# EDGAR Filing Document

**Accession Number:** 0000315700
**File Stem:** 0000315700-25-000057
**Filing Date:** 2025-8
**Character Count:** 10018
**Document Hash:** 710a3718a9ec446dca49fa5286812812
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315700-25-000057.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0000315700-25-000057

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**EFFECTIVENESS DATE**: 20250804

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-67004
- **FILM NUMBER:** 251179580

**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 Real Estate Fund (Series ID: S000005331)

---

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

---

## Series and Classes Contracts Data

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

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

**Supplement to the**

**Fidelity Advisor® Real Estate Fund**

**Class A, Class M, Class C, Class I, and Class Z**

**September 28, 2024**

**STATEMENT OF ADDITIONAL INFORMATION**

*The following information replaces similar information found in the "Management Contract" section.*

Steve Buller is the Portfolio Manager of Fidelity Advisor® Real Estate Fund and receives compensation for those services. As of May 31, 2025, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, and in certain cases, participation in several types of equity-based compensation plans. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s), account(s), and lead account(s) measured against a benchmark index and within a defined peer group assigned to each fund, account, or lead account and (ii) the investment performance of other real estate funds and accounts. The pre-tax investment performance of the portfolio manager's fund(s), account(s), and lead account(s) is weighted according to the portfolio manager's tenure on those fund(s), account(s), and lead account(s) and the average asset size of those fund(s), account(s), and lead account(s) over the portfolio manager's tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s), account(s) and lead account(s) over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to five years for the comparison to a peer group. A smaller, subjective component of the portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portion of the portfolio manager's bonus that is linked to the investment performance of Fidelity Advisor® Real Estate Fund is based on the pre-tax investment performance of the fund measured against the MSCI U.S. IMI Real Estate 25-50 Index, and the fund's pre-tax investment performance (based on the performance of the fund's Class I) within the Lipper℠ Real Estate Funds. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics.

Portfolio managers may receive interests in certain funds or accounts managed by FMR or one of its affiliated advisers (collectively, "Proprietary Accounts"). A conflict of interest situation is presented where a portfolio manager considers investing a client account in securities of an issuer in which FMR, its affiliates or their (or their fund clients') respective directors, officers or employees already hold a significant position for their own account, including positions held indirectly through Proprietary Accounts. Because the 1940 Act, as well as other applicable laws and regulations, restricts certain transactions between affiliated entities or between an advisor and its clients, client accounts managed by FMR or its affiliates, including accounts sub-advised by third parties, are, in certain circumstances, prohibited from participating in offerings of such securities (including initial public offerings and other offerings occurring before or after an issuer's initial public offering) or acquiring such securities in the secondary market. For example, ownership of a company by Proprietary Accounts has, in certain situations, resulted in restrictions on FMR's and its affiliates' client accounts' ability to acquire securities in the company's initial public offering and subsequent public offerings, private offerings, and in the secondary market, and additional restrictions could arise in the future; to the extent such client accounts acquire the relevant securities after such restrictions are subsequently lifted, the delay could affect the price at which the securities are acquired.

A conflict of interest situation is presented when FMR or its affiliates acquire, on behalf of their client accounts, securities of the same issuers whose securities are already held in Proprietary Accounts, because such investments could have the effect of increasing or supporting the value of the Proprietary Accounts. A conflict of interest situation also arises when FMR investment advisory personnel consider whether client accounts they manage should invest in an investment opportunity that they know is also being considered by an affiliate of FMR for a Proprietary Account, to the extent that not investing on behalf of such client accounts improves the ability of the Proprietary Account to take advantage of the opportunity. FMR has adopted policies and procedures and maintains a compliance program designed to help manage such actual and potential conflicts of interest.

The following table provides information relating to other accounts managed by Steve Buller as of May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 4 | 7 | 1 |
| Number of Accounts Managed with Performance-Based Advisory Fees |  |  |  |
| Assets Managed (in millions) | $5504 | $11920 | $3 |
| Assets Managed with Performance-Based Advisory Fees (in millions) |  |  |  |

---

\* Includes Fidelity Advisor® Real Estate Fund ($189 (in millions) assets managed).

As of May 31, 2025, the dollar range of shares of Fidelity Advisor® Real Estate Fund beneficially owned by Mr. Buller was none.

ARE-AREI-SSTK-0825-117-1.777595.117 August 4, 2025