# EDGAR Filing Document

**Accession Number:** 0000315700
**File Stem:** 0000315700-26-000007
**Filing Date:** 2026-3
**Character Count:** 420073
**Document Hash:** 5faecae11c9bd4aface924e27cd6f181
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315700-26-000007.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000315700-26-000007

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**EFFECTIVENESS DATE**: 20260325

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03010
- **FILM NUMBER:** 26789000

**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 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           |
| C000264535 | Industrials Portfolio | FIDRX           |

### 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           |

?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, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (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>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;July 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;January 31, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Semiconductors Fund<br> **Fidelity Advisor® Semiconductors Fund Class Z : FIKGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Semiconductors Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $33  | 0.55% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5213542772<br>|
| Number of Holdings | 62<br>|
| Portfolio Turnover | 110%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 87.3 |
| Technology Hardware, Storage & Peripherals | 5.5 |
| Electronic Equipment, Instruments & Components | 1.0 |
| Software | 0.1 |
| Financial Services | 0.1 |
| Electrical Equipment | 0.0 |
| Metals & Mining | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.3 |
| Preferred Stocks | 0.7 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img689_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.7&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) - 6.0 |

---

---

| | |
|:---|:---|
| United States | 85.2 |
| Netherlands | 8.2 |
| Israel | 2.8 |
| Japan | 2.1 |
| Taiwan | 1.7 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img689_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 85.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 2.8&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 2.1&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;Taiwan - 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;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 | 24.8<br>|
| Broadcom Inc | 10.6<br>|
| Marvell Technology Inc | 7.7<br>|
| NXP Semiconductors NV | 6.4<br>|
| Monolithic Power Systems Inc | 4.8<br>|
| Micron Technology Inc | 4.7<br>|
| Lam Research Corp | 4.7<br>|
| ON Semiconductor Corp | 4.4<br>|
| GlobalFoundries Inc | 3.2<br>|
| Astera Labs Inc | 3.2<br>|
|  | 74.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img689_20260131_1.jpg)<br>| ![](img125609_2.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> 1.9915246.101 3296-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Semiconductors Fund<br> **Fidelity Advisor® Semiconductors Fund Class M : FELTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Semiconductors Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $70  | 1.16% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5213542772<br>|
| Number of Holdings | 62<br>|
| Portfolio Turnover | 110%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 87.3 |
| Technology Hardware, Storage & Peripherals | 5.5 |
| Electronic Equipment, Instruments & Components | 1.0 |
| Software | 0.1 |
| Financial Services | 0.1 |
| Electrical Equipment | 0.0 |
| Metals & Mining | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.3 |
| Preferred Stocks | 0.7 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img689_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.7&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) - 6.0 |

---

---

| | |
|:---|:---|
| United States | 85.2 |
| Netherlands | 8.2 |
| Israel | 2.8 |
| Japan | 2.1 |
| Taiwan | 1.7 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img689_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 85.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 2.8&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 2.1&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;Taiwan - 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;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 | 24.8<br>|
| Broadcom Inc | 10.6<br>|
| Marvell Technology Inc | 7.7<br>|
| NXP Semiconductors NV | 6.4<br>|
| Monolithic Power Systems Inc | 4.8<br>|
| Micron Technology Inc | 4.7<br>|
| Lam Research Corp | 4.7<br>|
| ON Semiconductor Corp | 4.4<br>|
| GlobalFoundries Inc | 3.2<br>|
| Astera Labs Inc | 3.2<br>|
|  | 74.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img689_20260131_1.jpg)<br>| ![](img125610_2.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> 1.9915245.101 139-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Semiconductors Fund<br> **Fidelity Advisor® Semiconductors Fund Class I : FELIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Semiconductors Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $40  | 0.66% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5213542772<br>|
| Number of Holdings | 62<br>|
| Portfolio Turnover | 110%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 87.3 |
| Technology Hardware, Storage & Peripherals | 5.5 |
| Electronic Equipment, Instruments & Components | 1.0 |
| Software | 0.1 |
| Financial Services | 0.1 |
| Electrical Equipment | 0.0 |
| Metals & Mining | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.3 |
| Preferred Stocks | 0.7 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img689_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.7&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) - 6.0 |

---

---

| | |
|:---|:---|
| United States | 85.2 |
| Netherlands | 8.2 |
| Israel | 2.8 |
| Japan | 2.1 |
| Taiwan | 1.7 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img689_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 85.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 2.8&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 2.1&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;Taiwan - 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;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 | 24.8<br>|
| Broadcom Inc | 10.6<br>|
| Marvell Technology Inc | 7.7<br>|
| NXP Semiconductors NV | 6.4<br>|
| Monolithic Power Systems Inc | 4.8<br>|
| Micron Technology Inc | 4.7<br>|
| Lam Research Corp | 4.7<br>|
| ON Semiconductor Corp | 4.4<br>|
| GlobalFoundries Inc | 3.2<br>|
| Astera Labs Inc | 3.2<br>|
|  | 74.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img689_20260131_1.jpg)<br>| ![](img125611_2.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> 1.9915243.101 121-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Semiconductors Fund<br> **Fidelity Advisor® Semiconductors Fund Class C : FELCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Semiconductors Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $100  | 1.66% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5213542772<br>|
| Number of Holdings | 62<br>|
| Portfolio Turnover | 110%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 87.3 |
| Technology Hardware, Storage & Peripherals | 5.5 |
| Electronic Equipment, Instruments & Components | 1.0 |
| Software | 0.1 |
| Financial Services | 0.1 |
| Electrical Equipment | 0.0 |
| Metals & Mining | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.3 |
| Preferred Stocks | 0.7 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img689_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.7&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) - 6.0 |

---

---

| | |
|:---|:---|
| United States | 85.2 |
| Netherlands | 8.2 |
| Israel | 2.8 |
| Japan | 2.1 |
| Taiwan | 1.7 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img689_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 85.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 2.8&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 2.1&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;Taiwan - 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;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 | 24.8<br>|
| Broadcom Inc | 10.6<br>|
| Marvell Technology Inc | 7.7<br>|
| NXP Semiconductors NV | 6.4<br>|
| Monolithic Power Systems Inc | 4.8<br>|
| Micron Technology Inc | 4.7<br>|
| Lam Research Corp | 4.7<br>|
| ON Semiconductor Corp | 4.4<br>|
| GlobalFoundries Inc | 3.2<br>|
| Astera Labs Inc | 3.2<br>|
|  | 74.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img689_20260131_1.jpg)<br>| ![](img125612_2.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> 1.9915242.101 119-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Semiconductors Fund<br> **Fidelity Advisor® Semiconductors Fund Class A : FELAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Semiconductors Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $55  | 0.91% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5213542772<br>|
| Number of Holdings | 62<br>|
| Portfolio Turnover | 110%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 87.3 |
| Technology Hardware, Storage & Peripherals | 5.5 |
| Electronic Equipment, Instruments & Components | 1.0 |
| Software | 0.1 |
| Financial Services | 0.1 |
| Electrical Equipment | 0.0 |
| Metals & Mining | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.3 |
| Preferred Stocks | 0.7 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img689_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.7&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) - 6.0 |

---

---

| | |
|:---|:---|
| United States | 85.2 |
| Netherlands | 8.2 |
| Israel | 2.8 |
| Japan | 2.1 |
| Taiwan | 1.7 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img689_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 85.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 2.8&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 2.1&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;Taiwan - 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;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 | 24.8<br>|
| Broadcom Inc | 10.6<br>|
| Marvell Technology Inc | 7.7<br>|
| NXP Semiconductors NV | 6.4<br>|
| Monolithic Power Systems Inc | 4.8<br>|
| Micron Technology Inc | 4.7<br>|
| Lam Research Corp | 4.7<br>|
| ON Semiconductor Corp | 4.4<br>|
| GlobalFoundries Inc | 3.2<br>|
| Astera Labs Inc | 3.2<br>|
|  | 74.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img689_20260131_1.jpg)<br>| ![](img125613_2.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> 1.9915244.101 138-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Industrials Fund<br> **Fidelity Advisor® Industrials Fund Class Z : FIKEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Industrials Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $31  | 0.59% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1741527201<br>|
| Number of Holdings | 49<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 29.4 |
| Machinery | 25.9 |
| Electrical Equipment | 12.3 |
| Building Products | 8.1 |
| Ground Transportation | 5.9 |
| Construction & Engineering | 4.5 |
| Commercial Services & Supplies | 3.6 |
| Trading Companies & Distributors | 3.6 |
| Professional Services | 2.5 |
| Others | 3.6 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img184_20260131_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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img184_20260131_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 | 7.9<br>|
| Boeing Co | 6.7<br>|
| GE Vernova Inc | 6.2<br>|
| Cummins Inc | 5.0<br>|
| Trane Technologies PLC | 4.9<br>|
| Parker-Hannifin Corp | 4.7<br>|
| Howmet Aerospace Inc | 4.4<br>|
| Eaton Corp PLC | 3.4<br>|
| Ingersoll Rand Inc | 3.3<br>|
| ITT Inc | 2.8<br>|
|  | 49.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img184_20260131_1.jpg)<br>| ![](img125614_2.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> 1.9915202.101 3295-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Industrials Fund<br> **Fidelity Advisor® Industrials Fund Class M : FCLTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Industrials Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $64  | 1.22% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1741527201<br>|
| Number of Holdings | 49<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 29.4 |
| Machinery | 25.9 |
| Electrical Equipment | 12.3 |
| Building Products | 8.1 |
| Ground Transportation | 5.9 |
| Construction & Engineering | 4.5 |
| Commercial Services & Supplies | 3.6 |
| Trading Companies & Distributors | 3.6 |
| Professional Services | 2.5 |
| Others | 3.6 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img184_20260131_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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img184_20260131_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 | 7.9<br>|
| Boeing Co | 6.7<br>|
| GE Vernova Inc | 6.2<br>|
| Cummins Inc | 5.0<br>|
| Trane Technologies PLC | 4.9<br>|
| Parker-Hannifin Corp | 4.7<br>|
| Howmet Aerospace Inc | 4.4<br>|
| Eaton Corp PLC | 3.4<br>|
| Ingersoll Rand Inc | 3.3<br>|
| ITT Inc | 2.8<br>|
|  | 49.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img184_20260131_1.jpg)<br>| ![](img125615_2.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> 1.9915199.101 194-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Industrials Fund<br> **Fidelity Advisor® Industrials Fund Class I : FCLIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Industrials Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $37  | 0.71% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1741527201<br>|
| Number of Holdings | 49<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 29.4 |
| Machinery | 25.9 |
| Electrical Equipment | 12.3 |
| Building Products | 8.1 |
| Ground Transportation | 5.9 |
| Construction & Engineering | 4.5 |
| Commercial Services & Supplies | 3.6 |
| Trading Companies & Distributors | 3.6 |
| Professional Services | 2.5 |
| Others | 3.6 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img184_20260131_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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img184_20260131_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 | 7.9<br>|
| Boeing Co | 6.7<br>|
| GE Vernova Inc | 6.2<br>|
| Cummins Inc | 5.0<br>|
| Trane Technologies PLC | 4.9<br>|
| Parker-Hannifin Corp | 4.7<br>|
| Howmet Aerospace Inc | 4.4<br>|
| Eaton Corp PLC | 3.4<br>|
| Ingersoll Rand Inc | 3.3<br>|
| ITT Inc | 2.8<br>|
|  | 49.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img184_20260131_1.jpg)<br>| ![](img125616_2.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> 1.9915200.101 204-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Industrials Fund<br> **Fidelity Advisor® Industrials Fund Class C : FCLCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Industrials Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $90  | 1.72% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1741527201<br>|
| Number of Holdings | 49<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 29.4 |
| Machinery | 25.9 |
| Electrical Equipment | 12.3 |
| Building Products | 8.1 |
| Ground Transportation | 5.9 |
| Construction & Engineering | 4.5 |
| Commercial Services & Supplies | 3.6 |
| Trading Companies & Distributors | 3.6 |
| Professional Services | 2.5 |
| Others | 3.6 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img184_20260131_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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img184_20260131_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 | 7.9<br>|
| Boeing Co | 6.7<br>|
| GE Vernova Inc | 6.2<br>|
| Cummins Inc | 5.0<br>|
| Trane Technologies PLC | 4.9<br>|
| Parker-Hannifin Corp | 4.7<br>|
| Howmet Aerospace Inc | 4.4<br>|
| Eaton Corp PLC | 3.4<br>|
| Ingersoll Rand Inc | 3.3<br>|
| ITT Inc | 2.8<br>|
|  | 49.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img184_20260131_1.jpg)<br>| ![](img125617_2.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> 1.9915201.101 283-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Industrials Fund<br> **Fidelity Advisor® Industrials Fund Class A : FCLAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Industrials Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $51  | 0.97% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1741527201<br>|
| Number of Holdings | 49<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 29.4 |
| Machinery | 25.9 |
| Electrical Equipment | 12.3 |
| Building Products | 8.1 |
| Ground Transportation | 5.9 |
| Construction & Engineering | 4.5 |
| Commercial Services & Supplies | 3.6 |
| Trading Companies & Distributors | 3.6 |
| Professional Services | 2.5 |
| Others | 3.6 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img184_20260131_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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img184_20260131_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 | 7.9<br>|
| Boeing Co | 6.7<br>|
| GE Vernova Inc | 6.2<br>|
| Cummins Inc | 5.0<br>|
| Trane Technologies PLC | 4.9<br>|
| Parker-Hannifin Corp | 4.7<br>|
| Howmet Aerospace Inc | 4.4<br>|
| Eaton Corp PLC | 3.4<br>|
| Ingersoll Rand Inc | 3.3<br>|
| ITT Inc | 2.8<br>|
|  | 49.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img184_20260131_1.jpg)<br>| ![](img125618_2.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> 1.9915198.101 184-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Health Care Fund<br> **Fidelity Advisor® Health Care Fund Class Z : FIKCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Health Care Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $31  | 0.55% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3248189860<br>|
| Number of Holdings | 133<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 36.5 |
| Pharmaceuticals | 21.0 |
| Health Care Equipment & Supplies | 17.9 |
| Life Sciences Tools & Services | 11.0 |
| Health Care Providers & Services | 9.5 |
| Health Care Technology | 3.6 |
| Chemicals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.6 |
| Preferred Stocks | 2.0 |
| Bonds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img177_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&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) - 0.2 |

---

---

| | |
|:---|:---|
| United States | 88.7 |
| Netherlands | 3.8 |
| Denmark | 2.7 |
| Belgium | 2.6 |
| Canada | 0.9 |
| Germany | 0.8 |
| United Kingdom | 0.3 |
| Israel | 0.2 |
| China | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img177_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Belgium - 2.6&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;Canada - 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;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;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;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; |
| &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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Boston Scientific Corp | 7.2<br>|
| Eli Lilly & Co | 6.4<br>|
| Danaher Corp | 6.3<br>|
| Johnson & Johnson | 3.6<br>|
| AbbVie Inc | 3.1<br>|
| Argenx SE ADR | 2.9<br>|
| UCB SA | 2.6<br>|
| Ascendis Pharma A/S ADR | 2.6<br>|
| CVS Health Corp | 2.2<br>|
| Masimo Corp | 2.1<br>|
|  | 39.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img177_20260131_1.jpg)<br>| ![](img125619_2.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> 1.9915192.101 3294-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Health Care Fund<br> **Fidelity Advisor® Health Care Fund Class M : FACTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Health Care Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $65  | 1.17% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3248189860<br>|
| Number of Holdings | 133<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 36.5 |
| Pharmaceuticals | 21.0 |
| Health Care Equipment & Supplies | 17.9 |
| Life Sciences Tools & Services | 11.0 |
| Health Care Providers & Services | 9.5 |
| Health Care Technology | 3.6 |
| Chemicals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.6 |
| Preferred Stocks | 2.0 |
| Bonds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img177_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&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) - 0.2 |

---

---

| | |
|:---|:---|
| United States | 88.7 |
| Netherlands | 3.8 |
| Denmark | 2.7 |
| Belgium | 2.6 |
| Canada | 0.9 |
| Germany | 0.8 |
| United Kingdom | 0.3 |
| Israel | 0.2 |
| China | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img177_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Belgium - 2.6&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;Canada - 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;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;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;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; |
| &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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Boston Scientific Corp | 7.2<br>|
| Eli Lilly & Co | 6.4<br>|
| Danaher Corp | 6.3<br>|
| Johnson & Johnson | 3.6<br>|
| AbbVie Inc | 3.1<br>|
| Argenx SE ADR | 2.9<br>|
| UCB SA | 2.6<br>|
| Ascendis Pharma A/S ADR | 2.6<br>|
| CVS Health Corp | 2.2<br>|
| Masimo Corp | 2.1<br>|
|  | 39.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img177_20260131_1.jpg)<br>| ![](img125620_2.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> 1.9915189.101 191-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Health Care Fund<br> **Fidelity Advisor® Health Care Fund Class I : FHCIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Health Care Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $37  | 0.67% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3248189860<br>|
| Number of Holdings | 133<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 36.5 |
| Pharmaceuticals | 21.0 |
| Health Care Equipment & Supplies | 17.9 |
| Life Sciences Tools & Services | 11.0 |
| Health Care Providers & Services | 9.5 |
| Health Care Technology | 3.6 |
| Chemicals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.6 |
| Preferred Stocks | 2.0 |
| Bonds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img177_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&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) - 0.2 |

---

---

| | |
|:---|:---|
| United States | 88.7 |
| Netherlands | 3.8 |
| Denmark | 2.7 |
| Belgium | 2.6 |
| Canada | 0.9 |
| Germany | 0.8 |
| United Kingdom | 0.3 |
| Israel | 0.2 |
| China | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img177_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Belgium - 2.6&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;Canada - 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;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;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;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; |
| &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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Boston Scientific Corp | 7.2<br>|
| Eli Lilly & Co | 6.4<br>|
| Danaher Corp | 6.3<br>|
| Johnson & Johnson | 3.6<br>|
| AbbVie Inc | 3.1<br>|
| Argenx SE ADR | 2.9<br>|
| UCB SA | 2.6<br>|
| Ascendis Pharma A/S ADR | 2.6<br>|
| CVS Health Corp | 2.2<br>|
| Masimo Corp | 2.1<br>|
|  | 39.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img177_20260131_1.jpg)<br>| ![](img125621_2.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> 1.9915190.101 271-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Health Care Fund<br> **Fidelity Advisor® Health Care Fund Class C : FHCCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Health Care Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $92  | 1.67% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3248189860<br>|
| Number of Holdings | 133<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 36.5 |
| Pharmaceuticals | 21.0 |
| Health Care Equipment & Supplies | 17.9 |
| Life Sciences Tools & Services | 11.0 |
| Health Care Providers & Services | 9.5 |
| Health Care Technology | 3.6 |
| Chemicals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.6 |
| Preferred Stocks | 2.0 |
| Bonds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img177_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&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) - 0.2 |

---

---

| | |
|:---|:---|
| United States | 88.7 |
| Netherlands | 3.8 |
| Denmark | 2.7 |
| Belgium | 2.6 |
| Canada | 0.9 |
| Germany | 0.8 |
| United Kingdom | 0.3 |
| Israel | 0.2 |
| China | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img177_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Belgium - 2.6&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;Canada - 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;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;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;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; |
| &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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Boston Scientific Corp | 7.2<br>|
| Eli Lilly & Co | 6.4<br>|
| Danaher Corp | 6.3<br>|
| Johnson & Johnson | 3.6<br>|
| AbbVie Inc | 3.1<br>|
| Argenx SE ADR | 2.9<br>|
| UCB SA | 2.6<br>|
| Ascendis Pharma A/S ADR | 2.6<br>|
| CVS Health Corp | 2.2<br>|
| Masimo Corp | 2.1<br>|
|  | 39.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img177_20260131_1.jpg)<br>| ![](img125622_2.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> 1.9915191.101 285-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Health Care Fund<br> **Fidelity Advisor® Health Care Fund Class A : FACDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Health Care Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $51  | 0.92% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3248189860<br>|
| Number of Holdings | 133<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 36.5 |
| Pharmaceuticals | 21.0 |
| Health Care Equipment & Supplies | 17.9 |
| Life Sciences Tools & Services | 11.0 |
| Health Care Providers & Services | 9.5 |
| Health Care Technology | 3.6 |
| Chemicals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.6 |
| Preferred Stocks | 2.0 |
| Bonds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img177_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&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) - 0.2 |

---

---

| | |
|:---|:---|
| United States | 88.7 |
| Netherlands | 3.8 |
| Denmark | 2.7 |
| Belgium | 2.6 |
| Canada | 0.9 |
| Germany | 0.8 |
| United Kingdom | 0.3 |
| Israel | 0.2 |
| China | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img177_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Belgium - 2.6&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;Canada - 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;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;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;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; |
| &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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Boston Scientific Corp | 7.2<br>|
| Eli Lilly & Co | 6.4<br>|
| Danaher Corp | 6.3<br>|
| Johnson & Johnson | 3.6<br>|
| AbbVie Inc | 3.1<br>|
| Argenx SE ADR | 2.9<br>|
| UCB SA | 2.6<br>|
| Ascendis Pharma A/S ADR | 2.6<br>|
| CVS Health Corp | 2.2<br>|
| Masimo Corp | 2.1<br>|
|  | 39.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img177_20260131_1.jpg)<br>| ![](img125623_2.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> 1.9915188.101 177-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Financials Fund<br> **Fidelity Advisor® Financials Fund Class Z : FIKBX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Financials Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $31  | 0.60% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $720499940<br>|
| Number of Holdings | 66<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 36.0 |
| Capital Markets | 26.6 |
| Insurance | 17.4 |
| Financial Services | 14.4 |
| Consumer Finance | 4.5 |
| Professional Services | 0.7 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img183_20260131_AA.jpg) <br>|

---

Common Stocks - 99.6&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) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 93.2 |
| United Kingdom | 2.2 |
| France | 1.3 |
| Puerto Rico | 1.1 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Australia | 0.8 |
| Mexico | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img183_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.3&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;Puerto Rico - 1.1&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;Australia - 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;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 | 8.9<br>|
| Wells Fargo & Co | 6.9<br>|
| Bank of America Corp | 6.0<br>|
| Citigroup Inc | 3.7<br>|
| Reinsurance Group of America Inc | 3.6<br>|
| Charles Schwab Corp/The | 3.3<br>|
| State Street Corp | 3.2<br>|
| Morgan Stanley | 2.7<br>|
| Chubb Ltd | 2.6<br>|
| Apollo Global Management Inc | 2.5<br>|
|  | 43.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img183_20260131_1.jpg)<br>| ![](img125624_2.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> 1.9915197.101 3293-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Financials Fund<br> **Fidelity Advisor® Financials Fund Class M : FAFSX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Financials Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $65  | 1.24% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $720499940<br>|
| Number of Holdings | 66<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 36.0 |
| Capital Markets | 26.6 |
| Insurance | 17.4 |
| Financial Services | 14.4 |
| Consumer Finance | 4.5 |
| Professional Services | 0.7 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img183_20260131_AA.jpg) <br>|

---

Common Stocks - 99.6&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) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 93.2 |
| United Kingdom | 2.2 |
| France | 1.3 |
| Puerto Rico | 1.1 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Australia | 0.8 |
| Mexico | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img183_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.3&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;Puerto Rico - 1.1&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;Australia - 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;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 | 8.9<br>|
| Wells Fargo & Co | 6.9<br>|
| Bank of America Corp | 6.0<br>|
| Citigroup Inc | 3.7<br>|
| Reinsurance Group of America Inc | 3.6<br>|
| Charles Schwab Corp/The | 3.3<br>|
| State Street Corp | 3.2<br>|
| Morgan Stanley | 2.7<br>|
| Chubb Ltd | 2.6<br>|
| Apollo Global Management Inc | 2.5<br>|
|  | 43.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img183_20260131_1.jpg)<br>| ![](img125625_2.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> 1.9915194.101 193-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Financials Fund<br> **Fidelity Advisor® Financials Fund Class I : FFSIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Financials Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $38  | 0.73% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $720499940<br>|
| Number of Holdings | 66<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 36.0 |
| Capital Markets | 26.6 |
| Insurance | 17.4 |
| Financial Services | 14.4 |
| Consumer Finance | 4.5 |
| Professional Services | 0.7 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img183_20260131_AA.jpg) <br>|

---

Common Stocks - 99.6&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) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 93.2 |
| United Kingdom | 2.2 |
| France | 1.3 |
| Puerto Rico | 1.1 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Australia | 0.8 |
| Mexico | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img183_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.3&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;Puerto Rico - 1.1&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;Australia - 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;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 | 8.9<br>|
| Wells Fargo & Co | 6.9<br>|
| Bank of America Corp | 6.0<br>|
| Citigroup Inc | 3.7<br>|
| Reinsurance Group of America Inc | 3.6<br>|
| Charles Schwab Corp/The | 3.3<br>|
| State Street Corp | 3.2<br>|
| Morgan Stanley | 2.7<br>|
| Chubb Ltd | 2.6<br>|
| Apollo Global Management Inc | 2.5<br>|
|  | 43.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img183_20260131_1.jpg)<br>| ![](img125626_2.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> 1.9915195.101 273-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Financials Fund<br> **Fidelity Advisor® Financials Fund Class C : FAFCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Financials Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $91  | 1.74% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $720499940<br>|
| Number of Holdings | 66<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 36.0 |
| Capital Markets | 26.6 |
| Insurance | 17.4 |
| Financial Services | 14.4 |
| Consumer Finance | 4.5 |
| Professional Services | 0.7 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img183_20260131_AA.jpg) <br>|

---

Common Stocks - 99.6&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) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 93.2 |
| United Kingdom | 2.2 |
| France | 1.3 |
| Puerto Rico | 1.1 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Australia | 0.8 |
| Mexico | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img183_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.3&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;Puerto Rico - 1.1&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;Australia - 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;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 | 8.9<br>|
| Wells Fargo & Co | 6.9<br>|
| Bank of America Corp | 6.0<br>|
| Citigroup Inc | 3.7<br>|
| Reinsurance Group of America Inc | 3.6<br>|
| Charles Schwab Corp/The | 3.3<br>|
| State Street Corp | 3.2<br>|
| Morgan Stanley | 2.7<br>|
| Chubb Ltd | 2.6<br>|
| Apollo Global Management Inc | 2.5<br>|
|  | 43.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img183_20260131_1.jpg)<br>| ![](img125627_2.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> 1.9915196.101 284-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Financials Fund<br> **Fidelity Advisor® Financials Fund Class A : FAFDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Financials Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $52  | 0.99% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $720499940<br>|
| Number of Holdings | 66<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 36.0 |
| Capital Markets | 26.6 |
| Insurance | 17.4 |
| Financial Services | 14.4 |
| Consumer Finance | 4.5 |
| Professional Services | 0.7 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img183_20260131_AA.jpg) <br>|

---

Common Stocks - 99.6&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) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 93.2 |
| United Kingdom | 2.2 |
| France | 1.3 |
| Puerto Rico | 1.1 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Australia | 0.8 |
| Mexico | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img183_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.3&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;Puerto Rico - 1.1&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;Australia - 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;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 | 8.9<br>|
| Wells Fargo & Co | 6.9<br>|
| Bank of America Corp | 6.0<br>|
| Citigroup Inc | 3.7<br>|
| Reinsurance Group of America Inc | 3.6<br>|
| Charles Schwab Corp/The | 3.3<br>|
| State Street Corp | 3.2<br>|
| Morgan Stanley | 2.7<br>|
| Chubb Ltd | 2.6<br>|
| Apollo Global Management Inc | 2.5<br>|
|  | 43.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img183_20260131_1.jpg)<br>| ![](img125628_2.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> 1.9915193.101 183-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Biotechnology Fund<br> **Fidelity Advisor® Biotechnology Fund Class Z : FIJYX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Biotechnology Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $34  | 0.57% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1866022764<br>|
| Number of Holdings | 92<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 90.6 |
| Pharmaceuticals | 8.9 |
| Health Care Technology | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.6 |
| Preferred Stocks | 2.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img262_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&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) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 86.7 |
| Netherlands | 5.8 |
| Denmark | 4.6 |
| Canada | 1.6 |
| Belgium | 1.2 |
| Germany | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img262_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 4.6&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;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 - 1.2&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;Germany - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| AbbVie Inc | 16.6<br>|
| Gilead Sciences Inc | 6.6<br>|
| Alnylam Pharmaceuticals Inc | 5.0<br>|
| Ascendis Pharma A/S ADR | 4.5<br>|
| Cogent Biosciences Inc | 3.8<br>|
| Argenx SE ADR | 3.6<br>|
| Insmed Inc | 3.5<br>|
| Viridian Therapeutics Inc | 3.2<br>|
| Biogen Inc | 2.8<br>|
| Amgen Inc | 2.8<br>|
|  | 52.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img262_20260131_1.jpg)<br>| ![](img125629_2.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> 1.9915229.101 3290-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Biotechnology Fund<br> **Fidelity Advisor® Biotechnology Fund Class M : FBTTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Biotechnology Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $71  | 1.19% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1866022764<br>|
| Number of Holdings | 92<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 90.6 |
| Pharmaceuticals | 8.9 |
| Health Care Technology | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.6 |
| Preferred Stocks | 2.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img262_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&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) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 86.7 |
| Netherlands | 5.8 |
| Denmark | 4.6 |
| Canada | 1.6 |
| Belgium | 1.2 |
| Germany | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img262_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 4.6&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;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 - 1.2&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;Germany - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| AbbVie Inc | 16.6<br>|
| Gilead Sciences Inc | 6.6<br>|
| Alnylam Pharmaceuticals Inc | 5.0<br>|
| Ascendis Pharma A/S ADR | 4.5<br>|
| Cogent Biosciences Inc | 3.8<br>|
| Argenx SE ADR | 3.6<br>|
| Insmed Inc | 3.5<br>|
| Viridian Therapeutics Inc | 3.2<br>|
| Biogen Inc | 2.8<br>|
| Amgen Inc | 2.8<br>|
|  | 52.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img262_20260131_1.jpg)<br>| ![](img125630_2.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> 1.9915227.101 115-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Biotechnology Fund<br> **Fidelity Advisor® Biotechnology Fund Class I : FBTIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Biotechnology Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $41  | 0.70% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1866022764<br>|
| Number of Holdings | 92<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 90.6 |
| Pharmaceuticals | 8.9 |
| Health Care Technology | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.6 |
| Preferred Stocks | 2.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img262_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&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) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 86.7 |
| Netherlands | 5.8 |
| Denmark | 4.6 |
| Canada | 1.6 |
| Belgium | 1.2 |
| Germany | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img262_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 4.6&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;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 - 1.2&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;Germany - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| AbbVie Inc | 16.6<br>|
| Gilead Sciences Inc | 6.6<br>|
| Alnylam Pharmaceuticals Inc | 5.0<br>|
| Ascendis Pharma A/S ADR | 4.5<br>|
| Cogent Biosciences Inc | 3.8<br>|
| Argenx SE ADR | 3.6<br>|
| Insmed Inc | 3.5<br>|
| Viridian Therapeutics Inc | 3.2<br>|
| Biogen Inc | 2.8<br>|
| Amgen Inc | 2.8<br>|
|  | 52.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img262_20260131_1.jpg)<br>| ![](img125631_2.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> 1.9915228.101 116-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Biotechnology Fund<br> **Fidelity Advisor® Biotechnology Fund Class C : FBTCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Biotechnology Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $101  | 1.69% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1866022764<br>|
| Number of Holdings | 92<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 90.6 |
| Pharmaceuticals | 8.9 |
| Health Care Technology | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.6 |
| Preferred Stocks | 2.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img262_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&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) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 86.7 |
| Netherlands | 5.8 |
| Denmark | 4.6 |
| Canada | 1.6 |
| Belgium | 1.2 |
| Germany | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img262_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 4.6&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;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 - 1.2&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;Germany - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| AbbVie Inc | 16.6<br>|
| Gilead Sciences Inc | 6.6<br>|
| Alnylam Pharmaceuticals Inc | 5.0<br>|
| Ascendis Pharma A/S ADR | 4.5<br>|
| Cogent Biosciences Inc | 3.8<br>|
| Argenx SE ADR | 3.6<br>|
| Insmed Inc | 3.5<br>|
| Viridian Therapeutics Inc | 3.2<br>|
| Biogen Inc | 2.8<br>|
| Amgen Inc | 2.8<br>|
|  | 52.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img262_20260131_1.jpg)<br>| ![](img125632_2.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> 1.9915226.101 114-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Biotechnology Fund<br> **Fidelity Advisor® Biotechnology Fund Class A : FBTAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Biotechnology Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $56  | 0.94% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1866022764<br>|
| Number of Holdings | 92<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 90.6 |
| Pharmaceuticals | 8.9 |
| Health Care Technology | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.6 |
| Preferred Stocks | 2.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img262_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&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) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 86.7 |
| Netherlands | 5.8 |
| Denmark | 4.6 |
| Canada | 1.6 |
| Belgium | 1.2 |
| Germany | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img262_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 4.6&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;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 - 1.2&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;Germany - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| AbbVie Inc | 16.6<br>|
| Gilead Sciences Inc | 6.6<br>|
| Alnylam Pharmaceuticals Inc | 5.0<br>|
| Ascendis Pharma A/S ADR | 4.5<br>|
| Cogent Biosciences Inc | 3.8<br>|
| Argenx SE ADR | 3.6<br>|
| Insmed Inc | 3.5<br>|
| Viridian Therapeutics Inc | 3.2<br>|
| Biogen Inc | 2.8<br>|
| Amgen Inc | 2.8<br>|
|  | 52.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img262_20260131_1.jpg)<br>| ![](img125633_2.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> 1.9915225.101 112-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity Advisor® Industrials Fund<br> **Industrials Portfolio : FIDRX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Industrials Fund for the period October 9, 2025 to January 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Industrials Portfolio A | $21  | 0.65% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1741527201<br>|
| Number of Holdings | 49<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 29.4 |
| Machinery | 25.9 |
| Electrical Equipment | 12.3 |
| Building Products | 8.1 |
| Ground Transportation | 5.9 |
| Construction & Engineering | 4.5 |
| Commercial Services & Supplies | 3.6 |
| Trading Companies & Distributors | 3.6 |
| Professional Services | 2.5 |
| Others | 3.6 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img184_20260131_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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img184_20260131_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 | 7.9<br>|
| Boeing Co | 6.7<br>|
| GE Vernova Inc | 6.2<br>|
| Cummins Inc | 5.0<br>|
| Trane Technologies PLC | 4.9<br>|
| Parker-Hannifin Corp | 4.7<br>|
| Howmet Aerospace Inc | 4.4<br>|
| Eaton Corp PLC | 3.4<br>|
| Ingersoll Rand Inc | 3.3<br>|
| ITT Inc | 2.8<br>|
|  | 49.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img184_20260131_1.jpg)<br>| ![](img125676_2.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> 1.9920883.100 9108-TSRS-0426 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

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 Focus Funds®**

**Fidelity Advisor® Biotechnology Fund**

**Fidelity Advisor® Financials Fund**

**Fidelity Advisor® Health Care Fund**

**Fidelity Advisor® Industrials Fund**

**Fidelity Advisor® Semiconductors Fund**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125830_1.jpg)

![](img125830_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_AFOC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Biotechnology Fund](#Sub_Sec_Fund_262_AFOC-SANN)** |
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_AFOC-SANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Financials Fund](#Sub_Sec_Fund_183_AFOC-SANN)** |
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_AFOC-SANN_2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Health Care Fund](#Sub_Sec_Fund_177_AFOC-SANN)** |
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_AFOC-SANN_3)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Industrials Fund](#Sub_Sec_Fund_184_AFOC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Semiconductors Fund](#Sub_Sec_Fund_689_AFOC-SANN)** |
| **[Notes to Financial Statements](#Sec_NotestoFinancialStatements_AFOC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AFOC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AFOC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AFOC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AFOC-SANN)** |

---

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 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one 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.© 2026 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: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Biotechnology Fund**

**Consolidated Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.6%** | &nbsp;&nbsp;**Common Stocks - 97.6%** | &nbsp;&nbsp;**Common Stocks - 97.6%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 1.2%  |  |  |
| Health Care - 1.2% |  |  |
| Pharmaceuticals - 1.2% |  |  |
| UCB SA  | 75800 | 22947570 |
| CANADA - 1.6%  |  |  |
| Health Care - 1.6% |  |  |
| Biotechnology - 1.6% |  |  |
| Xenon Pharmaceuticals Inc (b) | 710758 | 29148186 |
| DENMARK - 4.5%  |  |  |
| Health Care - 4.5% |  |  |
| Biotechnology - 4.5% |  |  |
| Ascendis Pharma A/S ADR (b) | 370625 | 83798313 |
| GERMANY - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Tubulis GmbH (c)(d)(e) | 6300 | 2267942 |
| NETHERLANDS - 5.8%  |  |  |
| Health Care - 5.8% |  |  |
| Biotechnology - 5.8% |  |  |
| Argenx SE ADR (b)(f) | 81000 | 68080500 |
| Newamsterdam Pharma Co NV (b) | 586400 | 18248768 |
| uniQure NV (b) | 991600 | 22529152 |
| TOTAL NETHERLANDS |  | 108858420 |
| UNITED STATES - 84.4%  |  |  |
| Health Care - 84.4% |  |  |
| Biotechnology - 77.0% |  |  |
| AbbVie Inc  | 1389580 | 309890237 |
| Alnylam Pharmaceuticals Inc (b) | 277186 | 93705499 |
| Amgen Inc  | 150703 | 51522342 |
| AnaptysBio Inc (b) | 148400 | 7035644 |
| Annexon Inc (b) | 1005200 | 6272448 |
| Apogee Therapeutics Inc (b) | 452639 | 29652381 |
| Arcellx Inc (b)(f) | 142900 | 9761499 |
| Astria Therapeutics Inc warrants (b) | 247630 | 1970466 |
| Avalo Therapeutics Inc (b) | 220300 | 3328733 |
| Biogen Inc (b) | 294100 | 52905649 |
| Celldex Therapeutics Inc (b) | 275652 | 6781039 |
| Centessa Pharmaceuticals PLC ADR (b) | 83600 | 2054052 |
| CG oncology Inc (b) | 248900 | 12955245 |
| Cogent Biosciences Inc (b) | 1988418 | 71404090 |
| Crescent Biopharma Inc (b) | 251090 | 2407953 |
| Crescent Biopharma Inc (b)(e) | 98300 | 942697 |
| Cytokinetics Inc (b) | 283071 | 17887256 |
| CytomX Therapeutics Inc (b) | 1350251 | 7682928 |
| Dianthus Therapeutics Inc (b)(f) | 730062 | 38978010 |
| Disc Medicine Inc (b) | 142322 | 11004337 |
| Gilead Sciences Inc  | 864100 | 122658996 |
| Inovio Pharmaceuticals Inc (b) | 883081 | 1439422 |
| Insmed Inc (b) | 412300 | 64677501 |
| Jade Biosciences Inc  | 894343 | 13960694 |
| Janux Therapeutics Inc (b) | 320385 | 4392478 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 144476 | 6345386 |
| Kymera Therapeutics Inc (b) | 231700 | 16842273 |
| Mineralys Therapeutics Inc (b) | 266800 | 8241452 |
| Moderna Inc (b) | 674300 | 29716401 |
| Natera Inc (b) | 89400 | 20663916 |
| Nuvalent Inc Class A (b) | 412264 | 42417843 |
| Olema Pharmaceuticals Inc (b) | 782800 | 20133616 |
| Oruka Therapeutics Inc (b) | 710786 | 24330205 |
| Oruka Therapeutics Inc (b)(e) | 26600 | 910518 |
| Praxis Precision Medicines Inc (b) | 86400 | 27129600 |
| Rezolute Inc (b)(f) | 1985100 | 6630234 |
| Rhythm Pharmaceuticals Inc (b) | 126200 | 12938024 |
| Roivant Sciences Ltd (b) | 976200 | 21105444 |
| Scholar Rock Holding Corp (b)(f) | 582368 | 25822197 |
| Soleno Therapeutics Inc (b) | 181000 | 6979360 |
| Spyre Therapeutics Inc (b)(f) | 749342 | 23963957 |
| Stoke Therapeutics Inc (b) | 317700 | 9639018 |
| Summit Therapeutics Inc (b)(f) | 329400 | 4769712 |
| Tango Therapeutics Inc (b)(f) | 403626 | 4686098 |
| Tectonic Therapeutic Inc (b)(f) | 120995 | 2418690 |
| Tenax Therapeutics Inc (b)(g) | 322600 | 4035726 |
| Travere Therapeutics Inc (b) | 301200 | 9364308 |
| Upstream Bio Inc (b)(f) | 691003 | 21476373 |
| Vaxcyte Inc (b) | 796329 | 42659345 |
| Viking Therapeutics Inc (b)(f) | 647387 | 18800118 |
| Viridian Therapeutics Inc (b) | 1782464 | 58821312 |
| X4 Pharmaceuticals Inc (b) | 1341800 | 4964660 |
| Zenas Biopharma Inc (b)(f) | 633716 | 11641363 |
| Zenas Biopharma Inc (e) | 86234 | 1584119 |
|  |  | 1434302864 |
| Pharmaceuticals - 7.4% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 2433200 | 34770428 |
| Crinetics Pharmaceuticals Inc (b) | 544470 | 27190832 |
| Definium Therapeutics Inc (b)(f) | 141900 | 2395272 |
| Enliven Therapeutics Inc (b)(f) | 474262 | 12544230 |
| Enliven Therapeutics Inc (b)(e) | 73200 | 1936140 |
| Enliven Therapeutics Inc rights (b)(d) | 739725 | 6 |
| Maze Therapeutics Inc (b) | 128000 | 5578240 |
| MBX Biosciences Inc (b) | 111100 | 4094035 |
| Rapport Therapeutics Inc (b) | 156946 | 4176333 |
| Structure Therapeutics Inc ADR (b) | 481200 | 42562140 |
| WaVe Life Sciences Ltd (b) | 289700 | 3748718 |
|  |  | 138996374 |
| TOTAL UNITED STATES |  | 1573299238 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $910,059,793) |  | <br> **1820319669** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 0% 12/31/2199 (d)(e)(h)<br>(Cost $831,312)<br>| 831313 | **880526** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** |
|  | Shares | Value ($)<br>|
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Galecto Inc Series C  | 100 | 2623500 |
| UNITED STATES - 1.9%  |  |  |
| Health Care - 1.9% |  |  |
| Biotechnology - 1.5% |  |  |
| Bright Peak Therapeutics Inc. Series B (b)(d)(e) | 1920122 | 3437018 |
| Bright Peak Therapeutics Inc. Series C (b)(d)(e) | 873604 | 1074533 |
| Cardurion Pharmaceuticals Inc Series B (b)(d)(e) | 331596 | 1767407 |
| Endeavor BioMedicines Inc Series C (b)(d)(e) | 526643 | 3433712 |
| LifeMine Therapeutics Inc Series C (b)(d)(e) | 1950028 | 2301033 |
| Parabilis Medicines Inc Series D (b)(d)(e) | 239281 | 1756323 |
| Parabilis Medicines Inc Series F (d)(e) | 491600 | 3028256 |
| Sonoma Biotherapeutics Inc Series B (b)(d)(e) | 1967762 | 5903286 |
| Sonoma Biotherapeutics Inc Series B1 (b)(d)(e) | 1049456 | 3536667 |
| T-Knife Therapeutics Inc Series B (b)(d)(e) | 1300097 | 897067 |
| Treeline Biosciences Series A (b)(d)(e) | 47600 | 401744 |
|  |  | 27537046 |
| Health Care Technology - 0.1% |  |  |
| Candid Therapeutics Series B (b)(d)(e) | 1500060 | 1815073 |
| Wugen Inc Series B (b)(d)(e) | 580277 | 922640 |
|  |  | 2737713 |
| Pharmaceuticals - 0.3% |  |  |
| Afferent Pharmaceuticals Inc Series C (b)(d)(e) | 1915787 | 19 |
| Kartos Therapeutics Inc Series C (b)(d)(e) | 530692 | 3242528 |
| Mentari Therapeutics Inc Series A (d)(e) | 1457407 | 2011222 |
|  |  | 5253769 |
| TOTAL UNITED STATES |  | 35528528 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $50,018,961) |  | <br> **38152028** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 3.70 | 5792224 | 5793382 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 3.70 | 67913120 | 67919912 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $73,709,171) |  |  | **73713294** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.6%**<br> (Cost $1,034,619,237)<br>| <br>**1933065517** |
| **NET OTHER ASSETS (LIABILITIES) - (3.6)%**  | **(67042753)** |
| **NET ASSETS - 100.0%** | **1866022764** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(d) Level 3 security.

(e) 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 $41,782,528 or 2.2% of net assets.

(f) Security or a portion of the security is on loan at period end.

(g) Affiliated company.

(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(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 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>|
| Afferent Pharmaceuticals Inc Series C | 7/1/2015 | 0 |
| Bright Peak Therapeutics Inc. Series B | 5/14/2021 | 7499997 |
| Bright Peak Therapeutics Inc. Series C | 5/7/2024 | 990230 |
| Candid Therapeutics Series B | 8/27/2024 | 1800072 |
| Cardurion Pharmaceuticals Inc Series B | 7/10/2024 | 1624025 |
| Crescent Biopharma Inc | 10/28/2024 - 12/4/2025 | 1305135 |
| Endeavor BioMedicines Inc Series C | 4/22/2024 | 3436135 |
| Enliven Therapeutics Inc | 3/19/2024 | 1024800 |
| Kartos Therapeutics Inc Series C | 8/22/2023 | 3000002 |
| LifeMine Therapeutics Inc Series C | 2/15/2022 | 3971408 |
| Mentari Therapeutics Inc Series A | 9/18/2025 | 2000000 |
| Oruka Therapeutics Inc | 9/17/2025 | 399000 |
| Parabilis Medicines Inc Series D | 11/17/2022 | 2575405 |
| Parabilis Medicines Inc Series F | 1/6/2026 | 3030419 |
| Sonoma Biotherapeutics Inc Series B | 7/26/2021 | 3888888 |
| Sonoma Biotherapeutics Inc Series B1 | 7/26/2021 | 3111112 |
| T-Knife Therapeutics Inc Series B | 6/30/2021 | 7500000 |
| Treeline Biosciences Series A | 7/30/2021 | 372588 |
| Tubulis GmbH | 12/11/2025 | 2247061 |
| Wugen Inc 0% 12/31/2199 | 6/14/2024 | 831312 |
| Wugen Inc Series B | 7/9/2021 | 4499990 |
| Zenas Biopharma Inc | 10/8/2025 | 1638446 |

---

**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 | 20544411 | 272740251 | 287490223 | 279072 | (1057) | - | 5793382 | 5792224 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 99831900 | 352826447 | 384745253 | 277751 | 6818 | - | 67919912 | 67913120 | 0.2% |
| Total | 120376311 | 625566698 | 672235476 | 556823 | 5761 | - | 73713294 |  |  |

---

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.

**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  |
| Tenax Therapeutics Inc | - | 4515668 | - | - | - | (479942) | 4035726 | 322600 |
| Total | - | 4515668 | - | - | - | (479942) | 4035726 |  |

---

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 January 31, 2026, 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 | 1820319669 | 1816081255 | 1970466 | 2267948 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 880526 | - | - | 880526 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 38152028 | 2623500 | - | 35528528 |
|  **Money Market Funds** | 73713294 | 73713294 | - | - |
| **Total Investments in Securities:** | 1933065517 | 1892418049 | 1970466 | 38677002 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)** |
| **Common Stocks** | 7 | - | 20880 | 2247061 | - | - | - | - | 2267948 | 20880 |
| **Convertible Preferred Stocks** | 27188319 | - | 3309790 | 5030419 | - | - | - | - | 35528528 | 3309790 |
| **Convertible Corporate Bonds** | 989512 | - | (108986) | - | - | - | - | - | 880526 | (108986) |
| <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® Biotechnology Fund**

**Consolidated Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $122,284,016) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $956,394,398) | $1855316497 |  |
| Fidelity Central Funds (cost $73,709,171) | 73713294 |  |
| Other affiliated issuers (cost $4,515,668) | 4035726 |  |
| Total Investment in Securities (cost $1,034,619,237) |  | $1933065517 |
| Receivable for fund shares sold |  | 1535321 |
| Dividends receivable |  | 2454801 |
| Interest receivable |  | 98847 |
| Distributions receivable from Fidelity Central Funds |  | 56800 |
| Prepaid expenses |  | 913 |
| **Total assets** |  | 1937212199 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $702116 |  |
| Payable for fund shares redeemed | 1254652 |  |
| Accrued management fee | 1028750 |  |
| Distribution and service plan fees payable | 269436 |  |
| Other payables and accrued expenses | 54490 |  |
| Collateral on securities loaned | 67879991 |  |
| **Total liabilities** |  | 71189435 |
| **Net Assets**  |  | $1866022764 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $917163898 |
| Total accumulated earnings (loss) |  | 948858866 |
| **Net Assets** |  | $1866022764 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($772,441,586 ÷ 20,349,145 shares)(a) |  | $37.96 |
| Maximum offering price per share (100/94.25 of $37.96) |  | $40.28 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($135,834,378 ÷ 3,947,334 shares)(a) |  | $34.41 |
| Maximum offering price per share (100/96.50 of $34.41) |  | $35.66 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($63,374,049 ÷ 2,178,123 shares)(a) |  | $29.10 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($754,777,192 ÷ 18,043,002 shares) |  | $41.83 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($139,595,559 ÷ 3,328,500 shares) |  | $41.94 |
| *(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.* |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6735435 |
| Interest  |  | 4631 |
| Income from Fidelity Central Funds (including $277,751 from security lending)  |  | 556823 |
| **Total income** |  | 7296889 |
| **Expenses** |  |  |
| Management fee | $5708034 |  |
| Distribution and service plan fees | 1516329 |  |
| Custodian fees and expenses | 12780 |  |
| Independent trustees' fees and expenses | 3180 |  |
| Registration fees | 71602 |  |
| Audit fees | 36123 |  |
| Legal | 1364 |  |
| Miscellaneous | 2595 |  |
| Total expenses before reductions | 7352007 |  |
| Expense reductions | (2333) |  |
| Total expenses after reductions |  | 7349674 |
| **Net Investment income (loss)** |  | (52785) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 118174886 |  |
| Fidelity Central Funds | 5761 |  |
| Foreign currency transactions | (2466) |  |
| Total net realized gain (loss) |  | 118178181 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 382750846 |  |
| Affiliated issuers  | (479942) |  |
| Assets and liabilities in foreign currencies | 1893 |  |
| Total change in net unrealized appreciation (depreciation) |  | 382272797 |
| **Net gain (loss)** |  | 500450978 |
| **Net increase (decrease) in net assets resulting from operations** |  | $500398193 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(52785) | $3656261 |
| &nbsp;&nbsp;Net realized gain (loss) | 118178181<br>| 3774677<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 382272797 | (160729426)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 500398193<br>| (153298488)<br>|
| Distributions to shareholders | (26227586)<br>| (87826457)<br>|
| Share transactions - net increase (decrease) | (7187545)<br>| (172019334)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 466983062<br>| (413144279)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1399039702 | 1812183981<br>|
| &nbsp;&nbsp;End of period | $1866022764 | $1399039702 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Biotechnology Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.23 | $32.34 | $25.34 | $22.00 | $32.58 | $31.03 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | .05  | .10  | .02  | (.06)  | .07  |
| Net realized and unrealized gain (loss)  | 10.28  | (2.53)  | 7.22  | 3.32  | (5.16)  | 4.42  |
| Total from investment operations  | 10.27  | (2.48)  | 7.32  | 3.34  | (5.22)  | 4.49  |
| Distributions from net investment income  | (.45)  | (.80)  | (.32)  | -  | (.11)  | (.13)  |
| Distributions from net realized gain  | (.10)  | (.84)  | -  | -  | (5.25)  | (2.81)  |
| Total distributions  | (.54) C | (1.63) C | (.32)  | -  | (5.36)  | (2.94)  |
| Net asset value, end of period  | $37.96 | $28.23 | $32.34 | $25.34 | $22.00 | $32.58 |
| **Total Return** D,E,F | 36.38% <br>| (7.60)%  | 29.21%  | 15.18%  | (18.95)%  | 14.03%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .94% I | .96%  | .99%  | 1.01%  | 1.00%  | 1.01%  |
| Expenses net of fee waivers, if any  | .94% I<br>| .96%  | .98%  | 1.00%  | 1.00%  | 1.00%  |
| Expenses net of all reductions, if any  | .94% I | .96%  | .98%  | 1.00%  | 1.00%  | 1.00%  |
| Net investment income (loss)  | (.09)% I | .16%  | .39%  | .07%  | (.23)%  | .20%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $772442 | $585074 | $737152 | $636505 | $594911 | $808610 |
| Portfolio turnover rate J | 55% I<br>| 51%  | 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 for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*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.*

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*Annualized.*

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.*

**Fidelity Advisor® Biotechnology Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.65 | $29.56 | $23.17 | $20.17 | $30.35 | $29.08 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.05)  | (.02)  | .03  | (.05)  | (.13)  | (.02)  |
| Net realized and unrealized gain (loss)  | 9.33  | (2.30)  | 6.59  | 3.05  | (4.73)  | 4.14  |
| Total from investment operations  | 9.28  | (2.32)  | 6.62  | 3.00  | (4.86)  | 4.12  |
| Distributions from net investment income  | (.42)  | (.75)  | (.23)  | -  | (.07)  | (.07)  |
| Distributions from net realized gain  | (.10)  | (.84)  | -  | -  | (5.25)  | (2.78)  |
| Total distributions  | (.52)  | (1.59)  | (.23)  | -  | (5.32)  | (2.85)  |
| Net asset value, end of period  | $34.41 | $25.65 | $29.56 | $23.17 | $20.17 | $30.35 |
| **Total Return** C,D,E | 36.17% <br>| (7.81)%  | 28.87%  | 14.87%  | (19.18)%  | 13.69%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.19% H | 1.21%  | 1.25%  | 1.29%  | 1.28%  | 1.28%  |
| Expenses net of fee waivers, if any  | 1.19% H<br>| 1.21%  | 1.24%  | 1.28%  | 1.28%  | 1.28%  |
| Expenses net of all reductions, if any  | 1.19% H | 1.21%  | 1.24%  | 1.28%  | 1.28%  | 1.28%  |
| Net investment income (loss)  | (.34)% H | (.09)%  | .13%  | (.20)%  | (.51)%  | (.07)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $135834 | $107181 | $130547 | $113960 | $109815 | $161619 |
| Portfolio turnover rate I | 55% H<br>| 51%  | 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 for periods of less than one year are not annualized.*

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 Consolidated 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*Annualized.*

I*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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.77 | $25.31 | $19.75 | $17.27 | $26.79 | $25.97 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.11)  | (.13)  | (.07)  | (.13)  | (.21)  | (.15)  |
| Net realized and unrealized gain (loss)  | 7.92  | (1.97)  | 5.63  | 2.61  | (4.07)  | 3.71  |
| Total from investment operations  | 7.81  | (2.10)  | 5.56  | 2.48  | (4.28)  | 3.56  |
| Distributions from net investment income  | (.39)  | (.60)  | -  | -  | -  | (.01)  |
| Distributions from net realized gain  | (.10)  | (.84)  | -  | -  | (5.24)  | (2.73)  |
| Total distributions  | (.48) C | (1.44)  | -  | -  | (5.24)  | (2.74)  |
| Net asset value, end of period  | $29.10 | $21.77 | $25.31 | $19.75 | $17.27 | $26.79 |
| **Total Return** D,E,F | 35.87% <br>| (8.25)%  | 28.15%  | 14.36%  | (19.54)%  | 13.15%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.69% I | 1.71%  | 1.72%  | 1.76%  | 1.75%  | 1.75%  |
| Expenses net of fee waivers, if any  | 1.69% I<br>| 1.71%  | 1.72%  | 1.76%  | 1.74%  | 1.75%  |
| Expenses net of all reductions, if any  | 1.69% I | 1.71%  | 1.72%  | 1.76%  | 1.74%  | 1.75%  |
| Net investment income (loss)  | (.84)% I | (.59)%  | (.35)%  | (.69)%  | (.97)%  | (.55)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $63374 | $54985 | $92046 | $119843 | $168797 | $328417 |
| Portfolio turnover rate J | 55% I<br>| 51%  | 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 for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*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.*

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*Annualized.*

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.*

**Fidelity Advisor® Biotechnology Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.06 | $35.37 | $27.71 | $23.99 | $35.00 | $33.16 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | .13  | .19  | .09  | .01  | .17  |
| Net realized and unrealized gain (loss)  | 11.31  | (2.74)  | 7.88  | 3.63  | (5.61)  | 4.72  |
| Total from investment operations  | 11.34  | (2.61)  | 8.07  | 3.72  | (5.60)  | 4.89  |
| Distributions from net investment income  | (.47)  | (.86)  | (.41)  | -  | (.16)  | (.21)  |
| Distributions from net realized gain  | (.10)  | (.84)  | -  | -  | (5.25)  | (2.85)  |
| Total distributions  | (.57)  | (1.70)  | (.41)  | -  | (5.41)  | (3.05) C |
| Net asset value, end of period  | $41.83 | $31.06 | $35.37 | $27.71 | $23.99 | $35.00 |
| **Total Return** D,E | 36.50% <br>| (7.32)%  | 29.53%  | 15.51%  | (18.74)%  | 14.34%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .70% H | .71%  | .72%  | .74%  | .73%  | .74%  |
| Expenses net of fee waivers, if any  | .70% H<br>| .71%  | .72%  | .73%  | .73%  | .74%  |
| Expenses net of all reductions, if any  | .70% H | .71%  | .72%  | .73%  | .73%  | .74%  |
| Net investment income (loss)  | .16% H | .41%  | .65%  | .34%  | .04%  | .47%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $754777 | $561342 | $768136 | $701786 | $697079 | $1129492 |
| Portfolio turnover rate I | 55% H<br>| 51%  | 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 for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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 Consolidated 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*Annualized.*

I*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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.13 | $35.47 | $27.81 | $24.04 | $35.05 | $33.22 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .17  | .23  | .13  | .05  | .21  |
| Net realized and unrealized gain (loss)  | 11.36  | (2.76)  | 7.90  | 3.64  | (5.62)  | 4.74  |
| Total from investment operations  | 11.41  | (2.59)  | 8.13  | 3.77  | (5.57)  | 4.95  |
| Distributions from net investment income  | (.50)  | (.91)  | (.47)  | -  | (.19)  | (.26)  |
| Distributions from net realized gain  | (.10)  | (.84)  | -  | -  | (5.25)  | (2.87)  |
| Total distributions  | (.60)  | (1.75)  | (.47)  | -  | (5.44)  | (3.12) C |
| Net asset value, end of period  | $41.94 | $31.13 | $35.47 | $27.81 | $24.04 | $35.05 |
| **Total Return** D,E | 36.62% <br>| (7.24)%  | 29.69%  | 15.68%  | (18.63)%  | 14.49%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .57% H | .58%  | .60%  | .61%  | .61%  | .61%  |
| Expenses net of fee waivers, if any  | .57% H<br>| .58%  | .60%  | .60%  | .60%  | .61%  |
| Expenses net of all reductions, if any  | .57% H | .58%  | .59%  | .60%  | .60%  | .61%  |
| Net investment income (loss)  | .28% H | .54%  | .78%  | .47%  | .16%  | .60%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $139596 | $90458 | $84303 | $61044 | $62729 | $89641 |
| Portfolio turnover rate I | 55% H<br>| 51%  | 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 for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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 Consolidated 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*Annualized.*

I*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 (Semi-Annual Report)**

**Fidelity Advisor® Financials Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Insurance - 0.8% |  |  |
| AUB Group Ltd  | 286025 | 6017032 |
| FRANCE - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Capital Markets - 1.3% |  |  |
| Amundi SA (c)(d) | 108500 | 9639355 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Patria Investments Ltd Class A (a) | 433600 | 6334896 |
| MEXICO - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| Bolsa Mexicana de Valores SAB de CV  | 1752941 | 3515711 |
| PUERTO RICO - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Popular Inc  | 61571 | 8221576 |
| UNITED KINGDOM - 2.2%  |  |  |
| Financials - 2.2% |  |  |
| Insurance - 2.2% |  |  |
| Hiscox Ltd  | 494200 | 10021856 |
| Lancashire Holdings Ltd  | 637966 | 5377438 |
| TOTAL UNITED KINGDOM |  | 15399294 |
| UNITED STATES - 92.8%  |  |  |
| Financials - 92.1% |  |  |
| Banks - 34.9% |  |  |
| Associated Banc-Corp  | 241847 | 6592749 |
| Bank of America Corp  | 798756 | 42493819 |
| BOK Financial Corp  | 69000 | 8965860 |
| Citigroup Inc  | 223505 | 25861764 |
| East West Bancorp Inc  | 48900 | 5596116 |
| Eastern Bankshares Inc  | 368700 | 7552820 |
| First Hawaiian Inc  | 163000 | 4327650 |
| First Interstate BancSystem Inc Class A (a) | 227652 | 8074816 |
| KeyCorp  | 331000 | 7123120 |
| M&T Bank Corp  | 57688 | 12781930 |
| Old National Bancorp/IN  | 418333 | 10219875 |
| TriCo Bancshares  | 108300 | 5395506 |
| Truist Financial Corp  | 296300 | 15235746 |
| UMB Financial Corp  | 70245 | 8930949 |
| United Community Bank/SC  | 129100 | 4444913 |
| US Bancorp  | 249900 | 14021889 |
| Wells Fargo & Co  | 539528 | 48821890 |
| WesBanco Inc  | 130200 | 4594758 |
| Wintrust Financial Corp  | 42266 | 6233812 |
| Zions Bancorp NA  | 60200 | 3606582 |
|  |  | 250876564 |
| Capital Markets - 23.9% |  |  |
| AllianceBernstein Holding LP  | 143300 | 6095982 |
| Blue Owl Capital Inc Class A (a) | 628300 | 8570012 |
| Carlyle Group Inc/The  | 93700 | 5507686 |
| Charles Schwab Corp/The  | 226300 | 23517096 |
| KKR & Co Inc Class A  | 107500 | 12282950 |
| Lazard Inc  | 177652 | 9543465 |
| MarketAxess Holdings Inc  | 47100 | 7970733 |
| Moody's Corp  | 22400 | 11548544 |
| Morgan Stanley  | 104500 | 19102600 |
| Nasdaq Inc  | 122300 | 11849647 |
| Northern Trust Corp  | 55600 | 8308308 |
| Perella Weinberg Partners Class A  | 138000 | 3078780 |
| Raymond James Financial Inc  | 53350 | 8848631 |
| State Street Corp  | 175200 | 22926672 |
| Stifel Financial Corp  | 200 | 24660 |
| Virtu Financial Inc Class A  | 290060 | 12040391 |
| Wealthfront Corp (b) | 81900 | 710892 |
|  |  | 171927049 |
| Consumer Finance - 4.5% |  |  |
| Capital One Financial Corp  | 76057 | 16651159 |
| FirstCash Holdings Inc  | 47571 | 8110856 |
| SLM Corp  | 283600 | 7699739 |
|  |  | 32461754 |
| Financial Services - 14.4% |  |  |
| Apollo Global Management Inc  | 133109 | 17908485 |
| Corpay Inc (b) | 35900 | 11295217 |
| Essent Group Ltd  | 569 | 35801 |
| Mastercard Inc Class A  | 118400 | 63792736 |
| PayPal Holdings Inc  | 400 | 21076 |
| Voya Financial Inc  | 142900 | 10954714 |
|  |  | 104008029 |
| Insurance - 14.4% |  |  |
| American Financial Group Inc/OH  | 65600 | 8545712 |
| Arthur J Gallagher & Co  | 38400 | 9575808 |
| Assurant Inc  | 49800 | 11858874 |
| Baldwin Insurance Group Inc/The Class A (b) | 250804 | 5497624 |
| Brown & Brown Inc  | 114900 | 8284290 |
| Chubb Ltd  | 60000 | 18573600 |
| First American Financial Corp  | 128900 | 8143902 |
| Neptune Insurance Holdings Inc Class A  | 400 | 10200 |
| Reinsurance Group of America Inc  | 123000 | 24938250 |
| Selective Insurance Group Inc  | 97200 | 8172576 |
|  |  | 103600836 |
| TOTAL FINANCIALS |  | 662874232 |
| Industrials - 0.7% |  |  |
| Professional Services - 0.7% |  |  |
| TransUnion  | 66700 | 5270634 |
| TOTAL UNITED STATES |  | 668144866 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $499,403,290) |  | <br> **717272730** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.70 | 1286990 | 1287247 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.70 | 11341860 | 11342994 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $12,630,241) |  |  | **12630241** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.3%**<br> (Cost $512,033,531)<br>| <br>**729902971** |
| **NET OTHER ASSETS (LIABILITIES) - (1.3)%**  | **(9403031)** |
| **NET ASSETS - 100.0%** | **720499940** |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing.

(c) 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 $9,639,355 or 1.3% of net assets.

(d) 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 $9,639,355 or 1.3% of net assets.

(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 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 | 1494495 | 45188424 | 45395478 | 37069 | (194) | - | 1287247 | 1286990 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 530700 | 89691694 | 78878444 | 10419 | (956) | - | 11342994 | 11341860 | 0.0% |
| Total | 2025195 | 134880118 | 124273922 | 47488 | (1150) | - | 12630241 |  |  |

---

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 January 31, 2026, 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 | 712002096 | 712002096 | - | - |
| Industrials | 5270634 | 5270634 | - | - |
|  **Money Market Funds** | 12630241 | 12630241 | - | - |
| **Total Investments in Securities:** | 729902971 | 729902971 | - | - |

---

**Fidelity Advisor® Financials Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $10,897,996) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $499,403,290) | $717272730 |  |
| Fidelity Central Funds (cost $12,630,241) | 12630241 |  |
| Total Investment in Securities (cost $512,033,531) |  | $729902971 |
| Foreign currency held at value (cost $32) |  | 33 |
| Receivable for investments sold |  | 1921466 |
| Receivable for fund shares sold |  | 1024865 |
| Dividends receivable |  | 204541 |
| Distributions receivable from Fidelity Central Funds |  | 7554 |
| Prepaid expenses |  | 466 |
| **Total assets** |  | 733061896 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $639002 |  |
| Accrued management fee | 412345 |  |
| Distribution and service plan fees payable | 125010 |  |
| Other payables and accrued expenses | 41649 |  |
| Collateral on securities loaned | 11343950 |  |
| **Total liabilities** |  | 12561956 |
| **Net Assets**  |  | $720499940 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $497521209 |
| Total accumulated earnings (loss) |  | 222978731 |
| **Net Assets** |  | $720499940 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($268,484,010 ÷ 7,116,402 shares)(a) |  | $37.73 |
| Maximum offering price per share (100/94.25 of $37.73) |  | $40.03 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($95,276,594 ÷ 2,563,592 shares)(a) |  | $37.17 |
| Maximum offering price per share (100/96.50 of $37.17) |  | $38.52 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($33,468,698 ÷ 964,357 shares)(a) |  | $34.71 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($225,944,582 ÷ 5,760,188 shares) |  | $39.23 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($97,326,056 ÷ 2,484,862 shares) |  | $39.17 |
| *(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** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $7665350 |
| Income from Fidelity Central Funds (including $10,419 from security lending)  |  | 47488 |
| **Total income** |  | 7712838 |
| **Expenses** |  |  |
| Management fee | $2427039 |  |
| Distribution and service plan fees | 741557 |  |
| Custodian fees and expenses | 17997 |  |
| Independent trustees' fees and expenses | 1427 |  |
| Registration fees | 73058 |  |
| Audit fees | 26626 |  |
| Legal | 436 |  |
| Interest | 6208 |  |
| Miscellaneous | 1156 |  |
| **Total expenses** |  | 3295504 |
| **Net Investment income (loss)** |  | 4417334 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 16548084 |  |
| Fidelity Central Funds | (1150) |  |
| Foreign currency transactions | 2899 |  |
| Total net realized gain (loss) |  | 16549833 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 25538637 |  |
| Assets and liabilities in foreign currencies | 1 |  |
| Total change in net unrealized appreciation (depreciation) |  | 25538638 |
| **Net gain (loss)** |  | 42088471 |
| **Net increase (decrease) in net assets resulting from operations** |  | $46505805 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4417334 | $8610243 |
| &nbsp;&nbsp;Net realized gain (loss) | 16549833<br>| 48755562<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 25538638 | 51741863<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 46505805<br>| 109107668<br>|
| Distributions to shareholders | (47859940)<br>| (29319932)<br>|
| Share transactions - net increase (decrease) | 38132876<br>| 96518976<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 36778741<br>| 176306712<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 683721199 | 507414487<br>|
| &nbsp;&nbsp;End of period | $720499940 | $683721199 |

---

**Financial Highlights** 

**Fidelity Advisor® Financials Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.78 | $32.88 | $25.84 | $26.31 | $28.41 | $18.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .47  | .51  | .51  | .44  | .42  |
| Net realized and unrealized gain (loss)  | 2.33  | 6.11  | 7.17  | .50  | (1.32)  | 10.55  |
| Total from investment operations  | 2.56  | 6.58  | 7.68  | 1.01  | (.88)  | 10.97  |
| Distributions from net investment income  | (.51)  | (.44)  | (.64)  | (.45)  | (.43)  | (.45)  |
| Distributions from net realized gain  | (2.10)  | (1.25)  | -  | (1.03)  | (.80)  | (.11)  |
| Total distributions  | (2.61)  | (1.68) C | (.64)  | (1.48)  | (1.22) C | (.56)  |
| Net asset value, end of period  | $37.73 | $37.78 | $32.88 | $25.84 | $26.31 | $28.41 |
| **Total Return** D,E,F | 6.75% <br>| 20.42%  | 30.18%  | 4.17%  | (3.40)%  | 61.84%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .99% I | 1.00%  | 1.03%  | 1.05%  | 1.03%  | 1.07%  |
| Expenses net of fee waivers, if any  | .99% I<br>| 1.00%  | 1.03%  | 1.04%  | 1.03%  | 1.07%  |
| Expenses net of all reductions, if any  | .99% I | 1.00%  | 1.03%  | 1.04%  | 1.03%  | 1.06%  |
| Net investment income (loss)  | 1.18% I | 1.34%  | 1.83%  | 2.02%  | 1.55%  | 1.76%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $268484 | $262934 | $203328 | $169271 | $189413 | $181251 |
| Portfolio turnover rate J | 32% I<br>| 49%  | 44% K | 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 for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*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.*

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*Annualized.*

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® Financials Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.22 | $32.43 | $25.49 | $25.98 | $28.08 | $17.79 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .38  | .44  | .44  | .37  | .36  |
| Net realized and unrealized gain (loss)  | 2.31  | 6.02  | 7.07  | .49  | (1.31)  | 10.44  |
| Total from investment operations  | 2.48  | 6.40  | 7.51  | .93  | (.94)  | 10.80  |
| Distributions from net investment income  | (.43)  | (.36)  | (.57)  | (.39)  | (.37)  | (.39)  |
| Distributions from net realized gain  | (2.10)  | (1.25)  | -  | (1.03)  | (.80)  | (.11)  |
| Total distributions  | (2.53)  | (1.61)  | (.57)  | (1.42)  | (1.16) C | (.51) C |
| Net asset value, end of period  | $37.17 | $37.22 | $32.43 | $25.49 | $25.98 | $28.08 |
| **Total Return** D,E,F | 6.62% <br>| 20.10%  | 29.90%  | 3.88%  | (3.63)%  | 61.48%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.24% I | 1.24%  | 1.27%  | 1.29%  | 1.28%  | 1.32%  |
| Expenses net of fee waivers, if any  | 1.24% I<br>| 1.24%  | 1.27%  | 1.28%  | 1.28%  | 1.32%  |
| Expenses net of all reductions, if any  | 1.24% I | 1.24%  | 1.27%  | 1.28%  | 1.28%  | 1.31%  |
| Net investment income (loss)  | .93% I | 1.10%  | 1.60%  | 1.78%  | 1.30%  | 1.51%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $95277 | $90287 | $76611 | $64588 | $69176 | $60508 |
| Portfolio turnover rate J | 32% I<br>| 49%  | 44% K | 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 for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*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.*

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*Annualized.*

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® Financials Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $34.80 | $30.43 | $23.92 | $24.44 | $26.48 | $16.80 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .19  | .28  | .30  | .21  | .22  |
| Net realized and unrealized gain (loss)  | 2.14  | 5.64  | 6.64  | .46  | (1.23)  | 9.85  |
| Total from investment operations  | 2.22  | 5.83  | 6.92  | .76  | (1.02)  | 10.07  |
| Distributions from net investment income  | (.21)  | (.22)  | (.41)  | (.25)  | (.23)  | (.28)  |
| Distributions from net realized gain  | (2.10)  | (1.25)  | -  | (1.03)  | (.80)  | (.11)  |
| Total distributions  | (2.31)  | (1.46) C | (.41)  | (1.28)  | (1.02) C | (.39)  |
| Net asset value, end of period  | $34.71 | $34.80 | $30.43 | $23.92 | $24.44 | $26.48 |
| **Total Return** D,E,F | 6.35% <br>| 19.53%  | 29.23%  | 3.38%  | (4.13)%  | 60.62%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.74% I | 1.75%  | 1.78%  | 1.79%  | 1.79%  | 1.83%  |
| Expenses net of fee waivers, if any  | 1.74% I<br>| 1.75%  | 1.77%  | 1.79%  | 1.78%  | 1.82%  |
| Expenses net of all reductions, if any  | 1.74% I | 1.75%  | 1.77%  | 1.79%  | 1.78%  | 1.82%  |
| Net investment income (loss)  | .43% I | .59%  | 1.09%  | 1.27%  | .80%  | 1.00%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $33469 | $36181 | $36108 | $41339 | $58177 | $57856 |
| Portfolio turnover rate J | 32% I<br>| 49%  | 44% K | 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 for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*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.*

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*Annualized.*

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® Financials Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.23 | $34.10 | $26.77 | $27.20 | $29.32 | $18.55 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .59  | .61  | .60  | .54  | .52  |
| Net realized and unrealized gain (loss)  | 2.43  | 6.34  | 7.43  | .52  | (1.37)  | 10.86  |
| Total from investment operations  | 2.72  | 6.93  | 8.04  | 1.12  | (.83)  | 11.38  |
| Distributions from net investment income  | (.62)  | (.55)  | (.71)  | (.53)  | (.50)  | (.50)  |
| Distributions from net realized gain  | (2.10)  | (1.25)  | -  | (1.03)  | (.80)  | (.11)  |
| Total distributions  | (2.72)  | (1.80)  | (.71)  | (1.55) C | (1.29) C | (.61)  |
| Net asset value, end of period  | $39.23 | $39.23 | $34.10 | $26.77 | $27.20 | $29.32 |
| **Total Return** D,E | 6.90% <br>| 20.75%  | 30.52%  | 4.47%  | (3.13)%  | 62.31%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .73% H | .72%  | .76%  | .77%  | .76%  | .79%  |
| Expenses net of fee waivers, if any  | .73% H<br>| .72%  | .75%  | .77%  | .76%  | .79%  |
| Expenses net of all reductions, if any  | .73% H | .72%  | .75%  | .77%  | .76%  | .78%  |
| Net investment income (loss)  | 1.45% H | 1.62%  | 2.11%  | 2.29%  | 1.82%  | 2.04%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $225945 | $212456 | $124435 | $110244 | $131118 | $118424 |
| Portfolio turnover rate I | 32% H<br>| 49%  | 44% J | 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 for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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*Annualized.*

I*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.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Financials Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.21 | $34.07 | $26.71 | $27.16 | $29.28 | $18.53 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .64  | .63  | .63  | .57  | .54  |
| Net realized and unrealized gain (loss)  | 2.43  | 6.33  | 7.44  | .51  | (1.37)  | 10.86  |
| Total from investment operations  | 2.74  | 6.97  | 8.07  | 1.14  | (.80)  | 11.40  |
| Distributions from net investment income  | (.68)  | (.58)  | (.71)  | (.57)  | (.53)  | (.54)  |
| Distributions from net realized gain  | (2.10)  | (1.25)  | -  | (1.03)  | (.80)  | (.11)  |
| Total distributions  | (2.78)  | (1.83)  | (.71)  | (1.59) C | (1.32) C | (.65)  |
| Net asset value, end of period  | $39.17 | $39.21 | $34.07 | $26.71 | $27.16 | $29.28 |
| **Total Return** D,E | 6.96% <br>| 20.89%  | 30.73%  | 4.58%  | (3.03)%  | 62.53%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .60% H | .59%  | .63%  | .64%  | .64%  | .66%  |
| Expenses net of fee waivers, if any  | .60% H<br>| .59%  | .62%  | .64%  | .63%  | .66%  |
| Expenses net of all reductions, if any  | .60% H | .59%  | .62%  | .64%  | .63%  | .65%  |
| Net investment income (loss)  | 1.58% H | 1.75%  | 2.24%  | 2.42%  | 1.95%  | 2.17%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $97326 | $81864 | $66932 | $87819 | $63009 | $49214 |
| Portfolio turnover rate I | 32% H<br>| 49%  | 44% J | 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 for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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*Annualized.*

I*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.*

J*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 (Semi-Annual Report)**

**Fidelity Advisor® Health Care Fund**

**Consolidated Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.6%** | &nbsp;&nbsp;**Common Stocks - 97.6%** | &nbsp;&nbsp;**Common Stocks - 97.6%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 2.6%  |  |  |
| Health Care - 2.6% |  |  |
| Pharmaceuticals - 2.6% |  |  |
| UCB SA  | 280000 | 84766749 |
| CANADA - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.9% |  |  |
| Xenon Pharmaceuticals Inc (b) | 690000 | 28296900 |
| DENMARK - 2.6%  |  |  |
| Health Care - 2.6% |  |  |
| Biotechnology - 2.6% |  |  |
| Ascendis Pharma A/S ADR (b) | 370000 | 83657000 |
| Galecto Inc (b) | 50000 | 1311750 |
| TOTAL DENMARK |  | 84968750 |
| GERMANY - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.8% |  |  |
| BioNTech SE ADR (b)(c) | 208000 | 23660000 |
| Tubulis GmbH (d)(e)(f) | 6800 | 2447937 |
| TOTAL GERMANY |  | 26107937 |
| NETHERLANDS - 3.8%  |  |  |
| Health Care - 3.8% |  |  |
| Biotechnology - 3.4% |  |  |
| Argenx SE ADR (b) | 109000 | 91614500 |
| Newamsterdam Pharma Co NV (b) | 350000 | 10892000 |
| uniQure NV (b) | 350000 | 7952000 |
|  |  | 110458500 |
| Pharmaceuticals - 0.4% |  |  |
| Pharvaris NV (b) | 500000 | 13525000 |
| TOTAL NETHERLANDS |  | 123983500 |
| UNITED KINGDOM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Immunocore Holdings PLC ADR (b)(c) | 260000 | 8463000 |
| UNITED STATES - 86.6%  |  |  |
| Health Care - 86.6% |  |  |
| Biotechnology - 27.6% |  |  |
| AbbVie Inc  | 440000 | 98124401 |
| Acumen Pharmaceuticals Inc (b) | 700000 | 1820000 |
| Alnylam Pharmaceuticals Inc (b) | 167000 | 56456020 |
| Annexon Inc (b) | 750000 | 4680000 |
| Apogee Therapeutics Inc (b) | 49416 | 3237242 |
| BeOne Medicines Ltd ADR (b) | 48000 | 16338240 |
| Biogen Inc (b) | 40000 | 7195600 |
| Caris Life Sciences Inc (b) | 1420000 | 32887200 |
| Centessa Pharmaceuticals PLC ADR (b) | 850000 | 20884500 |
| CG oncology Inc (b) | 428000 | 22277400 |
| Cogent Biosciences Inc (b) | 1360000 | 48837600 |
| Cytokinetics Inc (b) | 308000 | 19462520 |
| CytomX Therapeutics Inc (b) | 1750000 | 9957500 |
| Disc Medicine Inc (b) | 365000 | 28221800 |
| Gilead Sciences Inc  | 400000 | 56780000 |
| Immunome Inc (b) | 24571 | 604938 |
| Insmed Inc (b) | 250000 | 39217500 |
| Jade Biosciences Inc  | 280000 | 4370800 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 288813 | 12684667 |
| Kymera Therapeutics Inc (b) | 56700 | 4121523 |
| Legend Biotech Corp ADR (b) | 2054484 | 35953470 |
| Mineralys Therapeutics Inc (b) | 540000 | 16680600 |
| Moderna Inc (b)(c) | 1020000 | 44951400 |
| Nuvalent Inc Class A (b) | 400000 | 41156000 |
| Olema Pharmaceuticals Inc (b) | 670000 | 17232400 |
| Oruka Therapeutics Inc (b)(c) | 600000 | 20538000 |
| Oruka Therapeutics Inc (b)(d) | 21901 | 749671 |
| Praxis Precision Medicines Inc (b) | 82000 | 25748000 |
| Revolution Medicines Inc (b) | 50000 | 4847500 |
| Roivant Sciences Ltd (b) | 500000 | 10810000 |
| Scholar Rock Holding Corp (b) | 71835 | 3185164 |
| Soleno Therapeutics Inc (b) | 210000 | 8097600 |
| Spyre Therapeutics Inc (b)(c) | 470351 | 15041825 |
| Stoke Therapeutics Inc (b) | 385000 | 11680900 |
| Summit Therapeutics Inc (b)(c) | 500000 | 7240000 |
| Travere Therapeutics Inc (b) | 285000 | 8860650 |
| Upstream Bio Inc (b) | 400000 | 12432000 |
| Vaxcyte Inc (b) | 560000 | 29999200 |
| Veracyte Inc (b) | 520000 | 19801600 |
| Viking Therapeutics Inc (b)(c) | 350000 | 10164000 |
| Viridian Therapeutics Inc (b) | 1500000 | 49500000 |
| Zenas Biopharma Inc (b) | 500000 | 9185000 |
| Zenas Biopharma Inc (d) | 122099 | 2242959 |
|  |  | 894257390 |
| Health Care Equipment & Supplies - 17.3% |  |  |
| Boston Scientific Corp (b) | 2480000 | 231954401 |
| Edwards Lifesciences Corp (b) | 828000 | 67366080 |
| Insulet Corp (b) | 174000 | 44510940 |
| Intuitive Surgical Inc (b) | 52800 | 26622816 |
| Kestra Medical Technologies Ltd  | 450000 | 11101500 |
| Masimo Corp (b) | 500000 | 68665000 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(d)(f) | 9982 | 126771 |
| Medline Inc Class A  | 560000 | 24752000 |
| Outset Medical Inc (b) | 800000 | 4008000 |
| Penumbra Inc (b) | 128000 | 45845760 |
| PROCEPT BioRobotics Corp (b)(c) | 50000 | 1448000 |
| Saluda Medical Inc (d)(g) | 215913 | 1856835 |
| Saluda Medical Inc depository receipt  | 966580 | 831251 |
| Shoulder Innovations Inc (h) | 256192 | 3627679 |
| Shoulder Innovations Inc (c) | 54500 | 771720 |
| Stryker Corp  | 80000 | 29564800 |
|  |  | 563053553 |
| Health Care Providers & Services - 9.5% |  |  |
| Alignment Healthcare Inc (b) | 1120000 | 25233600 |
| Astrana Health Inc (b) | 148180 | 3369613 |
| BrightSpring Health Services Inc (b) | 1080000 | 42411600 |
| Cigna Group/The  | 60000 | 16446600 |
| CVS Health Corp  | 950000 | 70794000 |
| Guardant Health Inc (b) | 69000 | 7868760 |
| LifeStance Health Group Inc (b) | 2080000 | 14705600 |
| McKesson Corp  | 42500 | 35326425 |
| Omada Health Inc  | 450000 | 6727500 |
| Privia Health Group Inc (b) | 1180000 | 27399600 |
| Surgery Partners Inc (b) | 500000 | 7430000 |
| UnitedHealth Group Inc  | 176000 | 50499680 |
|  |  | 308212978 |
| Health Care Technology - 3.3% |  |  |
| HeartFlow Inc (g) | 371723 | 11103366 |
| Veeva Systems Inc Class A (b) | 308000 | 62807360 |
| Waystar Holding Corp (b) | 1280000 | 33996800 |
|  |  | 107907526 |
| Life Sciences Tools & Services - 11.0% |  |  |
| 10X Genomics Inc Class A (b) | 1000000 | 20200000 |
| Danaher Corp  | 928000 | 203129920 |
| IQVIA Holdings Inc (b) | 186000 | 42807900 |
| Repligen Corp (b) | 200000 | 29874000 |
| Thermo Fisher Scientific Inc  | 108000 | 62489880 |
|  |  | 358501700 |
| Pharmaceuticals - 17.9% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 715000 | 10217350 |
| Axsome Therapeutics Inc (b) | 60000 | 11055000 |
| Contineum Therapeutics Inc Class A (b)(c) | 280000 | 3992800 |
| Crinetics Pharmaceuticals Inc (b) | 690000 | 34458600 |
| Eli Lilly & Co  | 200000 | 207430000 |
| Enliven Therapeutics Inc (b)(c) | 670000 | 17721500 |
| Johnson & Johnson  | 515000 | 117033750 |
| Merck & Co Inc  | 460000 | 50724200 |
| Ocular Therapeutix Inc (b) | 224148 | 2048713 |
| Rapport Therapeutics Inc (b) | 168000 | 4470480 |
| Roche Holding AG non-voting shares  | 75000 | 34105494 |
| Royalty Pharma PLC Class A  | 760000 | 31676800 |
| Structure Therapeutics Inc ADR (b) | 350000 | 30957500 |
| Trevi Therapeutics Inc (b) | 500000 | 5235000 |
| WaVe Life Sciences Ltd (b) | 1550000 | 20057000 |
|  |  | 581184187 |
| TOTAL UNITED STATES |  | 2813117334 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,973,987,791) |  | <br> **3169704170** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Kardium Inc/US 10% 12/31/2026 (d)(f) | 2488028 | 2865710 |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 0% 12/31/2199 (d)(f)(i) | 1433586 | 1518454 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 10% 2/28/2027 (d)(f) | 1101674 | 1439557 |
| TOTAL UNITED STATES |  | 5823721 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $5,635,069) |  | <br> **5823721** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (b)(d)(f) | 205024 | 1631991 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Galecto Inc Series C  | 100 | 2623500 |
| ISRAEL - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| InSightec Ltd Series G (b)(d)(f) | 7391153 | 5617276 |
| UNITED STATES - 1.7%  |  |  |
| Health Care - 1.6% |  |  |
| Biotechnology - 0.8% |  |  |
| Asimov Inc Series B (b)(d)(f) | 67547 | 1914957 |
| Cleerly Inc Series C (b)(d)(f) | 882089 | 11034934 |
| Element Biosciences Inc Series C (b)(d)(f) | 376690 | 2840243 |
| Element Biosciences Inc Series D (b)(d)(f) | 246623 | 1146797 |
| Element Biosciences Inc Series D1 (b)(d)(f) | 246623 | 1146797 |
| ElevateBio LLC Series C (b)(d)(f) | 163300 | 331499 |
| Endeavor BioMedicines Inc Series C (b)(d)(f) | 863746 | 5631624 |
| Parabilis Medicines Inc Series F (d)(f) | 456500 | 2812040 |
|  |  | 26858891 |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Kardium Inc/US Series D-7 (f) | 9890038 | 5637322 |
| Kardium Inc/US Series D-7 (d)(f) | 2164613 | 1233829 |
| Kardium Inc/US Series D-7 (f) | 450354 | 256702 |
| Medical Microinstruments Inc/Italy Series C (b)(d)(f) | 199633 | 6675727 |
|  |  | 13803580 |
| Health Care Providers & Services - 0.0% |  |  |
| Thriveworks Topco LLC Class B (b)(d)(e)(f) | 327591 | 835357 |
| Health Care Technology - 0.3% |  |  |
| Aledade Inc Series B1 (b)(d)(f) | 130618 | 4000830 |
| Aledade Inc Series E1 (b)(d)(f) | 46526 | 1425091 |
| Candid Therapeutics Series B (b)(d)(f) | 1956465 | 2367323 |
| Wugen Inc Series B (b)(d)(f) | 300054 | 477085 |
|  |  | 8270329 |
| Pharmaceuticals - 0.1% |  |  |
| Galvanize Therapeutics Series B (b)(d)(f) | 2552870 | 1838067 |
| Galvanize Therapeutics Series C-1 (d)(f) | 3668545 | 1650845 |
|  |  | 3488912 |
| TOTAL HEALTH CARE |  | 53257069 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Manus Bio Inc Series One-6 (d)(f) | 695694 | 2309704 |
| TOTAL UNITED STATES |  | 55566773 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $94,749,229) |  | <br> **65439540** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.4%** | &nbsp;&nbsp;**Money Market Funds - 3.4%** | &nbsp;&nbsp;**Money Market Funds - 3.4%** | &nbsp;&nbsp;**Money Market Funds - 3.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 3.70 | 8278814 | 8280469 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 3.70 | 103215684 | 103226006 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $111,506,475) |  |  | **111506475** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.2%**<br> (Cost $2,185,878,564)<br>| <br>**3352473906** |
| **NET OTHER ASSETS (LIABILITIES) - (3.2)%**  | **(104284046)** |
| **NET ASSETS - 100.0%** | **3248189860** |

---

**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 $67,721,973 or 2.1% of net assets.

(e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(f) Level 3 security.

(g) 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 $12,960,201 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(h) 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 $3,627,679 or 0.1% of net assets.

(i) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(k) 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 | 5/7/2021 | 5001455 |
| Aledade Inc Series E1 | 5/20/2022 | 2317664 |
| Asimov Inc Series B | 10/29/2021 | 6260303 |
| Candid Therapeutics Series B | 8/27/2024 | 2347758 |
| Cleerly Inc Series C | 7/8/2022 | 10391538 |
| dMed Biopharmaceutical Co Ltd Series C | 12/1/2020 | 2911986 |
| Element Biosciences Inc Series C | 6/21/2021 | 7743504 |
| Element Biosciences Inc Series D | 6/28/2024 | 1934338 |
| Element Biosciences Inc Series D1 | 6/28/2024 | 1934338 |
| ElevateBio LLC Series C | 3/9/2021 | 685044 |
| Endeavor BioMedicines Inc Series C | 4/22/2024 | 5635597 |
| Galvanize Therapeutics 10% 2/28/2027 | 7/7/2025 | 1407608 |
| Galvanize Therapeutics Series B | 3/29/2022 | 4419746 |
| Galvanize Therapeutics Series C-1 | 7/7/2025 | 1614159 |
| InSightec Ltd Series G | 6/17/2024 | 6561866 |
| Kardium Inc/US 10% 12/31/2026 | 5/31/2024 - 12/31/2025 | 2793875 |
| Kardium Inc/US Series D-7 | 8/6/2024 | 1050768 |
| Manus Bio Inc Series One-6 | 3/30/2021 | 7297323 |
| Medical Microinstruments Inc/Italy Series C | 2/16/2024 | 6654507 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/2024 | 0 |
| Oruka Therapeutics Inc | 9/17/2025 | 328515 |
| Parabilis Medicines Inc Series F | 1/6/2026 | 2814049 |
| Saluda Medical Inc | 3/12/2023 - 10/30/2025 | 8443455 |
| Thriveworks Topco LLC Class B | 7/23/2021 - 2/25/2022 | 9402913 |
| Tubulis GmbH | 12/11/2025 | 2425399 |
| Wugen Inc 0% 12/31/2199 | 6/14/2024 | 1433586 |
| Wugen Inc Series B | 7/9/2021 | 2326889 |
| Zenas Biopharma Inc | 10/8/2025 | 2319881 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| HeartFlow Inc | 2/4/2026 |
| Saluda Medical Inc | 3/31/2027 |

---

**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 | 8128816 | 277321641 | 277167777 | 181373 | (2211) | - | 8280469 | 8278814 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 114148438 | 419026997 | 429949754 | 207121 | 325 | - | 103226006 | 103215684 | 0.3% |
| Total | 122277254 | 696348638 | 707117531 | 388494 | (1886) | - | 111506475 |  |  |

---

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 January 31, 2026, 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 | 3169704170 | 3133023968 | 34105494 | 2574708 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 5823721 | - | - | 5823721 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 63129836 | 2623500 | - | 60506336 |
| Materials | 2309704 | - | - | 2309704 |
|  **Money Market Funds** | 111506475 | 111506475 | - | - |
| **Total Investments in Securities:** | 3352473906 | 3247153943 | 34105494 | 71214469 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)** |
| **Common Stocks** | 121181 | - | 28128 | 2425399 | - | - | - | - | 2574708 | 28128 |
| **Convertible Preferred Stocks** | 58911122 | - | 2927795 | 8408296 | (7431173) | - | - | - | 62816040 | 1757139 |
| **Convertible Corporate Bonds** | 5307608 | - | (344562) | 2793875 | (1933200) | - | - | - | 5823721 | (84160) |
| **Preferred Securities** | 15577027 | - | (2788195) | - | (12788832) | - | - | - | - | - |
| <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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $105,192,948) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,074,372,089) | $3240967431 |  |
| Fidelity Central Funds (cost $111,506,475) | 111506475 |  |
| Total Investment in Securities (cost $2,185,878,564) |  | $3352473906 |
| Cash |  | 1274 |
| Foreign currency held at value (cost $11) |  | 11 |
| Receivable for investments sold |  | 4671931 |
| Receivable for fund shares sold |  | 850457 |
| Dividends receivable |  | 2683151 |
| Interest receivable |  | 254955 |
| Distributions receivable from Fidelity Central Funds |  | 37226 |
| Prepaid expenses |  | 2249 |
| **Total assets** |  | 3360975160 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4561550 |  |
| Payable for fund shares redeemed | 2664029 |  |
| Accrued management fee | 1793647 |  |
| Distribution and service plan fees payable | 503964 |  |
| Other payables and accrued expenses | 38307 |  |
| Collateral on securities loaned | 103223803 |  |
| **Total liabilities** |  | 112785300 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $3248189860 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1791924969 |
| Total accumulated earnings (loss) |  | 1456264891 |
| **Net Assets** |  | $3248189860 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($1,223,931,209 ÷ 21,765,084 shares)(a) |  | $56.23 |
| Maximum offering price per share (100/94.25 of $56.23) |  | $59.66 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($256,391,339 ÷ 5,158,174 shares)(a) |  | $49.71 |
| Maximum offering price per share (100/96.50 of $49.71) |  | $51.51 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($154,427,886 ÷ 4,189,324 shares)(a) |  | $36.86 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,269,293,759 ÷ 19,633,838 shares) |  | $64.65 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($344,145,667 ÷ 5,285,966 shares) |  | $65.11 |
| *(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** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $7351454 |
| Interest  |  | 43545 |
| Income from Fidelity Central Funds (including $207,121 from security lending)  |  | 388494 |
| **Total income** |  | 7783493 |
| **Expenses** |  |  |
| Management fee | $10700817 |  |
| Distribution and service plan fees | 2975301 |  |
| Custodian fees and expenses | 38451 |  |
| Independent trustees' fees and expenses | 6927 |  |
| Registration fees | 80960 |  |
| Audit fees | 26276 |  |
| Legal | 2067 |  |
| Interest | 21706 |  |
| Miscellaneous | 5473 |  |
| **Total expenses** |  | 13857978 |
| **Net Investment income (loss)** |  | (6074485) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 451775766 |  |
| Fidelity Central Funds | (1886) |  |
| Foreign currency transactions | 42160 |  |
| Total net realized gain (loss) |  | 451816040 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 144181190 |  |
| Assets and liabilities in foreign currencies | 27995 |  |
| Total change in net unrealized appreciation (depreciation) |  | 144209185 |
| **Net gain (loss)** |  | 596025225 |
| **Net increase (decrease) in net assets resulting from operations** |  | $589950740 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(6074485) | $(9939358) |
| &nbsp;&nbsp;Net realized gain (loss) | 451816040<br>| 472603279<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 144209185 | (694952032)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 589950740<br>| (232288111)<br>|
| Distributions to shareholders | (384253742)<br>| (441537070)<br>|
| Share transactions - net increase (decrease) | (180079926)<br>| (719185180)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 25617072<br>| (1393010361)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3222572788 | 4615583149<br>|
| &nbsp;&nbsp;End of period | $3248189860 | $3222572788 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Health Care Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $53.21 | $63.72 | $59.73 | $57.59 | $69.58 | $61.07 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.13)  | (.20)  | (.19)  | (.24)  | (.26)  | (.26)  |
| Net realized and unrealized gain (loss)  | 10.61  | (3.45)  | 4.18  | 2.38  | (7.58)  | 12.55  |
| Total from investment operations  | 10.48  | (3.65)  | 3.99  | 2.14  | (7.84)  | 12.29  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.16)  |
| Distributions from net realized gain  | (7.46)  | (6.86)  | -  | -  | (4.15)  | (3.62)  |
| Total distributions  | (7.46)  | (6.86)  | -  | -  | (4.15)  | (3.78)  |
| Net asset value, end of period  | $56.23 | $53.21 | $63.72 | $59.73 | $57.59 | $69.58 |
| **Total Return** C,D,E | 19.52% <br>| (6.40)%  | 6.68%  | 3.72%  | (11.90)%  | 20.70%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .92% H | .93%  | .97%  | .98%  | .97%  | .98%  |
| Expenses net of fee waivers, if any  | .92% H<br>| .93%  | .96%  | .97%  | .97%  | .98%  |
| Expenses net of all reductions, if any  | .92% H | .93%  | .96%  | .97%  | .97%  | .98%  |
| Net investment income (loss)  | (.45)% H | (.34)%  | (.32)%  | (.42)%  | (.42)%  | (.39)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1223931 | $1131992 | $1437683 | $1535212 | $1488238 | $1735235 |
| Portfolio turnover rate I | 59% H<br>| 52%  | 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 for periods of less than one year are not annualized.*

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 Consolidated 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*Annualized.*

I*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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $47.81 | $58.09 | $54.58 | $52.76 | $64.25 | $56.62 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.18)  | (.32)  | (.31)  | (.36)  | (.38)  | (.39)  |
| Net realized and unrealized gain (loss)  | 9.54  | (3.10)  | 3.82  | 2.18  | (6.96)  | 11.61  |
| Total from investment operations  | 9.36  | (3.42)  | 3.51  | 1.82  | (7.34)  | 11.22  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.02)  |
| Distributions from net realized gain  | (7.46)  | (6.86)  | -  | -  | (4.15)  | (3.57)  |
| Total distributions  | (7.46)  | (6.86)  | -  | -  | (4.15)  | (3.59)  |
| Net asset value, end of period  | $49.71 | $47.81 | $58.09 | $54.58 | $52.76 | $64.25 |
| **Total Return** C,D,E | 19.39% <br>| (6.64)%  | 6.43%  | 3.45%  | (12.12)%  | 20.39%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.17% H | 1.18%  | 1.22%  | 1.23%  | 1.22%  | 1.23%  |
| Expenses net of fee waivers, if any  | 1.17% H<br>| 1.18%  | 1.22%  | 1.23%  | 1.22%  | 1.23%  |
| Expenses net of all reductions, if any  | 1.17% H | 1.18%  | 1.22%  | 1.23%  | 1.22%  | 1.23%  |
| Net investment income (loss)  | (.70)% H | (.59)%  | (.57)%  | (.67)%  | (.67)%  | (.65)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $256391 | $237800 | $301382 | $315963 | $330452 | $402175 |
| Portfolio turnover rate I | 59% H<br>| 52%  | 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 for periods of less than one year are not annualized.*

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 Consolidated 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*Annualized.*

I*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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.14 | $46.87 | $44.26 | $43.00 | $53.40 | $47.63 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.24)  | (.46)  | (.46)  | (.51)  | (.55)  | (.58)  |
| Net realized and unrealized gain (loss)  | 7.42  | (2.41)  | 3.07  | 1.77  | (5.70)  | 9.71  |
| Total from investment operations  | 7.18  | (2.87)  | 2.61  | 1.26  | (6.25)  | 9.13  |
| Distributions from net realized gain  | (7.46)  | (6.86)  | -  | -  | (4.15)  | (3.36)  |
| Total distributions  | (7.46)  | (6.86)  | -  | -  | (4.15)  | (3.36)  |
| Net asset value, end of period  | $36.86 | $37.14 | $46.87 | $44.26 | $43.00 | $53.40 |
| **Total Return** C,D,E | 19.07% <br>| (7.10)%  | 5.90%  | 2.93%  | (12.56)%  | 19.78%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.67% H | 1.68%  | 1.71%  | 1.73%  | 1.72%  | 1.73%  |
| Expenses net of fee waivers, if any  | 1.67% H<br>| 1.68%  | 1.70%  | 1.73%  | 1.72%  | 1.73%  |
| Expenses net of all reductions, if any  | 1.67% H | 1.68%  | 1.70%  | 1.73%  | 1.72%  | 1.73%  |
| Net investment income (loss)  | (1.20)% H | (1.09)%  | (1.06)%  | (1.17)%  | (1.17)%  | (1.15)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $154428 | $163698 | $265779 | $365165 | $501742 | $697626 |
| Portfolio turnover rate I | 59% H<br>| 52%  | 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 for periods of less than one year are not annualized.*

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 Consolidated 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*Annualized.*

I*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>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $60.18 | $71.00 | $66.37 | $63.83 | $76.48 | $66.81 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.07)  | (.06)  | (.04)  | (.10)  | (.11)  | (.10)  |
| Net realized and unrealized gain (loss)  | 12.00  | (3.90)  | 4.67  | 2.64  | (8.39)  | 13.76  |
| Total from investment operations  | 11.93  | (3.96)  | 4.63  | 2.54  | (8.50)  | 13.66  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.30)  |
| Distributions from net realized gain  | (7.46)  | (6.86)  | -  | -  | (4.15)  | (3.69)  |
| Total distributions  | (7.46)  | (6.86)  | -  | -  | (4.15)  | (3.99)  |
| Net asset value, end of period  | $64.65 | $60.18 | $71.00 | $66.37 | $63.83 | $76.48 |
| **Total Return** C,D | 19.68% <br>| (6.17)%  | 6.98%  | 3.98%  | (11.68)%  | 21.01%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .67% G | .68%  | .70%  | .72%  | .71%  | .72%  |
| Expenses net of fee waivers, if any  | .67% G<br>| .68%  | .70%  | .71%  | .71%  | .72%  |
| Expenses net of all reductions, if any  | .67% G | .68%  | .70%  | .71%  | .71%  | .72%  |
| Net investment income (loss)  | (.20)% G | (.09)%  | (.05)%  | (.16)%  | (.16)%  | (.13)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1269294 | $1324127 | $2031441 | $2593539 | $2743740 | $3410787 |
| Portfolio turnover rate H | 59% G<br>| 52%  | 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 for periods of less than one year are not annualized.*

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*Annualized.*

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® Health Care Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $60.52 | $71.29 | $66.56 | $63.93 | $76.55 | $66.88 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | .02  | .06  | (.02)  | (.03)  | (.01)  |
| Net realized and unrealized gain (loss)  | 12.08  | (3.93)  | 4.67  | 2.65  | (8.38)  | 13.77  |
| Total from investment operations  | 12.05  | (3.91)  | 4.73  | 2.63  | (8.41)  | 13.76  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.37)  |
| Distributions from net realized gain  | (7.46)  | (6.86)  | -  | -  | (4.21)  | (3.73)  |
| Total distributions  | (7.46)  | (6.86)  | -  | -  | (4.21)  | (4.09) C |
| Net asset value, end of period  | $65.11 | $60.52 | $71.29 | $66.56 | $63.93 | $76.55 |
| **Total Return** D,E | 19.77% <br>| (6.07)%  | 7.11%  | 4.11%  | (11.56)%  | 21.15%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .55% H | .56%  | .56%  | .59%  | .59%  | .60%  |
| Expenses net of fee waivers, if any  | .55% H<br>| .56%  | .56%  | .59%  | .59%  | .60%  |
| Expenses net of all reductions, if any  | .55% H | .56%  | .56%  | .59%  | .59%  | .59%  |
| Net investment income (loss)  | (.08)% H | .03%  | .08%  | (.03)%  | (.04)%  | (.01)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $344146 | $364956 | $579298 | $862051 | $817321 | $952460 |
| Portfolio turnover rate I | 59% H<br>| 52%  | 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 for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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 Consolidated 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*Annualized.*

I*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 (Semi-Annual Report)**

**Fidelity Advisor® Industrials Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

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>|
| UNITED STATES - 99.4%  |  |  |
| Industrials - 98.8% |  |  |
| Aerospace & Defense - 29.4% |  |  |
| Axon Enterprise Inc (b) | 43100 | 20842298 |
| Beta Technologies Inc Class A (b) | 8400 | 180599 |
| Boeing Co (b) | 497822 | 116350958 |
| GE Aerospace  | 450640 | 138251846 |
| General Dynamics Corp  | 83000 | 29140470 |
| HEICO Corp Class A  | 78600 | 20010774 |
| Howmet Aerospace Inc (a) | 364895 | 75927352 |
| RTX Corp  | 161400 | 32430102 |
| StandardAero Inc (a)(b) | 868330 | 26822714 |
| Textron Inc  | 146000 | 12856759 |
| TransDigm Group Inc  | 27651 | 39472909 |
|  |  | 512286781 |
| Air Freight & Logistics - 1.2% |  |  |
| CH Robinson Worldwide Inc  | 118250 | 23052838 |
| Building Products - 8.1% |  |  |
| Carlisle Cos Inc (a) | 34624 | 11802975 |
| Johnson Controls International plc  | 217957 | 25993552 |
| Simpson Manufacturing Co Inc  | 99259 | 17547006 |
| Trane Technologies PLC  | 201935 | 84929823 |
|  |  | 140273356 |
| Commercial Services & Supplies - 3.6% |  |  |
| Cintas Corp  | 184000 | 35215760 |
| Waste Connections Inc (United States)  | 165800 | 27788080 |
|  |  | 63003840 |
| Construction & Engineering - 4.5% |  |  |
| Comfort Systems USA Inc  | 24702 | 28212154 |
| Quanta Services Inc (a) | 86300 | 40960569 |
| WillScot Holdings Corp  | 422700 | 8466681 |
|  |  | 77639404 |
| Electrical Equipment - 12.3% |  |  |
| Acuity Inc  | 50009 | 15464783 |
| AMETEK Inc  | 141154 | 31615673 |
| Eaton Corp PLC  | 168216 | 59114467 |
| GE Vernova Inc  | 148309 | 107727208 |
|  |  | 213922131 |
| Ground Transportation - 5.9% |  |  |
| CSX Corp  | 134452 | 5076908 |
| Knight-Swift Transportation Holdings Inc  | 370100 | 20392510 |
| Old Dominion Freight Line Inc  | 158200 | 27400240 |
| Uber Technologies Inc (b) | 436700 | 34957835 |
| XPO Inc (b) | 98103 | 14530035 |
|  |  | 102357528 |
| Industrial Conglomerates - 1.8% |  |  |
| 3M Co  | 201200 | 30815792 |
| Machinery - 25.9% |  |  |
| Caterpillar Inc  | 64900 | 42662664 |
| Cummins Inc  | 150237 | 86960180 |
| Deere & Co  | 68400 | 36115200 |
| Dover Corp  | 209681 | 42248625 |
| Ingersoll Rand Inc  | 663807 | 57147145 |
| ITT Inc  | 268309 | 48912731 |
| Parker-Hannifin Corp  | 88113 | 82459670 |
| RBC Bearings Inc (b) | 30400 | 15189967 |
| Westinghouse Air Brake Technologies Corp  | 173800 | 39998332 |
|  |  | 451694514 |
| Professional Services - 2.5% |  |  |
| CACI International Inc (b) | 29874 | 18539207 |
| KBR Inc (a) | 256000 | 10959360 |
| Leidos Holdings Inc  | 71089 | 13384637 |
|  |  | 42883204 |
| Trading Companies & Distributors - 3.6% |  |  |
| Core & Main Inc Class A (b) | 336900 | 17976984 |
| United Rentals Inc  | 31050 | 24282963 |
| WW Grainger Inc  | 18259 | 19718624 |
|  |  | 61978571 |
| TOTAL INDUSTRIALS |  | 1719907959 |
| Information Technology - 0.6% |  |  |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| GPGI Inc (c) | 437290 | 10306925 |
| TOTAL UNITED STATES |  | 1730214884 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,071,227,235) |  | <br> **1730214884** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 3.70 | 7191169 | 7192607 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 3.70 | 9935837 | 9936831 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $17,129,438) |  |  | **17129438** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $1,088,356,673)<br>| <br>**1747344322** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(5817121)** |
| **NET ASSETS - 100.0%** | **1741527201** |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing.

(c) 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 $10,306,925 or 0.6% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(e) 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>|
| GPGI Inc | 11/3/2025 | 8089865 |

---

**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 | 9676992 | 113398191 | 116907462 | 151908 | (221) | - | 7192607 | 7191169 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 18794664 | 779729728 | 788586836 | 15039 | (725) | - | 9936831 | 9935837 | 0.0% |
| Total | 28471656 | 893127919 | 905494298 | 166947 | (946) | - | 17129438 |  |  |

---

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.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2026, 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 | 1719907959 | 1719907959 | - | - |
| Information Technology | 10306925 | 10306925 | - | - |
|  **Money Market Funds** | 17129438 | 17129438 | - | - |
| **Total Investments in Securities:** | 1747344322 | 1747344322 | - | - |

---

**Fidelity Advisor® Industrials Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $9,629,199) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,071,227,235) | $1730214884 |  |
| Fidelity Central Funds (cost $17,129,438) | 17129438 |  |
| Total Investment in Securities (cost $1,088,356,673) |  | $1747344322 |
| Receivable for investments sold |  | 2691686 |
| Receivable for fund shares sold |  | 3419681 |
| Dividends receivable |  | 405869 |
| Distributions receivable from Fidelity Central Funds |  | 42809 |
| Prepaid expenses |  | 525 |
| Receivable from investment adviser for expense reductions |  | 258 |
| Other receivables |  | 163357 |
| **Total assets** |  | 1754068507 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1319773 |  |
| Accrued management fee | 934098 |  |
| Distribution and service plan fees payable | 147536 |  |
| Other payables and accrued expenses | 202343 |  |
| Collateral on securities loaned | 9937556 |  |
| **Total liabilities** |  | 12541306 |
| **Net Assets**  |  | $1741527201 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1038561031 |
| Total accumulated earnings (loss) |  | 702966170 |
| **Net Assets** |  | $1741527201 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($387,544,432 ÷ 6,582,572 shares)(a) |  | $58.87 |
| Maximum offering price per share (100/94.25 of $58.87) |  | $62.46 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($87,644,020 ÷ 1,560,098 shares)(a) |  | $56.18 |
| Maximum offering price per share (100/96.50 of $56.18) |  | $58.22 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($36,822,523 ÷ 792,345 shares)(a) |  | $46.47 |
| **Industrials Portfolio :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($866,743,068 ÷ 13,388,265 shares) |  | $64.74 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($285,913,103 ÷ 4,416,589 shares) |  | $64.74 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($76,860,055 ÷ 1,186,701 shares) |  | $64.77 |
| *(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** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $4277352 |
| Income from Fidelity Central Funds (including $15,039 from security lending)  |  | 166947 |
| **Total income** |  | 4444299 |
| **Expenses** |  |  |
| Management fee | $4255464 |  |
| Distribution and service plan fees | 840869 |  |
| Custodian fees and expenses | 13220 |  |
| Independent trustees' fees and expenses | 2589 |  |
| Registration fees | 94558 |  |
| Audit fees | 22788 |  |
| Legal | 655 |  |
| Interest | 2082 |  |
| Miscellaneous | 1869 |  |
| Total expenses before reductions | 5234094 |  |
| Expense reductions | (23427) |  |
| Total expenses after reductions |  | 5210667 |
| **Net Investment income (loss)** |  | (766368) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 38759579 |  |
| Redemptions in-kind | 22130389 |  |
| Fidelity Central Funds | (946) |  |
| Total net realized gain (loss) |  | 60889022 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 86167425 |  |
| Assets and liabilities in foreign currencies | (8) |  |
| Total change in net unrealized appreciation (depreciation) |  | 86167417 |
| **Net gain (loss)** |  | 147056439 |
| **Net increase (decrease) in net assets resulting from operations** |  | $146290071 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(766368) | $(458146) |
| &nbsp;&nbsp;Net realized gain (loss) | 60889022<br>| 26573267<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 86167417 | 129514452<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 146290071<br>| 155629573<br>|
| Distributions to shareholders | (26174041)<br>| (24480680)<br>|
| Share transactions - net increase (decrease) | 814529040<br>| 93722990<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 934645070<br>| 224871883<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 806882131 | 582010248<br>|
| &nbsp;&nbsp;End of period | $1741527201 | $806882131 |

---

**Financial Highlights** 

**Fidelity Advisor® Industrials Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $55.21 | $45.68 | $39.24 | $34.23 | $45.64 | $33.85 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | (.06) C | .01 D | (.05) E | (.14)  | (.17)  |
| Net realized and unrealized gain (loss)  | 4.65  | 11.43  | 9.77  | 6.24  | (2.62)  | 12.20  |
| Total from investment operations  | 4.62  | 11.37  | 9.78  | 6.19  | (2.76)  | 12.03  |
| Distributions from net investment income  | -  | (.08)  | -  | (.02)  | -  | -  |
| Distributions from net realized gain  | (.96)  | (1.76)  | (3.34)  | (1.16)  | (8.65)  | (.24)  |
| Total distributions  | (.96)  | (1.84)  | (3.34)  | (1.18)  | (8.65)  | (.24)  |
| Net asset value, end of period  | $58.87 | $55.21 | $45.68 | $39.24 | $34.23 | $45.64 |
| **Total Return** F,G,H | 8.47% <br>| 25.70%  | 26.64%  | 18.68%  | (7.79)%  | 35.63%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .97% K | .98%  | 1.00%  | 1.03%  | 1.02%  | 1.03%  |
| Expenses net of fee waivers, if any  | .97% K<br>| .98%  | 1.00%  | 1.03%  | 1.01%  | 1.03%  |
| Expenses net of all reductions, if any  | .97% K | .98%  | 1.00%  | 1.03%  | 1.01%  | 1.01%  |
| Net investment income (loss)  | (.11)% K | (.12)% C | .02% D | (.13)% E | (.35)%  | (.40)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $387544 | $355053 | $275457 | $226370 | $214576 | $264130 |
| Portfolio turnover rate L | 41% K,M,N<br>| 29%  | 29% M | 189% M | 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 for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Total returns do not include the effect of the sales charges.*

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*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.*

K*Annualized.*

L*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.*

M*Portfolio turnover rate excludes securities received or delivered in-kind.*

N*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Industrials Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $52.79 | $43.74 | $37.77 | $33.05 | $44.31 | $32.96 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.09)  | (.17) C | (.09) D | (.13) E | (.23)  | (.27)  |
| Net realized and unrealized gain (loss)  | 4.44  | 10.94  | 9.36  | 6.01  | (2.53)  | 11.86  |
| Total from investment operations  | 4.35  | 10.77  | 9.27  | 5.88  | (2.76)  | 11.59  |
| Distributions from net realized gain  | (.96)  | (1.72)  | (3.30)  | (1.16)  | (8.50)  | (.24)  |
| Total distributions  | (.96)  | (1.72)  | (3.30)  | (1.16)  | (8.50)  | (.24)  |
| Net asset value, end of period  | $56.18 | $52.79 | $43.74 | $37.77 | $33.05 | $44.31 |
| **Total Return** F,G,H | 8.35% <br>| 25.40%  | 26.30%  | 18.39%  | (8.03)%  | 35.25%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.22% K | 1.23%  | 1.25%  | 1.29%  | 1.27%  | 1.29%  |
| Expenses net of fee waivers, if any  | 1.22% K<br>| 1.23%  | 1.25%  | 1.28%  | 1.27%  | 1.29%  |
| Expenses net of all reductions, if any  | 1.22% K | 1.23%  | 1.25%  | 1.28%  | 1.27%  | 1.27%  |
| Net investment income (loss)  | (.35)% K | (.37)% C | (.23)% D | (.38)% E | (.60)%  | (.66)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $87644 | $84708 | $67472 | $54175 | $49501 | $56680 |
| Portfolio turnover rate L | 41% K,M,N<br>| 29%  | 29% M | 189% M | 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 for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Total returns do not include the effect of the sales charges.*

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*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.*

K*Annualized.*

L*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.*

M*Portfolio turnover rate excludes securities received or delivered in-kind.*

N*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Industrials Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.94 | $36.87 | $32.48 | $28.72 | $39.46 | $29.52 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.19)  | (.34) C | (.24) D | (.26) E | (.37)  | (.41)  |
| Net realized and unrealized gain (loss)  | 3.68  | 9.13  | 7.93  | 5.18  | (2.19)  | 10.59  |
| Total from investment operations  | 3.49  | 8.79  | 7.69  | 4.92  | (2.56)  | 10.18  |
| Distributions from net realized gain  | (.96)  | (1.72)  | (3.30)  | (1.16)  | (8.18)  | (.24)  |
| Total distributions  | (.96)  | (1.72)  | (3.30)  | (1.16)  | (8.18)  | (.24)  |
| Net asset value, end of period  | $46.47 | $43.94 | $36.87 | $32.48 | $28.72 | $39.46 |
| **Total Return** F,G,H | 8.07% <br>| 24.73%  | 25.68%  | 17.81%  | (8.48)%  | 34.58%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.72% K | 1.74%  | 1.76%  | 1.79%  | 1.77%  | 1.79%  |
| Expenses net of fee waivers, if any  | 1.72% K<br>| 1.74%  | 1.76%  | 1.78%  | 1.77%  | 1.79%  |
| Expenses net of all reductions, if any  | 1.72% K | 1.74%  | 1.76%  | 1.78%  | 1.77%  | 1.77%  |
| Net investment income (loss)  | (.86)% K | (.88)% C | (.74)% D | (.89)% E | (1.10)%  | (1.16)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $36823 | $35336 | $33930 | $33293 | $37417 | $55576 |
| Portfolio turnover rate L | 41% K,M,N<br>| 29%  | 29% M | 189% M | 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 $.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 for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Total returns do not include the effect of the contingent deferred sales charge.*

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*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.*

K*Annualized.*

L*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.*

M*Portfolio turnover rate excludes securities received or delivered in-kind.*

N*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Industrials Portfolio** <br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $60.56 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.05)  |
| Net realized and unrealized gain (loss)  | 5.19  |
| Total from investment operations  | 5.14  |
| Distributions from net realized gain  | (.96)  |
| Total distributions  | (.96)  |
| Net asset value, end of period  | $64.74 |
| **Total Return** D,E | 8.58% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .65% H |
| Expenses net of fee waivers, if any  | .65% H<br>|
| Expenses net of all reductions, if any  | .65% H |
| Net investment income (loss)  | (.24)% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $866743 |
| Portfolio turnover rate I | 41% H,J,K<br>|

---

A*For the period October 9, 2025 (commencement of sale of shares) through January 31, 2026.*

B*Calculated based on average shares outstanding during the period.*

C*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.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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*Annualized.*

I*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.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Industrials Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $60.54 | $49.94 | $42.55 | $36.95 | $48.64 | $35.97 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .08 C | .13 D | .05 E | (.03)  | (.06)  |
| Net realized and unrealized gain (loss)  | 5.11  | 12.53  | 10.65  | 6.77  | (2.84)  | 12.97  |
| Total from investment operations  | 5.16  | 12.61  | 10.78  | 6.82  | (2.87)  | 12.91  |
| Distributions from net investment income  | -  | (.24)  | -  | (.06)  | -  | -  |
| Distributions from net realized gain  | (.96)  | (1.76)  | (3.39)  | (1.16)  | (8.82)  | (.24)  |
| Total distributions  | (.96)  | (2.01) F | (3.39)  | (1.22)  | (8.82)  | (.24)  |
| Net asset value, end of period  | $64.74 | $60.54 | $49.94 | $42.55 | $36.95 | $48.64 |
| **Total Return** G,H | 8.62% <br>| 26.05%  | 26.97%  | 19.02%  | (7.55)%  | 35.98%  |
| **Ratios to Average Net Assets** A,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .71% K | .71%  | .74%  | .76%  | .75%  | .76%  |
| Expenses net of fee waivers, if any  | .71% K<br>| .71%  | .73%  | .76%  | .75%  | .76%  |
| Expenses net of all reductions, if any  | .71% K | .71%  | .73%  | .76%  | .75%  | .74%  |
| Net investment income (loss)  | .16% K | .15% C | .29% D | .14% E | (.08)%  | (.14)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $285913 | $263765 | $157455 | $140764 | $145849 | $248090 |
| Portfolio turnover rate L | 41% K,M,N<br>| 29%  | 29% M | 189% M | 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 $.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 for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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*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.*

K*Annualized.*

L*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.*

M*Portfolio turnover rate excludes securities received or delivered in-kind.*

N*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Industrials Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $60.53 | $49.95 | $42.52 | $36.91 | $48.61 | $35.90 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .14 C | .18 D | .10 E | .02  | - F |
| Net realized and unrealized gain (loss)  | 5.12  | 12.52  | 10.65  | 6.75  | (2.83)  | 12.95  |
| Total from investment operations  | 5.20  | 12.66  | 10.83  | 6.85  | (2.81)  | 12.95  |
| Distributions from net investment income  | -  | (.32)  | -  | (.08)  | -  | -  |
| Distributions from net realized gain  | (.96)  | (1.76)  | (3.40)  | (1.16)  | (8.89)  | (.24)  |
| Total distributions  | (.96)  | (2.08)  | (3.40)  | (1.24)  | (8.89)  | (.24)  |
| Net asset value, end of period  | $64.77 | $60.53 | $49.95 | $42.52 | $36.91 | $48.61 |
| **Total Return** G,H | 8.69% <br>| 26.20%  | 27.12%  | 19.14%  | (7.42)%  | 36.16%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .59% K | .59%  | .61%  | .64%  | .63%  | .64%  |
| Expenses net of fee waivers, if any  | .59% K<br>| .59%  | .61%  | .63%  | .62%  | .64%  |
| Expenses net of all reductions, if any  | .59% K | .59%  | .61%  | .63%  | .62%  | .62%  |
| Net investment income (loss)  | .27% K | .27% C | .41% D | .26% E | .04%  | (.01)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $76860 | $68020 | $47696 | $104120 | $23974 | $50167 |
| Portfolio turnover rate L | 41% K,M,N<br>| 29%  | 29% M | 189% M | 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 for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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*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.*

K*Annualized.*

L*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.*

M*Portfolio turnover rate excludes securities received or delivered in-kind.*

N*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Semiconductors Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 93.3%** | &nbsp;&nbsp;**Common Stocks - 93.3%** | &nbsp;&nbsp;**Common Stocks - 93.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc warrants (b)(c)(d) | 405132 | 417286 |
| ISRAEL - 2.8%  |  |  |
| Information Technology - 2.8% |  |  |
| Semiconductors & Semiconductor Equipment - 2.8% |  |  |
| Nova Ltd (b)(e) | 313732 | 143639059 |
| JAPAN - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Allegro MicroSystems Inc (b) | 2246882 | 82932415 |
| Kioxia Holdings Corp (b) | 205100 | 28307934 |
| TOTAL JAPAN |  | 111240349 |
| NETHERLANDS - 8.2%  |  |  |
| Information Technology - 8.2% |  |  |
| Semiconductors & Semiconductor Equipment - 8.2% |  |  |
| ASML Holding NV depository receipt  | 65248 | 92847904 |
| NXP Semiconductors NV  | 1476910 | 333988427 |
| TOTAL NETHERLANDS |  | 426836331 |
| TAIWAN - 1.7%  |  |  |
| Information Technology - 1.7% |  |  |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| Silicon Motion Technology Corp ADR  | 418400 | 49760312 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 113858 | 37636900 |
| TOTAL TAIWAN |  | 87397212 |
| UNITED STATES - 78.5%  |  |  |
| Information Technology - 78.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Aeva Technologies Inc (b)(e) | 23620 | 301627 |
| Coherent Corp (b) | 173800 | 36876884 |
|  |  | 37178511 |
| Semiconductors & Semiconductor Equipment - 72.4% |  |  |
| Analog Devices Inc  | 182300 | 56673424 |
| Astera Labs Inc (b) | 1094549 | 164860970 |
| Broadcom Inc  | 1668210 | 552677973 |
| Entegris Inc (e) | 247200 | 29186904 |
| GlobalFoundries Inc (b) | 3986075 | 168212365 |
| Impinj Inc (b) | 152359 | 21040778 |
| Lam Research Corp  | 1057341 | 246846830 |
| MACOM Technology Solutions Holdings Inc (b) | 481492 | 105475638 |
| Marvell Technology Inc  | 5091232 | 401800029 |
| Micron Technology Inc  | 595501 | 247061455 |
| Monolithic Power Systems Inc  | 221415 | 248903672 |
| NVIDIA Corp  | 6758036 | 1291663421 |
| ON Semiconductor Corp (b) | 3799519 | 227553193 |
| Synaptics Inc (b) | 140821 | 11619141 |
| Wolfspeed Inc  | 458 | 7172 |
| Wolfspeed Inc (c)(e) | 54700 | 1 |
|  |  | 3773582966 |
| Software - 0.0% |  |  |
| Celestial AI Inc (c)(d) | 3908 | 104813 |
| Technology Hardware, Storage & Peripherals - 5.4% |  |  |
| Sandisk Corp/DE  | 240500 | 138588125 |
| Western Digital Corp  | 581615 | 145537522 |
|  |  | 284125647 |
| TOTAL UNITED STATES |  | 4094991937 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,535,634,747) |  | <br> **4864522174** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (c)(d) | 21300 | 1478646 |
| ISRAEL - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (c)(d) | 199700 | 1577630 |
| Element Labs Inc Series B (c)(d) | 88900 | 780542 |
| TOTAL ISRAEL |  | 2358172 |
| UNITED STATES - 0.7%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (b)(c)(d) | 11132 | 132359 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 1740 | 123035 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 21358 | 1594162 |
| Tenstorrent Holdings Inc Series D2 (b)(c)(d) | 1019 | 73562 |
| TOTAL FINANCIALS |  | 1923118 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (c)(d) | 248000 | 1892240 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Cerebras Systems Inc Series G (c)(d) | 66900 | 5955438 |
| Cerebras Systems Inc Series H (d) | 49500 | 4406272 |
| Frore Systems Inc Series C (b)(c)(d) | 143630 | 3722890 |
| Menlo Microsystems Inc Series C (b)(c)(d) | 79800 | 43890 |
|  |  | 14128490 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Alif Semiconductor Series C (b)(c)(d) | 48363 | 1387534 |
| Alif Semiconductor Series D (c)(d) | 48000 | 1457280 |
| Danger Devices Inc Series B (c)(d) | 1157700 | 1053507 |
| Retym Inc Series C (b)(c)(d) | 55074 | 574422 |
| Retym Inc Series D (b)(c)(d) | 13663 | 150293 |
| SiMa Technologies Inc Series B (b)(c)(d) | 30638 | 201292 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 18145 | 137902 |
|  |  | 4962230 |
| Software - 0.1% |  |  |
| Celestial AI Inc Series A (c)(d) | 24922 | 668408 |
| Celestial AI Inc Series B (c)(d) | 18753 | 502955 |
| Celestial AI Inc Series C1 (c)(d) | 75119 | 2014692 |
| Density Ai Inc (c)(d) | 623100 | 928419 |
| Lyte Ai Inc Series B (b)(c)(d) | 34117 | 358570 |
|  |  | 4473044 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 32553 | 1745492 |
| Lightmatter Inc Series C2 (b)(c)(d) | 5113 | 281828 |
| Lightmatter Inc Series D (b)(c)(d) | 23200 | 1641864 |
|  |  | 3669184 |
| TOTAL INFORMATION TECHNOLOGY |  | 27232948 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 18335 | 569485 |
| TOTAL UNITED STATES |  | 31617791 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $26,395,558) |  | <br> **35454609** |

---

---

| | | |
|:---|:---|:---|
| &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>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc 0% (c)(d)(f) | 2006368 | 1994932 |
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (c)(d) | 52047 | 68130 |
| SiMa Technologies Inc 7.5% 12/31/2027 (c)(d) | 561000 | 666926 |
| TOTAL UNITED STATES |  | 735056 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $2,619,415) |  | <br> **2729988** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 3.70 | 187177260 | 187214695 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.70 | 62842930 | 62849215 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $250,063,910) |  |  | **250063910** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.8%**<br> (Cost $2,814,713,630)<br>| <br>**5152770681** |
| **NET OTHER ASSETS (LIABILITIES) - 1.2%**  | **60772091** |
| **NET ASSETS - 100.0%** | **5213542772** |

---

**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 $38,706,696 or 0.7% of net assets.

(e) Security or a portion of the security is on loan at period end.

(f) Security is perpetual in nature with no stated maturity date.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | 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 | 1/23/2024 | 142053 |
| Alif Semiconductor Series C | 3/8/2022 | 981698 |
| Alif Semiconductor Series D | 4/11/2025 | 1296821 |
| Celestial AI Inc | 2/25/2025 | 57900 |
| Celestial AI Inc Series A | 2/25/2025 | 369237 |
| Celestial AI Inc Series B | 2/25/2025 | 277839 |
| Celestial AI Inc Series C1 | 2/25/2025 | 1309339 |
| Cerebras Systems Inc Series G | 9/19/2025 | 2423948 |
| Cerebras Systems Inc Series H | 1/30/2026 | 4406272 |
| Danger Devices Inc Series B | 3/5/2025 | 1042509 |
| Density Ai Inc | 12/5/2025 | 928410 |
| Diamond Foundry Inc Series C | 3/15/2021 | 440040 |
| Element Labs Inc Series A | 2/11/2025 | 736613 |
| Element Labs Inc Series B | 6/27/2025 | 780444 |
| Empower Semiconductor Inc Series D | 6/27/2025 | 1990398 |
| Frore Systems Inc Series C | 5/10/2024 | 2308192 |
| Lightmatter Inc Series C1 | 5/19/2023 | 535718 |
| Lightmatter Inc Series C2 | 12/18/2023 | 132947 |
| Lightmatter Inc Series D | 10/11/2024 | 1861348 |
| Lyte Ai Inc Series B | 8/13/2024 | 432811 |
| Menlo Microsystems Inc Series C | 2/9/2022 | 105775 |
| Retym Inc Series C | 5/17/2023 - 6/20/2023 | 428575 |
| Retym Inc Series D | 1/29/2025 | 144650 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/8/2024 - 1/5/2026 | 52047 |
| SiMa Technologies Inc 7.5% 12/31/2027 | 7/18/2025 | 561000 |
| SiMa Technologies Inc Series B | 5/10/2021 | 157094 |
| SiMa Technologies Inc Series B1 | 4/25/2022 - 10/17/2022 | 128664 |
| Taalas Inc 0% | 12/23/2025 | 2006368 |
| Taalas Inc Series B | 2/19/2025 | 1169655 |
| Taalas Inc warrants | 12/23/2025 | 405132 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 103509 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 1683575 |
| Tenstorrent Holdings Inc Series D2 | 7/17/2024 | 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 | 126070951 | 1340866052 | 1279733456 | 1584738 | 11148 | - | 187214695 | 187177260 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 46777640 | 1000817904 | 984759618 | 125648 | 13289 | - | 62849215 | 62842930 | 0.2% |
| Total | 172848591 | 2341683956 | 2264493074 | 1710386 | 24437 | - | 250063910 |  |  |

---

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 January 31, 2026, 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 | 4864522174 | 4864000074 | - | 522100 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 1923118 | - | - | 1923118 |
| Industrials | 4250412 | - | - | 4250412 |
| Information Technology | 28711594 | 4406272 | - | 24305322 |
| Materials | 569485 | - | - | 569485 |
|  **Preferred Securities** |  |  |  |  |
| Information Technology | 2729988 | - | - | 2729988 |
|  **Money Market Funds** | 250063910 | 250063910 | - | - |
| **Total Investments in Securities:** | 5152770681 | 5118470256 | - | 34300425 |

---

**Fidelity Advisor® Semiconductors Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $57,173,826) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,564,649,720) | $4902706771 |  |
| Fidelity Central Funds (cost $250,063,910) | 250063910 |  |
| Total Investment in Securities (cost $2,814,713,630) |  | $5152770681 |
| Receivable for investments sold |  | 320318977 |
| Receivable for fund shares sold |  | 6320647 |
| Dividends receivable |  | 24720 |
| Distributions receivable from Fidelity Central Funds |  | 149723 |
| Prepaid expenses |  | 2295 |
| **Total assets** |  | 5479587043 |
| **Liabilities** |  |  |
| Payable to custodian bank | $877 |  |
| Payable for investments purchased  | 196750096 |  |
| Payable for fund shares redeemed | 2881040 |  |
| Accrued management fee | 2687137 |  |
| Distribution and service plan fees payable | 839563 |  |
| Other payables and accrued expenses | 49632 |  |
| Collateral on securities loaned | 62835926 |  |
| **Total liabilities** |  | 266044271 |
| **Net Assets**  |  | $5213542772 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2423412523 |
| Total accumulated earnings (loss) |  | 2790130249 |
| **Net Assets** |  | $5213542772 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($2,127,584,306 ÷ 17,050,073 shares)(a) |  | $124.78 |
| Maximum offering price per share (100/94.25 of $124.78) |  | $132.39 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($338,380,777 ÷ 2,942,456 shares)(a) |  | $115.00 |
| Maximum offering price per share (100/96.50 of $115.00) |  | $119.17 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($345,503,624 ÷ 3,614,946 shares)(a) |  | $95.58 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,905,469,279 ÷ 13,924,859 shares) |  | $136.84 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($496,604,786 ÷ 3,618,560 shares) |  | $137.24 |
| *(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** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $8864261 |
| Income from Fidelity Central Funds (including $125,648 from security lending)  |  | 1710386 |
| **Total income** |  | 10574647 |
| **Expenses** |  |  |
| Management fee | $13952047 |  |
| Distribution and service plan fees | 4382329 |  |
| Custodian fees and expenses | 30977 |  |
| Independent trustees' fees and expenses | 7747 |  |
| Registration fees | 138456 |  |
| Audit fees | 24451 |  |
| Legal | 3429 |  |
| Miscellaneous | 5815 |  |
| **Total expenses** |  | 18545251 |
| **Net Investment income (loss)** |  | (7970604) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 726408913 |  |
| Fidelity Central Funds | 24437 |  |
| Foreign currency transactions | 21785 |  |
| Total net realized gain (loss) |  | 726455135 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 692385026 |  |
| Assets and liabilities in foreign currencies | (6) |  |
| Total change in net unrealized appreciation (depreciation) |  | 692385020 |
| **Net gain (loss)** |  | 1418840155 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1410869551 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(7970604) | $(7739060) |
| &nbsp;&nbsp;Net realized gain (loss) | 726455135<br>| 150091262<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 692385020 | 490424491<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1410869551<br>| 632776693<br>|
| Distributions to shareholders | (297937379)<br>| (193954623)<br>|
| Share transactions - net increase (decrease) | 542766263<br>| 420804956<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1655698435<br>| 859627026<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3557844337 | 2698217311<br>|
| &nbsp;&nbsp;End of period | $5213542772 | $3557844337 |

---

**Financial Highlights** 

**Fidelity Advisor® Semiconductors Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $96.35 | $83.81 | $62.13 | $42.85 | $46.29 | $29.79 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.24)  | (.26)  | (.22)  | (.05)  | (.13)  | (.08)  |
| Net realized and unrealized gain (loss)  | 36.42  | 18.56  | 23.97  | 20.53  | (.83)  | 18.29  |
| Total from investment operations  | 36.18  | 18.30  | 23.75  | 20.48  | (.96)  | 18.21  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.04)  |
| Distributions from net realized gain  | (7.75)  | (5.76)  | (2.07)  | (1.20)  | (2.48)  | (1.67)  |
| Total distributions  | (7.75)  | (5.76)  | (2.07)  | (1.20)  | (2.48)  | (1.71)  |
| Net asset value, end of period  | $124.78 | $96.35 | $83.81 | $62.13 | $42.85 | $46.29 |
| **Total Return** C,D,E | 38.35% <br>| 22.69%  | 39.52%  | 49.31%  | (3.21)%  | 62.45%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .91% H | .94%  | .97%  | 1.01%  | 1.01%  | 1.04%  |
| Expenses net of fee waivers, if any  | .91% H<br>| .94%  | .96%  | 1.00%  | 1.01%  | 1.04%  |
| Expenses net of all reductions, if any  | .91% H | .94%  | .96%  | 1.00%  | 1.01%  | 1.03%  |
| Net investment income (loss)  | (.43)% H | (.32)%  | (.31)%  | (.10)%  | (.27)%  | (.21)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2127584 | $1426841 | $1056998 | $581690 | $319402 | $279755 |
| Portfolio turnover rate I | 110% H<br>| 65%  | 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 for periods of less than one year are not annualized.*

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*Annualized.*

I*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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $89.22 | $78.19 | $58.24 | $40.34 | $43.75 | $28.25 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.35)  | (.43)  | (.37)  | (.15)  | (.23)  | (.17)  |
| Net realized and unrealized gain (loss)  | 33.67  | 17.22  | 22.39  | 19.25  | (.76)  | 17.31  |
| Total from investment operations  | 33.32  | 16.79  | 22.02  | 19.10  | (.99)  | 17.14  |
| Distributions from net realized gain  | (7.54)  | (5.76)  | (2.07)  | (1.20)  | (2.42)  | (1.64)  |
| Total distributions  | (7.54)  | (5.76)  | (2.07)  | (1.20)  | (2.42)  | (1.64)  |
| Net asset value, end of period  | $115.00 | $89.22 | $78.19 | $58.24 | $40.34 | $43.75 |
| **Total Return** C,D,E | 38.18% <br>| 22.38%  | 39.18%  | 48.95%  | (3.43)%  | 61.98%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.16% H | 1.19%  | 1.21%  | 1.25%  | 1.26%  | 1.30%  |
| Expenses net of fee waivers, if any  | 1.16% H<br>| 1.19%  | 1.21%  | 1.25%  | 1.25%  | 1.30%  |
| Expenses net of all reductions, if any  | 1.16% H | 1.19%  | 1.21%  | 1.25%  | 1.25%  | 1.29%  |
| Net investment income (loss)  | (.68)% H | (.57)%  | (.56)%  | (.35)%  | (.52)%  | (.47)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $338381 | $232410 | $176276 | $94006 | $48499 | $49963 |
| Portfolio turnover rate I | 110% H<br>| 65%  | 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 for periods of less than one year are not annualized.*

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*Annualized.*

I*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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $75.02 | $66.90 | $50.38 | $35.24 | $38.59 | $25.18 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.51)  | (.69)  | (.60)  | (.31)  | (.40)  | (.31)  |
| Net realized and unrealized gain (loss)  | 28.20  | 14.57  | 19.19  | 16.65  | (.61)  | 15.35  |
| Total from investment operations  | 27.69  | 13.88  | 18.59  | 16.34  | (1.01)  | 15.04  |
| Distributions from net realized gain  | (7.13)  | (5.76)  | (2.07)  | (1.20)  | (2.34)  | (1.63)  |
| Total distributions  | (7.13)  | (5.76)  | (2.07)  | (1.20)  | (2.34)  | (1.63)  |
| Net asset value, end of period  | $95.58 | $75.02 | $66.90 | $50.38 | $35.24 | $38.59 |
| **Total Return** C,D,E | 37.84% <br>| 21.78%  | 38.46%  | 48.18%  | (3.93)%  | 61.17%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.66% H | 1.69%  | 1.72%  | 1.76%  | 1.76%  | 1.79%  |
| Expenses net of fee waivers, if any  | 1.66% H<br>| 1.69%  | 1.71%  | 1.76%  | 1.76%  | 1.79%  |
| Expenses net of all reductions, if any  | 1.66% H | 1.69%  | 1.71%  | 1.76%  | 1.76%  | 1.79%  |
| Net investment income (loss)  | (1.18)% H | (1.07)%  | (1.07)%  | (.86)%  | (1.03)%  | (.97)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $345504 | $253115 | $221749 | $129390 | $88592 | $86217 |
| Portfolio turnover rate I | 110% H<br>| 65%  | 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 for periods of less than one year are not annualized.*

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*Annualized.*

I*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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $105.09 | $90.71 | $66.91 | $45.93 | $49.39 | $31.68 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.11)  | (.06)  | (.05)  | .08  | (.01)  | .03  |
| Net realized and unrealized gain (loss)  | 39.80  | 20.20  | 25.92  | 22.10  | (.92)  | 19.47  |
| Total from investment operations  | 39.69  | 20.14  | 25.87  | 22.18  | (.93)  | 19.50  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.12)  |
| Distributions from net realized gain  | (7.94)  | (5.76)  | (2.07)  | (1.20)  | (2.53)  | (1.67)  |
| Total distributions  | (7.94)  | (5.76)  | (2.07)  | (1.20)  | (2.53)  | (1.79)  |
| Net asset value, end of period  | $136.84 | $105.09 | $90.71 | $66.91 | $45.93 | $49.39 |
| **Total Return** C,D | 38.52% <br>| 23.00%  | 39.87%  | 49.71%  | (2.96)%  | 62.86%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .66% G | .69%  | .72%  | .74%  | .75%  | .77%  |
| Expenses net of fee waivers, if any  | .66% G<br>| .69%  | .71%  | .74%  | .74%  | .77%  |
| Expenses net of all reductions, if any  | .66% G | .69%  | .71%  | .74%  | .74%  | .76%  |
| Net investment income (loss)  | (.18)% G | (.07)%  | (.07)%  | .16%  | (.01)%  | .06%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1905469 | $1326260 | $1016505 | $530775 | $309873 | $257502 |
| Portfolio turnover rate H | 110% G<br>| 65%  | 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 for periods of less than one year are not annualized.*

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*Annualized.*

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® Semiconductors Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $105.49 | $90.94 | $66.99 | $45.93 | $49.35 | $31.65 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.04)  | .04  | .04  | .14  | .06  | .08  |
| Net realized and unrealized gain (loss)  | 39.95  | 20.27  | 25.98  | 22.12  | (.92)  | 19.45  |
| Total from investment operations  | 39.91  | 20.31  | 26.02  | 22.26  | (.86)  | 19.53  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.16)  |
| Distributions from net realized gain  | (8.16)  | (5.76)  | (2.07)  | (1.20)  | (2.56)  | (1.67)  |
| Total distributions  | (8.16)  | (5.76)  | (2.07)  | (1.20)  | (2.56)  | (1.83)  |
| Net asset value, end of period  | $137.24 | $105.49 | $90.94 | $66.99 | $45.93 | $49.35 |
| **Total Return** C,D | 38.61% <br>| 23.14%  | 40.05%  | 49.89%  | (2.83)%  | 63.06%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .55% G | .57%  | .60%  | .62%  | .62%  | .64%  |
| Expenses net of fee waivers, if any  | .55% G<br>| .57%  | .59%  | .62%  | .62%  | .64%  |
| Expenses net of all reductions, if any  | .55% G | .57%  | .59%  | .62%  | .62%  | .64%  |
| Net investment income (loss)  | (.06)% G | .05%  | .05%  | .28%  | .11%  | .18%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $496605 | $319219 | $226689 | $95876 | $47782 | $26856 |
| Portfolio turnover rate H | 110% G<br>| 65%  | 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 for periods of less than one year are not annualized.*

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*Annualized.*

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.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended January 31, 2026

**1. Organization.**

Fidelity Advisor Biotechnology Fund, Fidelity Advisor Financials Fund, Fidelity Advisor Health Care Fund, Fidelity Advisor Industrials Fund and Fidelity Advisor Semiconductors Fund (the Funds) are non-diversified 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. The Board of Trustees approved the creation of an additional class of shares. Effective October 9, 2025, the Fidelity Advisor Industrials Fund commenced sale of Industrials Portfolio shares. Each Fund offers Class A, Class M, Class C, Class I and Class Z shares. Fidelity Advisor Industrials Fund also offers Industrials Portfolio shares which commenced sale on October 9, 2025. Each Class 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 Biotechnology Fund and 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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $2267948  | Market approach  | Transaction price  | $360.11 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00 | Increase |
|  |  | Black scholes  | Discount rate  | 3.6% | Increase |
|  |  |  | Volatility  | 90.0% | Increase |
|  |  |  | Term  | 2.0 | Increase |
| Convertible Corporate Bonds | $880526  | Market approach  | Transaction price  | $100.00 | Increase |
|  |  | Black scholes  | Discount rate | 3.6% | Increase |
|  |  |  | Volatility | 110.0% | Increase |
|  |  |  | Term | 3.0 | Increase |
| Convertible Preferred Stocks | $35528528  | Market approach  | Transaction price | $0.41 - $8.61 / $3.61 | Increase |
|  |  |  | Discount rate | 90.0% | Decrease |
|  |  |  | Premium rate | 10.0% - 20.0% / 15.0% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 3.6% - 3.7% / 3.7% | Increase |
|  |  |  | Volatility | 75.0% - 110.0% / 85.5% | Increase |
|  |  |  | Term | 2.0 - 3.0 / 2.8 | 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 | $2574708  | Market approach  | Transaction price  | $33.33 - $360.11 / $344.02 | Increase |
|  |  | Black scholes  | Discount rate  | 3.6% - 3.8% / 3.6% | Increase |
|  |  |  | Volatility  | 70.0% - 90.0% / 89.0% | Increase |
|  |  |  | Term  | 2.0 - 5.0 / 2.1 | Increase |
| Convertible Corporate Bonds | $5823721  | Market approach  | Transaction price  | $100.00 | Increase |
|  |  |  | Probability rate  | 100.0% | Increase |
|  |  | Black scholes  | Discount rate | 3.6% - 3.8% / 3.7% | Increase |
|  |  |  | Volatility | 60.0% - 110.0% / 74.3% | Increase |
|  |  |  | Term | 1.0 - 3.0 / 2.5 | Increase |
| Convertible Preferred Stocks | $62816040  | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 1.2 - 12.0 / 4.8 | Increase |
|  |  | Market approach  | Transaction price | $0.65 - $33.33 / $10.88 | Increase |
|  |  |  | Discount rate | 10.0% - 40.0% / 32.8% | Decrease |
|  |  |  | Premium rate | 10.0% - 20.0% / 11.7% | Increase |
|  |  | Black scholes | Discount rate | 3.6% - 3.8% / 3.7% | Increase |
|  |  |  | Volatility | 45.0% - 110.0% / 67.8% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.1 | 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 January 31, 2026, 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. 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 as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable as applicable.

**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.

**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. 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.

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**  | 1045595255 | 932599053 | (45128791) | 887470262 |
| **Fidelity Advisor Financials Fund**  | 513305051 | 231763728 | (15165808) | 216597920 |
| **Fidelity Advisor Health Care Fund**  | 2194945770 | 1296602570 | (139074434) | 1157528136 |
| **Fidelity Advisor Industrials Fund**  | 1090889883 | 671705204 | (15250765) | 656454439 |
| **Fidelity Advisor Semiconductors Fund**  | 2836112601 | 2407586428 | (90928348) | 2316658080 |

---

In Prior year, certain of the Funds elected 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 Health Care Fund** | - | (5156008) |
| **Fidelity Advisor Industrials fund** |  | (1714570) |

---

**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.

**Special Purpose Acquisition Companies.** Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via reorganization, business combination, acquisition or other similar transactions within a designated time frame.

**Private Investment in Public Equity.** Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At the current and/or prior period end, Fidelity Advisor Health Care Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable. The total amount of commitments outstanding at period end is presented in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Shares** | **Commitment Amount ($)** | **Unrealized Appreciation/(Depreciation) ($)** |
| **Fidelity Advisor Health Care Fund** | Freenome Holdings, Inc. | 169200 | 1692000 | - |

---

**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 Total Assets** |
| **Fidelity Advisor Biotechnology Fund** | 2267942 | .12 |
| **Fidelity Advisor Health Care Fund** | 3283294 | .10 |

---

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 Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the 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 Statement of Assets and Liabilities, if applicable.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, securities acquired in the reorganization and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Biotechnology Fund** | 461724566 | 482148807 |
| **Fidelity Advisor Financials Fund** | 111251300 | 119156984 |
| **Fidelity Advisor Health Care Fund** | 975700810 | 1550710618 |
| **Fidelity Advisor Industrials Fund** | 258174655 | 250944338 |
| **Fidelity Advisor Semiconductors Fund** | 2506253438 | 2290335080 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Advisor Industrials Fund** | 599048 | - | 22130389 | 22130389 | 36529952 |

---

**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 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 |
| **Industrials Portfolio** | .67 |
| **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 |

---

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** | .68 |
| **Class M** | .68 |
| **Class C** | .68 |
| **Class I** | .68 |
| **Class Z** | .56 |
| **Fidelity Advisor Financials Fund** |  |
| **Class A** | .71 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Class I** | .69 |
| **Class Z** | .56 |
| **Fidelity Advisor Health Care Fund** |  |
| **Class A** | .66 |
| **Class M** | .66 |
| **Class C** | .66 |
| **Class I** | .66 |
| **Class Z** | .54 |
| **Fidelity Advisor Industrials Fund** |  |
| **Class A** | .69 |
| **Class M** | .69 |
| **Class C** | .69 |
| **Industrials Portfolio** | .64 |
| **Class I** | .68 |
| **Class Z** | .56 |
| **Fidelity Advisor Semiconductors Fund** |  |
| **Class A** | .65 |
| **Class M** | .65 |
| **Class C** | .65 |
| **Class I** | .65 |
| **Class Z** | .54 |

---

**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% | 886957 | 4696 |
| Class M | .25% | .25% | 318604 | - |
| Class C | .75% | .25% | <u>310768</u> | <u>17808</u> |
|  |  |  | <u>1516329</u> | <u>22504</u> |
| **Fidelity Advisor Financials Fund** |  |  |  |  |
| Class A | - % | .25% | 330470 | - |
| Class M | .25% | .25% | 231583 | - |
| Class C | .75% | .25% | <u>179504</u> | <u>30869</u> |
|  |  |  | <u>741557</u> | <u>30869</u> |
| **Fidelity Advisor Health Care Fund** |  |  |  |  |
| Class A | - % | .25% | 1515843 | - |
| Class M | .25% | .25% | 638796 | - |
| Class C | .75% | .25% | <u>820662</u> | <u>25226</u> |
|  |  |  | <u>2975301</u> | <u>25226</u> |
| **Fidelity Advisor Industrials Fund** |  |  |  |  |
| Class A | - % | .25% | 454058 | 7035 |
| Class M | .25% | .25% | 208886 | - |
| Class C | .75% | .25% | <u>177925</u> | <u>35086</u> |
|  |  |  | <u>840869</u> | <u>42121</u> |
| **Fidelity Advisor Semiconductors Fund** |  |  |  |  |
| Class A | - % | .25% | 2189581 | 39688 |
| Class M | .25% | .25% | 705343 | - |
| Class C | .75% | .25% | <u>1487405</u> | <u>237477</u> |
|  |  |  | <u>4382329</u> | <u>277165</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 | 49151 |
| Class M | 2744 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>242</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>52137</u> |
| **Fidelity Advisor Financials Fund** |  |
| Class A | 42268 |
| Class M | 2998 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>506</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>45772</u> |
| **Fidelity Advisor Health Care Fund** |  |
| Class A | 49072 |
| Class M | 3148 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>807</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>53027</u> |
| **Fidelity Advisor Industrials Fund** |  |
| Class A | 62411 |
| Class M | 2488 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>27</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>64926</u> |
| **Fidelity Advisor Semiconductors Fund** |  |
| Class A | 963701 |
| Class M | 17048 |
| Class C A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1129</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>981878</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.*

**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 Industrials Fund** | 163,077 |

---

**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** | 13162 |
| **Fidelity Advisor Financials Fund** | 1450 |
| **Fidelity Advisor Health Care Fund** | 41560 |
| **Fidelity Advisor Industrials Fund** | 2294 |
| **Fidelity Advisor Semiconductors Fund** | 26132 |

---

**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 Financials Fund**  | Borrower | 4683700 | 4.35% | 5656 |
| **Fidelity Advisor Health Care Fund**  | Borrower | 9609316 | 4.28% | 21706 |
| **Fidelity Advisor Industrials Fund**  | Borrower | 8562000 | 4.38% | 2082 |

---

**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** | 42353054 | 71135432 | 16808274 |
| **Fidelity Advisor Financials Fund** | 11062586 | 3867171 | 626443 |
| **Fidelity Advisor Health Care Fund** | 52445418 | 155426495 | 39865287 |
| **Fidelity Advisor Industrials Fund** | 9852940 | 11846335 | 3429655 |
| **Fidelity Advisor Semiconductors Fund** | 117321070 | 285817297 | 138024440 |

---

**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** | 1243 |
| **Fidelity Advisor Financials Fund** | 573 |
| **Fidelity Advisor Health Care Fund** | 2830 |
| **Fidelity Advisor Industrials Fund** | 1004 |
| **Fidelity Advisor Semiconductors Fund** | 2972 |

---

**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** | 29582 | 700 | - |
| **Fidelity Advisor Financials Fund** | 1142 | 3 | - |
| **Fidelity Advisor Health Care Fund** | 20929 | - | - |
| **Fidelity Advisor Industrials Fund** | 1636 | - | - |
| **Fidelity Advisor Semiconductors Fund** | 13617 | 12575 | - |

---

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** | 58584307 |
| **Fidelity Advisor Health Care Fund** | 7980713 |
| **Fidelity Advisor Semiconductors Fund** | 588273 |

---

**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 Financials Fund** | 1371667 | 4.83% | 552 |

---

**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**  | 2333 |
| **Fidelity Advisor Industrials Fund**  | 3055 |

---

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses and a portion of class-level operating expenses as follows as follows:

---

| | |
|:---|:---|
|  | **Fund-Level Amount ($)** |
| **Fidelity Advisor Industrials Fund** | 258 |

---

---

| | |
|:---|:---|
|  | **Class-Level Amount ($)** |
| Class A | 4512 |
| Class M | 1021 |
| Class C | 439 |
| Industrials Portfolio | 10145 |
| Class I | 3155 |
| Class Z | <u>842</u> |
| Total | <u>20114</u> |

---

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026** | **Year ended**<br> **July 31, 2025**  |
| **Fidelity Advisor Biotechnology Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $10959151 | $35680743 |
| Class M | 2043979 | 6875045 |
| Class C | 1071320 | 4545928 |
| Class I | 10233523 | 36584307 |
| Class Z | <u>1919613</u> | <u>4140434</u> |
| Total  | <u>$26227586</u> | <u>$87826457</u> |
| **Fidelity Advisor Financials Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $17440242 | $10714275 |
| Class M | 6088713 | 3846484 |
| Class C | 2207629 | 1771962 |
| Class I | 15549707 | 8847671 |
| Class Z | <u>6573649</u> | <u>4139540</u> |
| Total  | <u>$47859940</u> | <u>$29319932</u> |
| **Fidelity Advisor Health Care Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $147314280 | $148445930 |
| Class M | 34488446 | 33846903 |
| Class C | 27681177 | 34204550 |
| Class I | 137153307 | 177174821 |
| Class Z | <u>37616532</u> | <u>47864866</u> |
| Total  | <u>$384253742</u> | <u>$441537070</u> |
| **Fidelity Advisor Industrials Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $6197363 | $11007827 |
| Class M | 1469775 | 2622510 |
| Class C | 759682 | 1569587 |
| Industrials Portfolio A | 12736590 | - |
| Class I | 3954801 | 7029076 |
| Class Z | <u>1055830</u> | <u>2251680</u> |
| Total  | <u>$26174041</u> | <u>$24480680</u> |
| **Fidelity Advisor Semiconductors Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $121887894 | $77150702 |
| Class M | 20493440 | 13427582 |
| Class C | 23867099 | 19503344 |
| Class I | 103643224 | 68151730 |
| Class Z | <u>28045722</u> | <u>15721265</u> |
| Total  | <u>$297937379</u> | <u>$193954623</u> |

---

*A For the period October 9, 2025 (commencement of operations) through January 31, 2026.*

**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** |
|  | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025**  | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025**  |
| **Fidelity Advisor Biotechnology Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 872166 | 1826055 | $30921952 | $52634364 |
| Reinvestment of distributions  | 269253 | 1198369 | 10296231 | 33446491 |
| Shares redeemed | <u>(1514820)</u> | <u>(5099207)</u> | <u>(52014175)</u> | <u>(143450411)</u> |
| Net increase (decrease) | <u>(373401)</u> | <u>(2074783)</u> | <u>$(10795992)</u> | <u>$(57369556)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 97525 | 261886 | $3115907 | $7135184 |
| Reinvestment of distributions  | 58326 | 267639 | 2022162 | 6795345 |
| Shares redeemed | <u>(387593)</u> | <u>(767182)</u> | <u>(12157144)</u> | <u>(19754436)</u> |
| Net increase (decrease) | <u>(231742)</u> | <u>(237657)</u> | <u>$(7019075)</u> | <u>$(5823907)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 106966 | 243463 | $2928160 | $5437412 |
| Reinvestment of distributions  | 35407 | 203344 | 1038498 | 4394259 |
| Shares redeemed | <u>(489938)</u> | <u>(1557171)</u> | <u>(13064353)</u> | <u>(34344569)</u> |
| Net increase (decrease) | <u>(347565)</u> | <u>(1110364)</u> | <u>$(9097695)</u> | <u>$(24512898)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2151701 | 4420353 | $83512915 | $144116179 |
| Reinvestment of distributions  | 215669 | 999488 | 9086143 | 30634295 |
| Shares redeemed | <u>(2399807)</u> | <u>(9058892)</u> | <u>(89604856)</u> | <u>(275995695)</u> |
| Net increase (decrease) | <u>(32437)</u> | <u>(3639051)</u> | <u>$2994202</u> | <u>$(101245221)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 681718 | 1359435 | $26556287 | $42517193 |
| Reinvestment of distributions  | 41366 | 116255 | 1746891 | 3569030 |
| Shares redeemed | <u>(300200)</u> | <u>(947080)</u> | <u>(11572163)</u> | <u>(29153975)</u> |
| Net increase (decrease) | <u>422884</u> | <u>528610</u> | <u>$16731015</u> | <u>$16932248</u> |
| **Fidelity Advisor Financials Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 517285 | 1647625 | $19792879 | $59596490 |
| Reinvestment of distributions  | 445821 | 295742 | 16878792 | 10350952 |
| Shares redeemed | <u>(806541)</u> | <u>(1166719)</u> | <u>(30954685)</u> | <u>(41421951)</u> |
| Net increase (decrease) | <u>156565</u> | <u>776648</u> | <u>$5716986</u> | <u>$28525491</u> |
| **Class M** |  |  |  |  |
| Shares sold | 158078 | 435348 | $5962232 | $15432699 |
| Reinvestment of distributions  | 160896 | 109721 | 6003019 | 3788679 |
| Shares redeemed | <u>(181173)</u> | <u>(481687)</u> | <u>(6806432)</u> | <u>(16658755)</u> |
| Net increase (decrease) | <u>137801</u> | <u>63382</u> | <u>$5158819</u> | <u>$2562623</u> |
| **Class C** |  |  |  |  |
| Shares sold | 85963 | 412191 | $3042662 | $13895627 |
| Reinvestment of distributions  | 63105 | 54581 | 2199839 | 1767319 |
| Shares redeemed | <u>(224466)</u> | <u>(613473)</u> | <u>(7874873)</u> | <u>(19977175)</u> |
| Net increase (decrease) | <u>(75398)</u> | <u>(146701)</u> | <u>$(2632372)</u> | <u>$(4314229)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1097498 | 3829131 | $43884900 | $142218780 |
| Reinvestment of distributions  | 377233 | 230998 | 14844111 | 8380618 |
| Shares redeemed | <u>(1130383)</u> | <u>(2293143)</u> | <u>(44603849)</u> | <u>(84512774)</u> |
| Net increase (decrease) | <u>344348</u> | <u>1766986</u> | <u>$14125162</u> | <u>$66086624</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 533945 | 1090095 | $21189167 | $40087368 |
| Reinvestment of distributions  | 143542 | 95736 | 5639769 | 3468532 |
| Shares redeemed | <u>(280546)</u> | <u>(1062529)</u> | <u>(11064655)</u> | <u>(39897433)</u> |
| Net increase (decrease) | <u>396941</u> | <u>123302</u> | <u>$15764281</u> | <u>$3658467</u> |
| **Fidelity Advisor Health Care Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 727397 | 1571688 | $42898965 | $93365645 |
| Reinvestment of distributions  | 2444310 | 2481719 | 139179029 | 140763117 |
| Shares redeemed | <u>(2680738)</u> | <u>(5340708)</u> | <u>(155568883)</u> | <u>(309653656)</u> |
| Net increase (decrease) | <u>490969</u> | <u>(1287301)</u> | <u>$26509111</u> | <u>$(75524894)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 57559 | 177569 | $3018328 | $9553127 |
| Reinvestment of distributions  | 672518 | 650227 | 33854548 | 33181084 |
| Shares redeemed | <u>(546072)</u> | <u>(1042234)</u> | <u>(28379000)</u> | <u>(54864541)</u> |
| Net increase (decrease) | <u>184005</u> | <u>(214438)</u> | <u>$8493876</u> | <u>$(12130330)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 110779 | 239445 | $4473465 | $10116694 |
| Reinvestment of distributions  | 728535 | 835920 | 27210779 | 33236165 |
| Shares redeemed | <u>(1057795)</u> | <u>(2337984)</u> | <u>(42216922)</u> | <u>(97300788)</u> |
| Net increase (decrease) | <u>(218481)</u> | <u>(1262619)</u> | <u>$(10532678)</u> | <u>$(53947929)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1159081 | 3759884 | $77380825 | $246186314 |
| Reinvestment of distributions  | 1852117 | 2428818 | 121221072 | 155565787 |
| Shares redeemed | <u>(5381517)</u> | <u>(12797198)</u> | <u>(354085646)</u> | <u>(838252409)</u> |
| Net increase (decrease) | <u>(2370319)</u> | <u>(6608496)</u> | <u>$(155483749)</u> | <u>$(436500308)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 398706 | 1653176 | $26500467 | $109181921 |
| Reinvestment of distributions  | 444384 | 566654 | 29284909 | 36475541 |
| Shares redeemed | <u>(1587125)</u> | <u>(4315764)</u> | <u>(104851862)</u> | <u>(286739181)</u> |
| Net increase (decrease) | <u>(744035)</u> | <u>(2095934)</u> | <u>$(49066486)</u> | <u>$(141081719)</u> |
| **Fidelity Advisor Industrials Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 572544 | 1184098 | $31584437 | $58061567 |
| Reinvestment of distributions  | 106008 | 227321 | 5903567 | 10461331 |
| Shares redeemed | <u>(526902)</u> | <u>(1011183)</u> | <u>(29433454)</u> | <u>(48016392)</u> |
| Net increase (decrease) | <u>151650</u> | <u>400236</u> | <u>$8054550</u> | <u>$20506506</u> |
| **Class M** |  |  |  |  |
| Shares sold | 101770 | 273115 | $5355755 | $12822473 |
| Reinvestment of distributions  | 27352 | 58827 | 1454040 | 2592490 |
| Shares redeemed | <u>(173625)</u> | <u>(269788)</u> | <u>(9265424)</u> | <u>(12022683)</u> |
| Net increase (decrease) | <u>(44503)</u> | <u>62154</u> | <u>$(2455629)</u> | <u>$3392280</u> |
| **Class C** |  |  |  |  |
| Shares sold | 103756 | 322591 | $4554157 | $12807216 |
| Reinvestment of distributions  | 16850 | 42220 | 741382 | 1553692 |
| Shares redeemed | <u>(132388)</u> | <u>(481070)</u> | <u>(5893755)</u> | <u>(18058407)</u> |
| Net increase (decrease) | <u>(11782)</u> | <u>(116259)</u> | <u>$(598216)</u> | <u>$(3697499)</u> |
| **Industrials Portfolio** A |  |  |  |  |
| Shares sold | 991159 | - | $61715510 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 13613698 | - | 816005043 | - |
| Reinvestment of distributions  | 192691 | - | 11796544 | - |
| Shares redeemed | <u>(1409283)</u> | <u>-</u> | <u>(87497962)</u> | <u>-</u> |
| Net increase (decrease) | <u>13388265</u> | <u>-</u> | <u>$802019135</u> | <u>$-</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1566212 | 2415891 | $95495083 | $127168224 |
| Reinvestment of distributions  | 60537 | 127458 | 3706062 | 6421349 |
| Shares redeemed | <u>(1567385)</u> | <u>(1339104)</u> | <u>(95582612)</u> | <u>(69743785)</u> |
| Net increase (decrease) | <u>59364</u> | <u>1204245</u> | <u>$3618533</u> | <u>$63845788</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 230326 | 625543 | $14149934 | $33303898 |
| Reinvestment of distributions  | 15835 | 40688 | 969732 | 2047836 |
| Shares redeemed | <u>(183240)</u> | <u>(497363)</u> | <u>(11228999)</u> | <u>(25675819)</u> |
| Net increase (decrease) | <u>62921</u> | <u>168868</u> | <u>$3890667</u> | <u>$9675915</u> |
| **Fidelity Advisor Semiconductors Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2448967 | 4457800 | $276050422 | $362229863 |
| Reinvestment of distributions  | 1065434 | 893363 | 120969434 | 76516497 |
| Shares redeemed | <u>(1272867)</u> | <u>(3154175)</u> | <u>(144043789)</u> | <u>(250315337)</u> |
| Net increase (decrease) | <u>2241534</u> | <u>2196988</u> | <u>$252976067</u> | <u>$188431023</u> |
| **Class M** |  |  |  |  |
| Shares sold | 283291 | 559642 | $29622121 | $42201693 |
| Reinvestment of distributions  | 191823 | 165303 | 20076149 | 13130031 |
| Shares redeemed | <u>(137433)</u> | <u>(374634)</u> | <u>(14310361)</u> | <u>(27591373)</u> |
| Net increase (decrease) | <u>337681</u> | <u>350311</u> | <u>$35387909</u> | <u>$27740351</u> |
| **Class C** |  |  |  |  |
| Shares sold | 384556 | 833264 | $33487951 | $53820485 |
| Reinvestment of distributions  | 273241 | 290329 | 23780165 | 19449141 |
| Shares redeemed | <u>(416778)</u> | <u>(1064231)</u> | <u>(36407917)</u> | <u>(65616591)</u> |
| Net increase (decrease) | <u>241019</u> | <u>59362</u> | <u>$20860199</u> | <u>$7653035</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2205101 | 4976389 | $268874353 | $438257688 |
| Reinvestment of distributions  | 821474 | 718665 | 102257071 | 67037079 |
| Shares redeemed | <u>(1722083)</u> | <u>(4280399)</u> | <u>(211417674)</u> | <u>(360553373)</u> |
| Net increase (decrease) | <u>1304492</u> | <u>1414655</u> | <u>$159713750</u> | <u>$144741394</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 969336 | 1371432 | $120841566 | $124138495 |
| Reinvestment of distributions  | 181763 | 136323 | 22689453 | 12755769 |
| Shares redeemed | <u>(558525)</u> | <u>(974590)</u> | <u>(69702681)</u> | <u>(84655111)</u> |
| Net increase (decrease) | <u>592574</u> | <u>533165</u> | <u>$73828338</u> | <u>$52239153</u> |

---

*A For the period October 9, 2025 (commencement of operations) through January 31, 2026.*

**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. Reorganization Information.**

On October 17, 2025, Fidelity Advisor Industrials Fund acquired all of the assets and assumed all of the liabilities of Industrials Portfolio (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board). The securities held by the Acquired Fund were the primary assets acquired by Fidelity Advisor Industrials Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on October 9, 2025. The acquisition was accomplished by an exchange of each class of Fidelity Advisor Industrials Fund for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by Fidelity Advisor Industrials Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of Fidelity Advisor Industrials Fund ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Industrials Portfolio** | 815978327 | 272835342 | 816005043 | 17077559 | 0.7971688355 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Advisor Industrials Fund** | 782694840 | 1598699883 |

---

Pro forma results of operations of the combined entity for the entire period ended January 31, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $1179659  |
| **Total net realized gain (loss)** | 83763138 |
| **Total change in net unrealized appreciation (depreciation)** | <u>53466335</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$138409132</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Fund's accompanying Statement of Operations since October 17, 2025.

**15. Proposed Reorganization.**

The Board of Trustees of Fidelity Advisor Health Care Fund approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Advisor Health Care Fund and Health Care Portfolio. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Health Care Fund in exchange for corresponding shares of Health Care Portfolio equal in value to the net assets of Fidelity Advisor Health Care Fund on the day the reorganization is effective.

A meeting of shareholders of Fidelity Advisor Health Care Fund is expected to be held during the second quarter of 2026 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective during June 2026. 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.

**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)**

Note: This is not applicable for any fund included in this document.

![](img125830_4.jpg)<br>

1.700839.129 AFOC-SANN-0426

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>Purchases 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 Fidelity Advisor Series VII'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 Fidelity Advisor Series VII's (the "Trust") 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) Not applicable.

(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; March 25, 2026 |

---

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; March 25, 2026 |

---

---

| | |
|:---|:---|
| &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; March 25, 2026 |

---

## 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:

March 25, 2026

---

| |
|:---|
| &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:

March 25, 2026

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|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

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## 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: March 25, 2026

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

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Dated: March 25, 2026

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

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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.

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