e) | 88900 | 779653 |
| TOTAL ISRAEL |  | 2357283 |
| UNITED STATES - 0.5%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (c)(d)(e) | 11132 | 146497 |
| Tenstorrent Holdings Inc Series C1 (c)(d)(e) | 1740 | 129073 |
| Tenstorrent Holdings Inc Series D1 (c)(d)(e) | 21358 | 1678312 |
| Tenstorrent Holdings Inc Series D2 (c)(d)(e) | 1019 | 77271 |
|  |  | 2031153 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (d)(e) | 248000 | 1986480 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Frore Systems Inc Series C (c)(d)(e) | 143630 | 2341169 |
| Menlo Microsystems Inc Series C (c)(d)(e) | 79800 | 43890 |
|  |  | 2385059 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Alif Semiconductor Series C (c)(d)(e) | 48363 | 1278234 |
| Alif Semiconductor Series D (d)(e) | 48000 | 1350241 |
| Danger Devices Inc Series B (d)(e) | 1157700 | 1041930 |
| Retym Inc Series C (c)(d)(e) | 55074 | 574422 |
| Retym Inc Series D (d)(e) | 13663 | 150156 |
| SiMa Technologies Inc Series B (c)(d)(e) | 30638 | 190875 |
| SiMa Technologies Inc Series B1 (c)(d)(e) | 18145 | 132458 |
|  |  | 4718316 |
| Software - 0.1% |  |  |
| Celestial AI Inc Series A (d)(e) | 24922 | 423425 |
| Celestial AI Inc Series B (d)(e) | 18753 | 318613 |
| Celestial AI Inc Series C1 (d)(e) | 75119 | 1276272 |
| Lyte Ai Inc Series B (d)(e) | 34117 | 385863 |
|  |  | 2404173 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (c)(d)(e) | 32553 | 2155009 |
| Lightmatter Inc Series C2 (c)(d)(e) | 5113 | 344616 |
| Lightmatter Inc Series D (d)(e) | 23200 | 1889408 |
|  |  | 4389033 |
| TOTAL INFORMATION TECHNOLOGY |  | 13896581 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (c)(d)(e) | 18335 | 483677 |
| TOTAL UNITED STATES |  | 18397891 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $18,636,929) |  | <br> **21929017** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (d)(e) | 49811 | 58439 |
| SiMa Technologies Inc 7.5% 12/31/2027 (d)(e) | 561000 | 562519 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $610,811) |  | <br> **620958** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 126045742 | 126070951 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 46772963 | 46777640 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $172,848,591) |  |  | **172848591** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 96.8%**<br> (Cost $1,796,721,707)<br>| <br>**3442393732** |
| **NET OTHER ASSETS (LIABILITIES) - 3.2%**  | **115450605** |
| **NET ASSETS - 100.0%** | **3557844337** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

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

(c) Non-income producing.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $22,616,372 or 0.6% of net assets.

(e) Level 3 security

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Akeana Series C | 1/23/24 | 142053 |
| Alif Semiconductor Series C | 3/08/22 | 981698 |
| Alif Semiconductor Series D | 4/11/25 | 1296821 |
| Celestial AI Inc | 2/25/25 | 57900 |
| Celestial AI Inc Series A | 2/25/25 | 369237 |
| Celestial AI Inc Series B | 2/25/25 | 277839 |
| Celestial AI Inc Series C1 | 2/25/25 | 1309339 |
| Danger Devices Inc Series B | 3/05/25 | 1042509 |
| Diamond Foundry Inc Series C | 3/15/21 | 440040 |
| Element Labs Inc Series A | 2/11/25 | 736613 |
| Element Labs Inc Series B | 6/27/25 | 780444 |
| Empower Semiconductor Inc Series D | 6/27/25 | 1990398 |
| Frore Systems Inc Series C | 5/10/24 | 2308192 |
| Lightmatter Inc Series C1 | 5/19/23 | 535718 |
| Lightmatter Inc Series C2 | 12/18/23 | 132947 |
| Lightmatter Inc Series D | 10/11/24 | 1861348 |
| Lyte Ai Inc Series B | 8/13/24 | 432812 |
| Menlo Microsystems Inc Series C | 2/09/22 | 105775 |
| Retym Inc Series C | 5/17/23 - 6/20/23 | 428575 |
| Retym Inc Series D | 1/29/25 | 144650 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/08/24 - 7/05/25 | 49811 |
| SiMa Technologies Inc 7.5% 12/31/2027 | 7/18/25 | 561000 |
| SiMa Technologies Inc Series B | 5/10/21 | 157093 |
| SiMa Technologies Inc Series B1 | 4/25/22 - 10/17/22 | 128664 |
| Taalas Inc Series B | 2/19/25 | 1169655 |
| Tenstorrent Holdings Inc Series C1 | 4/23/21 | 103509 |
| Tenstorrent Holdings Inc Series D1 | 7/16/24 - 1/15/25 | 1683575 |
| Tenstorrent Holdings Inc Series D2 | 7/17/24 | 77424 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 483 | 1243437039 | 1117366571 | 2144974 | - | - | 126070951 | 126045742 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 80711425 | 622267284 | 656201069 | 389585 | - | - | 46777640 | 46772963 | 0.2% |
| Total | 80711908 | 1865704323 | 1773567640 | 2534559 | - | - | 172848591 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Information Technology | 3246995166 | 3235321456 | 11607313 | 66397 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 2031153 | - | - | 2031153 |
| Industrials | 4343763 | - | - | 4343763 |
| Information Technology | 15070424 | - | - | 15070424 |
| Materials | 483677 | - | - | 483677 |
|  **Preferred Securities** |  |  |  |  |
| Information Technology | 620958 | - | - | 620958 |
|  **Money Market Funds** | 172848591 | 172848591 | - | - |
| **Total Investments in Securities:** | 3442393732 | 3408170047 | 11607313 | 22616372 |

---

**Fidelity Advisor® Semiconductors Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $43,939,682) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,623,873,116) | $3269545141 |  |
| Fidelity Central Funds (cost $172,848,591) | 172848591 |  |
| Total Investment in Securities (cost $1,796,721,707) |  | $3442393732 |
| Receivable for investments sold |  | 170642292 |
| Receivable for fund shares sold |  | 3428928 |
| Distributions receivable from Fidelity Central Funds |  | 157609 |
| Prepaid expenses |  | 561 |
| **Total assets** |  | 3616623122 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $7295782 |  |
| Payable for fund shares redeemed | 2172978 |  |
| Accrued management fee | 1893895 |  |
| Distribution and service plan fees payable | 588835 |  |
| Other payables and accrued expenses | 49655 |  |
| Collateral on securities loaned | 46777640 |  |
| **Total liabilities** |  | 58778785 |
| **Net Assets**  |  | $3557844337 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1880646260 |
| Total accumulated earnings (loss) |  | 1677198077 |
| **Net Assets** |  | $3557844337 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($1,426,840,851 ÷ 14,808,539 shares)(a) |  | $96.35 |
| Maximum offering price per share (100/94.25 of $96.35) |  | $102.23 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($232,409,705 ÷ 2,604,775 shares)(a) |  | $89.22 |
| Maximum offering price per share (100/96.50 of $89.22) |  | $92.46 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($253,114,649 ÷ 3,373,927 shares)(a) |  | $75.02 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,326,260,453 ÷ 12,620,367 shares) |  | $105.09 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($319,218,679 ÷ 3,025,986 shares) |  | $105.49 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $14992393 |
| Income from Fidelity Central Funds (including $389,585 from security lending)  |  | 2534559 |
| **Total income** |  | 17526952 |
| **Expenses** |  |  |
| Management fee | $18962310 |  |
| Distribution and service plan fees | 5955165 |  |
| Custodian fees and expenses | 39214 |  |
| Independent trustees' fees and expenses | 11289 |  |
| Registration fees | 172211 |  |
| Audit fees | 49823 |  |
| Legal | 2655 |  |
| Interest | 7571 |  |
| Miscellaneous | 67061 |  |
| Total expenses before reductions | 25267299 |  |
| Expense reductions | (1287) |  |
| Total expenses after reductions |  | 25266012 |
| **Net Investment income (loss)** |  | (7739060) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 150110040 |  |
| Foreign currency transactions | (18778) |  |
| Total net realized gain (loss) |  | 150091262 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 490424491 |
| **Net gain (loss)** |  | 640515753 |
| **Net increase (decrease) in net assets resulting from operations** |  | $632776693 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(7739060) | $(5211730) |
| &nbsp;&nbsp;Net realized gain (loss) | 150091262<br>| 100769422<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 490424491 | 572951806<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 632776693<br>| 668509498<br>|
| Distributions to shareholders | (193954623)<br>| (51832290)<br>|
| Share transactions - net increase (decrease) | 420804956<br>| 649803004<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 859627026<br>| 1266480212<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2698217311 | 1431737099<br>|
| &nbsp;&nbsp;End of period | $3557844337 | $2698217311 |

---

**Financial Highlights** 

**Fidelity Advisor® Semiconductors Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $83.81 | $62.13 | $42.85 | $46.29 | $29.79 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.26)  | (.22)  | (.05)  | (.13)  | (.08)  |
| Net realized and unrealized gain (loss)  | 18.56  | 23.97  | 20.53  | (.83)  | 18.29  |
| Total from investment operations  | 18.30  | 23.75  | 20.48  | (.96)  | 18.21  |
| Distributions from net investment income  | -  | -  | -  | -  | (.04)  |
| Distributions from net realized gain  | (5.76)  | (2.07)  | (1.20)  | (2.48)  | (1.67)  |
| Total distributions  | (5.76)  | (2.07)  | (1.20)  | (2.48)  | (1.71)  |
| Net asset value, end of period  | $96.35 | $83.81 | $62.13 | $42.85 | $46.29 |
| **Total Return** C,D | 22.69% <br>| 39.52%  | 49.31%  | (3.21)%  | 62.45%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .94%  | .97%  | 1.01%  | 1.01%  | 1.04%  |
| Expenses net of fee waivers, if any  | .94% <br>| .96%  | 1.00%  | 1.01%  | 1.04%  |
| Expenses net of all reductions, if any  | .94%  | .96%  | 1.00%  | 1.01%  | 1.03%  |
| Net investment income (loss)  | (.32)%  | (.31)%  | (.10)%  | (.27)%  | (.21)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1426841 | $1056998 | $581690 | $319402 | $279755 |
| Portfolio turnover rate G | 65% <br>| 30%  | 40%  | 32%  | 41%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Semiconductors Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $78.19 | $58.24 | $40.34 | $43.75 | $28.25 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.43)  | (.37)  | (.15)  | (.23)  | (.17)  |
| Net realized and unrealized gain (loss)  | 17.22  | 22.39  | 19.25  | (.76)  | 17.31  |
| Total from investment operations  | 16.79  | 22.02  | 19.10  | (.99)  | 17.14  |
| Distributions from net realized gain  | (5.76)  | (2.07)  | (1.20)  | (2.42)  | (1.64)  |
| Total distributions  | (5.76)  | (2.07)  | (1.20)  | (2.42)  | (1.64)  |
| Net asset value, end of period  | $89.22 | $78.19 | $58.24 | $40.34 | $43.75 |
| **Total Return** C,D | 22.38% <br>| 39.18%  | 48.95%  | (3.43)%  | 61.98%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.19%  | 1.21%  | 1.25%  | 1.26%  | 1.30%  |
| Expenses net of fee waivers, if any  | 1.19% <br>| 1.21%  | 1.25%  | 1.25%  | 1.30%  |
| Expenses net of all reductions, if any  | 1.19%  | 1.21%  | 1.25%  | 1.25%  | 1.29%  |
| Net investment income (loss)  | (.57)%  | (.56)%  | (.35)%  | (.52)%  | (.47)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $232410 | $176276 | $94006 | $48499 | $49963 |
| Portfolio turnover rate G | 65% <br>| 30%  | 40%  | 32%  | 41%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Semiconductors Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $66.90 | $50.38 | $35.24 | $38.59 | $25.18 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.69)  | (.60)  | (.31)  | (.40)  | (.31)  |
| Net realized and unrealized gain (loss)  | 14.57  | 19.19  | 16.65  | (.61)  | 15.35  |
| Total from investment operations  | 13.88  | 18.59  | 16.34  | (1.01)  | 15.04  |
| Distributions from net realized gain  | (5.76)  | (2.07)  | (1.20)  | (2.34)  | (1.63)  |
| Total distributions  | (5.76)  | (2.07)  | (1.20)  | (2.34)  | (1.63)  |
| Net asset value, end of period  | $75.02 | $66.90 | $50.38 | $35.24 | $38.59 |
| **Total Return** C,D | 21.78% <br>| 38.46%  | 48.18%  | (3.93)%  | 61.17%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.69%  | 1.72%  | 1.76%  | 1.76%  | 1.79%  |
| Expenses net of fee waivers, if any  | 1.69% <br>| 1.71%  | 1.76%  | 1.76%  | 1.79%  |
| Expenses net of all reductions, if any  | 1.69%  | 1.71%  | 1.76%  | 1.76%  | 1.79%  |
| Net investment income (loss)  | (1.07)%  | (1.07)%  | (.86)%  | (1.03)%  | (.97)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $253115 | $221749 | $129390 | $88592 | $86217 |
| Portfolio turnover rate G | 65% <br>| 30%  | 40%  | 32%  | 41%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Semiconductors Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $90.71 | $66.91 | $45.93 | $49.39 | $31.68 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.06)  | (.05)  | .08  | (.01)  | .03  |
| Net realized and unrealized gain (loss)  | 20.20  | 25.92  | 22.10  | (.92)  | 19.47  |
| Total from investment operations  | 20.14  | 25.87  | 22.18  | (.93)  | 19.50  |
| Distributions from net investment income  | -  | -  | -  | -  | (.12)  |
| Distributions from net realized gain  | (5.76)  | (2.07)  | (1.20)  | (2.53)  | (1.67)  |
| Total distributions  | (5.76)  | (2.07)  | (1.20)  | (2.53)  | (1.79)  |
| Net asset value, end of period  | $105.09 | $90.71 | $66.91 | $45.93 | $49.39 |
| **Total Return** C | 23.00% <br>| 39.87%  | 49.71%  | (2.96)%  | 62.86%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .69%  | .72%  | .74%  | .75%  | .77%  |
| Expenses net of fee waivers, if any  | .69% <br>| .71%  | .74%  | .74%  | .77%  |
| Expenses net of all reductions, if any  | .69%  | .71%  | .74%  | .74%  | .76%  |
| Net investment income (loss)  | (.07)%  | (.07)%  | .16%  | (.01)%  | .06%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1326260 | $1016505 | $530775 | $309873 | $257502 |
| Portfolio turnover rate F | 65% <br>| 30%  | 40%  | 32%  | 41%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Semiconductors Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $90.94 | $66.99 | $45.93 | $49.35 | $31.65 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | .04  | .14  | .06  | .08  |
| Net realized and unrealized gain (loss)  | 20.27  | 25.98  | 22.12  | (.92)  | 19.45  |
| Total from investment operations  | 20.31  | 26.02  | 22.26  | (.86)  | 19.53  |
| Distributions from net investment income  | -  | -  | -  | -  | (.16)  |
| Distributions from net realized gain  | (5.76)  | (2.07)  | (1.20)  | (2.56)  | (1.67)  |
| Total distributions  | (5.76)  | (2.07)  | (1.20)  | (2.56)  | (1.83)  |
| Net asset value, end of period  | $105.49 | $90.94 | $66.99 | $45.93 | $49.35 |
| **Total Return** C | 23.14% <br>| 40.05%  | 49.89%  | (2.83)%  | 63.06%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .57%  | .60%  | .62%  | .62%  | .64%  |
| Expenses net of fee waivers, if any  | .57% <br>| .59%  | .62%  | .62%  | .64%  |
| Expenses net of all reductions, if any  | .57%  | .59%  | .62%  | .62%  | .64%  |
| Net investment income (loss)  | .05%  | .05%  | .28%  | .11%  | .18%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $319219 | $226689 | $95876 | $47782 | $26856 |
| Portfolio turnover rate F | 65% <br>| 30%  | 40%  | 32%  | 41%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Technology Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.7%** | &nbsp;&nbsp;**Common Stocks - 94.7%** | &nbsp;&nbsp;**Common Stocks - 94.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 1.7%  |  |  |
| Information Technology - 1.7% |  |  |
| IT Services - 1.7% |  |  |
| Shopify Inc Class A (United States) (b) | 1082900 | 132341209 |
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Chime Biologics Wuhan Co Ltd (b)(c) | 387462 | 4 |
| INDIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pine Labs Ltd/India (c)(d) | 465470 | 1672477 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(c) | 111528 | 152793 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| LG Chem Ltd  | 9410 | 2010886 |
| NETHERLANDS - 4.1%  |  |  |
| Information Technology - 4.1% |  |  |
| Semiconductors & Semiconductor Equipment - 4.1% |  |  |
| ASML Holding NV  | 68100 | 47647508 |
| NXP Semiconductors NV  | 1299145 | 277718227 |
| TOTAL NETHERLANDS |  | 325365735 |
| TAIWAN - 2.3%  |  |  |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eden Biologics Inc (b)(c) | 387462 | 0 |
| Information Technology - 2.3% |  |  |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 4711000 | 180960901 |
| TOTAL TAIWAN |  | 180960901 |
| UNITED KINGDOM - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (c)(d) | 8250 | 8601368 |
| UNITED STATES - 86.6%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Netflix Inc (b) | 57466 | 66626080 |
| Consumer Discretionary - 1.1% |  |  |
| Broadline Retail - 0.9% |  |  |
| Amazon.com Inc (b) | 320400 | 75008844 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Airbnb Inc Class A (b) | 110300 | 14604823 |
| TOTAL CONSUMER DISCRETIONARY |  | 89613667 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Maplebear Inc (b) | 29110 | 1396407 |
| Industrials - 2.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Relativity Space Inc (b)(c) | 6703 | 7105 |
| Ground Transportation - 2.1% |  |  |
| CreateAI Holdings Inc Class A (b) | 86300 | 25225 |
| Lyft Inc Class A (b) | 713642 | 10033807 |
| Uber Technologies Inc (b) | 1771074 | 155411744 |
|  |  | 165470776 |
| TOTAL INDUSTRIALS |  | 165477881 |
| Information Technology - 82.6% |  |  |
| Communications Equipment - 4.0% |  |  |
| Cisco Systems Inc  | 4703200 | 320193856 |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Amphenol Corp Class A  | 737022 | 78500213 |
| IT Services - 3.8% |  |  |
| CoreWeave Inc Class A (e) | 462000 | 52728060 |
| CoreWeave Inc Class A (c)(e) | 29997 | 3423557 |
| Okta Inc Class A (b) | 1215130 | 118839714 |
| Snowflake Inc (b) | 568133 | 126977726 |
|  |  | 301969057 |
| Semiconductors & Semiconductor Equipment - 37.8% |  |  |
| Astera Labs Inc (b) | 439171 | 60047850 |
| Broadcom Inc  | 566500 | 166381050 |
| GlobalFoundries Inc (b) | 4102104 | 153377669 |
| Marvell Technology Inc  | 3536864 | 284257760 |
| Micron Technology Inc  | 1293062 | 141124787 |
| NVIDIA Corp  | 11112230 | 1976532350 |
| ON Semiconductor Corp (b) | 4228705 | 238329814 |
|  |  | 3020051280 |
| Software - 23.9% |  |  |
| Atlassian Corp Class A (b) | 134300 | 25756054 |
| Autodesk Inc (b) | 59500 | 18035045 |
| Celestial AI Inc (c)(d) | 9192 | 156172 |
| Crowdstrike Holdings Inc Class A (b) | 80000 | 36365600 |
| CyberArk Software Ltd (b) | 190000 | 78179300 |
| Datadog Inc Class A (b) | 1168186 | 163522676 |
| Figma Inc Class A  | 19500 | 2252250 |
| HubSpot Inc (b) | 153303 | 79663904 |
| Manhattan Associates Inc (b) | 533615 | 117213871 |
| Microsoft Corp  | 1918300 | 1023413050 |
| Monday.com Ltd (b) | 71224 | 18681343 |
| OpenAI Global LLC rights (b)(c)(d) | 3749900 | 5512353 |
| Palantir Technologies Inc Class A (b) | 635000 | 100552250 |
| Salesforce Inc  | 87839 | 22691449 |
| Servicenow Inc (b) | 192834 | 181865602 |
| Zscaler Inc (b)(f) | 135600 | 38721936 |
|  |  | 1912582855 |
| Technology Hardware, Storage & Peripherals - 12.1% |  |  |
| Apple Inc  | 3595516 | 746321256 |
| Sandisk Corp/DE  | 527981 | 22660944 |
| Seagate Technology Holdings PLC  | 401355 | 63016749 |
| Western Digital Corp  | 1737043 | 136687914 |
|  |  | 968686863 |
| TOTAL INFORMATION TECHNOLOGY |  | 6601984124 |
| TOTAL UNITED STATES |  | 6925098159 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,406,070,124) |  | <br> **7576203532** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (c)(d)<br>(Cost $147,191)<br>| 147191 | **103372** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.9%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| ByteDance Ltd Series E1 (b)(c)(d) | 26036 | 6108306 |
| INDIA - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho Series E-1 (c)(d) | 204360 | 300409 |
| Meesho Series F (c)(d) | 2844636 | 4181615 |
|  |  | 4482024 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pine Labs Ltd/India Series 1 (c)(d) | 1112422 | 3997035 |
| Pine Labs Ltd/India Series A (c)(d) | 278010 | 998916 |
| Pine Labs Ltd/India Series B (c)(d) | 302428 | 1086652 |
| Pine Labs Ltd/India Series B2 (c)(d) | 244562 | 878734 |
| Pine Labs Ltd/India Series C (c)(d) | 455041 | 1635004 |
| Pine Labs Ltd/India Series C1 (c)(d) | 95892 | 344548 |
| Pine Labs Ltd/India Series D (c)(d) | 102505 | 368310 |
|  |  | 9309199 |
| TOTAL INDIA |  | 13791223 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 101300 | 130677 |
| Xsight Labs Ltd Series F (c)(d) | 371759 | 1565105 |
| TOTAL ISRAEL |  | 1695782 |
| UNITED STATES - 1.7%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 500 | 123960 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 14100 | 528750 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (b)(c)(d) | 35600 | 468496 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 12823 | 951210 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 50147 | 3940551 |
| Tenstorrent Holdings Inc Series D2 (b)(c)(d) | 4547 | 344799 |
|  |  | 5705056 |
| Information Technology - 1.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Enevate Corp Series E (b)(c)(d) | 9477386 | 2937989 |
| Vast Data Ltd Series A (b)(c)(d) | 30141 | 730618 |
| Vast Data Ltd Series A1 (b)(c)(d) | 74185 | 1798244 |
| Vast Data Ltd Series A2 (b)(c)(d) | 85337 | 2068569 |
| Vast Data Ltd Series B (b)(c)(d) | 67904 | 1645993 |
| Vast Data Ltd Series C (b)(c)(d) | 1979 | 47971 |
| Vast Data Ltd Series E (b)(c)(d) | 64886 | 1572837 |
|  |  | 10802221 |
| IT Services - 0.1% |  |  |
| X.Ai Holdings Corp Series C (c)(d) | 227400 | 8313744 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Retym Inc Series C (b)(c)(d) | 139441 | 1454370 |
| Retym Inc Series D (c)(d) | 34592 | 380166 |
| SiMa Technologies Inc Series B (b)(c)(d) | 231000 | 1439130 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 100683 | 734986 |
|  |  | 4008652 |
| Software - 1.2% |  |  |
| Anthropic PBC Series B (b)(c)(d) | 190100 | 28037849 |
| Anthropic PBC Series D (b)(c)(d) | 195705 | 30167926 |
| Celestial AI Inc Series A (c)(d) | 58616 | 995886 |
| Celestial AI Inc Series B (c)(d) | 44107 | 749377 |
| Celestial AI Inc Series C1 (c)(d) | 176683 | 3001844 |
| Databricks Inc Series G (b)(c)(d) | 37800 | 4401432 |
| Databricks Inc Series H (b)(c)(d) | 99786 | 11619082 |
| Databricks Inc Series I (b)(c)(d) | 1265 | 147297 |
| Databricks Inc Series J (c)(d) | 38610 | 4495748 |
| Runway AI Inc Series D (c)(d) | 538270 | 6755289 |
|  |  | 90371730 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 82421 | 5456271 |
| Lightmatter Inc Series C2 (b)(c)(d) | 12946 | 872560 |
| Lightmatter Inc Series D (c)(d) | 54900 | 4471056 |
|  |  | 10799887 |
| TOTAL INFORMATION TECHNOLOGY |  | 124296234 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 151757 | 4003350 |
| TOTAL UNITED STATES |  | 134657350 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $94,333,170) |  | <br> **156252661** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (c)(d)(g) | 526698 | 277921 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (c)(d) | 338672 | 352294 |
| TOTAL INFORMATION TECHNOLOGY |  | 630215 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $865,370) |  | <br> **630215** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.33 | 206365523 | 206406796 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.33 | 29347 | 29350 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $206,436,146) |  |  | **206436146** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.2%**<br> (Cost $3,707,852,001)<br>| <br>**7939625926** |
| **NET OTHER ASSETS (LIABILITIES) - 0.8%**  | **60340162** |
| **NET ASSETS - 100.0%** | **7999966088** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Level 3 security

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $172,928,618 or 2.2% of net assets.

(e) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $56,151,617 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

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

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Akeana Series C | 1/23/24 | 454284 |
| Anthropic PBC Series B | 3/22/24 | 5932010 |
| Anthropic PBC Series D | 5/31/24 | 5872031 |
| ByteDance Ltd Series E1 | 11/18/20 | 2852873 |
| Celestial AI Inc | 2/25/25 | 136186 |
| Celestial AI Inc Series A | 2/25/25 | 868437 |
| Celestial AI Inc Series B | 2/25/25 | 653476 |
| Celestial AI Inc Series C1 | 2/25/25 | 3079620 |
| Databricks Inc Series G | 2/01/21 | 2234836 |
| Databricks Inc Series H | 8/31/21 | 7332688 |
| Databricks Inc Series I | 9/14/23 | 92978 |
| Databricks Inc Series J | 12/17/24 | 3571425 |
| Diamond Foundry Inc Series C | 3/15/21 | 3642168 |
| Discord Inc Series I | 9/15/21 | 275312 |
| Enevate Corp 10% 5/12/2199 | 11/12/24 | 147191 |
| Enevate Corp 6% | 11/02/23 - 10/31/24 | 526698 |
| Enevate Corp Series E | 1/29/21 | 10507436 |
| GoBrands Inc Series G | 3/02/21 | 3521014 |
| Lightmatter Inc Series C1 | 5/19/23 | 1356386 |
| Lightmatter Inc Series C2 | 12/18/23 | 336619 |
| Lightmatter Inc Series D | 10/11/24 | 4404654 |
| Meesho Series E-1 | 4/18/24 | 190736 |
| Meesho Series F | 9/21/21 | 3572929 |
| OpenAI Global LLC rights | 9/30/24 | 3749900 |
| Pine Labs Ltd/India | 6/30/21 | 1364971 |
| Pine Labs Ltd/India Series 1 | 6/30/21 | 3261709 |
| Pine Labs Ltd/India Series A | 6/30/21 | 815375 |
| Pine Labs Ltd/India Series B | 6/30/21 | 886964 |
| Pine Labs Ltd/India Series B2 | 6/30/21 | 717313 |
| Pine Labs Ltd/India Series C | 6/30/21 | 1334396 |
| Pine Labs Ltd/India Series C1 | 6/30/21 | 281439 |
| Pine Labs Ltd/India Series D | 6/30/21 | 300828 |
| Retym Inc Series C | 5/17/23 - 6/20/23 | 1085102 |
| Retym Inc Series D | 1/29/25 | 366226 |
| Revolut Group Holdings Ltd | 12/27/24 | 7175427 |
| Runway AI Inc Series D | 9/06/24 | 5835803 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/08/24 - 7/05/25 | 338672 |
| SiMa Technologies Inc Series B | 5/10/21 | 1184429 |
| SiMa Technologies Inc Series B1 | 4/25/22 - 10/17/22 | 713933 |
| Tenstorrent Holdings Inc Series C1 | 4/23/21 | 762398 |
| Tenstorrent Holdings Inc Series D1 | 7/16/24 - 1/15/25 | 3952910 |
| Tenstorrent Holdings Inc Series D2 | 7/17/24 | 345481 |
| Vast Data Ltd Series A | 11/28/23 | 331551 |
| Vast Data Ltd Series A1 | 11/28/23 | 816035 |
| Vast Data Ltd Series A2 | 11/28/23 | 938707 |
| Vast Data Ltd Series B | 11/28/23 | 746944 |
| Vast Data Ltd Series C | 11/28/23 | 21769 |
| Vast Data Ltd Series E | 11/28/23 | 1427492 |
| X.Ai Holdings Corp Series C | 11/22/24 | 4923210 |
| Xsight Labs Ltd Series D | 2/16/21 | 809995 |
| Xsight Labs Ltd Series F | 1/11/24 - 12/30/24 | 1721249 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| CoreWeave Inc Class A | 8/14/2025 |
| CoreWeave Inc Class A | 9/24/2025 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 64896079 | 2681488520 | 2539977803 | 6480090 | - | - | 206406796 | 206365523 | 0.4% |
| Fidelity Securities Lending Cash Central Fund | 1473625 | 634723928 | 636168203 | 54684 | - | - | 29350 | 29347 | 0.0% |
| Total | 66369704 | 3316212448 | 3176146006 | 6534774 | - | - | 206436146 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 66626080 | 66626080 | - | - |
| Consumer Discretionary | 89613667 | 89613667 | - | - |
| Consumer Staples | 1396407 | 1396407 | - | - |
| Financials | 8601368 | - | - | 8601368 |
| Health Care | 4 | - | - | 4 |
| Industrials | 165477881 | 165470776 | - | 7105 |
| Information Technology | 7242477239 | 7050598986 | 180960901 | 10917352 |
| Materials | 2010886 | - | 2010886 | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Information Technology | 103372 | - | - | 103372 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 6108306 | - | - | 6108306 |
| Consumer Discretionary | 4605984 | - | - | 4605984 |
| Consumer Staples | 528750 | - | - | 528750 |
| Financials | 5705056 | - | - | 5705056 |
| Information Technology | 135301215 | - | - | 135301215 |
| Materials | 4003350 | - | - | 4003350 |
|  **Preferred Securities** |  |  |  |  |
| Information Technology | 630215 | - | - | 630215 |
|  **Money Market Funds** | 206436146 | 206436146 | - | - |
| **Total Investments in Securities:** | 7939625926 | 7580142062 | 182971787 | 176512077 |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)** |
| **Common Stocks** | 19413136 | - | (15966493) | 24601620 | (8522434) | - | - | - | 19525829 | (5277593) |
| **Convertible Preferred Stocks** | 75718771 | (1107057) | 65979525 | 39934670 | (24273248) | - | - | - | 156252661 | 62322911 |
| **Convertible Corporate Bonds** | - | (35680) | (8139) | 147191 | - | - | - | - | 103372 | (43819) |
| **Preferred Securities** | 871200 | - | (305006) | 402693 | (338672) | - | - | - | 630215 | (301852) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |  |  |  |

---

**Fidelity Advisor® Technology Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $28,556) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,501,415,855) | $7733189780 |  |
| Fidelity Central Funds (cost $206,436,146) | 206436146 |  |
| Total Investment in Securities (cost $3,707,852,001) |  | $7939625926 |
| Foreign currency held at value (cost $139) |  | 137 |
| Receivable for investments sold |  | 72535375 |
| Receivable for fund shares sold |  | 5079877 |
| Dividends receivable |  | 105693 |
| Interest receivable |  | 10590 |
| Distributions receivable from Fidelity Central Funds |  | 644859 |
| Prepaid expenses |  | 1291 |
| Other receivables |  | 182980 |
| **Total assets** |  | 8018186728 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $5792157 |  |
| Payable for fund shares redeemed | 6370686 |  |
| Accrued management fee | 4174519 |  |
| Distribution and service plan fees payable | 1285659 |  |
| Other payables and accrued expenses | 568269 |  |
| Collateral on securities loaned | 29350 |  |
| **Total liabilities** |  | 18220640 |
| **Net Assets**  |  | $7999966088 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3467919895 |
| Total accumulated earnings (loss) |  | 4532046193 |
| **Net Assets** |  | $7999966088 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($2,988,604,699 ÷ 22,302,825 shares)(a) |  | $134.00 |
| Maximum offering price per share (100/94.25 of $134.00) |  | $142.18 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($903,327,664 ÷ 7,498,620 shares)(a) |  | $120.47 |
| Maximum offering price per share (100/96.50 of $120.47) |  | $124.84 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($379,111,943 ÷ 4,011,413 shares)(a) |  | $94.51 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,567,273,870 ÷ 16,790,780 shares) |  | $152.90 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,161,647,912 ÷ 7,595,371 shares) |  | $152.94 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $30540448 |
| Interest  |  | 3413 |
| Income from Fidelity Central Funds (including $54,684 from security lending)  |  | 6534774 |
| **Total income** |  | 37078635 |
| **Expenses** |  |  |
| Management fee | $44120239 |  |
| Distribution and service plan fees | 14010376 |  |
| Custodian fees and expenses | 82706 |  |
| Independent trustees' fees and expenses | 27163 |  |
| Registration fees | 222481 |  |
| Audit fees | 66529 |  |
| Legal | 9149 |  |
| Miscellaneous | 119409 |  |
| Total expenses before reductions | 58658052 |  |
| Expense reductions | (1872) |  |
| Total expenses after reductions |  | 58656180 |
| **Net Investment income (loss)** |  | (21577545) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 464047598 |  |
| Foreign currency transactions | (51228) |  |
| Total net realized gain (loss) |  | 463996370 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $330,169)  | 1093391187 |  |
| Assets and liabilities in foreign currencies | (2004) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1093389183 |
| **Net gain (loss)** |  | 1557385553 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1535808008 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(21577545) | $(17161426) |
| &nbsp;&nbsp;Net realized gain (loss) | 463996370<br>| 651904658<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1093389183 | 699495429<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1535808008<br>| 1334238661<br>|
| Distributions to shareholders | (529414626)<br>| (196415004)<br>|
| Share transactions - net increase (decrease) | 535321278<br>| 200670691<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1541714660<br>| 1338494348<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6458251428 | 5119757080<br>|
| &nbsp;&nbsp;End of period | $7999966088 | $6458251428 |

---

**Financial Highlights** 

**Fidelity Advisor® Technology Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $116.35 | $95.17 | $75.41 | $102.43 | $76.36 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.44)  | (.37)  | (.21)  | (.37)  | (.39)  |
| Net realized and unrealized gain (loss)  | 27.65  | 25.30  | 22.28  | (13.94)  | 33.48  |
| Total from investment operations  | 27.21  | 24.93  | 22.07  | (14.31)  | 33.09  |
| Distributions from net realized gain  | (9.56)  | (3.75)  | (2.31)  | (12.71)  | (7.02)  |
| Total distributions  | (9.56)  | (3.75)  | (2.31)  | (12.71)  | (7.02)  |
| Net asset value, end of period  | $134.00 | $116.35 | $95.17 | $75.41 | $102.43 |
| **Total Return** C,D | 24.06% <br>| 27.09%  | 30.51%  | (16.78)%  | 44.80%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .92%  | .95%  | .98%  | .97%  | .98%  |
| Expenses net of fee waivers, if any  | .92% <br>| .95%  | .98%  | .97%  | .98%  |
| Expenses net of all reductions, if any  | .92%  | .95%  | .98%  | .97%  | .98%  |
| Net investment income (loss)  | (.38)%  | (.37)%  | (.29)%  | (.41)%  | (.43)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2988605 | $2469499 | $1906585 | $1467792 | $1848643 |
| Portfolio turnover rate G | 50% <br>| 34% H | 30%  | 20%  | 44%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Technology Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $105.65 | $86.92 | $69.25 | $95.15 | $71.37 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.67)  | (.56)  | (.36)  | (.55)  | (.57)  |
| Net realized and unrealized gain (loss)  | 25.01  | 23.00  | 20.34  | (12.76)  | 31.22  |
| Total from investment operations  | 24.34  | 22.44  | 19.98  | (13.31)  | 30.65  |
| Distributions from net realized gain  | (9.52)  | (3.71)  | (2.31)  | (12.59)  | (6.87)  |
| Total distributions  | (9.52)  | (3.71)  | (2.31)  | (12.59)  | (6.87)  |
| Net asset value, end of period  | $120.47 | $105.65 | $86.92 | $69.25 | $95.15 |
| **Total Return** C,D | 23.77% <br>| 26.77%  | 30.20%  | (16.99)%  | 44.47%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.17%  | 1.20%  | 1.22%  | 1.21%  | 1.23%  |
| Expenses net of fee waivers, if any  | 1.17% <br>| 1.19%  | 1.22%  | 1.21%  | 1.23%  |
| Expenses net of all reductions, if any  | 1.17%  | 1.19%  | 1.22%  | 1.21%  | 1.22%  |
| Net investment income (loss)  | (.63)%  | (.61)%  | (.53)%  | (.65)%  | (.68)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $903328 | $778465 | $624612 | $484293 | $624534 |
| Portfolio turnover rate G | 50% <br>| 34% H | 30%  | 20%  | 44%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Technology Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $85.08 | $71.04 | $57.35 | $80.98 | $61.67 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.95)  | (.83)  | (.58)  | (.83)  | (.85)  |
| Net realized and unrealized gain (loss)  | 19.90  | 18.58  | 16.58  | (10.43)  | 26.79  |
| Total from investment operations  | 18.95  | 17.75  | 16.00  | (11.26)  | 25.94  |
| Distributions from net realized gain  | (9.52)  | (3.71)  | (2.31)  | (12.37)  | (6.63)  |
| Total distributions  | (9.52)  | (3.71)  | (2.31)  | (12.37)  | (6.63)  |
| Net asset value, end of period  | $94.51 | $85.08 | $71.04 | $57.35 | $80.98 |
| **Total Return** C,D | 23.14% <br>| 26.14%  | 29.50%  | (17.41)%  | 43.73%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.67%  | 1.70%  | 1.75%  | 1.73%  | 1.75%  |
| Expenses net of fee waivers, if any  | 1.67% <br>| 1.70%  | 1.74%  | 1.73%  | 1.74%  |
| Expenses net of all reductions, if any  | 1.67%  | 1.70%  | 1.74%  | 1.73%  | 1.74%  |
| Net investment income (loss)  | (1.13)%  | (1.12)%  | (1.05)%  | (1.17)%  | (1.20)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $379112 | $358186 | $313457 | $288008 | $410661 |
| Portfolio turnover rate G | 50% <br>| 34% H | 30%  | 20%  | 44%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Technology Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $131.44 | $107.03 | $84.29 | $112.95 | $83.56 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.17)  | (.13)  | (.02)  | (.15)  | (.17)  |
| Net realized and unrealized gain (loss)  | 31.40  | 28.56  | 25.07  | (15.67)  | 36.76  |
| Total from investment operations  | 31.23  | 28.43  | 25.05  | (15.82)  | 36.59  |
| Distributions from net realized gain  | (9.77)  | (4.02)  | (2.31)  | (12.84)  | (7.20)  |
| Total distributions  | (9.77)  | (4.02)  | (2.31)  | (12.84)  | (7.20)  |
| Net asset value, end of period  | $152.90 | $131.44 | $107.03 | $84.29 | $112.95 |
| **Total Return** C | 24.38% <br>| 27.42%  | 30.84%  | (16.56)%  | 45.18%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .67%  | .70%  | .72%  | .71%  | .72%  |
| Expenses net of fee waivers, if any  | .67% <br>| .70%  | .71%  | .71%  | .72%  |
| Expenses net of all reductions, if any  | .67%  | .70%  | .71%  | .71%  | .72%  |
| Net investment income (loss)  | (.13)%  | (.11)%  | (.03)%  | (.15)%  | (.18)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2567274 | $2039046 | $1515475 | $1129418 | $1470830 |
| Portfolio turnover rate F | 50% <br>| 34% G | 30%  | 20%  | 44%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Technology Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $131.50 | $107.07 | $84.22 | $112.81 | $83.44 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | .03  | .08  | (.04)  | (.06)  |
| Net realized and unrealized gain (loss)  | 31.41  | 28.54  | 25.08  | (15.63)  | 36.72  |
| Total from investment operations  | 31.40  | 28.57  | 25.16  | (15.67)  | 36.66  |
| Distributions from net investment income  | - C | -  | -  | -  | -  |
| Distributions from net realized gain  | (9.96)  | (4.14)  | (2.31)  | (12.92)  | (7.29)  |
| Total distributions  | (9.96)  | (4.14)  | (2.31)  | (12.92)  | (7.29)  |
| Net asset value, end of period  | $152.94 | $131.50 | $107.07 | $84.22 | $112.81 |
| **Total Return** D | 24.52% <br>| 27.57%  | 31.00%  | (16.46)%  | 45.37%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .55%  | .56%  | .60%  | .59%  | .60%  |
| Expenses net of fee waivers, if any  | .55% <br>| .56%  | .59%  | .59%  | .60%  |
| Expenses net of all reductions, if any  | .55%  | .56%  | .59%  | .59%  | .60%  |
| Net investment income (loss)  | (.01)%  | .02%  | .09%  | (.04)%  | (.06)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1161648 | $813055 | $759629 | $462278 | $524383 |
| Portfolio turnover rate G | 50% <br>| 34% H | 30%  | 20%  | 44%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Utilities Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.7%  |  |  |
| Energy - 2.2% |  |  |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Cameco Corp (United States)  | 392600 | 29417518 |
| Utilities - 0.5% |  |  |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| Capital Power Corp  | 45700 | 1915600 |
| TransAlta Corp  | 488100 | 5872277 |
|  |  | 7787877 |
| TOTAL CANADA |  | 37205395 |
| UNITED STATES - 96.8%  |  |  |
| Industrials - 3.4% |  |  |
| Construction & Engineering - 1.6% |  |  |
| Quanta Services Inc  | 53300 | 21646729 |
| Electrical Equipment - 1.8% |  |  |
| GE Vernova Inc  | 35200 | 23242208 |
| Sunrun Inc (a)(b) | 124700 | 1279422 |
|  |  | 24521630 |
| TOTAL INDUSTRIALS |  | 46168359 |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| First Solar Inc (b) | 55491 | 9695942 |
| Utilities - 92.7% |  |  |
| Electric Utilities - 64.9% |  |  |
| Alliant Energy Corp (a) | 62700 | 4076127 |
| American Electric Power Co Inc  | 248599 | 28126491 |
| Constellation Energy Corp  | 361665 | 125801554 |
| Duke Energy Corp  | 887505 | 107956108 |
| Entergy Corp  | 733400 | 66321362 |
| Evergy Inc  | 627567 | 44431744 |
| Eversource Energy  | 169718 | 11218360 |
| Exelon Corp  | 1635400 | 73494876 |
| NextEra Energy Inc  | 2213639 | 157301188 |
| NRG Energy Inc  | 327451 | 54749807 |
| PG&E Corp  | 2867398 | 40200920 |
| PPL Corp  | 1453434 | 51873059 |
| Southern Co/The  | 453982 | 42892219 |
| TXNM Energy Inc  | 281577 | 15990758 |
| Xcel Energy Inc  | 714918 | 52503578 |
|  |  | 876938151 |
| Gas Utilities - 1.6% |  |  |
| UGI Corp  | 592171 | 21424747 |
| Independent Power and Renewable Electricity Producers - 9.2% |  |  |
| AES Corp/The  | 364700 | 4795805 |
| Talen Energy Corp (b) | 45300 | 17103921 |
| Vistra Corp  | 489106 | 101998165 |
|  |  | 123897891 |
| Multi-Utilities - 17.0% |  |  |
| Ameren Corp  | 521203 | 52709259 |
| CenterPoint Energy Inc  | 1315787 | 51078851 |
| NiSource Inc  | 989644 | 42010388 |
| Sempra  | 1033795 | 84440376 |
|  |  | 230238874 |
| TOTAL UTILITIES |  | 1252499663 |
| TOTAL UNITED STATES |  | 1308363964 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $999,175,401) |  | <br> **1345569359** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 7715898 | 7717441 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 1760324 | 1760500 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $9,477,941) |  |  | **9477941** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $1,008,653,342)<br>| <br>**1355047300** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(2885499)** |
| **NET ASSETS - 100.0%** | **1352161801** |

---

**Legend**

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

(b) Non-income producing.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 29948674 | 631907696 | 654138929 | 1750070 | - | - | 7717441 | 7715898 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 12140825 | 223161258 | 233541583 | 13539 | - | - | 1760500 | 1760324 | 0.0% |
| Total | 42089499 | 855068954 | 887680512 | 1763609 | - | - | 9477941 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Energy | 29417518 | 29417518 | - | - |
| Industrials | 46168359 | 46168359 | - | - |
| Information Technology | 9695942 | 9695942 | - | - |
| Utilities | 1260287540 | 1260287540 | - | - |
|  **Money Market Funds** | 9477941 | 9477941 | - | - |
| **Total Investments in Securities:** | 1355047300 | 1355047300 | - | - |

---

**Fidelity Advisor® Utilities Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,720,464) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $999,175,401) | $1345569359 |  |
| Fidelity Central Funds (cost $9,477,941) | 9477941 |  |
| Total Investment in Securities (cost $1,008,653,342) |  | $1355047300 |
| Receivable for investments sold |  | 4430942 |
| Receivable for fund shares sold |  | 1731151 |
| Dividends receivable |  | 341823 |
| Distributions receivable from Fidelity Central Funds |  | 106555 |
| Prepaid expenses |  | 282 |
| **Total assets** |  | 1361658053 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1645295 |  |
| Payable for fund shares redeemed | 5099545 |  |
| Accrued management fee | 747266 |  |
| Distribution and service plan fees payable | 201548 |  |
| Other payables and accrued expenses | 42098 |  |
| Collateral on securities loaned | 1760500 |  |
| **Total liabilities** |  | 9496252 |
| **Net Assets**  |  | $1352161801 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $982128477 |
| Total accumulated earnings (loss) |  | 370033324 |
| **Net Assets** |  | $1352161801 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($490,912,752 ÷ 10,143,000 shares)(a) |  | $48.40 |
| Maximum offering price per share (100/94.25 of $48.40) |  | $51.35 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($82,594,576 ÷ 1,699,905 shares)(a) |  | $48.59 |
| Maximum offering price per share (100/96.50 of $48.59) |  | $50.35 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($89,025,317 ÷ 1,891,993 shares)(a) |  | $47.05 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($562,785,336 ÷ 11,318,519 shares) |  | $49.72 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($126,843,820 ÷ 2,552,113 shares) |  | $49.70 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $27359219 |
| Income from Fidelity Central Funds (including $13,539 from security lending)  |  | 1763609 |
| **Total income** |  | 29122828 |
| **Expenses** |  |  |
| Management fee | $7639454 |  |
| Distribution and service plan fees | 2143376 |  |
| Custodian fees and expenses | 15196 |  |
| Independent trustees' fees and expenses | 4140 |  |
| Registration fees | 121809 |  |
| Audit fees | 51209 |  |
| Legal | 907 |  |
| Miscellaneous | 95724 |  |
| Total expenses before reductions | 10071815 |  |
| Expense reductions | (2526) |  |
| Total expenses after reductions |  | 10069289 |
| **Net Investment income (loss)** |  | 19053539 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 37240566 |  |
| Foreign currency transactions | 5246 |  |
| Total net realized gain (loss) |  | 37245812 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 155242775 |  |
| Assets and liabilities in foreign currencies | 1208 |  |
| Total change in net unrealized appreciation (depreciation) |  | 155243983 |
| **Net gain (loss)** |  | 192489795 |
| **Net increase (decrease) in net assets resulting from operations** |  | $211543334 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $19053539 | $14691657 |
| &nbsp;&nbsp;Net realized gain (loss) | 37245812<br>| 37078896<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 155243983 | 47869079<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 211543334<br>| 99639632<br>|
| Distributions to shareholders | (58015305)<br>| (23696221)<br>|
| Share transactions - net increase (decrease) | 378916946<br>| (74826763)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 532444975<br>| 1116648<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 819716826 | 818600178<br>|
| &nbsp;&nbsp;End of period | $1352161801 | $819716826 |

---

**Financial Highlights** 

**Fidelity Advisor® Utilities Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.94 | $37.27 | $39.71 | $34.53 | $30.67 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .74  | .75  | .64  | .52  | .56  |
| Net realized and unrealized gain (loss)  | 8.11  | 5.18  | (1.29)  | 5.84  | 3.98  |
| Total from investment operations  | 8.85  | 5.93  | (.65)  | 6.36  | 4.54  |
| Distributions from net investment income  | (.75)  | (.77)  | (.64)  | (.67)  | (.68)  |
| Distributions from net realized gain  | (1.64)  | (.49)  | (1.15)  | (.51)  | -  |
| Total distributions  | (2.39)  | (1.26)  | (1.79)  | (1.18)  | (.68)  |
| Net asset value, end of period  | $48.40 | $41.94 | $37.27 | $39.71 | $34.53 |
| **Total Return** C,D | 21.72% <br>| 16.48%  | (1.58)%  | 18.70%  | 14.95%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .98%  | 1.01%  | 1.01%  | 1.02%  | 1.05%  |
| Expenses net of fee waivers, if any  | .98% <br>| 1.00%  | 1.01%  | 1.02%  | 1.04%  |
| Expenses net of all reductions, if any  | .98%  | 1.00%  | 1.01%  | 1.02%  | 1.03%  |
| Net investment income (loss)  | 1.63%  | 2.04%  | 1.71%  | 1.41%  | 1.70%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $490913 | $348276 | $327807 | $322060 | $254388 |
| Portfolio turnover rate G | 119% <br>| 84%  | 66%  | 36%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Utilities Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $42.07 | $37.37 | $39.81 | $34.57 | $30.71 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .63  | .66  | .54  | .42  | .47  |
| Net realized and unrealized gain (loss)  | 8.13  | 5.20  | (1.29)  | 5.85  | 3.99  |
| Total from investment operations  | 8.76  | 5.86  | (.75)  | 6.27  | 4.46  |
| Distributions from net investment income  | (.60)  | (.67)  | (.54)  | (.51)  | (.60)  |
| Distributions from net realized gain  | (1.64)  | (.49)  | (1.15)  | (.51)  | -  |
| Total distributions  | (2.24)  | (1.16)  | (1.69)  | (1.03) C | (.60)  |
| Net asset value, end of period  | $48.59 | $42.07 | $37.37 | $39.81 | $34.57 |
| **Total Return** D,E | 21.41% <br>| 16.19%  | (1.85)%  | 18.37%  | 14.63%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.23%  | 1.27%  | 1.28%  | 1.30%  | 1.32%  |
| Expenses net of fee waivers, if any  | 1.23% <br>| 1.27%  | 1.27%  | 1.29%  | 1.32%  |
| Expenses net of all reductions, if any  | 1.23%  | 1.27%  | 1.27%  | 1.29%  | 1.31%  |
| Net investment income (loss)  | 1.38%  | 1.78%  | 1.45%  | 1.14%  | 1.42%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $82595 | $70288 | $68733 | $71690 | $58065 |
| Portfolio turnover rate H | 119% <br>| 84%  | 66%  | 36%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Utilities Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.83 | $36.30 | $38.73 | $33.60 | $29.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .47  | .35  | .24  | .30  |
| Net realized and unrealized gain (loss)  | 7.88  | 5.05  | (1.26)  | 5.67  | 3.88  |
| Total from investment operations  | 8.27  | 5.52  | (.91)  | 5.91  | 4.18  |
| Distributions from net investment income  | (.41)  | (.50)  | (.37)  | (.27)  | (.41)  |
| Distributions from net realized gain  | (1.64)  | (.49)  | (1.15)  | (.51)  | -  |
| Total distributions  | (2.05)  | (.99)  | (1.52)  | (.78)  | (.41)  |
| Net asset value, end of period  | $47.05 | $40.83 | $36.30 | $38.73 | $33.60 |
| **Total Return** C,D | 20.78% <br>| 15.64%  | (2.34)%  | 17.78%  | 14.10%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.73%  | 1.76%  | 1.77%  | 1.78%  | 1.80%  |
| Expenses net of fee waivers, if any  | 1.73% <br>| 1.75%  | 1.76%  | 1.78%  | 1.80%  |
| Expenses net of all reductions, if any  | 1.73%  | 1.75%  | 1.76%  | 1.78%  | 1.79%  |
| Net investment income (loss)  | .88%  | 1.30%  | .96%  | .65%  | .94%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $89025 | $56100 | $58042 | $61087 | $49312 |
| Portfolio turnover rate G | 119% <br>| 84%  | 66%  | 36%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Utilities Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.06 | $38.22 | $40.68 | $35.39 | $31.40 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .88  | .88  | .76  | .64  | .66  |
| Net realized and unrealized gain (loss)  | 8.33  | 5.32  | (1.33)  | 5.98  | 4.10  |
| Total from investment operations  | 9.21  | 6.20  | (.57)  | 6.62  | 4.76  |
| Distributions from net investment income  | (.91)  | (.87)  | (.74)  | (.81)  | (.77)  |
| Distributions from net realized gain  | (1.64)  | (.49)  | (1.15)  | (.51)  | -  |
| Total distributions  | (2.55)  | (1.36)  | (1.89)  | (1.33) C | (.77)  |
| Net asset value, end of period  | $49.72 | $43.06 | $38.22 | $40.68 | $35.39 |
| **Total Return** D | 22.02% <br>| 16.82%  | (1.34)%  | 19.00%  | 15.30%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .72%  | .74%  | .75%  | .76%  | .77%  |
| Expenses net of fee waivers, if any  | .72% <br>| .73%  | .74%  | .75%  | .77%  |
| Expenses net of all reductions, if any  | .72%  | .73%  | .74%  | .75%  | .76%  |
| Net investment income (loss)  | 1.90%  | 2.31%  | 1.98%  | 1.68%  | 1.97%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $562785 | $270962 | $255201 | $269667 | $143582 |
| Portfolio turnover rate G | 119% <br>| 84%  | 66%  | 36%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Utilities Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.04 | $38.20 | $40.66 | $35.38 | $31.42 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .94  | .93  | .81  | .69  | .71  |
| Net realized and unrealized gain (loss)  | 8.31  | 5.31  | (1.33)  | 5.98  | 4.08  |
| Total from investment operations  | 9.25  | 6.24  | (.52)  | 6.67  | 4.79  |
| Distributions from net investment income  | (.96)  | (.92)  | (.79)  | (.88)  | (.83)  |
| Distributions from net realized gain  | (1.64)  | (.49)  | (1.15)  | (.51)  | -  |
| Total distributions  | (2.59) C | (1.40) C | (1.94)  | (1.39)  | (.83)  |
| Net asset value, end of period  | $49.70 | $43.04 | $38.20 | $40.66 | $35.38 |
| **Total Return** D | 22.16% <br>| 16.97%  | (1.21)%  | 19.17%  | 15.41%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .60%  | .58%  | .62%  | .63%  | .64%  |
| Expenses net of fee waivers, if any  | .60% <br>| .57%  | .62%  | .63%  | .64%  |
| Expenses net of all reductions, if any  | .60%  | .57%  | .62%  | .63%  | .63%  |
| Net investment income (loss)  | 2.02%  | 2.48%  | 2.10%  | 1.81%  | 2.10%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $126844 | $74091 | $108817 | $106266 | $54746 |
| Portfolio turnover rate G | 119% <br>| 84%  | 66%  | 36%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended July 31, 2025

**1. Organization.**

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 and Fidelity Advisor Utilities Fund (the Funds) are funds of Fidelity Advisor Series VII (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds are non-diversified with the exception of Fidelity Advisor Financials Fund and Fidelity Advisor Health Care Fund. Each Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The financial statements for Fidelity Advisor Health Care Fund have been consolidated to include the Subsidiary accounts (see Consolidated Subsidiary note below).

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Fidelity Advisor Biotechnology Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $7  | Recovery value  | Recovery value  | $0.00  | Increase |
| Convertible Corporate Bonds | $989512  | Market approach  | Transaction price  | $100.00  | Increase |
|  |  |  | Discount rate  | 23.5% | Decrease |
|  |  |  | Probability rate  | 0.0% - 100.0% / 50.0% | Increase |
| Convertible Preferred Stocks | $27188319  | Market approach  | Transaction price  | $0.41 - $8.61 / $3.52 | Increase |
|  |  |  | Discount rate  | 5.0% - 80.0% / 20.6% | Decrease |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Volatility  | 75.0% - 110.0% / 83.1% | Increase |
|  |  |  | Discount rate  | 3.8% - 3.9% / 3.9% | Increase |
|  |  |  | Term  | 2.0 - 3.0 / 2.9 | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Fidelity Advisor Health Care Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $121181  | Market approach  | Transaction price  | $33.33  | Increase |
|  |  | Black scholes  | Volatility  | 70.0% | Increase |
|  |  |  | Discount rate  | 4.0% | Increase |
|  |  |  | Term  | 5.0 | Increase |
| Convertible Corporate Bonds | $5307608  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 7.3 | Increase |
|  |  |  | Discount rate  | 33.2% | Decrease |
|  |  |  | Probability rate  | 20.0% - 50.0% / 33.3% | Increase |
|  |  | Market approach  | Transaction price  | $100.00 | Increase |
|  |  |  | Discount rate  | 23.5% | Decrease |
|  |  |  | Probability rate  | 0.0% - 100.0% / 50.0% | Increase |
|  |  | Black scholes  | Volatility  | 65.0% | Increase |
|  |  |  | Discount rate  | 4.1% - 4.4% / 4.2% | Increase |
|  |  |  | Term  | 1.0 | Increase |
| Convertible Preferred Stocks | $58911122  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 1.2 - 16.6 / 6.0 | Increase |
|  |  | Market approach  | Transaction price  | $0.65 - $33.33 / $13.02 | Increase |
|  |  |  | Discount rate  | 5.0% - 20.0% / 13.1% | Decrease |
|  |  |  | Premium rate | 10.0% | Increase |
|  |  | Black scholes  | Volatility | 45.0% - 110.0% / 66.2% | Increase |
|  |  |  | Discount rate | 3.9% - 4.0% / 3.9% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.0 | Increase |
| Preferred Securities | $15577027  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 6.7 | Increase |
|  |  |  | Discount rate | 23.1% | Decrease |
|  |  |  | Probability rate | 5.0% - 75.0% / 30.0% | Increase |
|  |  | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 36.1% | Decrease |
|  |  |  | Probability rate | 0.0% - 100.0% / 50.0% | Increase |
|  |  | Black scholes | Volatility | 60.0% | Increase |
|  |  |  | Discount rate | 4.0% - 4.4% / 4.2% | Increase |
|  |  |  | Term | 0.1 - 1.4 / 0.7 | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Fidelity Advisor Technology Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $19525829  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.7 - 31.0 / 26.4 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 16.8 | Increase |
|  |  | Market approach  | Transaction price  | $4.63  | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Volatility  | 50.0% - 80.0% / 50.9% | Increase |
|  |  |  | Discount rate  | 3.9% - 4.0% / 3.9% | Increase |
|  |  |  | Term  | 3.0 - 5.0 / 3.1 | Increase |
| Convertible Corporate Bonds | $103372  | Market approach  | Transaction price  | $100.00  | Increase |
|  |  |  | Discount rate  | 21.7% | Decrease |
|  |  |  | Probability rate  | 0.0% - 50.0% / 25.0% | Increase |
|  |  | Black scholes  | Volatility  | 100.0% | Increase |
|  |  |  | Discount rate  | 4.9% | Increase |
|  |  |  | Term  | 0.4 | Increase |
| Convertible Preferred Stocks | $156252661  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 1.1 - 38.2 / 19.5 | Increase |
|  |  | Market approach  | Transaction price  | $1.10 - $7.09 / $3.89 | Increase |
|  |  |  | Discount rate  | 80.0% | Decrease |
|  |  |  | Premium rate | 45.0% | Increase |
|  |  | Black scholes  | Volatility | 50.0% - 100.0% / 64.5% | Increase |
|  |  |  | Discount rate | 3.9% | Increase |
|  |  |  | Term | 2.0 - 4.0 / 2.9 | Increase |
| Preferred Securities | $630215  | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 35.4% - 37.9% / 36.8% | Decrease |
|  |  |  | Probability rate | 0.0% - 50.0% / 28.9% | Increase |
|  |  | Black scholes | Volatility | 50.0% - 100.0% / 72.0% | Increase |
|  |  |  | Discount rate | 4.0% - 4.9% / 4.4% | Increase |
|  |  |  | Term | 0.4 - 1.5 / 1.0 | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Funds are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Advisor Energy Fund** | 113,905 |
| **Fidelity Advisor Technology Fund** | 182,980 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, deferred Trustee compensation, net operating losses, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Advisor Biotechnology Fund** | 996988735 | 577870835 | (75023026) | 502847809 |
| **Fidelity Advisor Consumer Discretionary Fund**  | 247847773 | 265636040 | (8447682) | 257188358 |
| **Fidelity Advisor Energy Fund** | 541202482 | 418575226 | (17796247) | 400778979 |
| **Fidelity Advisor Financials Fund** | 495065735 | 200876932 | (10585025) | 190291907 |
| **Fidelity Advisor Health Care Fund** | 2333493468 | 1215459063 | (208041600) | 1007417463 |
| **Fidelity Advisor Industrials Fund** | 530900405 | 307082869 | (9286389) | 297796480 |
| **Fidelity Advisor Semiconductors Fund**  | 1833364319 | 1693074578 | (84045165) | 1609029413 |
| **Fidelity Advisor Technology Fund** | 3722576550 | 4413329143 | (196279767) | 4217049376 |
| **Fidelity Advisor Utilities Fund** | 1017477479 | 344154859 | (6585038) | 337569821 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Advisor Biotechnology Fund** | - | - | - | 502849846 |
| **Fidelity Advisor Consumer Discretionary Fund**  | - | 21820257 | - | 257187452 |
| **Fidelity Advisor Energy Fund** | 8759706 | - | (137907737) | 398555304 |
| **Fidelity Advisor Financials Fund** | 14969106 | 19071853 | - | 190291907 |
| **Fidelity Advisor Health Care Fund** | - | 248183666 | - | 1007540234 |
| **Fidelity Advisor Industrials Fund** | - | 13932887 | - | 297796480 |
| **Fidelity Advisor Semiconductors Fund**  | 437319 | 67731346 | - | 1609029413 |
| **Fidelity Advisor Technology Fund** | 88287989 | 227143826 | - | 4217047716 |
| **Fidelity Advisor Utilities Fund** | 1089260 | 31373031 | - | 337571033 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Advisor Energy Fund** | (137907737) | - | (137907737) |

---

Certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2024 to July 31, 2025, and ordinary losses recognized during the period January 1, 2025 to July 31, 2025. Loss deferrals were as follows:

---

| | | |
|:---|:---|:---|
|  | <br> **Capital losses ($)** | <br> **Ordinary losses ($)** |
| **Fidelity Advisor Biotechnology Fund** | (28161589) | - |
| **Fidelity Advisor Consumer Discretionary Fund** | - | (601236) |
| **Fidelity Advisor Health Care Fund** | - | (5156008) |
| **Fidelity Advisor Industrials fund** |  | (1714570) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **July 31, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Advisor Biotechnology Fund** | 50761494 | 37064963 | 87826457 |
| **Fidelity Advisor Consumer Discretionary Fund**  | - | 28535068 | 28535068 |
| **Fidelity Advisor Energy Fund** | 10612834 | - | 10612834 |
| **Fidelity Advisor Financials Fund** | 11513540 | 17806392 | 29319932 |
| **Fidelity Advisor Health Care Fund** | - | 441537070 | 441537070 |
| **Fidelity Advisor Industrials Fund** | 2171801 | 22308879 | 24480680 |
| **Fidelity Advisor Semiconductors Fund**  | - | 193954623 | 193954623 |
| **Fidelity Advisor Technology Fund** | 7588841 | 521825785 | 529414626 |
| **Fidelity Advisor Utilities Fund** | 26204711 | 31810594 | 58015305 |

---

---

| | | | |
|:---|:---|:---|:---|
| **July 31, 2024** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Advisor Biotechnology Fund** | 18817060 | - | 18817060 |
| **Fidelity Advisor Energy Fund** | 23514383 | - | 23514383 |
| **Fidelity Advisor Financials Fund** | 8982095 | - | 8982095 |
| **Fidelity Advisor Industrials Fund** | 555876 | 39214486 | 39770362 |
| **Fidelity Advisor Semiconductors Fund**  | - | 51832290 | 51832290 |
| **Fidelity Advisor Technology Fund** | 7387545 | 189027459 | 196415004 |
| **Fidelity Advisor Utilities Fund** | 14670139 | 9026082 | 23696221 |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**Consolidated Subsidiary.** The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **Fidelity Advisor Health Care Fund** | 1336571 | .04 |

---

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Biotechnology Fund** | 802299382 | 1052457254 |
| **Fidelity Advisor Consumer Discretionary Fund** | 132335346 | 173242805 |
| **Fidelity Advisor Energy Fund** | 165645486 | 429335958 |
| **Fidelity Advisor Financials Fund** | 378824817 | 302815679 |
| **Fidelity Advisor Health Care Fund** | 2092842211 | 3252591190 |
| **Fidelity Advisor Industrials Fund** | 257066810 | 188316664 |
| **Fidelity Advisor Semiconductors Fund** | 1853366694 | 1793469417 |
| **Fidelity Advisor Technology Fund** | 3353120384 | 3360180889 |
| **Fidelity Advisor Utilities Fund** | 1653097458 | 1279611528 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Advisor Consumer Discretionary Fund** | 493122 | 15311646 | 19147937 |
| **Fidelity Advisor Energy Fund** | 1253395 | 42342401 | 57668686 |
| **Fidelity Advisor Financials Fund** | 629921 | 7051602 | 15955906 |
| **Fidelity Advisor Industrials Fund** | 553097 | 11201399 | 22245575 |
| **Fidelity Advisor Technology Fund** | 1690112 | 75184814 | 169535169 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which each Fund pays a monthly management fee.

Each Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee. Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Advisor Biotechnology Fund** |  |
| **Class A** | .71 |
| **Class M** | .72 |
| **Class C** | .72 |
| **Class I** | .69 |
| **Class Z** | .56 |
| **Fidelity Advisor Consumer Discretionary Fund** |  |
| **Class A** | .70 |
| **Class M** | .72 |
| **Class C** | .71 |
| **Class I** | .69 |
| **Class Z** | .56 |
| **Fidelity Advisor Energy Fund** |  |
| **Class A** | .72 |
| **Class M** | .72 |
| **Class C** | .71 |
| **Class I** | .69 |
| **Class Z** | .56 |
| **Fidelity Advisor Financials Fund** |  |
| **Class A** | .72 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Class I** | .69 |
| **Class Z** | .56 |
| **Fidelity Advisor Health Care Fund** |  |
| **Class A** | .69 |
| **Class M** | .69 |
| **Class C** | .69 |
| **Class I** | .68 |
| **Class Z** | .55 |
| **Fidelity Advisor Industrials Fund** |  |
| **Class A** | .70 |
| **Class M** | .70 |
| **Class C** | .71 |
| **Class I** | .68 |
| **Class Z** | .56 |
| **Fidelity Advisor Semiconductors Fund** |  |
| **Class A** | .69 |
| **Class M** | .68 |
| **Class C** | .70 |
| **Class I** | .69 |
| **Class Z** | .56 |
| **Fidelity Advisor Technology Fund** |  |
| **Class A** | .68 |
| **Class M** | .67 |
| **Class C** | .69 |
| **Class I** | .67 |
| **Class Z** | .55 |
| **Fidelity Advisor Utilities Fund** |  |
| **Class A** | .71 |
| **Class M** | .72 |
| **Class C** | .71 |
| **Class I** | .69 |
| **Class Z** | .57 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Advisor Biotechnology Fund** |  |
| **Class A** | .69 |
| **Class M** | .69 |
| **Class C** | .69 |
| **Class I** | .69 |
| **Class Z** | .56 |
| **Fidelity Advisor Consumer Discretionary Fund** |  |
| **Class A** | .70 |
| **Class M** | .72 |
| **Class C** | .71 |
| **Class I** | .69 |
| **Class Z** | .56 |
| **Fidelity Advisor Energy Fund** |  |
| **Class A** | .71 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Class I** | .69 |
| **Class Z** | .56 |
| **Fidelity Advisor Financials Fund** |  |
| **Class A** | .72 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Class I** | .69 |
| **Class Z** | .56 |
| **Fidelity Advisor Health Care Fund** |  |
| **Class A** | .67 |
| **Class M** | .67 |
| **Class C** | .67 |
| **Class I** | .67 |
| **Class Z** | .55 |
| **Fidelity Advisor Industrials Fund** |  |
| **Class A** | .70 |
| **Class M** | .70 |
| **Class C** | .71 |
| **Class I** | .68 |
| **Class Z** | .56 |
| **Fidelity Advisor Semiconductors Fund** |  |
| **Class A** | .67 |
| **Class M** | .67 |
| **Class C** | .67 |
| **Class I** | .67 |
| **Class Z** | .55 |
| **Fidelity Advisor Technology Fund** |  |
| **Class A** | .66 |
| **Class M** | .66 |
| **Class C** | .66 |
| **Class I** | .66 |
| **Class Z** | .54 |
| **Fidelity Advisor Utilities Fund** |  |
| **Class A** | .71 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Class I** | .69 |
| **Class Z** | .57 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Fidelity Advisor Biotechnology Fund** |  |  |  |  |
| Class A | - % | .25% | 1586826 | 13200 |
| Class M | .25% | .25% | 571996 | 1634 |
| Class C | .75% | .25% | <u>705949</u> | <u>42995</u> |
|  |  |  | <u>2864771</u> | <u>57829</u> |
| **Fidelity Advisor Consumer Discretionary Fund** |  |  |  |  |
| Class A | - % | .25% | 552422 | 7337 |
| Class M | .25% | .25% | 180056 | 526 |
| Class C | .75% | .25% | <u>301885</u> | <u>22870</u> |
|  |  |  | <u>1034363</u> | <u>30733</u> |
| **Fidelity Advisor Energy Fund** |  |  |  |  |
| Class A | - % | .25% | 856395 | 15658 |
| Class M | .25% | .25% | 497540 | - |
| Class C | .75% | .25% | <u>682427</u> | <u>105433</u> |
|  |  |  | <u>2036362</u> | <u>121091</u> |
| **Fidelity Advisor Financials Fund** |  |  |  |  |
| Class A | - % | .25% | 585436 | 13071 |
| Class M | .25% | .25% | 424372 | - |
| Class C | .75% | .25% | <u>379976</u> | <u>63977</u> |
|  |  |  | <u>1389784</u> | <u>77048</u> |
| **Fidelity Advisor Health Care Fund** |  |  |  |  |
| Class A | - % | .25% | 3335508 | 30021 |
| Class M | .25% | .25% | 1392150 | 4182 |
| Class C | .75% | .25% | <u>2216124</u> | <u>100643</u> |
|  |  |  | <u>6943782</u> | <u>134846</u> |
| **Fidelity Advisor Industrials Fund** |  |  |  |  |
| Class A | - % | .25% | 737958 | 12879 |
| Class M | .25% | .25% | 353230 | 4812 |
| Class C | .75% | .25% | <u>338128</u> | <u>54845</u> |
|  |  |  | <u>1429316</u> | <u>72536</u> |
| **Fidelity Advisor Semiconductors Fund** |  |  |  |  |
| Class A | - % | .25% | 2834224 | 82111 |
| Class M | .25% | .25% | 921066 | - |
| Class C | .75% | .25% | <u>2199875</u> | <u>562026</u> |
|  |  |  | <u>5955165</u> | <u>644137</u> |
| **Fidelity Advisor Technology Fund** |  |  |  |  |
| Class A | - % | .25% | 6462102 | 121667 |
| Class M | .25% | .25% | 3998170 | 7484 |
| Class C | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3550104</u> | <u>501394</u> |
|  |  |  | <u>14010376</u> | <u>630545</u> |
| **Fidelity Advisor Utilities Fund** |  |  |  |  |
| Class A | - % | .25% | 1048763 | 30469 |
| Class M | .25% | .25% | 380248 | 138 |
| Class C | .75% | .25% | <u>714365</u> | <u>192168</u> |
|  |  |  | <u>2143376</u> | <u>222775</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of each Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Fidelity Advisor Biotechnology Fund** |  |
| Class A | 76046 |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>7973</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>84019</u> |
| **Fidelity Advisor Consumer Discretionary Fund** |  |
| Class A | 26366 |
| Class M | 2745 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>205</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>29316</u> |
| **Fidelity Advisor Energy Fund** |  |
| Class A | 110123 |
| Class M | 6427 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>912</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>117462</u> |
| **Fidelity Advisor Financials Fund** |  |
| Class A | 93076 |
| Class M | 4580 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>517</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>98173</u> |
| **Fidelity Advisor Health Care Fund** |  |
| Class A | 135939 |
| Class M | 14058 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1308</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>151305</u> |
| **Fidelity Advisor Industrials Fund** |  |
| Class A | 83320 |
| Class M | 4509 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>244</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>88073</u> |
| **Fidelity Advisor Semiconductors Fund** |  |
| Class A | 1205328 |
| Class M | 29355 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3518</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1238201</u> |
| **Fidelity Advisor Technology Fund** |  |
| Class A | 891632 |
| Class M | 35740 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6672</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>934044</u> |
| **Fidelity Advisor Utilities Fund** |  |
| Class A | 326749 |
| Class M | 8751 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>823</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>336323</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Biotechnology Fund** | 45507 |
| **Fidelity Advisor Consumer Discretionary Fund** | 1511 |
| **Fidelity Advisor Energy Fund** | 9315 |
| **Fidelity Advisor Financials Fund** | 6276 |
| **Fidelity Advisor Health Care Fund** | 67781 |
| **Fidelity Advisor Industrials Fund** | 2480 |
| **Fidelity Advisor Semiconductors Fund** | 29167 |
| **Fidelity Advisor Technology Fund** | 33206 |
| **Fidelity Advisor Utilities Fund** | 29308 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Advisor Biotechnology Fund** | Borrower | 22463000 | 4.58% | 2855 |
| **Fidelity Advisor Energy Fund** | Borrower | 4717467 | 4.58% | 9011 |
| **Fidelity Advisor Financials Fund** | Borrower | 5835333 | 4.59% | 2230 |
| **Fidelity Advisor Health Care Fund** | Borrower | 10562685 | 4.66% | 73890 |
| **Fidelity Advisor Industrials Fund** | Borrower | 6617000 | 4.61% | 1695 |
| **Fidelity Advisor Semiconductors Fund**  | Borrower | 6636333 | 4.56% | 7571 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Biotechnology Fund** | 47826832 | 88203105 | 13808024 |
| **Fidelity Advisor Consumer Discretionary Fund** | 22316647 | 16247239 | 7632778 |
| **Fidelity Advisor Energy Fund** | 4804685 | 23359728 | 8047529 |
| **Fidelity Advisor Financials Fund** | 26303266 | 18941619 | 4180303 |
| **Fidelity Advisor Health Care Fund** | 176462044 | 323688003 | 58986941 |
| **Fidelity Advisor Industrials Fund** | 16489883 | 9222910 | 1089232 |
| **Fidelity Advisor Semiconductors Fund** | 161340386 | 197170743 | (3796709) |
| **Fidelity Advisor Technology Fund** | 307524090 | 274853532 | 77592671 |
| **Fidelity Advisor Utilities Fund** | 29921520 | 57838077 | 1497370 |

---

**Other.** During the period, the investment adviser reimbursed the Funds for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Biotechnology Fund** | 223621 |
| **Fidelity Advisor Technology Fund** | 52186 |
| **Fidelity Advisor Utilities Fund** | 4525 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Biotechnology Fund** | 1870 |
| **Fidelity Advisor Consumer Discretionary Fund** | 541 |
| **Fidelity Advisor Energy Fund** | 1302 |
| **Fidelity Advisor Financials Fund** | 660 |
| **Fidelity Advisor Health Care Fund** | 4854 |
| **Fidelity Advisor Industrials Fund** | 689 |
| **Fidelity Advisor Semiconductors Fund** | 3153 |
| **Fidelity Advisor Technology Fund** | 7566 |
| **Fidelity Advisor Utilities Fund** | 1153 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Biotechnology Fund** | 78296 | 9682 | - |
| **Fidelity Advisor Consumer Discretionary Fund** | 536 | - | - |
| **Fidelity Advisor Energy Fund** | 6420 | - | - |
| **Fidelity Advisor Financials Fund** | 14035 | - | - |
| **Fidelity Advisor Health Care Fund** | 102318 | 2337 | - |
| **Fidelity Advisor Industrials Fund** | 696 | 2 | - |
| **Fidelity Advisor Semiconductors Fund** | 41184 | 33353 | - |
| **Fidelity Advisor Technology Fund** | 5818 | - | - |
| **Fidelity Advisor Utilities Fund** | 1451 | - | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Biotechnology Fund** | 10175773 |
| **Fidelity Advisor Health Care Fund** | 46366710 |

---

**8. Bank Borrowings.**

Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity Advisor Energy Fund** | 206000 | 4.83% | 55 |

---

**9. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's or class' expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)**  |
| **Fidelity Advisor Biotechnology Fund** | 5890 |
| **Fidelity Advisor Semiconductors Fund**  | 1287 |
| **Fidelity Advisor Technology Fund** | 1872 |
| **Fidelity Advisor Utilities Fund** | 2526 |

---

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **July 31, 2025** | **Year ended**<br> **July 31, 2024**  |
| **Fidelity Advisor Biotechnology Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $35680743 | $7399425 |
| Class M | 6875045 | 1088438 |
| Class C | 4545928 | - |
| Class I | 36584307 | 9290645 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4140434</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1038552</u> |
| Total  | <u>$87826457</u> | <u>$18817060</u> |
| **Fidelity Advisor Consumer Discretionary Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $13465528 | $- |
| Class M | 2435918 | - |
| Class C | 2511046 | - |
| Class I | 7553763 | - |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2568813</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>-</u> |
| Total  | <u>$28535068</u> | <u>$</u> <u>-</u> |
| **Fidelity Advisor Energy Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $3226133 | $7318255 |
| Class M | 783404 | 1764969 |
| Class C | 544010 | 1178876 |
| Class I | 5024795 | 11020177 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1034492</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2232106</u> |
| Total  | <u>$10612834</u> | <u>$23514383</u> |
| **Fidelity Advisor Financials Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $10714275 | $3936144 |
| Class M | 3846484 | 1359712 |
| Class C | 1771962 | 580285 |
| Class I | 8847671 | 2558939 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4139540</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>547015</u> |
| Total  | <u>$29319932</u> | <u>$8982095</u> |
| **Fidelity Advisor Health Care Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $148445930 | $- |
| Class M | 33846903 | - |
| Class C | 34204550 | - |
| Class I | 177174821 | - |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>47864866</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>-</u> |
| Total  | <u>$441537070</u> | <u>$</u> <u>-</u> |
| **Fidelity Advisor Industrials Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $11007827 | $19091663 |
| Class M | 2622510 | 4801657 |
| Class C | 1569587 | 3163271 |
| Class I | 7029076 | 9988265 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2251680</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2725506</u> |
| Total  | <u>$24480680</u> | <u>$39770362</u> |
| **Fidelity Advisor Semiconductors Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $77150702 | $21083648 |
| Class M | 13427582 | 3540848 |
| Class C | 19503344 | 5533444 |
| Class I | 68151730 | 18203721 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>15721265</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3470629</u> |
| Total  | <u>$193954623</u> | <u>$51832290</u> |
| **Fidelity Advisor Technology Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $202060918 | $75972488 |
| Class M | 68809504 | 26864038 |
| Class C | 38811439 | 15432543 |
| Class I | 154729641 | 58230400 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>65003124</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>19915535</u> |
| Total  | <u>$529414626</u> | <u>$196415004</u> |
| **Fidelity Advisor Utilities Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $21622290 | $10455083 |
| Class M | 3702511 | 2004102 |
| Class C | 3249827 | 1433195 |
| Class I | 22762268 | 7152393 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6678409</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2651448</u> |
| Total  | <u>$58015305</u> | <u>$23696221</u> |

---

**11. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024**  | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024**  |
| **Fidelity Advisor Biotechnology Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1826055 | 2649700 | $52634364 | $72502956 |
| Reinvestment of distributions | 1198369 | 273310 | 33446491 | 6909269 |
| Shares redeemed | <u>(5099207)</u> | <u>(5241119)</u> | <u>(143450411)</u> | <u>(139324676)</u> |
| Net increase (decrease) | <u>(2074783)</u> | <u>(2318109)</u> | <u>$(57369556)</u> | <u>$(59912451)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 261886 | 306124 | $7135184 | $7730359 |
| Reinvestment of distributions | 267639 | 46475 | 6795345 | 1075432 |
| Shares redeemed | <u>(767182)</u> | <u>(853680)</u> | <u>(19754436)</u> | <u>(21109524)</u> |
| Net increase (decrease) | <u>(237657)</u> | <u>(501081)</u> | <u>$(5823907)</u> | <u>$(12303733)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 243463 | 291630 | $5437412 | $6284802 |
| Reinvestment of distributions | 203344 | - | 4394259 | - |
| Shares redeemed | <u>(1557171)</u> | <u>(2724748)</u> | <u>(34344569)</u> | <u>(56457308)</u> |
| Net increase (decrease) | <u>(1110364)</u> | <u>(2433118)</u> | <u>$(24512898)</u> | <u>$(50172506)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 4420353 | 4210816 | $144116179 | $128411204 |
| Reinvestment of distributions | 999488 | 282262 | 30634295 | 7793263 |
| Shares redeemed | <u>(9058892)</u> | <u>(8100490)</u> | <u>(275995695)</u> | <u>(236749589)</u> |
| Net increase (decrease) | <u>(3639051)</u> | <u>(3607412)</u> | <u>$(101245221)</u> | <u>$(100545122)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1359435 | 906906 | $42517193 | $26839138 |
| Reinvestment of distributions | 116255 | 32151 | 3569030 | 889286 |
| Shares redeemed | <u>(947080)</u> | <u>(757301)</u> | <u>(29153975)</u> | <u>(21811755)</u> |
| Net increase (decrease) | <u>528610</u> | <u>181756</u> | <u>$16932248</u> | <u>$5916669</u> |
| **Fidelity Advisor Consumer Discretionary Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 434597 | 751655 | $19554868 | $29127454 |
| Reinvestment of distributions | 264932 | - | 13063817 | - |
| Shares redeemed | <u>(1191249)</u> | <u>(959120)</u> | <u>(52459034)</u> | <u>(37712464)</u> |
| Net increase (decrease) | <u>(491720)</u> | <u>(207465)</u> | <u>$(19840349)</u> | <u>$(8585010)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 34989 | 65698 | $1422030 | $2328548 |
| Reinvestment of distributions | 54024 | - | 2409471 | - |
| Shares redeemed | <u>(162962)</u> | <u>(188451)</u> | <u>(6463779)</u> | <u>(6523190)</u> |
| Net increase (decrease) | <u>(73949)</u> | <u>(122753)</u> | <u>$(2632278)</u> | <u>$(4194642)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 92786 | 106037 | $3107016 | $3101374 |
| Reinvestment of distributions | 69116 | - | 2488855 | - |
| Shares redeemed | <u>(303644)</u> | <u>(651288)</u> | <u>(9930252)</u> | <u>(18972585)</u> |
| Net increase (decrease) | <u>(141742)</u> | <u>(545251)</u> | <u>$(4334381)</u> | <u>$(15871211)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1392127 | 1605539 | $68188934 | $67012895 |
| Reinvestment of distributions | 128633 | - | 7068361 | - |
| Shares redeemed | <u>(1376134)</u> | <u>(1903546)</u> | <u>(66592730)</u> | <u>(79673073)</u> |
| Net increase (decrease) | <u>144626</u> | <u>(298007)</u> | <u>$8664565</u> | <u>$(12660178)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 393714 | 388498 | $19547948 | $16440384 |
| Reinvestment of distributions | 42975 | - | 2378213 | - |
| Shares redeemed | <u>(246703)</u> | <u>(1574354)</u> | <u>(12086864)</u> | <u>(61888489)</u> |
| Net increase (decrease) | <u>189986</u> | <u>(1185856)</u> | <u>$9839297</u> | <u>$(45448105)</u> |
| **Fidelity Advisor Energy Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1306908 | 1802738 | $59073212 | $83797509 |
| Reinvestment of distributions | 73675 | 167879 | 3128959 | 7094565 |
| Shares redeemed | <u>(2516846)</u> | <u>(2315640)</u> | <u>(112206273)</u> | <u>(105057379)</u> |
| Net increase (decrease) | <u>(1136263)</u> | <u>(345023)</u> | <u>$(50004102)</u> | <u>$(14165305)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 340799 | 361787 | $15865330 | $17332099 |
| Reinvestment of distributions | 17556 | 39715 | 767017 | 1727981 |
| Shares redeemed | <u>(486158)</u> | <u>(554617)</u> | <u>(22316586)</u> | <u>(25806670)</u> |
| Net increase (decrease) | <u>(127803)</u> | <u>(153115)</u> | <u>$(5684239)</u> | <u>$(6746590)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 352341 | 340034 | $14577433 | $14247108 |
| Reinvestment of distributions | 13557 | 29115 | 523588 | 1125303 |
| Shares redeemed | <u>(806192)</u> | <u>(864275)</u> | <u>(32319740)</u> | <u>(35707272)</u> |
| Net increase (decrease) | <u>(440294)</u> | <u>(495126)</u> | <u>$(17218719)</u> | <u>$(20334861)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2599514 | 7331050 | $125219522 | $360535890 |
| Reinvestment of distributions | 104013 | 226380 | 4696194 | 10144089 |
| Shares redeemed | <u>(6882401)</u> | <u>(6596082)</u> | <u>(325099653)</u> | <u>(313054267)</u> |
| Net increase (decrease) | <u>(4178874)</u> | <u>961348</u> | <u>$(195183937)</u> | <u>$57625712</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 922016 | 1885365 | $44315667 | $93387839 |
| Reinvestment of distributions | 21238 | 42781 | 957615 | 1913609 |
| Shares redeemed | <u>(1131002)</u> | <u>(5380884)</u> | <u>(53679810)</u> | <u>(257774216)</u> |
| Net increase (decrease) | <u>(187748)</u> | <u>(3452738)</u> | <u>$(8406528)</u> | <u>$(162472768)</u> |
| **Fidelity Advisor Financials Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1647625 | 818003 | $59596490 | $22800145 |
| Reinvestment of distributions | 295742 | 136530 | 10350952 | 3770958 |
| Shares redeemed | <u>(1166719)</u> | <u>(1321630)</u> | <u>(41421951)</u> | <u>(36117669)</u> |
| Net increase (decrease) | <u>776648</u> | <u>(367097)</u> | <u>$28525491</u> | <u>$(9546566)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 435348 | 257400 | $15432699 | $7324391 |
| Reinvestment of distributions | 109721 | 49122 | 3788679 | 1340046 |
| Shares redeemed | <u>(481687)</u> | <u>(477488)</u> | <u>(16658755)</u> | <u>(12892718)</u> |
| Net increase (decrease) | <u>63382</u> | <u>(170966)</u> | <u>$2562623</u> | <u>$(4228281)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 412191 | 89000 | $13895627 | $2319425 |
| Reinvestment of distributions | 54581 | 22503 | 1767319 | 577888 |
| Shares redeemed | <u>(613473)</u> | <u>(652906)</u> | <u>(19977175)</u> | <u>(16390802)</u> |
| Net increase (decrease) | <u>(146701)</u> | <u>(541403)</u> | <u>$(4314229)</u> | <u>$(13493489)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 3829131 | 1755800 | $142218780 | $49634580 |
| Reinvestment of distributions | 230998 | 87544 | 8380618 | 2502894 |
| Shares redeemed | <u>(2293143)</u> | <u>(2313168)</u> | <u>(84512774)</u> | <u>(63481344)</u> |
| Net increase (decrease) | <u>1766986</u> | <u>(469824)</u> | <u>$66086624</u> | <u>$(11343870)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1090095 | 1757445 | $40087368 | $51626690 |
| Reinvestment of distributions | 95736 | 14544 | 3468532 | 415095 |
| Shares redeemed | <u>(1062529)</u> | <u>(3095014)</u> | <u>(39897433)</u> | <u>(80266238)</u> |
| Net increase (decrease) | <u>123302</u> | <u>(1323025)</u> | <u>$3658467</u> | <u>$(28224453)</u> |
| **Fidelity Advisor Health Care Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1571688 | 2311559 | $93365645 | $136317319 |
| Reinvestment of distributions | 2481719 | - | 140763117 | - |
| Shares redeemed | <u>(5340708)</u> | <u>(5454640)</u> | <u>(309653656)</u> | <u>(322642152)</u> |
| Net increase (decrease) | <u>(1287301)</u> | <u>(3143081)</u> | <u>$(75524894)</u> | <u>$(186324833)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 177569 | 223594 | $9553127 | $12194685 |
| Reinvestment of distributions | 650227 | - | 33181084 | - |
| Shares redeemed | <u>(1042234)</u> | <u>(824131)</u> | <u>(54864541)</u> | <u>(44498389)</u> |
| Net increase (decrease) | <u>(214438)</u> | <u>(600537)</u> | <u>$(12130330)</u> | <u>$(32303704)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 239445 | 348702 | $10116694 | $15349798 |
| Reinvestment of distributions | 835920 | - | 33236165 | - |
| Shares redeemed | <u>(2337984)</u> | <u>(2928311)</u> | <u>(97300788)</u> | <u>(127438226)</u> |
| Net increase (decrease) | <u>(1262619)</u> | <u>(2579609)</u> | <u>$(53947929)</u> | <u>$(112088428)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 3759884 | 4486201 | $246186314 | $294961288 |
| Reinvestment of distributions | 2428818 | - | 155565787 | - |
| Shares redeemed | <u>(12797198)</u> | <u>(14948048)</u> | <u>(838252409)</u> | <u>(974268206)</u> |
| Net increase (decrease) | <u>(6608496)</u> | <u>(10461847)</u> | <u>$(436500308)</u> | <u>$(679306918)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1653176 | 2694277 | $109181921 | $178292993 |
| Reinvestment of distributions | 566654 | - | 36475541 | - |
| Shares redeemed | <u>(4315764)</u> | <u>(7519316)</u> | <u>(286739181)</u> | <u>(481983286)</u> |
| Net increase (decrease) | <u>(2095934)</u> | <u>(4825039)</u> | <u>$(141081719)</u> | <u>$(303690293)</u> |
| **Fidelity Advisor Industrials Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1184098 | 691375 | $58061567 | $27779266 |
| Reinvestment of distributions | 227321 | 476634 | 10461331 | 18093011 |
| Shares redeemed | <u>(1011183)</u> | <u>(905850)</u> | <u>(48016392)</u> | <u>(36408194)</u> |
| Net increase (decrease) | <u>400236</u> | <u>262159</u> | <u>$20506506</u> | <u>$9464083</u> |
| **Class M** |  |  |  |  |
| Shares sold | 273115 | 218666 | $12822473 | $8638732 |
| Reinvestment of distributions | 58827 | 130912 | 2592490 | 4766508 |
| Shares redeemed | <u>(269788)</u> | <u>(241457)</u> | <u>(12022683)</u> | <u>(9358794)</u> |
| Net increase (decrease) | <u>62154</u> | <u>108121</u> | <u>$3392280</u> | <u>$4046446</u> |
| **Class C** |  |  |  |  |
| Shares sold | 322591 | 133579 | $12807216 | $4409475 |
| Reinvestment of distributions | 42220 | 101765 | 1553692 | 3132328 |
| Shares redeemed | <u>(481070)</u> | <u>(340007)</u> | <u>(18058407)</u> | <u>(11096876)</u> |
| Net increase (decrease) | <u>(116259)</u> | <u>(104663)</u> | <u>$(3697499)</u> | <u>$(3555073)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2415891 | 1502930 | $127168224 | $65003554 |
| Reinvestment of distributions | 127458 | 219293 | 6421349 | 9085300 |
| Shares redeemed | <u>(1339104)</u> | <u>(1877502)</u> | <u>(69743785)</u> | <u>(79570258)</u> |
| Net increase (decrease) | <u>1204245</u> | <u>(155279)</u> | <u>$63845788</u> | <u>$(5481404)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 625543 | 600142 | $33303898 | $26252508 |
| Reinvestment of distributions | 40688 | 62886 | 2047836 | 2604125 |
| Shares redeemed | <u>(497363)</u> | <u>(2156935)</u> | <u>(25675819)</u> | <u>(88761038)</u> |
| Net increase (decrease) | <u>168868</u> | <u>(1493907)</u> | <u>$9675915</u> | <u>$(59904405)</u> |
| **Fidelity Advisor Semiconductors Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 4457800 | 4838303 | $362229863 | $343697111 |
| Reinvestment of distributions | 893363 | 344846 | 76516497 | 20876979 |
| Shares redeemed | <u>(3154175)</u> | <u>(1933905)</u> | <u>(250315337)</u> | <u>(133711892)</u> |
| Net increase (decrease) | <u>2196988</u> | <u>3249244</u> | <u>$188431023</u> | <u>$230862198</u> |
| **Class M** |  |  |  |  |
| Shares sold | 559642 | 791906 | $42201693 | $53531235 |
| Reinvestment of distributions | 165303 | 61148 | 13130031 | 3458547 |
| Shares redeemed | <u>(374634)</u> | <u>(212743)</u> | <u>(27591373)</u> | <u>(13778612)</u> |
| Net increase (decrease) | <u>350311</u> | <u>640311</u> | <u>$27740351</u> | <u>$43211170</u> |
| **Class C** |  |  |  |  |
| Shares sold | 833264 | 1308621 | $53820485 | $75362622 |
| Reinvestment of distributions | 290329 | 113850 | 19449141 | 5527405 |
| Shares redeemed | <u>(1064231)</u> | <u>(676236)</u> | <u>(65616591)</u> | <u>(37788799)</u> |
| Net increase (decrease) | <u>59362</u> | <u>746235</u> | <u>$7653035</u> | <u>$43101228</u> |
| **Class I** |  |  |  |  |
| Shares sold | 4976389 | 5918967 | $438257688 | $451679642 |
| Reinvestment of distributions | 718665 | 273927 | 67037079 | 17923026 |
| Shares redeemed | <u>(4280399)</u> | <u>(2919636)</u> | <u>(360553373)</u> | <u>(224521109)</u> |
| Net increase (decrease) | <u>1414655</u> | <u>3273258</u> | <u>$144741394</u> | <u>$245081559</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1371432 | 1603015 | $124138495 | $127452494 |
| Reinvestment of distributions | 136323 | 44183 | 12755769 | 2895741 |
| Shares redeemed | <u>(974590)</u> | <u>(585589)</u> | <u>(84655111)</u> | <u>(42801386)</u> |
| Net increase (decrease) | <u>533165</u> | <u>1061609</u> | <u>$52239153</u> | <u>$87546849</u> |
| **Fidelity Advisor Technology Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 3057098 | 3228116 | $359743181 | $326552310 |
| Reinvestment of distributions | 1562749 | 764250 | 193468384 | 72565432 |
| Shares redeemed | <u>(3542495)</u> | <u>(2801337)</u> | <u>(411575314)</u> | <u>(282697295)</u> |
| Net increase (decrease) | <u>1077352</u> | <u>1191029</u> | <u>$141636251</u> | <u>$116420447</u> |
| **Class M** |  |  |  |  |
| Shares sold | 741209 | 1078923 | $79085900 | $98350142 |
| Reinvestment of distributions | 609628 | 307073 | 67949178 | 26518839 |
| Shares redeemed | <u>(1220262)</u> | <u>(1204017)</u> | <u>(127037810)</u> | <u>(111499551)</u> |
| Net increase (decrease) | <u>130575</u> | <u>181979</u> | <u>$19997268</u> | <u>$13369430</u> |
| **Class C** |  |  |  |  |
| Shares sold | 715509 | 823369 | $60871476 | $61716478 |
| Reinvestment of distributions | 434552 | 217843 | 38114531 | 15194548 |
| Shares redeemed | <u>(1348704)</u> | <u>(1243391)</u> | <u>(111522395)</u> | <u>(91783163)</u> |
| Net increase (decrease) | <u>(198643)</u> | <u>(202179)</u> | <u>$(12536388)</u> | <u>$(14872137)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 4798975 | 7101062 | $639863604 | $783888507 |
| Reinvestment of distributions | 1036650 | 518428 | 146219486 | 55528866 |
| Shares redeemed | <u>(4557627)</u> | <u>(6265629)</u> | <u>(596183574)</u> | <u>(699659492)</u> |
| Net increase (decrease) | <u>1277998</u> | <u>1353861</u> | <u>$189899516</u> | <u>$139757881</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 3116266 | 3570966 | $417754370 | $412531561 |
| Reinvestment of distributions | 389691 | 147530 | 54942466 | 15797497 |
| Shares redeemed | <u>(2093535)</u> | <u>(4630106)</u> | <u>(276372205)</u> | <u>(482333988)</u> |
| Net increase (decrease) | <u>1412422</u> | <u>(911610)</u> | <u>$196324631</u> | <u>$(54004930)</u> |
| **Fidelity Advisor Utilities Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2891122 | 1280858 | $130869060 | $48456309 |
| Reinvestment of distributions | 477526 | 279588 | 21043328 | 10124466 |
| Shares redeemed | <u>(1528929)</u> | <u>(2053712)</u> | <u>(68908529)</u> | <u>(74697612)</u> |
| Net increase (decrease) | <u>1839719</u> | <u>(493266)</u> | <u>$83003859</u> | <u>$(16116837)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 212808 | 140983 | $9683444 | $5275029 |
| Reinvestment of distributions | 82469 | 54023 | 3643901 | 1961658 |
| Shares redeemed | <u>(266102)</u> | <u>(363636)</u> | <u>(12035501)</u> | <u>(13403536)</u> |
| Net increase (decrease) | <u>29175</u> | <u>(168630)</u> | <u>$1291844</u> | <u>$(6166849)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 831021 | 292050 | $36790398 | $10544703 |
| Reinvestment of distributions | 75963 | 40395 | 3245894 | 1423265 |
| Shares redeemed | <u>(389046)</u> | <u>(557312)</u> | <u>(16924207)</u> | <u>(19899030)</u> |
| Net increase (decrease) | <u>517938</u> | <u>(224867)</u> | <u>$23112085</u> | <u>$(7931062)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 8112466 | 3105540 | $377520397 | $124002559 |
| Reinvestment of distributions | 493783 | 187848 | 22362481 | 6984725 |
| Shares redeemed | <u>(3580393)</u> | <u>(3677678)</u> | <u>(165603905)</u> | <u>(136341969)</u> |
| Net increase (decrease) | <u>5025856</u> | <u>(384290)</u> | <u>$234278973</u> | <u>$(5354685)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 2571974 | 1408595 | $119481663 | $53605471 |
| Reinvestment of distributions | 129309 | 58601 | 5855308 | 2156332 |
| Shares redeemed | <u>(1870804)</u> | <u>(2594297)</u> | <u>(88106786)</u> | <u>(95019133)</u> |
| Net increase (decrease) | <u>830479</u> | <u>(1127101)</u> | <u>$37230185</u> | <u>$(39257330)</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**14. Proposed Reorganization.**

The Board of Trustees of Fidelity Advisor Industrials Fund and Industrials Portfolio approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Advisor Industrials Fund and Industrials Portfolio (the Acquired Fund). In addition, the Board approved the creation of additional classes of shares that will commence operations on October 9, 2025. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Acquired Fund in exchange for corresponding shares of Fidelity Advisor Industrials Fund equal in value to the net assets of the Fund of the Acquired Fund on the day the reorganization is effective. The reorganization provides shareholders of Industrials Portfolio access to a larger portfolio with a similar investment objective.

The reorganization does not require the Acquired Fund shareholder approval and is expected to become effective October 17, 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

The Board of Trustees of Fidelity Advisor Utilities Fund and Utilities Portfolio approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Advisor Utilities Fund and Utilities Portfolio. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Utilities Fund in exchange for corresponding shares of Utilities Portfolio equal in value to the net assets of Fidelity Advisor Utilities Fund on the day the reorganization is effective. The reorganization does not require shareholder approval and is expected to become effective October 17, 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

The Board of Trustees of Fidelity Advisor Energy Fund and Energy Portfolio approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Advisor Energy Fund and Energy Portfolio. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Energy Fund in exchange for corresponding shares of Energy Portfolio equal in value to the net assets of Fidelity Advisor Energy Fund on the day the reorganization is effective. The reorganization does not require shareholder approval and is expected to become effective November 14, 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

The Board of Trustees of Fidelity Advisor Technology Fund and Technology Portfolio approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Advisor Technology Fund and Technology Portfolio. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Technology Fund in exchange for corresponding shares of Technology Portfolio equal in value to the net assets of Fidelity Advisor Technology Fund on the day the reorganization is effective. The reorganization does not require shareholder approval and is expected to become effective November 14, 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

The Board of Trustees of Fidelity Advisor Consumer Discretionary Fund and Consumer Discretionary Portfolio approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Advisor Consumer Discretionary Fund and Consumer Discretionary Portfolio. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Consumer Discretionary Fund in exchange for corresponding shares of Consumer Discretionary Portfolio equal in value to the net assets of Fidelity Advisor Consumer Discretionary Fund on the day the reorganization is effective. The reorganization does not require shareholder approval and is expected to become effective November 14, 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series VII and the Shareholders of 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 and Fidelity Advisor Utilities Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of 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 and Fidelity Advisor Utilities Fund (the "Funds"), each a fund of Fidelity Advisor Series VII, including the schedules of investments, as of July 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). The financial statements and financial highlights for Fidelity Advisor Health Care Fund have been consolidated. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2025, and results of their operations for the year then ended, changes in their net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 11, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended July 31, 2025, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Fidelity Advisor Biotechnology Fund** | $22663795 |
| **Fidelity Advisor Consumer Discretionary Fund** | $34262776 |
| **Fidelity Advisor Financials Fund** | $30909678 |
| **Fidelity Advisor Health Care Fund** | $469388823 |
| **Fidelity Advisor Industrials Fund** | $26855693 |
| **Fidelity Advisor Semiconductors Fund** | $153932896 |
| **Fidelity Advisor Technology Fund** | $309945077 |
| **Fidelity Advisor Utilities Fund** | $31685059 |

---

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax.

---

| | |
|:---|:---|
| **Fidelity Advisor Utilities Fund** | 0.85% |

---

The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:

---

| | |
|:---|:---|
|  | **December, 2024** |
| **Fidelity Advisor Biotechnology Fund** | 100% |
| **Fidelity Advisor Financials Fund** | 100% |
| **Fidelity Advisor Industrials Fund** | 100% |
| **Fidelity Advisor Technology Fund** | 100% |
| **Fidelity Advisor Utilities Fund** | 100% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Advisor Biotechnology Fund** | $607865 |
| **Fidelity Advisor Financials Fund** | $47941 |
| **Fidelity Advisor Utilities Fund** | $218917 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Class I** | **Class Z** |
| **Fidelity Advisor Biotechnology Fund** |  |  |  |  |  |
| December, 2024 | 47% | 49% | 59% | 44% | 42% |
| **Fidelity Advisor Energy Fund** |  |  |  |  |  |
| December, 2024 | 100% | 100% | 100% | 100% | 100% |
| **Fidelity Advisor Financials Fund** |  |  |  |  |  |
| December, 2024 | 79% | 89% | 100% | 67% | 64% |
| **Fidelity Advisor Industrials Fund** |  |  |  |  |  |
| December, 2024 | 100% | 100% | - | 100% | 100% |
| **Fidelity Advisor Technology Fund** |  |  |  |  |  |
| December, 2024 | 100% | - | - | 100% | 100% |
| **Fidelity Advisor Utilities Fund** |  |  |  |  |  |
| October, 2024 | 83% | 100% | 100% | 64% | 60% |
| December, 2024 | 72% | 78% | 86% | 67% | 66% |
| April, 2025 | 100% | 100% | 100% | 100% | 100% |
| July, 2025 | 100% | 100% | 100% | 100% | 100% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Class I** | **Class Z** |
| **Fidelity Advisor Biotechnology Fund** |  |  |  |  |  |
| December, 2024 | 47.13% | 49.57% | 59.22% | 43.98% | 41.94% |
| **Fidelity Advisor Energy Fund** |  |  |  |  |  |
| December, 2024 | 100% | 100% | 100% | 100% | 100% |
| **Fidelity Advisor Financials Fund** |  |  |  |  |  |
| December, 2024 | 83.57% | 94.60% | 100% | 70.61% | 68.02% |
| **Fidelity Advisor Industrials Fund** |  |  |  |  |  |
| December, 2024 | 100% | 100% | - | 100% | 100% |
| **Fidelity Advisor Technology Fund** |  |  |  |  |  |
| December, 2024 | 100% | - | - | 100% | 100% |
| **Fidelity Advisor Utilities Fund** |  |  |  |  |  |
| October, 2024 | 91.49% | 100% | 100% | 70.82% | 66.86% |
| December, 2024 | 79.97% | 85.99% | 94.97% | 74.46% | 73.23% |
| April, 2025 | 100% | 100% | 100% | 100% | 100% |
| July, 2025 | 100% | 100% | 100% | 100% | 100% |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**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**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and the total expense ratio of a representative class of each fund (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the funds' investment programs. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, such as size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard, the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. Each of Fidelity Advisor Biotechnology Fund, Fidelity Advisor Energy Fund, and Fidelity Advisor Health Care Fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2025, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, each fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I of each fund, the Board considered the effective management fee rate for Class I from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Class I of each fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Class I of each fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Class I of each fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Class I of each fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that each fund's management fee rate for Class I ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Class I of each fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of each fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

The Board recognized that each fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion**. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through May 31, 2026.

**Board Approval of Investment Advisory Contract and Management Fees** 

**Fidelity Advisor Industrials Fund**

At its June 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for Retail Class of the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2025 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its June 2025 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to Retail Class of the fund under the Amended Contract will continue to benefit the fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of Retail Class of the fund and the estimated total expense ratio of Retail Class. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee and proposed maximum class-level management fee rate for Retail Class of the fund is below the median fee rate of funds with similar Morningstar classifications. The Board also considered that the estimated total net expense ratio of Retail Class of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

The Board noted that the difference in management fee rates between classes of the fund is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of Retail Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2025 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.

Economies of Scale. The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2025 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, ultimately concluded that the advisory fee structure for Retail Class of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2026.

![](img111451_4.jpg)<br>

1.762411.124 AFOC-ANN-0925

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series VII

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Advisor Series VII;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Advisor Series VII;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Advisor Series VII (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>