N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811- 3010

Fidelity Advisor Series VII
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

July 31

Date of reporting period:

October 31, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Advisor Developing Communications Fund

Class A
Class T
Class B
Class C
Institutional Class

October 31, 2004

AFDC-QTLY-1204

1.809086.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.3%

Shares

Value

COMMERCIAL SERVICES & SUPPLIES - 0.5%

51Job, Inc. ADR

2,500

$ 67,500

COMMUNICATIONS EQUIPMENT - 55.7%

3Com Corp. (a)

14,300

59,202

Aastra Technologies Ltd. (a)

1,500

19,337

Adtran, Inc.

2,900

62,640

Adva AG Optical Networking (a)

11,320

72,286

Alcatel SA sponsored ADR (a)

17,940

262,103

Alvarion Ltd. (a)

14,000

187,600

Andrew Corp. (a)

2,200

30,756

AudioCodes Ltd. (a)

10,300

135,754

Avaya, Inc. (a)

11,450

164,880

Bookham, Inc. (a)

570

2,844

Brooktrout, Inc. (a)

3,500

32,305

C-COR.net Corp. (a)

24

180

Carrier Access Corp. (a)

1,600

14,144

CIENA Corp. (a)

35,750

88,303

Comverse Technology, Inc. (a)

38,160

787,623

Ditech Communications Corp. (a)

50

1,147

Enterasys Networks, Inc. (a)

99,530

139,342

Extreme Networks, Inc. (a)

27,620

161,577

F5 Networks, Inc. (a)

3,900

155,805

Foundry Networks, Inc. (a)

3,080

37,360

Harmonic, Inc. (a)

23,000

191,360

InterDigital Communication Corp. (a)

1,600

25,440

Ixia (a)

3,900

49,803

Juniper Networks, Inc. (a)

25,650

682,547

Marconi Corp. PLC (a)

20,209

196,826

Motorola, Inc.

39,000

673,140

NMS Communications Corp. (a)

11,600

50,634

Nokia Corp. sponsored ADR

28,300

436,386

Oplink Communications, Inc. (a)

3,100

5,968

Packeteer, Inc. (a)

12,100

149,314

Polycom, Inc. (a)

1,500

30,975

Powerwave Technologies, Inc. (a)

17,540

131,024

QUALCOMM, Inc.

17,000

710,770

Redback Networks, Inc. (a)

33,400

150,634

REMEC, Inc. (a)

25,900

142,709

Research in Motion Ltd. (a)

5,740

505,965

Riverstone Networks, Inc. (a)

106,500

108,630

Sierra Wireless, Inc. (a)

3,700

63,193

SiRF Technology Holdings, Inc.

11,600

137,344

Sonus Networks, Inc. (a)

29,700

175,230

SpectraLink Corp.

300

3,660

Stratex Networks, Inc. (a)

8,700

15,790

Tekelec (a)

5,320

118,742

Telefonaktiebolaget LM Ericsson ADR (a)

22

636

Telson Electronics Co. Ltd. (a)

16,942

0

Tut Systems, Inc. (a)

2,400

7,296

Westell Technologies, Inc. Class A (a)

6,300

35,343

WJ Communications, Inc. (a)

4,049

7,977

TOTAL COMMUNICATIONS EQUIPMENT

7,222,524

Shares

Value

COMPUTERS & PERIPHERALS - 2.3%

Compal Electronics, Inc.

5,299

$ 4,753

Concurrent Computer Corp. (a)

17

33

Emulex Corp. (a)

2,120

22,281

Hutchinson Technology, Inc. (a)

1,100

36,971

Maxtor Corp. (a)

10,900

32,264

NEC Corp. ADR

90

493

QLogic Corp. (a)

1,500

48,750

Seagate Technology

900

11,376

Storage Technology Corp. (a)

1,200

32,424

Synaptics, Inc. (a)

700

22,148

Western Digital Corp. (a)

10,300

85,799

TOTAL COMPUTERS & PERIPHERALS

297,292

DIVERSIFIED TELECOMMUNICATION SERVICES - 0.8%

Hutchison Telecommunications International Ltd. ADR

4,400

44,440

Philippine Long Distance Telephone Co. sponsored ADR (a)

1,000

25,100

PT Indosat Tbk sponsored ADR

700

18,284

PT Telkomunikasi Indonesia Tbk sponsored ADR

1,000

19,070

TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES

106,894

ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.5%

Aeroflex, Inc. (a)

26,700

296,370

AU Optronics Corp. sponsored ADR

8,375

87,938

CellStar Corp. (a)

5,400

20,520

Ingram Micro, Inc. Class A (a)

2,960

51,060

TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS

455,888

HOUSEHOLD DURABLES - 0.5%

LG Electronics, Inc.

1,070

60,406

INTERNET SOFTWARE & SERVICES - 3.7%

AsiaInfo Holdings, Inc. (a)

7,800

36,660

InfoSpace, Inc. (a)

5,500

288,750

Netease.com, Inc. sponsored ADR (a)

400

18,604

Openwave Systems, Inc. (a)

6,307

74,233

RealNetworks, Inc. (a)

6,300

30,555

Sina Corp. (a)

200

6,700

Tom Online, Inc. ADR

2,300

27,554

TOTAL INTERNET SOFTWARE & SERVICES

483,056

MEDIA - 2.5%

EchoStar Communications Corp.
Class A (a)

1,800

56,916

News Corp. Ltd. sponsored ADR

267

8,394

Time Warner, Inc. (a)

15,300

254,592

TOTAL MEDIA

319,902

Common Stocks - continued

Shares

Value

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 13.6%

Advanced Energy Industries, Inc. (a)

9,100

$ 89,726

Agere Systems, Inc. Class B (a)

69,850

80,328

Amkor Technology, Inc. (a)

3,200

15,936

Applied Materials, Inc. (a)

2,700

43,470

Atheros Communications, Inc.

1,300

15,600

Cypress Semiconductor Corp. (a)

2,700

28,431

Fairchild Semiconductor International, Inc. (a)

1,900

27,303

FormFactor, Inc. (a)

1,200

28,140

Freescale Semiconductor, Inc. Class A

20,400

317,016

Helix Technology Corp.

2,900

40,716

Integrated Circuit Systems, Inc. (a)

1,100

24,805

Integrated Device Technology, Inc. (a)

2,900

34,278

Intersil Corp. Class A

7,400

120,768

KLA-Tencor Corp. (a)

2,300

104,719

LTX Corp. (a)

5,100

33,150

Marvell Technology Group Ltd. (a)

2,000

57,140

Microtune, Inc. (a)

2,300

10,143

Mindspeed Technologies, Inc. (a)

97,781

231,741

National Semiconductor Corp. (a)

5,100

85,170

O2Micro International Ltd. (a)

6,500

79,040

RF Micro Devices, Inc. (a)

2,100

13,671

Rohm Co. Ltd.

800

82,241

Silicon Laboratories, Inc. (a)

1,300

38,961

Teradyne, Inc. (a)

1,200

19,872

Texas Instruments, Inc.

3,200

78,240

Varian Semiconductor Equipment Associates, Inc. (a)

2,000

69,220

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

1,769,825

SOFTWARE - 3.2%

Intervoice, Inc. (a)

10,400

128,752

JAMDAT Mobile, Inc.

100

2,930

Macrovision Corp. (a)

4,736

128,061

RADWARE Ltd. (a)

5,300

130,910

Ulticom, Inc. (a)

1,398

24,032

TOTAL SOFTWARE

414,685

WIRELESS TELECOMMUNICATION SERVICES - 7.0%

Centennial Communications Corp.
Class A (a)

800

4,992

Crown Castle International Corp. (a)

6,100

93,391

Leap Wireless International, Inc. (a)

1,800

36,270

Nextel Communications, Inc. Class A (a)

4,900

129,801

Nextel Partners, Inc. Class A (a)

7,400

124,616

NII Holdings, Inc. (a)

2,700

119,529

SpectraSite, Inc. (a)

1,300

66,690

Shares

Value

Telesystem International Wireless, Inc. (a)

11,920

$ 130,177

Wireless Facilities, Inc. (a)

26,833

198,028

TOTAL WIRELESS TELECOMMUNICATION SERVICES

903,494

TOTAL COMMON STOCKS

(Cost $12,436,136)

12,101,466

Money Market Funds - 3.2%

Fidelity Cash Central Fund, 1.79% (b)
(Cost $422,606)

422,606

422,606

TOTAL INVESTMENT PORTFOLIO - 96.5%

(Cost $12,858,742)

12,524,072

NET OTHER ASSETS - 3.5%

448,066

NET ASSETS - 100%

$ 12,972,138

Legend

(a) Non-income producing

(b) Affiliated fund that is 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $13,165,746. Net unrealized depreciation aggregated $641,674, of which $1,252,633 related to appreciated investment securities and $1,894,307 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Cyclical Industries Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2004

AFCY-QTLY-1204

1.809093.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%

Shares

Value

AEROSPACE & DEFENSE - 17.7%

BAE Systems PLC

38,700

$ 169,436

BE Aerospace, Inc. (a)

28,500

244,530

Bombardier, Inc. Class B (sub. vtg.)

1,600

3,679

DRS Technologies, Inc. (a)

17,900

648,338

EADS NV

4,879

139,546

EDO Corp.

18,440

515,951

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

9,600

254,784

General Dynamics Corp.

3,900

398,268

Goodrich Corp.

14,200

437,786

Honeywell International, Inc.

85,200

2,869,536

L-3 Communications Holdings, Inc.

5,400

356,022

Lockheed Martin Corp.

35,414

1,950,957

Northrop Grumman Corp.

26,354

1,363,820

Precision Castparts Corp.

16,100

966,000

Raytheon Co.

13,700

499,776

Rockwell Collins, Inc.

15,040

533,469

The Boeing Co.

43,100

2,150,690

United Defense Industries, Inc. (a)

15,800

634,212

TOTAL AEROSPACE & DEFENSE

14,136,800

AIR FREIGHT & LOGISTICS - 10.1%

C.H. Robinson Worldwide, Inc.

7,900

426,126

CNF, Inc.

7,700

337,106

Dynamex, Inc. (a)

26,940

557,658

EGL, Inc. (a)

17,600

562,848

Expeditors International of Washington, Inc.

19,300

1,102,030

FedEx Corp.

21,800

1,986,416

Forward Air Corp. (a)

11,780

484,983

Hub Group, Inc. Class A (a)

5,268

211,879

Park-Ohio Holdings Corp. (a)

10,500

219,450

Ryder System, Inc.

4,500

225,450

United Parcel Service, Inc. Class B

21,100

1,670,698

UTI Worldwide, Inc.

4,600

299,000

TOTAL AIR FREIGHT & LOGISTICS

8,083,644

AIRLINES - 2.8%

AirTran Holdings, Inc. (a)

67,600

785,512

Alaska Air Group, Inc. (a)

2,300

60,582

AMR Corp. (a)

600

4,632

Continental Airlines, Inc. Class B (a)

21,900

203,232

Frontier Airlines, Inc. (a)

10,004

83,633

Southwest Airlines Co.

67,700

1,067,629

TOTAL AIRLINES

2,205,220

AUTO COMPONENTS - 0.3%

American Axle & Manufacturing Holdings, Inc.

200

5,740

Amerigon, Inc. (a)

1,400

4,438

Shares

Value

Delphi Corp.

100

$ 841

Gentex Corp.

2,900

95,729

Goodyear Tire & Rubber Co. (a)

200

2,016

Johnson Controls, Inc.

2,800

160,580

TOTAL AUTO COMPONENTS

269,344

AUTOMOBILES - 0.1%

Ford Motor Co.

600

7,818

Hyundai Motor Co.

1,150

55,779

TOTAL AUTOMOBILES

63,597

BUILDING PRODUCTS - 1.6%

American Standard Companies, Inc. (a)

19,200

702,144

Masco Corp.

16,200

555,012

TOTAL BUILDING PRODUCTS

1,257,156

CHEMICALS - 18.8%

Agrium, Inc.

20,400

340,042

Air Products & Chemicals, Inc.

19,200

1,021,056

Airgas, Inc.

11,100

273,060

Albemarle Corp.

4,800

172,080

Cytec Industries, Inc.

10,500

488,355

Dow Chemical Co.

36,900

1,658,286

Eastman Chemical Co.

2,140

101,586

Ecolab, Inc.

24,600

832,710

Ferro Corp.

13,900

292,873

FMC Corp. (a)

8,200

359,570

Great Lakes Chemical Corp.

4,700

120,414

Hercules, Inc. (a)

13,200

188,496

Lyondell Chemical Co.

75,123

1,726,327

Millennium Chemicals, Inc. (a)

35,900

771,132

Minerals Technologies, Inc.

400

24,040

Monsanto Co.

18,000

769,500

Mosaic Co. (a)

23,800

357,952

NOVA Chemicals Corp.

20,500

800,406

Olin Corp.

102,200

1,911,140

Pioneer Companies, Inc. (a)

17,500

277,550

PolyOne Corp. (a)

25,900

196,063

Potash Corp. of Saskatchewan

10,000

670,444

PPG Industries, Inc.

5,400

344,250

Praxair, Inc.

25,600

1,080,320

Rohm & Haas Co.

300

12,717

Spartech Corp.

3,400

85,680

Valspar Corp.

2,300

107,318

TOTAL CHEMICALS

14,983,367

COMMERCIAL SERVICES & SUPPLIES - 1.7%

Allied Waste Industries, Inc. (a)

6,500

53,040

Central Parking Corp.

1,900

25,745

Herman Miller, Inc.

15,000

346,500

HNI Corp.

1,300

52,520

Common Stocks - continued

Shares

Value

COMMERCIAL SERVICES & SUPPLIES - CONTINUED

Ionics, Inc. (a)

26

$ 741

United Rentals, Inc. (a)

10,300

159,135

Waste Connections, Inc. (a)

7,250

228,520

Waste Management, Inc.

18,400

524,032

TOTAL COMMERCIAL SERVICES & SUPPLIES

1,390,233

CONSTRUCTION & ENGINEERING - 3.0%

Dycom Industries, Inc. (a)

30,500

995,825

EMCOR Group, Inc. (a)

2,600

102,882

Fluor Corp.

4,600

213,624

Granite Construction, Inc.

18,400

446,752

Jacobs Engineering Group, Inc. (a)

3,000

122,190

MasTec, Inc. (a)

11,000

76,010

Perini Corp. (a)

12,700

200,660

Shaw Group, Inc. (a)

300

3,657

Washington Group International, Inc. (a)

5,800

202,246

TOTAL CONSTRUCTION & ENGINEERING

2,363,846

CONSTRUCTION MATERIALS - 1.0%

Eagle Materials, Inc.

3,340

230,827

Texas Industries, Inc.

6,100

310,673

Vulcan Materials Co.

4,700

233,966

TOTAL CONSTRUCTION MATERIALS

775,466

CONTAINERS & PACKAGING - 0.0%

Owens-Illinois, Inc. (a)

900

16,677

ELECTRICAL EQUIPMENT - 1.0%

Baldor Electric Co.

100

2,343

Cooper Industries Ltd. Class A

1,600

102,240

Emerson Electric Co.

4,800

307,440

NEOMAX Co. Ltd.

4,000

62,928

Roper Industries, Inc.

4,900

302,134

TOTAL ELECTRICAL EQUIPMENT

777,085

ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.4%

Cognex Corp.

3,000

76,800

Dionex Corp. (a)

933

52,248

Mettler-Toledo International, Inc. (a)

1,500

71,850

Molex, Inc.

2,400

70,968

Tech Data Corp. (a)

1,300

52,507

TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS

324,373

ENERGY EQUIPMENT & SERVICES - 0.0%

Willbros Group, Inc. (a)

100

1,477

Shares

Value

HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%

Millipore Corp. (a)

1,800

$ 82,782

Thermo Electron Corp. (a)

3,500

101,500

TOTAL HEALTH CARE EQUIPMENT & SUPPLIES

184,282

HOUSEHOLD DURABLES - 4.1%

Blount International, Inc. (a)

11,500

166,290

D.R. Horton, Inc.

17,700

531,000

Hovnanian Enterprises, Inc. Class A (a)

100

3,754

Interface, Inc. Class A (a)

18,300

159,027

KB Home

8,000

658,000

Maytag Corp.

7,700

133,980

Pulte Homes, Inc.

10,200

559,776

Ryland Group, Inc.

6,400

610,496

Standard Pacific Corp.

100

5,615

Toll Brothers, Inc. (a)

9,800

454,230

TOTAL HOUSEHOLD DURABLES

3,282,168

INDUSTRIAL CONGLOMERATES - 16.1%

3M Co.

41,260

3,200,538

Carlisle Companies, Inc.

700

40,691

General Electric Co.

107,400

3,664,488

Siemens AG sponsored ADR

23,800

1,778,812

Teleflex, Inc.

700

30,653

Tyco International Ltd.

134,500

4,189,674

TOTAL INDUSTRIAL CONGLOMERATES

12,904,856

MACHINERY - 7.1%

AGCO Corp. (a)

35,200

683,584

Briggs & Stratton Corp.

4,600

330,326

Caterpillar, Inc.

6,100

491,294

Danaher Corp.

6,200

341,806

Dover Corp.

9,800

384,846

IDEX Corp.

6,250

230,625

ITT Industries, Inc.

10,500

851,970

Kennametal, Inc.

876

40,760

Manitowoc Co., Inc.

10,900

384,770

Navistar International Corp. (a)

6,840

236,322

PACCAR, Inc.

1,950

135,155

Pall Corp.

11,200

289,632

Pentair, Inc.

7,300

272,874

SPX Corp.

14,900

571,415

Toro Co.

1,700

116,025

Wabash National Corp. (a)

12,900

317,082

TOTAL MACHINERY

5,678,486

MEDIA - 0.2%

EchoStar Communications Corp.
Class A (a)

4,400

139,128

METALS & MINING - 0.2%

Massey Energy Co.

5,100

137,343

Common Stocks - continued

Shares

Value

OFFICE ELECTRONICS - 0.0%

Xerox Corp. (a)

100

$ 1,477

OIL & GAS - 2.0%

Frontline Ltd. (NY Shares)

9,000

450,720

General Maritime Corp. (a)

5,800

220,400

Nippon Mining Holdings, Inc.

11,900

56,669

Teekay Shipping Corp.

9,100

420,420

Top Tankers, Inc.

26,200

448,020

TOTAL OIL & GAS

1,596,229

ROAD & RAIL - 5.1%

Burlington Northern Santa Fe Corp.

23,000

961,630

CSX Corp.

17,250

629,625

J.B. Hunt Transport Services, Inc.

4,500

183,870

Landstar System, Inc. (a)

4,025

273,459

Norfolk Southern Corp.

35,600

1,208,620

Swift Transportation Co., Inc. (a)

6,400

120,960

Union Pacific Corp.

11,500

724,155

TOTAL ROAD & RAIL

4,102,319

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%

Cabot Microelectronics Corp. (a)

800

28,824

TRADING COMPANIES & DISTRIBUTORS - 1.0%

Fastenal Co.

6,800

375,564

MSC Industrial Direct Co., Inc. Class A

5,600

191,184

W.W. Grainger, Inc.

4,040

236,704

TOTAL TRADING COMPANIES & DISTRIBUTORS

803,452

TOTAL COMMON STOCKS

(Cost $67,052,609)

75,506,849

Nonconvertible Preferred Stocks - 0.1%

AUTOMOBILES - 0.1%

Porsche AG (non-vtg.)
(Cost $96,547)

148

94,501

Money Market Funds - 8.8%

Shares

Value

Fidelity Cash Central Fund, 1.79% (b)

6,000,585

$ 6,000,585

Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)

1,043,800

1,043,800

TOTAL MONEY MARKET FUNDS

(Cost $7,044,385)

7,044,385

TOTAL INVESTMENT PORTFOLIO - 103.4%

(Cost $74,193,541)

82,645,735

NET OTHER ASSETS - (3.4)%

(2,735,430)

NET ASSETS - 100%

$ 79,910,305

Legend

(a) Non-income producing

(b) Affiliated fund that is 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Includes investment made with cash collateral received from securities on loan.

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $74,661,950. Net unrealized appreciation aggregated $7,983,785, of which $9,481,926 related to appreciated investment securities and $1,498,141 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Natural Resources Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2004

ANR-QTLY-1204

1.809101.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

CONSTRUCTION & ENGINEERING - 0.3%

Perini Corp. (a)

63,200

$ 998,560

CONTAINERS & PACKAGING - 1.4%

Packaging Corp. of America

100,000

2,193,000

Smurfit-Stone Container Corp. (a)

196,487

3,411,014

TOTAL CONTAINERS & PACKAGING

5,604,014

ENERGY EQUIPMENT & SERVICES - 25.8%

Baker Hughes, Inc.

136,750

5,857,003

BJ Services Co.

72,300

3,687,300

Core Laboratories NV (a)

32,100

796,080

FMC Technologies, Inc. (a)

29,500

891,785

Grant Prideco, Inc. (a)

227,800

4,683,568

Grey Wolf, Inc. (a)

105,200

544,936

Halliburton Co.

436,000

16,149,440

Helmerich & Payne, Inc.

200

5,710

Nabors Industries Ltd. (a)

85,400

4,194,848

National-Oilwell, Inc. (a)

98,300

3,313,693

Noble Corp. (a)

54,000

2,466,720

Oil States International, Inc. (a)

42,800

785,808

Pason Systems, Inc.

17,900

448,584

Precision Drilling Corp. (a)

41,100

2,544,599

Pride International, Inc. (a)

142,100

2,626,008

Schlumberger Ltd. (NY Shares)

294,700

18,548,418

Smith International, Inc. (a)

177,100

10,285,968

Superior Energy Services, Inc. (a)

255,700

3,295,973

TETRA Technologies, Inc. (a)

26,200

784,428

Transocean, Inc. (a)

125,100

4,409,775

Varco International, Inc. (a)

125,100

3,462,768

Weatherford International Ltd. (a)

183,300

9,579,258

Willbros Group, Inc. (a)

80,200

1,184,554

TOTAL ENERGY EQUIPMENT & SERVICES

100,547,224

GAS UTILITIES - 0.2%

Southern Union Co. (a)

37,300

819,481

MACHINERY - 0.3%

Bucyrus International, Inc. Class A

43,500

1,305,000

METALS & MINING - 14.0%

Alcan, Inc.

155,000

7,171,860

Alcoa, Inc.

390,900

12,704,250

Anglo American PLC ADR

200

4,448

Breakwater Resources Ltd. (a)

1,643,500

641,017

Cameco Corp.

21,300

1,727,646

CONSOL Energy, Inc.

67,500

2,389,500

Eldorado Gold Corp. (a)

284,600

911,393

Freeport-McMoRan Copper & Gold, Inc. Class B

55,797

2,020,967

Massey Energy Co.

34,600

931,778

Newmont Mining Corp.

403,700

19,183,824

Peabody Energy Corp.

51,200

3,265,536

Shares

Value

Phelps Dodge Corp.

14,400

$ 1,260,576

Wheaton River Minerals Ltd. (a)

671,500

2,200,012

TOTAL METALS & MINING

54,412,807

MULTI-UTILITIES & UNREGULATED POWER - 0.3%

Questar Corp.

25,600

1,228,800

OIL & GAS - 51.9%

Abraxas Petroleum Corp. (a)

217,200

597,300

Amerada Hess Corp.

10,200

823,242

BP PLC sponsored ADR

587,148

34,201,371

Burlington Resources, Inc.

78,900

3,274,350

Canadian Natural Resources Ltd.

83,500

3,515,934

ChevronTexaco Corp.

270,836

14,370,558

ConocoPhillips

281,199

23,707,888

Cross Timbers Royalty Trust

511

18,355

Denbury Resources, Inc. (a)

25,300

627,440

EnCana Corp.

164,032

8,135,265

Encore Acquisition Co. (a)

60,700

1,981,855

ENI Spa sponsored ADR

17,200

1,968,196

EOG Resources, Inc.

15,500

1,031,680

Exxon Mobil Corp.

707,360

34,816,260

Forest Oil Corp. (a)

31,500

960,750

Frontier Oil Corp.

24,500

602,210

Holly Corp.

110,900

2,722,595

Kerr-McGee Corp.

390

23,096

Kinder Morgan, Inc.

17,400

1,120,038

Marathon Oil Corp.

110,600

4,214,966

Newfield Exploration Co. (a)

42,500

2,473,500

Noble Energy, Inc.

200

11,600

Occidental Petroleum Corp.

167,700

9,362,691

Patina Oil & Gas Corp.

126,800

3,626,480

Petro-Canada

94,100

5,136,731

Pioneer Natural Resources Co.

30,000

972,000

Pogo Producing Co.

41,100

1,884,435

Premcor, Inc. (a)

78,000

3,045,120

Quicksilver Resources, Inc. (a)

114,100

3,608,983

Range Resources Corp.

109,800

1,723,860

Royal Dutch Petroleum Co. (NY Shares)

9,000

488,160

Sibneft sponsored ADR

700

26,061

Talisman Energy, Inc.

151,100

4,057,125

Tesoro Petroleum Corp. (a)

58,200

1,762,296

Total SA sponsored ADR

135,200

14,098,656

Ultra Petroleum Corp. (a)

36,900

1,793,340

Valero Energy Corp.

230,800

9,917,476

TOTAL OIL & GAS

202,701,863

PAPER & FOREST PRODUCTS - 4.6%

Bowater, Inc.

200

7,368

Canfor Corp. (a)

2,629

31,582

Domtar, Inc.

100

1,221

Georgia-Pacific Corp.

91,900

3,178,821

International Paper Co.

200,100

7,705,851

Common Stocks - continued

Shares

Value

PAPER & FOREST PRODUCTS - CONTINUED

MeadWestvaco Corp.

59,937

$ 1,889,814

Weyerhaeuser Co.

83,000

5,199,120

TOTAL PAPER & FOREST PRODUCTS

18,013,777

SPECIALTY RETAIL - 0.1%

Boise Cascade Corp.

11,100

327,672

TOTAL COMMON STOCKS

(Cost $299,980,357)

385,959,198

Money Market Funds - 1.1%

Fidelity Cash Central Fund, 1.79% (b)
(Cost $4,461,072)

4,461,072

4,461,072

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $304,441,429)

390,420,270

NET OTHER ASSETS - 0.0%

(87,977)

NET ASSETS - 100%

$ 390,332,293

Legend

(a) Non-income producing

(b) Affiliated fund that is 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $305,815,382. Net unrealized appreciation aggregated $84,604,888, of which $85,903,909 related to appreciated investment securities and $1,299,021 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Advisor Telecommunications &
Utilities Growth Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2004

AFUG-QTLY-1204

1.809068.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.2%

Shares

Value

COMMERCIAL SERVICES & SUPPLIES - 0.1%

Adesa, Inc.

5,900

$ 118,885

CONSTRUCTION & ENGINEERING - 0.6%

Dycom Industries, Inc. (a)

41,200

1,345,180

DIVERSIFIED TELECOMMUNICATION SERVICES - 38.3%

ALLTEL Corp.

20,700

1,137,051

BellSouth Corp.

689,300

18,383,631

Citizens Communications Co.

645,300

8,647,020

Qwest Communications International, Inc. (a)

1,149,000

3,929,580

SBC Communications, Inc.

801,600

20,248,416

Sprint Corp.

240,300

5,034,285

Verizon Communications, Inc.

558,000

21,817,800

TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES

79,197,783

ELECTRIC UTILITIES - 23.4%

Allete, Inc.

1,966

66,805

Entergy Corp.

95,500

6,241,880

Exelon Corp.

50,900

2,016,658

FirstEnergy Corp.

209,300

8,650,369

PG&E Corp. (a)

259,200

8,304,768

PPL Corp.

75,300

3,915,600

TXU Corp.

265,100

16,229,422

Westar Energy, Inc.

10,200

213,690

Wisconsin Energy Corp.

86,800

2,833,152

TOTAL ELECTRIC UTILITIES

48,472,344

GAS UTILITIES - 0.5%

KeySpan Corp.

18,700

747,065

UGI Corp.

6,200

239,506

TOTAL GAS UTILITIES

986,571

MEDIA - 7.9%

EchoStar Communications Corp.
Class A (a)

299,300

9,463,866

The DIRECTV Group, Inc. (a)

327,224

5,487,546

XM Satellite Radio Holdings, Inc.
Class A (a)

44,400

1,435,008

TOTAL MEDIA

16,386,420

MULTI-UTILITIES & UNREGULATED POWER - 6.0%

AES Corp. (a)

29,200

318,280

Constellation Energy Group, Inc.

48,600

1,974,132

Dominion Resources, Inc.

125,800

8,091,456

Equitable Resources, Inc.

12,000

663,600

Sierra Pacific Resources (a)

139,400

1,338,240

TOTAL MULTI-UTILITIES & UNREGULATED POWER

12,385,708

Shares

Value

WATER UTILITIES - 0.1%

Aqua America, Inc.

11,362

$ 248,373

WIRELESS TELECOMMUNICATION SERVICES - 16.3%

American Tower Corp. Class A (a)

361,600

6,215,904

Crown Castle International Corp. (a)

154,800

2,369,988

Nextel Communications, Inc. Class A (a)

550,100

14,572,149

Nextel Partners, Inc. Class A (a)

198,900

3,349,476

NII Holdings, Inc. (a)

76,200

3,373,374

SpectraSite, Inc. (a)

38,400

1,969,920

Western Wireless Corp. Class A (a)

63,740

1,857,384

TOTAL WIRELESS TELECOMMUNICATION SERVICES

33,708,195

TOTAL COMMON STOCKS

(Cost $163,254,035)

192,849,459

Money Market Funds - 5.0%

Fidelity Cash Central Fund, 1.79% (b)

9,327,640

9,327,640

Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)

1,014,000

1,014,000

TOTAL MONEY MARKET FUNDS

(Cost $10,341,640)

10,341,640

TOTAL INVESTMENT PORTFOLIO - 98.2%

(Cost $173,595,675)

203,191,099

NET OTHER ASSETS - 1.8%

3,726,704

NET ASSETS - 100%

$ 206,917,803

Legend

(a) Non-income producing

(b) Affiliated fund that is 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Includes investment made with cash collateral received from securities on loan.

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $177,723,694. Net unrealized appreciation aggregated $25,467,405, of which $36,761,942 related to appreciated investment securities and $11,294,537 related to depreciated investment securities.

See accompanying notes which are an integral part of the financial statements.

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Consumer Industries Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2004

AFCI-QTLY-1204

1.809085.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%

Shares

Value

AUTOMOBILES - 2.0%

Harley-Davidson, Inc.

12,200

$ 702,354

Thor Industries, Inc.

12,500

347,625

TOTAL AUTOMOBILES

1,049,979

BEVERAGES - 3.0%

Anheuser-Busch Companies, Inc.

9,500

474,525

PepsiCo, Inc.

9,100

451,178

The Coca-Cola Co.

15,800

642,428

TOTAL BEVERAGES

1,568,131

COMMERCIAL SERVICES & SUPPLIES - 2.4%

Apollo Group, Inc. Class A (a)

3,000

198,000

Bright Horizons Family Solutions, Inc. (a)

4,777

302,384

Cendant Corp.

20,700

426,213

R.R. Donnelley & Sons Co.

4,200

132,090

Strayer Education, Inc.

2,300

223,192

TOTAL COMMERCIAL SERVICES & SUPPLIES

1,281,879

FOOD & STAPLES RETAILING - 6.3%

Costco Wholesale Corp.

13,700

656,778

CVS Corp.

8,100

352,026

Safeway, Inc. (a)

19,400

353,856

Sysco Corp.

200

6,454

Wal-Mart Stores, Inc.

33,980

1,832,202

Whole Foods Market, Inc.

900

73,287

TOTAL FOOD & STAPLES RETAILING

3,274,603

FOOD PRODUCTS - 3.3%

Bunge Ltd.

6,900

329,337

Dean Foods Co. (a)

13,350

398,498

Fresh Del Monte Produce, Inc.

9,500

249,565

Hershey Foods Corp.

200

10,138

Smithfield Foods, Inc. (a)

21,400

518,522

SunOpta, Inc. (a)

7,900

49,949

The J.M. Smucker Co.

4,000

178,000

TOTAL FOOD PRODUCTS

1,734,009

HOTELS, RESTAURANTS & LEISURE - 14.0%

Boyd Gaming Corp.

200

6,698

Brinker International, Inc. (a)

9,700

313,310

Caesars Entertainment, Inc. (a)

10,100

180,790

Carnival Corp. unit

13,800

697,728

CBRL Group, Inc.

3,700

134,162

Hilton Hotels Corp.

14,100

280,590

International Game Technology

8,300

274,232

Kerzner International Ltd. (a)

3,000

152,160

Krispy Kreme Doughnuts, Inc. (a)

21,500

227,900

McDonald's Corp.

52,200

1,521,630

MGM MIRAGE (a)

11,900

640,220

Shares

Value

Outback Steakhouse, Inc.

13,000

$ 514,670

Royal Caribbean Cruises Ltd.

11,800

549,880

Starbucks Corp. (a)

2,900

153,352

Starwood Hotels & Resorts Worldwide, Inc. unit

15,600

744,588

Wendy's International, Inc.

13,840

461,841

Wyndham International, Inc. Class A (a)

262,500

186,375

Yum! Brands, Inc.

7,200

313,200

TOTAL HOTELS, RESTAURANTS & LEISURE

7,353,326

HOUSEHOLD PRODUCTS - 5.0%

Colgate-Palmolive Co.

12,800

571,136

Kimberly-Clark Corp.

2,900

173,043

Procter & Gamble Co.

36,470

1,866,535

TOTAL HOUSEHOLD PRODUCTS

2,610,714

INDUSTRIAL CONGLOMERATES - 0.5%

3M Co.

3,100

240,467

INTERNET & CATALOG RETAIL - 1.3%

Amazon.com, Inc. (a)

8,600

293,518

eBay, Inc. (a)

4,100

400,201

TOTAL INTERNET & CATALOG RETAIL

693,719

INTERNET SOFTWARE & SERVICES - 6.2%

Google, Inc. Class A

7,500

1,430,288

iVillage, Inc. (a)

47,100

241,388

Sina Corp. (a)

6,100

204,350

Sohu.com, Inc. (a)

4,300

72,025

Yahoo!, Inc. (a)

35,170

1,272,802

TOTAL INTERNET SOFTWARE & SERVICES

3,220,853

LEISURE EQUIPMENT & PRODUCTS - 4.4%

Brunswick Corp.

20,000

938,400

MarineMax, Inc. (a)

11,200

282,240

Polaris Industries, Inc.

10,800

640,980

SCP Pool Corp.

14,250

415,958

TOTAL LEISURE EQUIPMENT & PRODUCTS

2,277,578

MEDIA - 27.0%

ADVO, Inc.

6,000

191,700

Clear Channel Communications, Inc.

9,249

308,917

DreamWorks Animation SKG, Inc.
Class A

100

3,905

E.W. Scripps Co. Class A

9,800

467,656

EchoStar Communications Corp.
Class A (a)

3,800

120,156

Fox Entertainment Group, Inc. Class A (a)

46,700

1,385,122

Gannett Co., Inc.

6,880

570,696

Harte-Hanks, Inc.

4,400

113,256

JC Decaux SA (a)

24,500

611,063

Lamar Advertising Co. Class A (a)

13,220

547,572

Common Stocks - continued

Shares

Value

MEDIA - CONTINUED

Liberty Media Corp. Class A (a)

54,100

$ 482,572

Liberty Media International, Inc.
Class A (a)

5,240

188,902

McGraw-Hill Companies, Inc.

3,200

276,000

News Corp. Ltd. sponsored ADR

57,100

1,795,224

Omnicom Group, Inc.

8,200

646,980

Radio One, Inc. Class D (non-vtg.) (a)

8,400

123,396

Reuters Group PLC sponsored ADR

3,800

155,420

SBS Broadcasting SA (a)

3,900

134,316

Spanish Broadcasting System, Inc.
Class A (a)

14,140

143,097

Time Warner, Inc. (a)

42,500

707,200

Univision Communications, Inc.
Class A (a)

2,000

61,920

Viacom, Inc. Class B (non-vtg.)

99,497

3,630,643

Walt Disney Co.

43,000

1,084,460

Washington Post Co. Class B

400

366,000

TOTAL MEDIA

14,116,173

MULTILINE RETAIL - 4.6%

Big Lots, Inc. (a)

8,700

107,793

Family Dollar Stores, Inc.

9,000

265,950

Federated Department Stores, Inc.

5,400

272,430

JCPenney Co., Inc.

7,400

255,966

Neiman Marcus Group, Inc.
Class A

1,900

115,577

Nordstrom, Inc.

4,500

194,310

Saks, Inc.

3,200

39,104

Target Corp.

23,200

1,160,464

TOTAL MULTILINE RETAIL

2,411,594

PERSONAL PRODUCTS - 2.9%

Alberto-Culver Co.

5,500

246,730

Avon Products, Inc.

19,300

763,315

Gillette Co.

12,100

501,908

TOTAL PERSONAL PRODUCTS

1,511,953

REAL ESTATE - 0.3%

MeriStar Hospitality Corp. (a)

24,700

144,248

SOFTWARE - 0.2%

Electronic Arts, Inc. (a)

2,900

130,268

SPECIALTY RETAIL - 12.4%

Aeropostale, Inc. (a)

4,400

138,820

American Eagle Outfitters, Inc.

24,500

1,001,560

Best Buy Co., Inc.

4,200

248,724

Chico's FAS, Inc. (a)

5,900

236,177

Foot Locker, Inc.

15,800

385,520

Gap, Inc.

5,600

111,888

Home Depot, Inc.

51,090

2,098,777

Hot Topic, Inc. (a)

4,350

89,436

Limited Brands, Inc.

8,100

200,718

Shares

Value

Lowe's Companies, Inc.

9,700

$ 545,916

Office Depot, Inc. (a)

15,900

257,421

PETsMART, Inc.

4,500

143,910

Staples, Inc.

14,700

437,178

Steiner Leisure Ltd. (a)

11,272

274,924

Toys 'R' Us, Inc. (a)

9,200

165,692

West Marine, Inc. (a)

6,100

149,633

TOTAL SPECIALTY RETAIL

6,486,294

TEXTILES APPAREL & LUXURY GOODS - 3.2%

Coach, Inc. (a)

2,800

130,564

Kenneth Cole Productions, Inc.
Class A (sub. vtg.)

3,200

84,800

Liz Claiborne, Inc.

10,500

429,240

NIKE, Inc. Class B

6,900

561,039

Phoenix Footwear Group, Inc. (a)

10,900

72,485

Polo Ralph Lauren Corp. Class A

7,600

280,668

Quiksilver, Inc. (a)

4,900

133,525

TOTAL TEXTILES APPAREL & LUXURY GOODS

1,692,321

TOTAL COMMON STOCKS

(Cost $47,224,854)

51,798,109

Money Market Funds - 4.3%

Fidelity Cash Central Fund, 1.79% (b)

777,771

777,771

Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)

1,466,750

1,466,750

TOTAL MONEY MARKET FUNDS

(Cost $2,244,521)

2,244,521

TOTAL INVESTMENT PORTFOLIO - 103.3%

(Cost $49,469,375)

54,042,630

NET OTHER ASSETS - (3.3)%

(1,702,425)

NET ASSETS - 100%

$ 52,340,205

Legend

(a) Non-income producing

(b) Affiliated fund that is 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Includes investment made with cash collateral received from securities on loan.

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $49,506,936. Net unrealized appreciation aggregated $4,535,694, of which $6,788,373 related to appreciated investment securities and $2,252,679 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Real Estate Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2004

ARE-QTLY-1204

1.809102.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%

Shares

Value

HOTELS, RESTAURANTS & LEISURE - 3.4%

Hotels, Resorts & Cruise Lines - 3.4%

Starwood Hotels & Resorts Worldwide, Inc. unit

76,010

$ 3,627,957

REAL ESTATE - 92.4%

REITs - Apartments - 15.1%

American Campus Communities, Inc.

46,200

873,180

Apartment Investment & Management Co. Class A

95,335

3,497,841

Archstone-Smith Trust

14,800

496,540

AvalonBay Communities, Inc.

21,200

1,387,964

BRE Properties, Inc. Class A

6,100

243,390

Cornerstone Realty Income Trust, Inc.

76,300

749,266

Equity Residential (SBI)

161,300

5,379,355

GMH Communities Trust

45,000

540,000

Home Properties of New York, Inc.

11,300

464,995

Post Properties, Inc.

11,000

352,990

United Dominion Realty Trust, Inc. (SBI)

89,800

1,892,984

TOTAL REITS - APARTMENTS

15,878,505

REITs - Health Care Facilities - 0.4%

Ventas, Inc.

16,140

434,166

REITs - Hotels - 4.0%

Eagle Hospitality Properties Trust, Inc.

18,400

174,800

Innkeepers USA Trust (SBI)

110,100

1,524,885

MeriStar Hospitality Corp. (a)

344,180

2,010,011

Sunstone Hotel Investors, Inc. New

29,800

502,130

TOTAL REITS - HOTELS

4,211,826

REITs - Industrial Buildings - 16.8%

Catellus Development Corp.

65,605

1,892,048

CenterPoint Properties Trust (SBI)

38,000

1,759,400

Duke Realty Corp.

96,410

3,287,581

Liberty Property Trust (SBI)

23,200

940,760

Plum Creek Timber Co., Inc.

10,600

384,674

ProLogis

145,890

5,686,792

Public Storage, Inc.

61,300

3,202,925

U-Store-It Trust

29,400

491,274

TOTAL REITS - INDUSTRIAL BUILDINGS

17,645,454

Common Stocks - continued

Shares

Value

REAL ESTATE - CONTINUED

REITs - Malls - 16.8%

CBL & Associates Properties, Inc.

44,530

$ 2,918,942

General Growth Properties, Inc.

168,090

5,545,289

General Growth Properties, Inc. warrants 11/9/04 (a)

16,809

12,775

Simon Property Group, Inc.

110,400

6,438,527

The Rouse Co.

40,900

2,728,030

TOTAL REITS - MALLS

17,643,563

REITs - Management/Investment - 1.0%

Newcastle Investment Corp. (a)

36,230

1,109,000

REITs - Mobile Home Parks - 1.1%

Manufactured Home Communities, Inc.

35,200

1,214,048

REITs - Mortgage - 0.5%

HomeBanc Mortgage Corp. Georgia

55,600

483,720

REITs - Office Buildings - 19.4%

Boston Properties, Inc.

74,300

4,437,196

CarrAmerica Realty Corp.

43,100

1,389,113

Equity Office Properties Trust

191,300

5,379,356

Highwoods Properties, Inc. (SBI)

84,300

2,091,483

Kilroy Realty Corp.

19,200

763,200

Reckson Associates Realty Corp.

122,870

3,729,105

Shurgard Storage Centers, Inc. Class A

17,800

706,660

SL Green Realty Corp.

31,800

1,743,276

Trizec Properties, Inc.

9,700

154,715

TOTAL REITS - OFFICE BUILDINGS

20,394,104

REITs - Prisons - 1.1%

Correctional Properties Trust

43,500

1,173,630

REITs - Shopping Centers - 16.2%

Acadia Realty Trust (SBI)

23,700

364,980

Equity One, Inc.

47,800

1,003,322

Federal Realty Investment Trust (SBI)

28,560

1,355,172

Inland Real Estate Corp.

49,100

738,464

Kimco Realty Corp.

78,400

4,276,720

Pan Pacific Retail Properties, Inc.

34,990

1,982,184

Price Legacy Corp.

26,996

507,795

Common Stocks - continued

Shares

Value

REAL ESTATE - CONTINUED

REITs - Shopping Centers - continued

Vornado Realty Trust

87,850

$ 5,903,520

Weingarten Realty Investors (SBI)

25,400

918,464

TOTAL REITS - SHOPPING CENTERS

17,050,621

TOTAL REAL ESTATE

97,238,637

TOTAL COMMON STOCKS

(Cost $84,824,121)

100,866,594

Money Market Funds - 4.6%

Fidelity Cash Central Fund, 1.79% (b)
(Cost $4,803,520)

4,803,520

4,803,520

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $89,627,641)

105,670,114

NET OTHER ASSETS - (0.4)%

(443,893)

NET ASSETS - 100%

$ 105,226,221

Legend

(a) Non-income producing

(b) Affiliated fund that is 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $89,859,138. Net unrealized appreciation aggregated $15,810,976, of which $16,057,802 related to appreciated investment securities and $246,826 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Health Care Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2004

AFHC-QTLY-1204

1.809075.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value

BIOTECHNOLOGY - 15.4%

Affymetrix, Inc. (a)

56,600

$ 1,726,300

Alkermes, Inc. (a)

110,864

1,371,388

Amgen, Inc. (a)

582,900

33,108,720

Biogen Idec, Inc. (a)

157,800

9,177,648

Celgene Corp. (a)

204,200

6,048,404

Charles River Laboratories International, Inc. (a)

15,408

720,940

Genentech, Inc. (a)

743,500

33,851,555

Genzyme Corp. - General Division (a)

153,200

8,038,404

ImClone Systems, Inc. (a)

49,500

2,168,100

MedImmune, Inc. (a)

208,230

5,917,897

Millennium Pharmaceuticals, Inc. (a)

496,100

6,439,378

Neurocrine Biosciences, Inc. (a)

83,700

3,896,235

OSI Pharmaceuticals, Inc. (a)

26,000

1,689,480

Protein Design Labs, Inc. (a)

59,600

1,141,340

TOTAL BIOTECHNOLOGY

115,295,789

HEALTH CARE EQUIPMENT & SUPPLIES - 31.7%

Alcon, Inc.

224,500

15,984,400

Animas Corp.

200

2,854

Aspect Medical Systems, Inc. (a)

12,800

230,144

Baxter International, Inc.

1,366,700

42,039,692

Biomet, Inc.

407,975

19,044,273

Boston Scientific Corp. (a)

365,500

12,902,150

Cytyc Corp. (a)

242,900

6,337,261

Dade Behring Holdings, Inc. (a)

65,500

3,686,995

DJ Orthopedics, Inc. (a)

78,900

1,345,245

Edwards Lifesciences Corp. (a)

165,400

5,653,372

Epix Pharmaceuticals, Inc. (a)

102,500

1,602,075

Foxhollow Technologies, Inc.

600

12,348

Guidant Corp.

395,900

26,374,858

Hospira, Inc. (a)

4,182

133,448

IntraLase Corp.

4,600

88,458

Kinetic Concepts, Inc.

69,100

3,443,253

Medtronic, Inc.

1,061,696

54,263,283

Novoste Corp. (a)(d)

12,500

19,500

ResMed, Inc. (a)

66,300

3,116,100

Respironics, Inc. (a)

59,200

3,024,528

St. Jude Medical, Inc. (a)

287,000

21,975,590

Stereotaxis, Inc.

200,600

1,879,622

Thoratec Corp. (a)

44,200

388,076

Waters Corp. (a)

150,179

6,200,891

Zimmer Holdings, Inc. (a)

109,700

8,511,623

TOTAL HEALTH CARE EQUIPMENT & SUPPLIES

238,260,039

Shares

Value

HEALTH CARE PROVIDERS & SERVICES - 13.9%

Cardinal Health, Inc.

169,100

$ 7,905,425

Community Health Systems, Inc. (a)

61,900

1,660,158

DaVita, Inc. (a)

71,550

2,119,311

Health Net, Inc. (a)

93,500

2,268,310

IMS Health, Inc.

267,400

5,663,532

Laboratory Corp. of America Holdings (a)

100,300

4,593,740

McKesson Corp.

294,900

7,862,034

Omnicare, Inc.

158,700

4,378,533

PacifiCare Health Systems, Inc. (a)

269,990

9,617,044

Patterson Companies, Inc. (a)

50,800

1,905,000

Quest Diagnostics, Inc.

74,600

6,530,484

Tenet Healthcare Corp. (a)

346,500

3,714,480

UnitedHealth Group, Inc.

610,300

44,185,720

WebMD Corp. (a)

306,300

2,315,628

TOTAL HEALTH CARE PROVIDERS & SERVICES

104,719,399

PERSONAL PRODUCTS - 0.2%

NBTY, Inc. (a)

42,700

1,175,958

PHARMACEUTICALS - 37.9%

Abbott Laboratories

1,044,320

44,519,362

Allergan, Inc.

78,300

5,603,148

Barr Pharmaceuticals, Inc. (a)

97,402

3,667,185

Biovail Corp. (a)

215,470

4,033,925

Eli Lilly & Co.

476,400

26,159,124

Endo Pharmaceuticals Holdings, Inc. (a)

89,000

1,940,200

Forest Laboratories, Inc. (a)

87,000

3,880,200

Hollis-Eden Pharmaceutcals, Inc. (a)

165,100

1,678,242

Johnson & Johnson

1,168,462

68,214,810

King Pharmaceuticals, Inc. (a)

143,900

1,569,949

Medicis Pharmaceutical Corp. Class A

30,300

1,232,301

Merck & Co., Inc.

936,100

29,309,291

Perrigo Co.

112,100

2,037,978

Pfizer, Inc.

1,853,520

53,659,404

Schering-Plough Corp.

949,800

17,200,878

Sepracor, Inc. (a)

60,100

2,760,393

Watson Pharmaceuticals, Inc. (a)

102,300

2,867,469

Wyeth

366,420

14,528,553

TOTAL PHARMACEUTICALS

284,862,412

TOTAL COMMON STOCKS

(Cost $694,523,289)

744,313,597

Nonconvertible Preferred Stocks - 0.0%

BIOTECHNOLOGY - 0.0%

Geneprot, Inc. Series A (e)
(Cost $236,500)

43,000

150,500

Money Market Funds - 1.2%

Shares

Value

Fidelity Cash Central Fund, 1.79% (b)

6,785,135

$ 6,785,135

Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)

2,254,350

2,254,350

TOTAL MONEY MARKET FUNDS

(Cost $9,039,485)

9,039,485

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $703,799,274)

753,503,582

NET OTHER ASSETS - (0.3)%

(2,129,498)

NET ASSETS - 100%

$ 751,374,084

Legend

(a) Non-income producing

(b) Affiliated fund that is 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Includes investment made with cash collateral received from securities on loan.

(d) 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 period end, the value of these securities amounted to $19,500 or 0.0% of net assets.

(e) Restricted securities - 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 $150,500 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Geneprot, Inc. Series A

7/7/00

$ 236,500

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $718,263,856. Net unrealized appreciation aggregated $35,239,726, of which $92,741,295 related to appreciated investment securities and $57,501,569 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Biotechnology Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2004

AFBT-QTLY-1204

1.809084.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value

BIOTECHNOLOGY - 84.6%

Actelion Ltd. (Reg.) (a)

13,389

$ 1,536,516

Affymetrix, Inc. (a)

41,300

1,259,650

Alkermes, Inc. (a)

71,240

881,239

Amgen, Inc. (a)

23,710

1,346,728

Amylin Pharmaceuticals, Inc. (a)

7,600

161,880

Biogen Idec, Inc. (a)

97,734

5,684,210

Celgene Corp. (a)

145,240

4,302,009

Cephalon, Inc. (a)

64,799

3,088,968

Curis, Inc. (a)

40,700

151,811

Dendreon Corp. (a)

38,800

401,192

Dyax Corp. (a)

4,200

24,108

Enzon Pharmaceuticals, Inc. (a)

23,800

384,846

Genentech, Inc. (a)

112,600

5,126,678

Genta, Inc. (a)

13,700

34,250

Genzyme Corp. - General Division (a)

46,220

2,425,163

Gilead Sciences, Inc. (a)

62,900

2,178,227

Harvard Bioscience, Inc. (a)

300

1,137

ICOS Corp. (a)

25,800

581,016

ImClone Systems, Inc. (a)

51,764

2,267,263

ImmunoGen, Inc. (a)

56,300

298,953

Immunomedics, Inc. (a)

8,600

24,510

Invitrogen Corp. (a)

30,050

1,739,895

Ligand Pharmaceuticals, Inc. Class B (a)

42,800

381,562

Medarex, Inc. (a)

27,590

209,960

MedImmune, Inc. (a)

120,500

3,424,610

Millennium Pharmaceuticals, Inc. (a)

206,771

2,683,888

Neurocrine Biosciences, Inc. (a)

20,500

954,275

NPS Pharmaceuticals, Inc. (a)

11,900

203,252

Oscient Pharmaceuticals Corp. (a)

2,600

8,814

OSI Pharmaceuticals, Inc. (a)

3,500

227,430

Pharmion Corp.

15,104

694,029

Protein Design Labs, Inc. (a)

41,900

802,385

Regeneron Pharmaceuticals, Inc. (a)

19,822

144,106

Seattle Genetics, Inc. (a)

24,600

149,076

Serologicals Corp. (a)

26,300

621,995

Tanox, Inc. (a)

10,700

167,990

Techne Corp. (a)

17,810

641,516

Telik, Inc. (a)

8,900

164,205

Transkaryotic Therapies, Inc. (a)

12,440

215,336

XOMA Ltd. (a)

49,300

101,065

TOTAL BIOTECHNOLOGY

45,695,743

HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%

Cholestech Corp. (a)

200

1,604

Cyberonics, Inc. (a)

1,300

24,401

Epix Pharmaceuticals, Inc. (a)

3,100

48,453

IntraLase Corp.

300

5,769

TOTAL HEALTH CARE EQUIPMENT & SUPPLIES

80,227

PHARMACEUTICALS - 14.8%

Cypress Bioscience, Inc. (a)

2,600

27,326

Shares

Value

Elan Corp. PLC sponsored ADR (a)

132,600

$ 3,421,080

Guilford Pharmaceuticals, Inc. (a)

29,300

132,436

Medicines Co. (a)

18,200

484,848

Merck KGaA

15,626

873,251

MGI Pharma, Inc. (a)

40,800

1,088,136

Sepracor, Inc. (a)

41,096

1,887,539

SkyePharma PLC (a)

80,613

78,884

TOTAL PHARMACEUTICALS

7,993,500

TOTAL COMMON STOCKS

(Cost $50,845,611)

53,769,470

Money Market Funds - 0.4%

Fidelity Cash Central Fund, 1.79% (b)
(Cost $191,215)

191,215

191,215

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $51,036,826)

53,960,685

NET OTHER ASSETS - 0.1%

53,243

NET ASSETS - 100%

$ 54,013,928

Legend

(a) Non-income producing

(b) Affiliated fund that is 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $51,598,392. Net unrealized appreciation aggregated $2,362,293, of which $8,282,556 related to appreciated investment securities and $5,920,263 related to depreciated investment securities.

See accompanying notes which are an integral part of the financial statements.

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Financial Services Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2004

AFFS-QTLY-1204

1.809094.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%

Shares

Value

CAPITAL MARKETS - 16.7%

American Capital Strategies Ltd.

12,100

$ 374,495

Ameritrade Holding Corp. (a)

532,700

6,935,754

Bank of New York Co., Inc.

45,760

1,485,370

Bear Stearns Companies, Inc.

21,500

2,037,125

Calamos Asset Management, Inc.
Class A

15,400

300,300

Charles Schwab Corp.

390,500

3,573,075

E*TRADE Financial Corp. (a)

81,300

1,048,770

Federated Investors, Inc.
Class B (non-vtg.)

20,200

585,598

Firstcity Financial Corp. (a)

27,900

263,655

Franklin Resources, Inc.

45,300

2,746,086

Goldman Sachs Group, Inc.

55,700

5,479,766

Janus Capital Group, Inc.

38,600

588,650

LaBranche & Co., Inc. (a)

31,500

223,335

Lehman Brothers Holdings, Inc.

94,300

7,746,745

Merrill Lynch & Co., Inc.

262,000

14,132,280

Morgan Stanley

388,100

19,828,029

Northern Trust Corp.

125,500

5,338,770

Piper Jaffray Companies (a)

2,479

108,407

State Street Corp.

109,600

4,937,480

TradeStation Group, Inc. (a)

155,600

963,164

Waddell & Reed Financial, Inc. Class A

67,867

1,425,886

TOTAL CAPITAL MARKETS

80,122,740

COMMERCIAL BANKS - 24.0%

Banco Popolare di Verona e Novara

103,500

1,841,040

Bank of America Corp.

969,702

43,432,951

Cathay General Bancorp

62,295

2,454,423

City National Corp.

10,100

695,890

East West Bancorp, Inc.

48,677

1,949,027

Hanmi Financial Corp.

52,500

1,594,950

HDFC Bank Ltd. sponsored ADR

46,800

1,645,956

M&T Bank Corp.

5,400

556,200

Mercantile Bankshares Corp.

14,400

701,856

Mitsubishi Tokyo Financial Group, Inc. (MTFG) sponsored ADR

177,500

1,506,975

Nara Bancorp, Inc.

4,700

89,817

National Bank of Canada

69,400

2,779,761

North Fork Bancorp, Inc., New York

81,156

3,578,980

Royal Bank of Canada

50,500

2,628,977

Silicon Valley Bancshares (a)

7,600

304,076

SouthTrust Corp.

31,300

1,363,741

SunTrust Banks, Inc.

26,151

1,840,507

Synovus Financial Corp.

1,100

29,909

U.S. Bancorp, Delaware

290,000

8,296,900

UCBH Holdings, Inc.

85,000

3,662,650

Valley National Bancorp

245

6,948

Wachovia Corp.

377,420

18,572,838

Shares

Value

Wells Fargo & Co.

219,800

$ 13,126,456

Westcorp

62,900

2,510,968

TOTAL COMMERCIAL BANKS

115,171,796

COMMERCIAL SERVICES & SUPPLIES - 0.9%

Asset Acceptance Capital Corp.

246,148

4,486,047

CONSUMER FINANCE - 10.9%

American Express Co.

322,700

17,125,689

AmeriCredit Corp. (a)

39,700

770,180

Capital One Financial Corp.

100,900

7,442,384

First Marblehead Corp.

92,700

4,968,720

MBNA Corp.

732,575

18,775,897

SLM Corp.

70,200

3,177,252

TOTAL CONSUMER FINANCE

52,260,122

DIVERSIFIED FINANCIAL SERVICES - 10.3%

Archipelago Holdings, Inc.

52,000

884,000

Chicago Mercantile Exchange Holdings, Inc. Class A

400

70,292

CIT Group, Inc.

134,100

5,417,640

Citigroup, Inc.

546,469

24,246,830

Encore Capital Group, Inc. (a)

30,500

572,638

J.P. Morgan Chase & Co.

439,394

16,960,608

Principal Financial Group, Inc.

32,400

1,223,424

TOTAL DIVERSIFIED FINANCIAL SERVICES

49,375,432

INDUSTRIAL CONGLOMERATES - 0.7%

General Electric Co.

93,000

3,173,160

INSURANCE - 20.9%

ACE Ltd.

219,400

8,350,364

AFLAC, Inc.

119,200

4,276,896

Allstate Corp.

20,500

985,845

AMBAC Financial Group, Inc.

18,650

1,455,819

American International Group, Inc.

608,160

36,921,394

Berkshire Hathaway, Inc. Class B (a)

3,824

10,722,496

Endurance Specialty Holdings Ltd.

139,270

4,616,801

Fidelity National Financial, Inc.

32,350

1,220,889

Genworth Financial, Inc. Class A

26,700

637,062

Hartford Financial Services Group, Inc.

81,500

4,766,120

HCC Insurance Holdings, Inc.

28,100

834,570

Lincoln National Corp.

6,500

284,700

Marsh & McLennan Companies, Inc.

49,100

1,358,106

MBIA, Inc.

51,000

2,950,860

MetLife, Inc.

129,100

4,950,985

Montpelier Re Holdings Ltd.

24,500

913,115

PartnerRe Ltd.

23,500

1,366,525

Protective Life Corp.

17,200

675,960

Scottish Re Group Ltd.

27,500

618,750

St. Paul Travelers Companies, Inc.

54,500

1,850,820

Sun Life Financial, Inc.

142,200

4,373,948

Common Stocks - continued

Shares

Value

INSURANCE - CONTINUED

Torchmark Corp.

17,500

$ 945,350

XL Capital Ltd. Class A

66,900

4,850,250

TOTAL INSURANCE

99,927,625

REAL ESTATE - 2.9%

Apartment Investment & Management Co. Class A

117,400

4,307,406

CBL & Associates Properties, Inc.

12,146

796,170

Duke Realty Corp.

23,000

784,300

Equity Residential (SBI)

29,600

987,160

Federal Realty Investment Trust (SBI)

7,400

351,130

Healthcare Realty Trust, Inc.

47,000

1,896,450

Manufactured Home Communities, Inc.

14,200

489,758

Reckson Associates Realty Corp.

25,400

770,890

Simon Property Group, Inc.

54,400

3,172,608

The Mills Corp.

9,500

526,775

Vornado Realty Trust

300

20,160

TOTAL REAL ESTATE

14,102,807

THRIFTS & MORTGAGE FINANCE - 7.6%

Countrywide Financial Corp.

167,933

5,362,101

Doral Financial Corp.

800

33,584

Fannie Mae

99,335

6,968,350

Freddie Mac

61,100

4,069,260

Golden West Financial Corp., Delaware

47,100

5,506,932

MGIC Investment Corp.

16,900

1,086,839

New York Community Bancorp, Inc.

56,933

1,045,290

Provident Financial Services, Inc.

83,500

1,503,000

Radian Group, Inc.

20,655

989,994

Sovereign Bancorp, Inc.

287,100

6,215,715

The PMI Group, Inc.

28,200

1,094,724

W Holding Co., Inc.

29,600

591,704

Washington Mutual, Inc.

49,500

1,916,145

TOTAL THRIFTS & MORTGAGE FINANCE

36,383,638

TOTAL COMMON STOCKS

(Cost $366,771,045)

455,003,367

Money Market Funds - 4.7%

Shares

Value

Fidelity Cash Central Fund, 1.79% (b)

22,268,902

$ 22,268,902

Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)

232,500

232,500

TOTAL MONEY MARKET FUNDS

(Cost $22,501,402)

22,501,402

TOTAL INVESTMENT PORTFOLIO - 99.6%

(Cost $389,272,447)

477,504,769

NET OTHER ASSETS - 0.4%

1,720,157

NET ASSETS - 100%

$ 479,224,926

Legend

(a) Non-income producing

(b) Affiliated fund that is 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Includes investment made with cash collateral received from securities on loan.

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $391,192,879. Net unrealized appreciation aggregated $86,311,890, of which $94,125,055 related to appreciated investment securities and $7,813,165 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

For

Fidelity ® Advisor Electronics Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2004

AFEL-QTLY-1204

1.809067.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value

BIOTECHNOLOGY - 0.3%

Affymetrix, Inc. (a)

4,000

$ 122,000

BUILDING PRODUCTS - 0.9%

Asahi Glass Co. Ltd. ADR

4,500

409,500

CHEMICALS - 1.0%

Nitto Denko Corp.

9,500

451,505

COMMUNICATIONS EQUIPMENT - 4.3%

Corning, Inc. (a)

123,400

1,412,930

Plantronics, Inc.

1,400

60,900

Scientific-Atlanta, Inc.

15,100

413,589

TOTAL COMMUNICATIONS EQUIPMENT

1,887,419

COMPUTERS & PERIPHERALS - 7.6%

Dell, Inc. (a)

75,600

2,650,536

QLogic Corp. (a)

9,200

299,000

Quanta Computer, Inc.

226,274

365,340

TOTAL COMPUTERS & PERIPHERALS

3,314,876

ELECTRONIC EQUIPMENT & INSTRUMENTS - 13.5%

Amphenol Corp. Class A (a)

10,360

355,659

Arrow Electronics, Inc. (a)

18,700

448,052

Avnet, Inc. (a)

4,900

83,104

AVX Corp.

34,900

418,800

Flextronics International Ltd. (a)

154,900

1,866,545

Hon Hai Precision Industries Co. Ltd.

347,949

1,279,645

Ingram Micro, Inc. Class A (a)

28,800

496,800

Solectron Corp. (a)

77,900

406,638

Staktek Holdings, Inc.

103,100

366,005

Veeco Instruments, Inc. (a)

5,000

97,700

World Peace Industrial Co. Ltd.

100,000

68,471

TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS

5,887,419

LEISURE EQUIPMENT & PRODUCTS - 0.4%

Leapfrog Enterprises, Inc. Class A (a)

12,700

154,940

OFFICE ELECTRONICS - 1.0%

Canon, Inc. ADR

9,000

445,500

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 69.1%

Advanced Micro Devices, Inc. (a)

75,000

1,261,500

Agere Systems, Inc. Class A (a)

235,000

284,350

Altera Corp. (a)

64,800

1,472,904

Analog Devices, Inc.

90,150

3,629,439

Applied Materials, Inc. (a)

39,760

640,136

ATI Technologies, Inc. (a)

28,500

514,842

ATMI, Inc. (a)

17,013

397,254

Axcelis Technologies, Inc. (a)

51,200

440,320

Broadcom Corp. Class A (a)

15,000

405,750

ClearSpeed Technology PLC

8,500

29,444

Shares

Value

Cohu, Inc.

32,800

$ 514,304

Cypress Semiconductor Corp. (a)

19,100

201,123

DSP Group, Inc. (a)

67,800

1,344,474

FormFactor, Inc. (a)

16,000

375,200

Freescale Semiconductor, Inc. Class A

92

1,430

Integrated Circuit Systems, Inc. (a)

19,200

432,960

Intel Corp.

184,690

4,111,196

International Rectifier Corp. (a)

9,100

361,725

Intersil Corp. Class A

6,700

109,344

KLA-Tencor Corp. (a)

38,390

1,747,897

Lam Research Corp. (a)

50,930

1,325,708

Lattice Semiconductor Corp. (a)

27,600

137,172

Marvell Technology Group Ltd. (a)

68,400

1,954,188

Micronas Semiconductor Holding AG (a)

3,000

118,110

MKS Instruments, Inc. (a)

1,400

22,148

National Semiconductor Corp. (a)

177,620

2,966,254

O2Micro International Ltd. (a)

39,200

476,672

PMC-Sierra, Inc. (a)

10,300

105,678

Samsung Electronics Co. Ltd.

3,380

1,326,941

Semiconductor Manufacturing International Corp. sponsored ADR

5,000

53,950

Semtech Corp. (a)

5,500

114,840

Sigmatel, Inc. (a)

4,900

144,550

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

32,718

247,675

Teradyne, Inc. (a)

60,030

994,097

Texas Instruments, Inc.

27,480

671,886

Trident Microsystems, Inc. (a)

23,300

307,327

Ultratech, Inc. (a)

2,800

47,656

United Microelectronics Corp. (a)

107,000

64,626

Varian Semiconductor Equipment Associates, Inc. (a)

13,100

453,391

Volterra Semiconductor Corp.

8,500

144,500

Xilinx, Inc.

7,120

217,872

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

30,170,833

SOFTWARE - 0.7%

Cadence Design Systems, Inc. (a)

24,083

299,593

TOTAL COMMON STOCKS

(Cost $46,015,941)

43,143,585

Money Market Funds - 3.5%

Shares

Value

Fidelity Cash Central Fund, 1.79% (b)(c)
(Cost $1,517,542)

1,517,542

$ 1,517,542

TOTAL INVESTMENT PORTFOLIO - 102.3%

(Cost $47,533,483)

44,661,127

NET OTHER ASSETS - (2.3)%

(1,007,743)

NET ASSETS - 100%

$ 43,653,384

Legend

(a) Non-income producing

(b) Affiliated fund that is 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Includes investment made with cash collateral received from securities on loan.

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $48,523,615. Net unrealized depreciation aggregated $3,862,488, of which $2,717,780 related to appreciated investment securities and $6,580,268 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Technology Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2004

AFTF-QTLY-1204

1.809103.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value

COMMUNICATIONS EQUIPMENT - 21.2%

Adtran, Inc.

166,140

$ 3,588,624

Alcatel SA sponsored ADR (a)

421,200

6,153,732

Alvarion Ltd. (a)

79,900

1,070,660

Andrew Corp. (a)

334,600

4,677,708

Avaya, Inc. (a)

718,500

10,346,400

Carrier Access Corp. (a)

135,100

1,194,284

Cisco Systems, Inc. (a)

2,962,500

56,909,625

Comverse Technology, Inc. (a)

237,000

4,891,680

Corning, Inc. (a)

233,200

2,670,140

CSR PLC

282,800

1,742,252

Enterasys Networks, Inc. (a)

966,100

1,352,540

Extreme Networks, Inc. (a)

453,700

2,654,145

F5 Networks, Inc. (a)

57,100

2,281,145

Foundry Networks, Inc. (a)

213,400

2,588,542

Harmonic, Inc. (a)

197,700

1,644,864

ITF Optical Technologies, Inc. Series A (d)

34,084

42,605

Juniper Networks, Inc. (a)

396,146

10,541,445

Lucent Technologies, Inc. (a)

4,240,300

15,053,065

Motorola, Inc.

1,562,000

26,960,120

Nokia Corp. sponsored ADR

306,000

4,718,520

Oplink Communications, Inc. (a)

459,100

883,768

OZ Optics Ltd. unit (d)

68,000

1,003,000

Plantronics, Inc.

99,900

4,345,650

Powerwave Technologies, Inc. (a)

411,300

3,072,411

QUALCOMM, Inc.

581,200

24,299,972

Research in Motion Ltd. (a)

78,100

6,884,292

Sierra Wireless, Inc. (a)

150,700

2,573,847

SiRF Technology Holdings, Inc.

700

8,288

Telefonaktiebolaget LM Ericsson ADR (a)

39,100

1,130,381

TOTAL COMMUNICATIONS EQUIPMENT

205,283,705

COMPUTERS & PERIPHERALS - 23.4%

Adaptec, Inc. (a)

294,800

2,299,440

Apple Computer, Inc. (a)

463,300

24,337,149

Compal Electronics, Inc.

1,933,179

1,734,052

Dell, Inc. (a)

2,155,000

75,554,300

Dot Hill Systems Corp. (a)

617,800

3,861,250

EMC Corp. (a)

4,553,472

58,603,185

Gateway, Inc. (a)

219,700

1,285,245

Hewlett-Packard Co.

103,600

1,933,176

International Business Machines Corp.

111,100

9,971,225

Lexmark International, Inc. Class A (a)

87,500

7,272,125

Network Appliance, Inc. (a)

108,900

2,664,783

PalmOne, Inc. (a)

34,168

989,847

QLogic Corp. (a)

147,800

4,803,500

Quanta Computer, Inc.

1,738,238

2,806,544

Seagate Technology

459,200

5,804,288

Storage Technology Corp. (a)

43,500

1,175,370

Sun Microsystems, Inc. (a)

3,015,800

13,661,574

Shares

Value

Synaptics, Inc. (a)

78,000

$ 2,467,920

Western Digital Corp. (a)

536,300

4,467,379

TOTAL COMPUTERS & PERIPHERALS

225,692,352

ELECTRICAL EQUIPMENT - 0.2%

BYD Co. Ltd. (H Shares)

623,000

1,752,855

ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.9%

Aeroflex, Inc. (a)

93,900

1,042,290

Arrow Electronics, Inc. (a)

104,200

2,496,632

Avnet, Inc. (a)

173,400

2,940,864

Benchmark Electronics, Inc. (a)

81,400

2,765,158

CDW Corp.

88,900

5,514,467

Celestica, Inc. (sub. vtg.) (a)

324,400

4,712,104

Flextronics International Ltd. (a)

147,800

1,780,990

Hon Hai Precision Industries Co. Ltd.

1,280,713

4,710,052

Sanmina-SCI Corp. (a)

194,300

1,554,400

Solectron Corp. (a)

371,000

1,936,620

Symbol Technologies, Inc.

350,500

5,148,845

Vishay Intertechnology, Inc. (a)

120,000

1,551,600

Xyratex Ltd.

120,000

1,402,800

TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS

37,556,822

HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%

Waters Corp. (a)

20,100

829,929

HOUSEHOLD DURABLES - 0.5%

Harman International Industries, Inc.

22,300

2,680,014

LG Electronics, Inc.

33,080

1,867,491

ReignCom Ltd.

24,592

540,387

TOTAL HOUSEHOLD DURABLES

5,087,892

INTERNET & CATALOG RETAIL - 1.0%

Amazon.com, Inc. (a)

106,300

3,628,019

eBay, Inc. (a)

65,500

6,393,455

eLong, Inc. ADR

1,500

20,400

TOTAL INTERNET & CATALOG RETAIL

10,041,874

INTERNET SOFTWARE & SERVICES - 4.2%

DoubleClick, Inc. (a)

170,700

1,085,652

Google, Inc. Class A

66,500

12,681,883

Openwave Systems, Inc. (a)

205,466

2,418,335

SonicWALL, Inc. (a)

308,400

1,542,000

Supportsoft, Inc. (a)

307,400

1,558,518

VeriSign, Inc. (a)

89,000

2,387,870

Yahoo!, Inc. (a)

532,100

19,256,699

TOTAL INTERNET SOFTWARE & SERVICES

40,930,957

IT SERVICES - 0.5%

Ceridian Corp. (a)

118,200

2,038,950

Common Stocks - continued

Shares

Value

IT SERVICES - CONTINUED

Infosys Technologies Ltd. sponsored ADR

46,200

$ 3,072,300

Kanbay International, Inc.

6,500

155,285

TOTAL IT SERVICES

5,266,535

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 26.4%

Advanced Micro Devices, Inc. (a)

150,000

2,523,000

Agere Systems, Inc. Class B (a)

281,700

323,955

Altera Corp. (a)

315,300

7,166,769

Analog Devices, Inc.

532,800

21,450,528

Applied Materials, Inc. (a)

540,200

8,697,220

ATI Technologies, Inc. (a)

126,300

2,281,562

ATMI, Inc. (a)

120,300

2,809,005

Axcelis Technologies, Inc. (a)

94,600

813,560

Broadcom Corp. Class A (a)

53,500

1,447,175

Cypress Semiconductor Corp. (a)

377,100

3,970,863

Fairchild Semiconductor International, Inc. (a)

139,300

2,001,741

Freescale Semiconductor, Inc. Class A

205,100

3,187,254

Integrated Circuit Systems, Inc. (a)

676,100

15,246,055

Integrated Device Technology, Inc. (a)

624,800

7,385,136

Intel Corp.

3,036,600

67,594,716

International Rectifier Corp. (a)

122,800

4,881,300

Intersil Corp. Class A

240,700

3,928,224

KLA-Tencor Corp. (a)

205,600

9,360,968

Lam Research Corp. (a)

147,600

3,842,028

Lattice Semiconductor Corp. (a)

98,800

491,036

Linear Technology Corp.

62,800

2,378,864

Marvell Technology Group Ltd. (a)

471,700

13,476,469

Mindspeed Technologies, Inc. (a)

617,500

1,463,475

National Semiconductor Corp. (a)

1,757,800

29,355,260

O2Micro International Ltd. (a)

40,200

488,832

ON Semiconductor Corp. (a)

312,300

1,124,280

PMC-Sierra, Inc. (a)

69,800

716,148

Samsung Electronics Co. Ltd.

12,341

4,844,904

Sigmatel, Inc. (a)

176,600

5,209,700

Taiwan Semiconductor Manufacturing Co. Ltd.

1,851,591

2,424,867

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

792,269

5,997,476

Teradyne, Inc. (a)

546,100

9,043,416

Texas Instruments, Inc.

67,000

1,638,150

Trident Microsystems, Inc. (a)

25,000

329,750

United Microelectronics Corp. (a)

2,432,000

1,468,871

Shares

Value

United Microelectronics Corp. sponsored ADR (a)

1,337,423

$ 4,680,981

Xilinx, Inc.

9,300

284,580

Zoran Corp. (a)

33,900

342,051

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

254,670,169

SOFTWARE - 17.1%

Adobe Systems, Inc.

2,800

156,884

Amdocs Ltd. (a)

35,800

900,370

JAMDAT Mobile, Inc.

800

23,440

Lawson Software, Inc. (a)

149,200

853,424

Macrovision Corp. (a)

72,600

1,963,104

McAfee, Inc. (a)

200,100

4,842,420

Microsoft Corp.

3,096,500

86,671,035

Novell, Inc. (a)

566,200

4,070,978

Oracle Corp. (a)

2,018,000

25,547,880

PeopleSoft, Inc. (a)

61,800

1,283,586

Quest Software, Inc. (a)

449,400

6,592,698

Red Hat, Inc. (a)

692,400

8,890,416

SAP AG sponsored ADR

62,200

2,652,830

Siebel Systems, Inc. (a)

469,700

4,462,150

Symantec Corp. (a)

99,500

5,665,530

THQ, Inc. (a)

104,500

1,975,050

VERITAS Software Corp. (a)

396,900

8,684,172

TOTAL SOFTWARE

165,235,967

SPECIALTY RETAIL - 0.0%

Best Buy Co., Inc.

1,100

65,142

WIRELESS TELECOMMUNICATION SERVICES - 0.6%

American Tower Corp. Class A (a)

88,700

1,524,753

Leap Wireless International, Inc. (a)

74,100

1,493,115

Nextel Communications, Inc. Class A (a)

95,700

2,535,093

TOTAL WIRELESS TELECOMMUNICATION SERVICES

5,552,961

TOTAL COMMON STOCKS

(Cost $945,235,073)

957,967,160

Convertible Preferred Stocks - 0.0%

COMMUNICATIONS EQUIPMENT - 0.0%

Chorum Technologies, Inc. Series E (a)(d)

17,200

0

Procket Networks, Inc. Series C (a)(d)

276,000

3

TOTAL COMMUNICATIONS EQUIPMENT

3

SOFTWARE - 0.0%

Monterey Design Systems Series E (d)

34,200

30,780

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $4,779,308)

30,783

Money Market Funds - 1.3%

Shares

Value

Fidelity Cash Central Fund, 1.79% (b)

4,580,462

$ 4,580,462

Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)

7,854,911

7,854,911

TOTAL MONEY MARKET FUNDS

(Cost $12,435,373)

12,435,373

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $962,449,754)

970,433,316

NET OTHER ASSETS - (0.4)%

(3,891,520)

NET ASSETS - 100%

$ 966,541,796

Legend

(a) Non-income producing

(b) Affiliated fund that is 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Includes investment made with cash collateral received from securities on loan.

(d) Restricted securities - 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 $1,076,388 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Chorum Technologies, Inc. Series E

9/19/00

$ 296,528

ITF Optical Technologies, Inc.
Series A

10/11/00

$ 1,711,500

Monterey Design Systems Series E

11/1/00

$ 1,795,500

OZ Optics Ltd. unit

8/18/00

$ 1,003,680

Procket Networks, Inc. Series C

11/15/00 - 12/26/00

$ 2,725,776

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $975,230,544. Net unrealized depreciation aggregated $4,797,228, of which $105,695,658 related to appreciated investment securities and $110,492,886 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(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 Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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.

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

By:

/s/John Hebble

John Hebble

President and Treasurer

Date:

December 20, 2004

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.

By:

/s/John Hebble

John Hebble

President and Treasurer

Date:

December 20, 2004

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

December 20, 2004