Strategy. Normally investing primarily in common stocks. Normally investing at least 80% of assets in securities of companies principally engaged in the utilities industry and companies deriving a majority of their revenues from their utility operations. These companies may include, for example, companies that produce electricity, including nuclear and non-nuclear facilities; companies that distribute and transmit natural and manufactured gas; water treatment and other utility companies; companies that operate as independent power producers, gas and power marketing and trading specialists and/or integrated energy merchants; and companies that engage in the generation and distribution of electricity using renewable sources. Fidelity may consider a company to be principally engaged in the designated business activity or activities based on: (i) the level of a … Show more… Normally investing primarily in common stocks. Normally investing at least 80% of assets in securities of companies principally engaged in the utilities industry and companies deriving a majority of their revenues from their utility operations. These companies may include, for example, companies that produce electricity, including nuclear and non-nuclear facilities; companies that distribute and transmit natural and manufactured gas; water treatment and other utility companies; companies that operate as independent power producers, gas and power marketing and trading specialists and/or integrated energy merchants; and companies that engage in the generation and distribution of electricity using renewable sources. 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 Utilities Fund and Utilities Portfolio pursuant to which Fidelity Advisor Utilities Fund would be reorganized on a tax-free basis with and into Utilities Portfolio. As a result of the proposed Reorganization, shareholders of Fidelity Advisor Utilities Fund would receive, respectively, corresponding shares of Utilities Portfolio. The Agreement provides for the transfer of all of the assets of Fidelity Advisor Utilities Fund in exchange for corresponding shares of Utilities Portfolio equal in value to the net assets of Fidelity Advisor Utilities Fund and the assumption by Utilities Portfolio of all of the liabilities of Fidelity Advisor Utilities Fund. After the exchange, Fidelity Advisor Utilities Fund will distribute the Utilities Portfolio shares to its shareholders pro rata, in liquidation of Fidelity Advisor Utilities Fund. As a result, shareholders of Fidelity Advisor Utilities Fund will become shareholders of Utilities 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 October 17, 2025. The Reorganization is expected to be a tax-free transaction. This means that neither Fidelity Advisor Utilities 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