Strategy. Normally investing primarily in common stocks. Normally investing at least 80% of assets in securities of companies principally engaged in offering, using, or developing products, processes, or services that will provide or will benefit significantly from technological advances and improvements. These companies may include, for example, manufacturers of communications equipment, products, and services, personal computers and other computer hardware components and peripherals; providers of information technology and systems integration services; companies developing and producing database management, home entertainment, educational, specialty, enterprise, and business software; manufacturers of electronic equipment, instruments or components, including copiers and faxes; semiconductor and related equipment manufacturers; and other information technology companies. Fidelity may consider a company to be principally engaged in the designated business activity or … Show more… Normally investing primarily in common stocks. Normally investing at least 80% of assets in securities of companies principally engaged in offering, using, or developing products, processes, or services that will provide or will benefit significantly from technological advances and improvements. These companies may include, for example, manufacturers of communications equipment, products, and services, personal computers and other computer hardware components and peripherals; providers of information technology and systems integration services; companies developing and producing database management, home entertainment, educational, specialty, enterprise, and business software; manufacturers of electronic equipment, instruments or components, including copiers and faxes; semiconductor and related equipment manufacturers; and other information technology companies. Fidelity may consider a company to be principally engaged in the designated business activity or activities based on: (i) the level of a company's assets, income, sales, or profits that are committed to, derived from, or related to the designated business activity or activities, or (ii) whether a third party has given the company an industry or sector classification consistent with the designated business activity or activities. Whether a company is principally engaged in the designated business activity or activities can be determined under any of these factors. Effective December 11, 2025, derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Investing in domestic and foreign issuers. Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. Proposed Reorganization. The Board of Trustees of Fidelity Advisor Series VII has unanimously approved an Agreement and Plan of Reorganization ("Agreement") between Fidelity Advisor Technology Fund and Technology Portfolio pursuant to which Fidelity Advisor Technology Fund would be reorganized on a tax-free basis with and into Technology Portfolio. As a result of the proposed Reorganization, shareholders of Fidelity Advisor Technology Fund would receive, respectively, corresponding shares of Technology Portfolio. The Agreement provides for the transfer of all of the assets of Fidelity Advisor Technology Fund in exchange for corresponding shares of Technology Portfolio equal in value to the net assets of Fidelity Advisor Technology Fund and the assumption by Technology Portfolio of all of the liabilities of Fidelity Advisor Technology Fund. After the exchange, Fidelity Advisor Technology Fund will distribute the Technology Portfolio shares to its shareholders pro rata, in liquidation of Fidelity Advisor Technology Fund. As a result, shareholders of Fidelity Advisor Technology Fund will become shareholders of Technology Portfolio (these transactions are collectively referred to as the "Reorganization"). The Reorganization, which does not require shareholder approval, is expected to take place on or about November 14, 2025. The Reorganization is expected to be a tax-free transaction. This means that neither Fidelity Advisor Technology Fund nor its shareholders will recognize any gain or loss as a direct result of the Reorganization. Effective after the close of business on the business day prior to the Reorganization, new positions in the fund may no longer be opened. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the fund's Reorganization takes place. For more detailed information, please contact Fidelity at 1-877-208-0098. Show less