Normally investing primarily in common stocks. Normally investing at least 80% of assets in securities of companies principally engaged in the energy field including the conventional areas of oil, gas, electricity and coal, and newer sources of energy such as nuclear, geothermal, oil shale, and solar power. Energy products and services are those related to the exploration, extraction, production, sale, or distribution of energy resources, including oil, gas, electricity, coal, and nuclear, geothermal, and solar power. These companies may include, for example, integrated oil companies; drilling contractors and rig owners; drilling rig and equipment manufacturers and providers of supplies and services to companies engaged in oil and gas drilling; companies engaged in the exploration, production, refining, marketing, storage, or transportation of oil, gas, and/or refined products; and companies involved in the production and mining of coal, related products, and other consumable fuels. 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 ® Energy Fund and Energy Portfolio pursuant to which Fidelity Advisor ® Energy Fund would be reorganized on a tax-free basis with and into Energy Portfolio. As a result of the proposed Reorganization, shareholders of Fidelity Advisor ® Energy Fund would receive, respectively, corresponding shares of Energy Portfolio. The Agreement provides for the transfer of all of the assets of Fidelity Advisor ® Energy Fund in exchange for corresponding shares of Energy Portfolio equal in value to the net assets of Fidelity Advisor ® Energy Fund and the assumption by Energy Portfolio of all of the liabilities of Fidelity Advisor ® Energy Fund. After the exchange, Fidelity Advisor ® Energy Fund will distribute the Energy Portfolio shares to its shareholders pro rata, in liquidation of Fidelity Advisor ® Energy Fund. As a result, shareholders of Fidelity Advisor ® Energy Fund will become shareholders of Energy 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 ® Energy 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.