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)

Scott C. Goebel, 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:	April 30, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

April 30, 2009

1.800321.105

AFBT-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.4%
	Shares		Value
BIOTECHNOLOGY - 88.3%
Biotechnology - 88.3%
Acadia Pharmaceuticals, Inc. (a)	28,874		$ 28,585
Acorda Therapeutics, Inc. (a)	71,716		1,422,128
Affymax, Inc. (a)	7,300		129,502
Alexion Pharmaceuticals, Inc. (a)	64,738		2,163,544
Alkermes, Inc. (a)	11,400		87,210
Allos Therapeutics, Inc. (a)	22,630		138,722
Alnylam Pharmaceuticals, Inc. (a)	7,000		128,590
Amgen, Inc. (a)	185,773		9,004,418
Anadys Pharmaceuticals, Inc. (a)	59,006		146,925
Antigenics, Inc. (a)	452,000		314,592
Antigenics, Inc.:
warrants 1/9/10 (a)(e)	452,000		5
warrants 1/9/18 (a)(e)	452,000		311,218
Arena Pharmaceuticals, Inc. (a)	7,600		21,356
Biogen Idec, Inc. (a)	70,944		3,429,433
BioMarin Pharmaceutical, Inc. (a)	113,126		1,454,800
Celera Corp. (a)	17,200		139,148
Celgene Corp. (a)	59,215		2,529,665
Cephalon, Inc. (a)(d)	30,694		2,013,833
Cepheid, Inc. (a)	6,800		65,960
Cougar Biotechnology, Inc. (a)	12,700		443,484
Cubist Pharmaceuticals, Inc. (a)	4,892		81,207
Dendreon Corp. (a)	45,800		970,960
Enzon Pharmaceuticals, Inc. (a)	5,400		31,050
Facet Biotech Corp. (a)	4,500		42,075
Genomic Health, Inc. (a)	2,100		47,250
Genzyme Corp. (a)	50,638		2,700,525
Gilead Sciences, Inc. (a)	152,602		6,989,172
GTx, Inc. (a)	2,670		26,246
Halozyme Therapeutics, Inc. (a)	12,910		81,591
Human Genome Sciences, Inc. (a)	21,501		47,087
Incyte Corp. (a)	13,195		31,140
InterMune, Inc.	29,017		392,890
Isis Pharmaceuticals, Inc. (a)	39,600		620,928
Ligand Pharmaceuticals, Inc. Class B (a)	26,500		79,235
Martek Biosciences	2,900		52,838
Momenta Pharmaceuticals, Inc. (a)(d)	21,060		235,872
Myriad Genetics, Inc. (a)	24,224		939,649
ONYX Pharmaceuticals, Inc. (a)	18,448		477,803
OREXIGEN Therapeutics, Inc. (a)	13,588		38,590
OSI Pharmaceuticals, Inc. (a)	25,103		842,708
PDL BioPharma, Inc.	48,800		348,920
Poniard Pharmaceuticals, Inc. (a)	7,700		24,563
Progenics Pharmaceuticals, Inc. (a)	4,500		24,660

	Shares		Value
Regeneron Pharmaceuticals, Inc. (a)	15,349		$ 203,528
Rigel Pharmaceuticals, Inc. (a)	7,635		50,696
Sangamo Biosciences, Inc. (a)	7,098		30,167
Savient Pharmaceuticals, Inc. (a)	9,205		48,602
Theratechnologies, Inc. (a)	1,900		4,506
Theravance, Inc. (a)	25,085		359,468
United Therapeutics Corp. (a)	16,590		1,042,018
Vertex Pharmaceuticals, Inc. (a)	56,504		1,741,453
Zymogenetics, Inc. (a)	10,295		36,033
			42,616,548
HEALTH CARE EQUIPMENT & SUPPLIES - 0.0%
Health Care Equipment - 0.0%
Alsius Corp. (a)	14,200		3,976
Aradigm Corp. (a)	21,800		3,052
			7,028
LIFE SCIENCES TOOLS & SERVICES - 1.1%
Life Sciences Tools & Services - 1.1%
AMAG Pharmaceuticals, Inc. (a)	6,600		296,010
Clinical Data, Inc. (a)	4,547		58,247
Exelixis, Inc. (a)	32,900		162,197
Medivation, Inc. (a)	1,359		26,269
			542,723
PHARMACEUTICALS - 7.0%
Pharmaceuticals - 7.0%
Adolor Corp. (a)	56,299		126,673
Akorn, Inc. (a)	112,579		94,566
Alexza Pharmaceuticals, Inc. (a)	6,581		10,924
Auxilium Pharmaceuticals, Inc. (a)	47,658		1,091,368
Biodel, Inc. (a)	100,769		483,691
Cadence Pharmaceuticals, Inc. (a)	13,600		137,632
Catalyst Pharmaceutical Partners, Inc. (a)	21,241		39,721
Elan Corp. PLC sponsored ADR (a)	72,250		426,998
Inspire Pharmaceuticals, Inc. (a)	1,370		6,151
Jazz Pharmaceuticals, Inc. (a)	335		184
Optimer Pharmaceuticals, Inc. (a)	12,937		180,730
Sepracor, Inc. (a)	13,110		186,293
Vivus, Inc. (a)	12,468		49,997
Wyeth	9,000		381,600
XenoPort, Inc. (a)	9,910		135,470
			3,351,998
TOTAL COMMON STOCKS (Cost $52,021,781)		46,518,297
Money Market Funds - 8.5%

Fidelity Cash Central Fund, 0.53% (b)	2,020,295		2,020,295
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	2,073,000		2,073,000
TOTAL MONEY MARKET FUNDS (Cost $4,093,295)		4,093,295
Cash Equivalents - 0.1%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) # (Cost $38,000)	$ 38,000		$ 38,000

TOTAL INVESTMENT PORTFOLIO - 105.0%

(Cost $56,153,076)

50,649,592

NET OTHER ASSETS - (5.0)%			(2,412,353)
NET ASSETS - 100%		$ 48,237,239

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(d) Security or a portion of the security is on loan at period end.

(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 $311,223 or 0.6% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Antigenics, Inc. warrants: 1/9/10	1/9/08	$ 3
1/9/18	1/9/08	$ 563,722

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$38,000 due 5/01/09 at 0.15%
BNP Paribas Securities Corp.	$ 6,740
Barclays Capital, Inc.	1,078
Credit Suisse Securities (USA) LLC	1,400
Deutsche Bank Securities, Inc.	14,232
HSBC Securities (USA), Inc.	10,781
Mizuho Securities USA, Inc.	1,078
Societe Generale, New York Branch	2,691
	$ 38,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 23,518
Fidelity Securities Lending Cash Central Fund	10,104
Total	$ 33,622

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 50,649,592	$ 50,300,369	$ 349,223	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $56,828,830. Net unrealized depreciation aggregated $6,179,238, of which $3,338,255 related to appreciated investment securities and $9,517,493 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Communications Equipment Fund
Class A
Class T
Class B
Class C
Institutional Class

April 30, 2009

1.800324.105

AFDC-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.6%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 70.2%
Communications Equipment - 70.2%
3Com Corp. (a)	4,646		$ 18,816
Acme Packet, Inc. (a)	7,486		57,717
ADC Telecommunications, Inc. (a)	29,300		215,648
Adtran, Inc.	5,583		118,080
ADVA AG Optical Networking (a)	7,013		11,456
Alcatel-Lucent SA sponsored ADR (a)	21,000		52,500
Arris Group, Inc. (a)	2,644		28,211
Aruba Networks, Inc. (a)	1,400		6,566
Blue Coat Systems, Inc. (a)	700		9,282
Brocade Communications Systems, Inc. (a)	18,100		104,618
Ceragon Networks Ltd. (a)	100		510
China GrenTech Corp. Ltd. ADR (a)	9,494		17,374
Ciena Corp. (a)	10,959		130,960
Cisco Systems, Inc. (a)	25,969		501,721
CommScope, Inc. (a)	4,300		107,930
Comverse Technology, Inc. (a)	22,506		160,918
Emulex Corp. (a)	900		9,423
F5 Networks, Inc. (a)	3,300		89,991
Finisar Corp. (a)	2,800		1,848
Foxconn International Holdings Ltd. (a)	2,000		1,233
Harris Stratex Networks, Inc. Class A (a)	2,867		11,525
Infinera Corp. (a)	1,300		10,972
JDS Uniphase Corp. (a)	9,813		45,238
Juniper Networks, Inc. (a)	8,600		186,190
Motorola, Inc.	55,000		304,150
Nokia Corp. sponsored ADR	2,300		32,522
Oclaro, Inc. (a)	4,194		4,152
Oplink Communications, Inc. (a)	2,374		26,209
Opnext, Inc. (a)	18,601		47,061
Palm, Inc. (a)	500		5,245
Polycom, Inc. (a)	1,200		22,368
Powerwave Technologies, Inc. (a)	15,039		12,783
QUALCOMM, Inc.	20,670		874,756
Research In Motion Ltd. (a)	800		55,600
Riverbed Technology, Inc. (a)	2,700		49,464
Sandvine Corp. (a)	18,400		20,200
Sandvine Corp. (U.K.) (a)	56,400		63,039
Sonus Networks, Inc. (a)	15,367		26,585
Starent Networks Corp. (a)	17,076		336,909
Tekelec (a)	700		10,850
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	2,500		21,325
			3,811,945
COMPUTERS & PERIPHERALS - 0.1%
Computer Hardware - 0.0%
Compal Electronics, Inc.	28		24

	Shares		Value
Computer Storage & Peripherals - 0.1%
STEC, Inc. (a)	400		$ 3,840
TOTAL COMPUTERS & PERIPHERALS			3,864
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
General Cable Corp. (a)	400		10,856
ELECTRONIC EQUIPMENT & COMPONENTS - 1.8%
Electronic Components - 0.1%
Amphenol Corp. Class A	200		6,768
Electronic Equipment & Instruments - 0.4%
China Security & Surveillance Technology, Inc. (a)	3,230		21,899
Electronic Manufacturing Services - 0.9%
Flextronics International Ltd. (a)	6,200		24,056
SMART Modular Technologies (WWH), Inc. (a)	4,416		10,863
Trimble Navigation Ltd. (a)	600		12,864
			47,783
Technology Distributors - 0.4%
Brightpoint, Inc. (a)	4,400		22,924
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			99,374
INTERNET SOFTWARE & SERVICES - 1.2%
Internet Software & Services - 1.2%
comScore, Inc. (a)	200		2,552
Equinix, Inc. (a)	300		21,069
Switch & Data Facilities Co., Inc. (a)	900		10,413
Tencent Holdings Ltd.	3,200		28,284
			62,318
MEDIA - 1.5%
Advertising - 0.5%
VisionChina Media, Inc. ADR (a)	4,700		25,239
Cable & Satellite - 1.0%
Virgin Media, Inc.	7,250		55,970
TOTAL MEDIA			81,209
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.5%
Semiconductor Equipment - 0.9%
EMCORE Corp. (a)	4,600		5,704
Tessera Technologies, Inc. (a)	2,900		40,716
			46,420
Semiconductors - 9.6%
Actel Corp. (a)	451		5,579
ANADIGICS, Inc. (a)	800		2,416
Applied Micro Circuits Corp. (a)	2,758		15,031
ARM Holdings PLC sponsored ADR	2,800		14,868
Cavium Networks, Inc. (a)	7,254		91,255
Ceva, Inc. (a)	1,400		11,550
Conexant Systems, Inc. (a)	1,280		1,728
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Cree, Inc. (a)	700		$ 19,173
CSR PLC (a)	600		2,309
Exar Corp. (a)	143		879
Hittite Microwave Corp. (a)	100		3,716
Ikanos Communications, Inc. (a)	3,985		5,858
Infineon Technologies AG (a)	33,700		86,274
Microsemi Corp. (a)	449		6,026
Mindspeed Technologies, Inc. (a)	2,501		5,302
MIPS Technologies, Inc. (a)	1,398		4,641
Netlogic Microsystems, Inc. (a)	816		26,593
Omnivision Technologies, Inc. (a)	1,900		18,069
ON Semiconductor Corp. (a)	7,285		39,485
Pericom Semiconductor Corp. (a)	1,700		15,147
Pixelplus Co. Ltd. ADR (a)	900		396
PLX Technology, Inc. (a)	1,400		4,746
PMC-Sierra, Inc. (a)	3,100		24,552
RF Micro Devices, Inc. (a)	7,250		15,298
Silicon Storage Technology, Inc. (a)	1,200		2,220
SiRF Technology Holdings, Inc. (a)	7,500		20,850
Skyworks Solutions, Inc. (a)	2,500		22,100
Standard Microsystems Corp. (a)	1,200		19,032
TriQuint Semiconductor, Inc. (a)	9,800		37,534
			522,627
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			569,047
SOFTWARE - 4.1%
Application Software - 3.5%
Amdocs Ltd. (a)	1,900		39,767
Citrix Systems, Inc. (a)	900		25,677
Smith Micro Software, Inc. (a)	7,161		61,585
Synchronoss Technologies, Inc. (a)	2,600		34,528
Taleo Corp. Class A (a)	100		1,201
Ulticom, Inc.	13,765		27,530
			190,288

	Shares		Value
Home Entertainment Software - 0.6%
Ubisoft Entertainment SA (a)	1,600		$ 31,251
Systems Software - 0.0%
Allot Communications Ltd. (a)	300		630
TOTAL SOFTWARE			222,169
WIRELESS TELECOMMUNICATION SERVICES - 3.0%
Wireless Telecommunication Services - 3.0%
American Tower Corp. Class A (a)	540		17,150
Crown Castle International Corp. (a)	900		22,068
SBA Communications Corp. Class A (a)	3,900		98,280
Syniverse Holdings, Inc. (a)	1,900		23,940
			161,438
TOTAL COMMON STOCKS (Cost $5,885,563)		5,022,220

Convertible Bonds - 0.2%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
Ciena Corp. 0.25% 5/1/13 (Cost $20,000)	$ 20,000	12,798

Money Market Funds - 4.2%
	Shares
Fidelity Cash Central Fund, 0.53% (b) (Cost $226,252)	226,252	226,252

TOTAL INVESTMENT PORTFOLIO - 97.0%

(Cost $6,131,815)

5,261,270

NET OTHER ASSETS - 3.0%			165,486
NET ASSETS - 100%		$ 5,426,756

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 3,030

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 5,261,270	$ 5,024,602	$ 236,668	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $6,255,824. Net unrealized depreciation aggregated $994,554, of which $656,828 related to appreciated investment securities and $1,651,382 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2009

1.800322.105

AFCI-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
AUTO COMPONENTS - 2.0%
Auto Parts & Equipment - 2.0%
Gentex Corp.	12,800		$ 171,136
Johnson Controls, Inc.	15,500		294,655
			465,791
AUTOMOBILES - 1.5%
Automobile Manufacturers - 1.2%
Ford Motor Co. (a)	49,300		294,814
Motorcycle Manufacturers - 0.3%
Harley-Davidson, Inc.	3,000		66,480
TOTAL AUTOMOBILES			361,294
DISTRIBUTORS - 1.0%
Distributors - 1.0%
Li & Fung Ltd.	82,000		230,372
DIVERSIFIED CONSUMER SERVICES - 2.6%
Education Services - 2.1%
Apollo Group, Inc. Class A (non-vtg.) (a)	4,500		283,275
Princeton Review, Inc. (a)	9,729		42,224
Strayer Education, Inc.	900		170,469
			495,968
Specialized Consumer Services - 0.5%
Coinstar, Inc. (a)	3,700		131,683
TOTAL DIVERSIFIED CONSUMER SERVICES			627,651
FOOD & STAPLES RETAILING - 4.4%
Food Retail - 1.2%
Susser Holdings Corp. (a)	19,405		280,402
Hypermarkets & Super Centers - 3.2%
Costco Wholesale Corp.	11,100		539,460
Wal-Mart Stores, Inc.	4,700		236,880
			776,340
TOTAL FOOD & STAPLES RETAILING			1,056,742
HOTELS, RESTAURANTS & LEISURE - 19.5%
Casinos & Gaming - 4.2%
Ameristar Casinos, Inc.	4,600		94,392
International Game Technology	17,500		216,125
Las Vegas Sands Corp. unit	1,000		132,440
Penn National Gaming, Inc. (a)	9,200		312,984
WMS Industries, Inc. (a)	7,400		237,614
			993,555
Hotels, Resorts & Cruise Lines - 3.0%
Carnival Corp. unit	19,900		534,912
Starwood Hotels & Resorts Worldwide, Inc.	6,200		129,332
Wyndham Worldwide Corp.	4,900		57,232
			721,476

	Shares		Value
Restaurants - 12.3%
Brinker International, Inc.	10,600		$ 187,832
Burger King Holdings, Inc.	15,000		245,100
Darden Restaurants, Inc.	9,100		336,427
Jack in the Box, Inc. (a)	3,500		86,065
McDonald's Corp.	25,500		1,358,895
P.F. Chang's China Bistro, Inc. (a)(d)	3,200		96,576
Sonic Corp. (a)	17,500		191,100
Starbucks Corp. (a)	22,700		328,242
Wendy's/Arby's Group, Inc.	15,800		79,000
			2,909,237
TOTAL HOTELS, RESTAURANTS & LEISURE			4,624,268
HOUSEHOLD DURABLES - 3.1%
Home Furnishings - 0.3%
Mohawk Industries, Inc. (a)	1,500		70,965
Homebuilding - 2.0%
Centex Corp.	7,700		84,238
Lennar Corp. Class A	7,630		74,316
M.D.C. Holdings, Inc.	1,000		34,180
NVR, Inc. (a)	100		50,537
Pulte Homes, Inc.	14,200		163,442
Toll Brothers, Inc. (a)	3,700		74,962
			481,675
Household Appliances - 0.8%
Whirlpool Corp. (d)	4,100		185,156
TOTAL HOUSEHOLD DURABLES			737,796
INTERNET & CATALOG RETAIL - 2.7%
Internet Retail - 2.7%
Amazon.com, Inc. (a)	8,000		644,160
INTERNET SOFTWARE & SERVICES - 1.6%
Internet Software & Services - 1.6%
eBay, Inc. (a)	3,800		62,586
Google, Inc. Class A (sub. vtg.) (a)	800		316,776
			379,362
LEISURE EQUIPMENT & PRODUCTS - 0.9%
Leisure Products - 0.9%
Hasbro, Inc.	8,016		213,707
MEDIA - 20.8%
Advertising - 2.8%
Interpublic Group of Companies, Inc. (a)	45,100		282,326
Lamar Advertising Co. Class A (a)(d)	3,700		62,530
Omnicom Group, Inc.	10,000		314,700
			659,556
Broadcasting - 1.1%
Grupo Televisa SA de CV (CPO) sponsored ADR	17,800		275,544
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Cable & Satellite - 8.6%
Comcast Corp. Class A	61,750		$ 954,655
Liberty Media Corp. - Entertainment Class A (a)	3,200		77,920
The DIRECTV Group, Inc. (a)	20,900		516,857
Time Warner Cable, Inc.	12,897		415,670
Virgin Media, Inc.	8,800		67,936
			2,033,038
Movies & Entertainment - 7.3%
The Walt Disney Co.	49,900		1,092,810
Time Warner, Inc.	29,133		635,973
			1,728,783
Publishing - 1.0%
McGraw-Hill Companies, Inc.	7,800		235,170
TOTAL MEDIA			4,932,091
MULTILINE RETAIL - 7.7%
Department Stores - 0.4%
Nordstrom, Inc.	4,300		97,309
General Merchandise Stores - 7.3%
Target Corp.	41,800		1,724,668
TOTAL MULTILINE RETAIL			1,821,977
SPECIALTY RETAIL - 23.7%
Apparel Retail - 4.2%
Citi Trends, Inc. (a)	8,947		219,738
Pacific Sunwear of California, Inc. (a)	8,100		32,805
Ross Stores, Inc.	10,700		405,958
Urban Outfitters, Inc. (a)	9,800		191,002
Zumiez, Inc. (a)	11,800		142,308
			991,811
Automotive Retail - 2.7%
Advance Auto Parts, Inc.	10,100		441,875
AutoZone, Inc. (a)	1,300		216,307
			658,182
Computer & Electronics Retail - 0.6%
Gamestop Corp. Class A (a)	4,600		138,736
Home Improvement Retail - 12.0%
Home Depot, Inc.	36,467		959,811
Lowe's Companies, Inc.	82,500		1,773,751
Lumber Liquidators, Inc. (a)	7,888		118,004
			2,851,566
Specialty Stores - 4.2%
PetSmart, Inc.	3,500		80,080

	Shares		Value
Sally Beauty Holdings, Inc. (a)	12,400		$ 91,760
Staples, Inc.	39,738		819,398
			991,238
TOTAL SPECIALTY RETAIL			5,631,533
TEXTILES, APPAREL & LUXURY GOODS - 7.0%
Apparel, Accessories & Luxury Goods - 3.1%
Coach, Inc.	10,400		254,800
G-III Apparel Group Ltd. (a)	2,700		21,654
Hanesbrands, Inc. (a)	8,300		136,618
Polo Ralph Lauren Corp. Class A	2,300		123,832
VF Corp.	3,300		195,591
			732,495
Footwear - 3.9%
Iconix Brand Group, Inc. (a)	26,500		377,890
NIKE, Inc. Class B	10,400		545,688
			923,578
TOTAL TEXTILES, APPAREL & LUXURY GOODS			1,656,073
TOTAL COMMON STOCKS (Cost $26,453,388)		23,382,817
Money Market Funds - 2.6%

Fidelity Cash Central Fund, 0.53% (b)	353,150		353,150
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	272,100		272,100
TOTAL MONEY MARKET FUNDS (Cost $625,250)		625,250

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $27,078,638)

24,008,067

NET OTHER ASSETS - (1.1)%			(264,613)
NET ASSETS - 100%		$ 23,743,454

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 2,639
Fidelity Securities Lending Cash Central Fund	28,052
Total	$ 30,691

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 24,008,067	$ 23,645,255	$ 362,812	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $27,272,744. Net unrealized depreciation aggregated $3,264,677, of which $1,989,661 related to appreciated investment securities and $5,254,338 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

For

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

April 30, 2009

1.800325.105

AFEL-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 1.9%
Communications Equipment - 1.9%
Cisco Systems, Inc. (a)	1,100		$ 21,252
Opnext, Inc. (a)	900		2,277
QUALCOMM, Inc.	3,800		160,816
			184,345
COMPUTERS & PERIPHERALS - 1.0%
Computer Storage & Peripherals - 1.0%
SanDisk Corp. (a)	900		14,148
Seagate Technology	10,100		82,416
			96,564
ELECTRICAL EQUIPMENT - 0.8%
Electrical Components & Equipment - 0.8%
Motech Industries, Inc.	1		3
Q-Cells SE (a)	800		16,968
Renewable Energy Corp. AS (a)	2,000		18,064
SolarWorld AG	1,000		28,294
Sunpower Corp. Class B (a)	400		10,144
			73,473
ELECTRONIC EQUIPMENT & COMPONENTS - 4.7%
Electronic Components - 0.9%
Everlight Electronics Co. Ltd.	15,559		32,829
Vishay Intertechnology, Inc. (a)	10,000		58,700
			91,529
Electronic Manufacturing Services - 1.4%
DDi Corp. (a)	2,813		9,564
Flextronics International Ltd. (a)	19,500		75,660
Jabil Circuit, Inc.	3,600		29,160
Tyco Electronics Ltd.	1,200		20,928
			135,312
Technology Distributors - 2.4%
Arrow Electronics, Inc. (a)	1,700		38,658
Avnet, Inc. (a)	7,000		153,230
Brightpoint, Inc. (a)	1,900		9,899
Ingram Micro, Inc. Class A (a)	1,900		27,588
			229,375
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			456,216
LIFE SCIENCES TOOLS & SERVICES - 0.4%
Life Sciences Tools & Services - 0.4%
Arrowhead Research Corp. (a)	4,116		2,593
Arrowhead Research Corp. warrants 5/21/17 (a)	64,879		38,727
			41,320
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Timminco Ltd. (a)	2,600		3,813

	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 83.0%
Semiconductor Equipment - 18.6%
Advanced Energy Industries, Inc. (a)	200		$ 1,686
Aixtron AG	4,200		32,165
Amkor Technology, Inc. (a)	38,400		165,504
Applied Materials, Inc.	51,000		622,710
ASML Holding NV (NY Shares)	5,830		123,305
ATMI, Inc. (a)	1,300		20,527
Brooks Automation, Inc. (a)	300		1,866
Cabot Microelectronics Corp. (a)	100		2,881
Cohu, Inc.	100		976
Cymer, Inc. (a)	3,600		102,276
Entegris, Inc. (a)	600		888
FEI Co. (a)	200		3,436
FormFactor, Inc. (a)	1,850		32,246
Global Unichip Corp.	5,383		24,604
KLA-Tencor Corp.	2,430		67,408
Kulicke & Soffa Industries, Inc. (a)	5,965		23,860
Lam Research Corp. (a)	6,290		175,365
MEMC Electronic Materials, Inc. (a)	9,000		145,800
MKS Instruments, Inc. (a)	200		3,130
Novellus Systems, Inc. (a)	100		1,806
Teradyne, Inc. (a)	900		5,346
Tessera Technologies, Inc. (a)	3,200		44,928
Ultratech, Inc. (a)	100		1,352
Varian Semiconductor Equipment Associates, Inc. (a)	6,300		161,217
Veeco Instruments, Inc. (a)	200		1,448
Verigy Ltd. (a)	4,400		48,400
			1,815,130
Semiconductors - 64.4%
Actel Corp. (a)	100		1,237
Advanced Analogic Technologies, Inc. (a)	7,058		33,878
Advanced Micro Devices, Inc. (a)	16,800		60,648
Advanced Semiconductor Engineering, Inc. sponsored ADR	13,037		39,502
Altera Corp.	3,500		57,085
Analog Devices, Inc.	9,900		210,672
Applied Micro Circuits Corp. (a)	1,200		6,540
ARM Holdings PLC sponsored ADR	18,600		98,766
Atheros Communications, Inc. (a)	200		3,444
Atmel Corp. (a)	63,400		243,456
Broadcom Corp. Class A (a)	8,250		191,318
California Micro Devices Corp. (a)	4,626		12,999
Cavium Networks, Inc. (a)	100		1,258
Chartered Semiconductor Manufacturing Ltd. (a)	37,000		4,124
Chartered Semiconductor Manufacturing Ltd. sponsored ADR (a)	27,548		31,956
Cirrus Logic, Inc. (a)	2,009		9,342
Cree, Inc. (a)	400		10,956
CSR PLC (a)	1,200		4,618
Cypress Semiconductor Corp. (a)	2,100		16,653
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Diodes, Inc. (a)	200		$ 2,976
DSP Group, Inc. (a)	200		1,258
Exar Corp. (a)	200		1,230
Fairchild Semiconductor International, Inc. (a)	16,300		100,408
Himax Technologies, Inc. sponsored ADR	7,800		21,138
Infineon Technologies AG (a)	38,300		98,050
Integrated Device Technology, Inc. (a)	10,300		55,929
Intel Corp.	146,890		2,317,924
International Rectifier Corp. (a)	5,700		96,216
Intersil Corp. Class A	600		6,960
Linear Technology Corp.	1,200		26,136
LSI Corp. (a)	7,900		30,336
Marvell Technology Group Ltd. (a)	31,250		343,125
Maxim Integrated Products, Inc.	2,600		35,230
Micrel, Inc.	300		2,250
Micron Technology, Inc. (a)	39,500		192,760
National Semiconductor Corp.	19,800		244,926
Netlogic Microsystems, Inc. (a)	100		3,259
NVIDIA Corp. (a)	17,000		195,160
O2Micro International Ltd. sponsored ADR (a)	5,900		25,783
Omnivision Technologies, Inc. (a)	1,400		13,314
ON Semiconductor Corp. (a)	5,900		31,978
PMC-Sierra, Inc. (a)	4,800		38,016
Rambus, Inc. (a)	500		5,990
RF Micro Devices, Inc. (a)	6,800		14,348
Richtek Technology Corp.	4,005		20,215
Samsung Electronics Co. Ltd.	135		62,535
Semiconductor Manufacturing International Corp. sponsored ADR (a)	4,100		8,036
Semtech Corp. (a)	400		5,768
Sigma Designs, Inc. (a)	100		1,292
Silicon Image, Inc. (a)	4,655		12,662
Silicon Laboratories, Inc. (a)	300		9,978
Silicon Storage Technology, Inc. (a)	500		925
Siliconware Precision Industries Co. Ltd. sponsored ADR	2,943		21,984
SiRF Technology Holdings, Inc. (a)	3,800		10,564
Skyworks Solutions, Inc. (a)	5,150		45,526
Standard Microsystems Corp. (a)	2,200		34,892
STATS ChipPAC Ltd. (a)	45,000		12,766
Supertex, Inc. (a)	460		11,831
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	10,107		106,831
Texas Instruments, Inc.	51,300		926,478
TriQuint Semiconductor, Inc. (a)	800		3,064

	Shares		Value
Xilinx, Inc.	1,800		$ 36,792
Zoran Corp. (a)	2,500		22,350
			6,297,641
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			8,112,771
SOFTWARE - 0.1%
Application Software - 0.1%
Cadence Design Systems, Inc. (a)	1,600		8,928
Magma Design Automation, Inc. (a)	745		1,326
			10,254
TOTAL COMMON STOCKS (Cost $12,416,525)		8,978,756

Convertible Bonds - 3.0%
		Principal Amount (d)
COMMUNICATIONS EQUIPMENT - 0.3%
Communications Equipment - 0.3%
Lucent Technologies, Inc. 2.875% 6/15/25		$ 50,000		31,772
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
Sunpower Corp. 4.75% 4/15/14		10,000		11,773
ELECTRONIC EQUIPMENT & COMPONENTS - 0.4%
Electronic Manufacturing Services - 0.4%
TTM Technologies, Inc. 3.25% 5/15/15		50,000		36,195
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
Semiconductor Equipment - 0.1%
Amkor Technology, Inc. 6% 4/15/14 (c)		10,000		15,750
Semiconductors - 2.1%
Advanced Micro Devices, Inc. 6% 5/1/15		220,000		89,650
Diodes, Inc. 2.25% 10/1/26		30,000		24,168
Infineon Technologies Holding BV 5% 6/5/10	EUR	50,000		41,667
Xilinx, Inc. 3.125% 3/15/37		60,000		46,350
				201,835
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				217,585
TOTAL CONVERTIBLE BONDS (Cost $253,481)			297,325

Money Market Funds - 4.9%
	Shares	Value
Fidelity Cash Central Fund, 0.53% (b) (Cost $480,510)	480,510	$ 480,510

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $13,150,516)

9,756,591

NET OTHER ASSETS - 0.2%			17,693
NET ASSETS - 100%		$ 9,774,284

Currency Abbreviation
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(c) 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 end of the period, the value of these securities amounted to $15,750 or 0.2% of net assets.

(d) Principal amount is stated in United States dollars unless otherwise noted.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 2,842

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 9,756,591	$ 9,144,729	$ 611,862	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $13,572,918. Net unrealized depreciation aggregated $3,816,327, of which $695,769 related to appreciated investment securities and $4,512,096 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2009

1.800328.105

ANR-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Fuel Tech, Inc. (a)	16,062		$ 210,573
CONSTRUCTION & ENGINEERING - 0.5%
Construction & Engineering - 0.5%
Jacobs Engineering Group, Inc. (a)	60,700		2,309,028
ELECTRICAL EQUIPMENT - 2.9%
Electrical Components & Equipment - 2.8%
Energy Conversion Devices, Inc. (a)(d)	50,619		930,377
Evergreen Solar, Inc. (a)(d)	242,942		590,349
First Solar, Inc. (a)(d)	35,300		6,611,337
JA Solar Holdings Co. Ltd. ADR (a)(d)	435,318		1,527,966
Q-Cells SE (a)(d)	16,793		356,190
Renewable Energy Corp. AS (a)(d)	65,700		593,410
Sunpower Corp.:
Class A (a)	22,200		607,836
Class B (a)	90,100		2,284,936
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	40,800		609,144
			14,111,545
Heavy Electrical Equipment - 0.1%
Vestas Wind Systems AS (a)	12,700		824,332
TOTAL ELECTRICAL EQUIPMENT			14,935,877
ENERGY EQUIPMENT & SERVICES - 33.2%
Oil & Gas Drilling - 14.8%
Atwood Oceanics, Inc. (a)	314,746		7,025,131
Diamond Offshore Drilling, Inc.	100		7,241
Helmerich & Payne, Inc. (d)	293,653		9,050,385
Hercules Offshore, Inc. (a)	187,894		601,261
Nabors Industries Ltd. (a)	712,311		10,834,250
Noble Corp.	687,143		18,779,618
Patterson-UTI Energy, Inc.	75,217		956,008
Pride International, Inc. (a)	317,200		7,200,440
Seadrill Ltd.	47,000		501,544
Transocean Ltd. (a)	298,364		20,133,603
			75,089,481
Oil & Gas Equipment & Services - 18.4%
Baker Hughes, Inc.	5,500		195,690
BJ Services Co.	293,174		4,072,187
Cameron International Corp. (a)	20,200		516,716
Core Laboratories NV	21,800		1,814,414
Dresser-Rand Group, Inc. (a)	35,900		884,217
Dril-Quip, Inc. (a)	109,355		3,759,625
Exterran Holdings, Inc. (a)	77,875		1,608,119
FMC Technologies, Inc. (a)	106,900		3,659,187
Fugro NV (Certificaten Van Aandelen) unit	1,693		60,597
Global Industries Ltd. (a)	328,703		2,126,708
Halliburton Co.	254,760		5,151,247
Helix Energy Solutions Group, Inc. (a)	79,300		720,837

	Shares		Value
Hornbeck Offshore Services, Inc. (a)	78,015		$ 1,812,288
National Oilwell Varco, Inc. (a)	390,457		11,823,038
Oceaneering International, Inc. (a)	96,400		4,392,948
Oil States International, Inc. (a)	39,300		742,770
Schlumberger Ltd. (NY Shares)	381,900		18,709,281
Smith International, Inc.	84,300		2,179,155
Superior Energy Services, Inc. (a)	169,184		3,250,025
Tenaris SA sponsored ADR	99,500		2,489,490
Tidewater, Inc.	55,559		2,402,927
TSC Offshore Group Ltd. (a)	1,258,000		188,337
Weatherford International Ltd. (a)	1,097,964		18,259,141
Willbros Group, Inc. (a)	244,994		2,807,631
			93,626,575
TOTAL ENERGY EQUIPMENT & SERVICES			168,716,056
GAS UTILITIES - 1.1%
Gas Utilities - 1.1%
EQT Corp.	52,100		1,752,123
Questar Corp.	116,300		3,456,436
Zhongyu Gas Holdings Ltd. (a)	6,538,000		289,070
			5,497,629
METALS & MINING - 0.1%
Diversified Metals & Mining - 0.1%
Teck Resources Ltd. Class B (sub. vtg.)	59,900		628,994
MULTI-UTILITIES - 0.0%
Multi-Utilities - 0.0%
Sempra Energy	4		184
OIL, GAS & CONSUMABLE FUELS - 60.4%
Coal & Consumable Fuels - 4.7%
Arch Coal, Inc.	416,885		5,823,883
CONSOL Energy, Inc.	85,413		2,671,719
Foundation Coal Holdings, Inc.	326,986		5,310,253
Massey Energy Co.	561,744		8,937,347
Peabody Energy Corp.	22,840		602,748
PT Bumi Resources Tbk	2,851,800		397,240
			23,743,190
Integrated Oil & Gas - 21.8%
Chevron Corp.	226,200		14,951,820
ConocoPhillips	243,200		9,971,200
ENI SpA sponsored ADR	203,500		8,687,415
Exxon Mobil Corp.	271,984		18,133,173
Hess Corp.	309,950		16,982,161
Marathon Oil Corp.	514,374		15,276,908
Occidental Petroleum Corp.	401,700		22,611,693
Suncor Energy, Inc.	180,900		4,552,631
			111,167,001
Oil & Gas Exploration & Production - 29.3%
Anadarko Petroleum Corp.	229,600		9,886,576
Apache Corp.	15,600		1,136,616
Bankers Petroleum Ltd. (a)	66,100		93,063
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Berry Petroleum Co. Class A	57,101		$ 941,024
Bill Barrett Corp. (a)	29,900		776,802
Cabot Oil & Gas Corp.	511,502		15,442,245
Canadian Natural Resources Ltd.	119,000		5,486,017
Chesapeake Energy Corp.	497,146		9,798,748
Comstock Resources, Inc. (a)	192,111		6,620,145
Concho Resources, Inc. (a)	89,998		2,467,745
Denbury Resources, Inc. (a)	422,943		6,885,512
Devon Energy Corp.	2,500		129,625
EOG Resources, Inc.	1,284		81,508
EXCO Resources, Inc. (a)	340,789		4,014,494
Forest Oil Corp. (a)	800		12,800
Newfield Exploration Co. (a)	101,950		3,178,801
Noble Energy, Inc.	82,400		4,676,200
Oil Search Ltd.	320,172		1,194,249
OPTI Canada, Inc. (a)	267,800		433,148
Petrobank Energy & Resources Ltd. (a)	25,100		539,547
Petrohawk Energy Corp. (a)	776,526		18,326,014
Plains Exploration & Production Co. (a)	276,469		5,216,970
Range Resources Corp.	541,788		21,655,266
SandRidge Energy, Inc. (a)	170,850		1,394,136
Southwestern Energy Co. (a)	698,500		25,048,212
Talisman Energy, Inc.	5,000		62,644
Ultra Petroleum Corp. (a)	76,000		3,252,800
Whiting Petroleum Corp. (a)	17,200		563,472
			149,314,379
Oil & Gas Refining & Marketing - 4.0%
Frontier Oil Corp.	649,959		8,260,979
Holly Corp.	145,479		3,049,240
Sunoco, Inc.	84,100		2,229,491
Tesoro Corp.	89,176		1,359,934
Valero Energy Corp.	272,763		5,411,618
			20,311,262

	Shares		Value
Oil & Gas Storage & Transport - 0.6%
El Paso Corp.	278,900		$ 1,924,410
Williams Companies, Inc.	83,877		1,182,666
			3,107,076
TOTAL OIL, GAS & CONSUMABLE FUELS			307,642,908
TOTAL COMMON STOCKS (Cost $538,322,216)		499,941,249

Convertible Bonds - 0.1%
	Principal Amount
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
Sunpower Corp. 4.75% 4/15/14 (Cost $320,000)	$ 320,000	376,736

Money Market Funds - 5.0%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	8,805,950		8,805,950
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	16,910,477		16,910,477
TOTAL MONEY MARKET FUNDS (Cost $25,716,427)		25,716,427

TOTAL INVESTMENT PORTFOLIO - 103.3%

(Cost $564,358,643)

526,034,412

NET OTHER ASSETS - (3.3)%			(17,002,505)
NET ASSETS - 100%		$ 509,031,907

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 61,189
Fidelity Securities Lending Cash Central Fund	205,167
Total	$ 266,356

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 526,034,412	$ 522,844,196	$ 3,190,216	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $583,697,564. Net unrealized depreciation aggregated $57,663,152, of which $72,741,508 related to appreciated investment securities and $130,404,660 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2009

1.800326.105

AFFS-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.3%
	Shares		Value
CAPITAL MARKETS - 25.5%
Asset Management & Custody Banks - 10.7%
Bank Sarasin & Co. Ltd. Series B (Reg.)	48,402		$ 1,153,505
BlackRock, Inc. Class A	7,800		1,142,856
EFG International	201,152		2,432,928
Franklin Resources, Inc.	14,505		877,262
GLG Partners, Inc.	21,100		50,429
Janus Capital Group, Inc.	45,400		455,362
Julius Baer Holding Ltd.	36,219		1,187,841
KKR Private Equity Investors, LP Restricted Depositary Units (a)(e)	17,200		58,480
Legg Mason, Inc.	164,204		3,295,574
Och-Ziff Capital Management Group LLC Class A	44,300		329,592
T. Rowe Price Group, Inc.	55,505		2,138,053
			13,121,882
Diversified Capital Markets - 5.1%
Deutsche Bank AG (NY Shares)	120,600		6,323,057
Investment Banking & Brokerage - 9.7%
GFI Group, Inc.	673,278		2,746,974
Goldman Sachs Group, Inc.	49,000		6,296,500
Lazard Ltd. Class A	31,800		868,140
MF Global Ltd. (a)	183,106		1,116,947
Morgan Stanley	36,700		867,588
			11,896,149
TOTAL CAPITAL MARKETS			31,341,088
COMMERCIAL BANKS - 14.7%
Diversified Banks - 2.4%
Wells Fargo & Co.	146,600		2,933,466
Regional Banks - 12.3%
Bank of Hawaii Corp.	27,442		964,312
Cathay General Bancorp (d)	16,988		190,605
Glacier Bancorp, Inc.	117,029		1,792,884
Huntington Bancshares, Inc. (d)	239,577		668,420
KeyCorp	886,700		5,453,205
PNC Financial Services Group, Inc.	112,300		4,458,310
Umpqua Holdings Corp. (d)	172,137		1,650,794
			15,178,530
TOTAL COMMERCIAL BANKS			18,111,996
CONSUMER FINANCE - 1.5%
Consumer Finance - 1.5%
Dollar Financial Corp. (a)	148,680		1,501,668
Promise Co. Ltd. (d)	25,300		334,393
			1,836,061

	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 20.3%
Other Diversified Financial Services - 12.2%
Bank of America Corp.	578,884		$ 5,169,434
Citigroup, Inc. (d)	1,243,162		3,791,644
JPMorgan Chase & Co.	184,048		6,073,584
			15,034,662
Specialized Finance - 8.1%
BM&F BOVESPA SA	1,072,100		4,412,035
CME Group, Inc.	5,400		1,195,290
Deutsche Boerse AG	16,800		1,229,510
IntercontinentalExchange, Inc. (a)	34,300		3,004,680
JSE Ltd.	20,600		126,469
			9,967,984
TOTAL DIVERSIFIED FINANCIAL SERVICES			25,002,646
INSURANCE - 17.0%
Insurance Brokers - 0.1%
National Financial Partners Corp.	20,700		146,142
Life & Health Insurance - 7.6%
MetLife, Inc.	126,305		3,757,574
Principal Financial Group, Inc.	238,600		3,898,724
Prudential Financial, Inc.	13,200		381,216
Unum Group	83,000		1,356,220
			9,393,734
Multi-Line Insurance - 0.1%
Hartford Financial Services Group, Inc.	12,600		144,522
Property & Casualty Insurance - 6.2%
Fidelity National Financial, Inc. Class A	193,193		3,502,589
MBIA, Inc. (a)(d)	15,200		71,896
The First American Corp.	21,810		612,425
United America Indemnity Ltd. Class A (a)	14,200		71,994
XL Capital Ltd. Class A	348,500		3,314,235
			7,573,139
Reinsurance - 3.0%
Everest Re Group Ltd.	22,200		1,657,008
Transatlantic Holdings, Inc.	2,100		79,653
Validus Holdings Ltd.	87,900		1,968,960
			3,705,621
TOTAL INSURANCE			20,963,158
INTERNET SOFTWARE & SERVICES - 2.4%
Internet Software & Services - 2.4%
China Finance Online Co. Ltd. ADR (a)(d)	252,815		2,962,992
IT SERVICES - 2.1%
Data Processing & Outsourced Services - 2.1%
CyberSource Corp. (a)	16,853		246,222
MasterCard, Inc. Class A	4,700		862,215
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
Data Processing & Outsourced Services - continued
MoneyGram International, Inc. (a)	378,830		$ 575,822
Visa, Inc.	13,500		876,960
			2,561,219
PROFESSIONAL SERVICES - 1.6%
Research & Consulting Services - 1.6%
First Advantage Corp. Class A (a)	139,250		1,996,845
REAL ESTATE INVESTMENT TRUSTS - 0.6%
Industrial REITs - 0.1%
ProLogis Trust	11,800		107,498
Mortgage REITs - 0.0%
Chimera Investment Corp.	15,800		55,774
Residential REITs - 0.3%
UDR, Inc.	37,841		381,059
Retail REITs - 0.2%
CBL & Associates Properties, Inc. (d)	8,102		64,330
Developers Diversified Realty Corp.	29,444		121,604
			185,934
TOTAL REAL ESTATE INVESTMENT TRUSTS			730,265
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.8%
Diversified Real Estate Activities - 0.4%
Mitsubishi Estate Co. Ltd.	40,000		522,979
Real Estate Development - 2.4%
Central China Real Estate Ltd.	3,287,000		633,001
Xinyuan Real Estate Co. Ltd. ADR (a)	481,752		2,273,869
			2,906,870
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			3,429,849
ROAD & RAIL - 0.4%
Trucking - 0.4%
Dollar Thrifty Automotive Group, Inc. (a)(d)	125,600		472,256
SOFTWARE - 2.3%
Application Software - 2.3%
EPIQ Systems, Inc. (a)	186,415		2,883,840
SPECIALTY RETAIL - 0.1%
Home Improvement Retail - 0.1%
Home Depot, Inc.	6,600		173,712

	Shares		Value
THRIFTS & MORTGAGE FINANCE - 0.0%
Thrifts & Mortgage Finance - 0.0%
Washington Mutual, Inc.	121,371		$ 13,351
TOTAL COMMON STOCKS (Cost $107,523,517)		112,479,278
Convertible Preferred Stocks - 0.9%

DIVERSIFIED FINANCIAL SERVICES - 0.9%
Other Diversified Financial Services - 0.9%
Citigroup, Inc. Series T, 6.50% (Cost $1,068,705)	34,700		1,095,219
Money Market Funds - 5.9%

Fidelity Cash Central Fund, 0.53% (b)	1,797		1,797
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	7,248,919		7,248,919
TOTAL MONEY MARKET FUNDS (Cost $7,250,716)		7,250,716

TOTAL INVESTMENT PORTFOLIO - 98.1%

(Cost $115,842,938)

120,825,213

NET OTHER ASSETS - 1.9%			2,319,749
NET ASSETS - 100%		$ 123,144,962

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

(e) Security exempt from registration under 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $58,480 or 0.0% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 79,749
Fidelity Securities Lending Cash Central Fund	641,122
Total	$ 720,871

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 120,825,213	$ 112,109,368	$ 8,715,845	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $138,206,768. Net unrealized depreciation aggregated $17,381,555, of which $16,408,021 related to appreciated investment securities and $33,789,576 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2009

1.800327.105

AFHC-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
BIOTECHNOLOGY - 13.2%
Biotechnology - 13.2%
Alexion Pharmaceuticals, Inc. (a)	54,612		$ 1,825,133
Alnylam Pharmaceuticals, Inc. (a)	52,137		957,757
Amgen, Inc. (a)	194,712		9,437,691
Biogen Idec, Inc. (a)	186,279		9,004,727
BioMarin Pharmaceutical, Inc. (a)(d)	198,867		2,557,430
Cougar Biotechnology, Inc. (a)	9,226		322,172
Genzyme Corp. (a)	25,000		1,333,250
Gilead Sciences, Inc. (a)	202,611		9,279,584
GTx, Inc. (a)(d)	60,617		595,865
Momenta Pharmaceuticals, Inc. (a)	54,305		608,216
Myriad Genetics, Inc. (a)	106,241		4,121,088
ONYX Pharmaceuticals, Inc. (a)	22,103		572,468
OSI Pharmaceuticals, Inc. (a)	65,700		2,205,549
Theravance, Inc. (a)	75,313		1,079,235
United Therapeutics Corp. (a)	42,500		2,669,425
			46,569,590
CHEMICALS - 0.8%
Fertilizers & Agricultural Chemicals - 0.8%
Monsanto Co.	34,200		2,903,238
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Carriage Services, Inc. Class A (a)	252,255		663,431
Stewart Enterprises, Inc. Class A	245,783		857,783
			1,521,214
FOOD & STAPLES RETAILING - 1.1%
Drug Retail - 1.1%
CVS Caremark Corp.	118,253		3,758,080
HEALTH CARE EQUIPMENT & SUPPLIES - 21.4%
Health Care Equipment - 17.4%
Baxter International, Inc.	264,741		12,839,939
Boston Scientific Corp. (a)	428,642		3,604,879
C.R. Bard, Inc.	148,203		10,615,781
Conceptus, Inc. (a)	96,217		1,302,778
Covidien Ltd.	397,345		13,104,438
Edwards Lifesciences Corp. (a)	77,196		4,892,682
Electro-Optical Sciences, Inc. (a)	7,500		53,100
Electro-Optical Sciences, Inc.:
warrants 11/2/11 (a)(f)	60,018		341,578
warrants 8/2/12 (a)(f)	16,500		98,858
ev3, Inc. (a)	117,183		979,650
Kinetic Concepts, Inc. (a)	33,900		839,364
Masimo Corp. (a)	115,861		3,348,383
Medtronic, Inc.	15,597		499,104
Micrus Endovascular Corp. (a)	62,216		430,535
Nobel Biocare Holding AG (Switzerland)	93,527		1,906,160
NuVasive, Inc. (a)	68,000		2,577,200
Orthofix International NV (a)	14,900		254,045

	Shares		Value
Quidel Corp. (a)	93,529		$ 1,088,678
St. Jude Medical, Inc. (a)	77,900		2,611,208
			61,388,360
Health Care Supplies - 4.0%
Align Technology, Inc. (a)	139,325		1,729,023
Cooper Companies, Inc.	174,644		5,021,015
InfuSystems Holdings, Inc. (a)	453,700		1,442,766
InfuSystems Holdings, Inc. warrants 4/11/11 (a)	41,900		3,352
Inverness Medical Innovations, Inc. (a)	154,513		4,989,225
RTI Biologics, Inc. (a)	288,450		1,021,113
			14,206,494
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			75,594,854
HEALTH CARE PROVIDERS & SERVICES - 20.8%
Health Care Distributors & Services - 1.6%
Henry Schein, Inc. (a)	74,903		3,074,019
Patterson Companies, Inc. (a)	71,700		1,466,982
Profarma Distribuidora de Produtos Farmaceuticos SA	325,300		1,093,283
			5,634,284
Health Care Facilities - 2.4%
Hanger Orthopedic Group, Inc. (a)	155,165		2,158,345
Health Management Associates, Inc. Class A (a)	311,300		1,453,771
Sun Healthcare Group, Inc. (a)	54,476		461,412
Universal Health Services, Inc. Class B	85,459		4,307,134
			8,380,662
Health Care Services - 11.6%
Express Scripts, Inc. (a)	208,717		13,351,626
Fresenius Medical Care AG & Co. KGaA sponsored ADR	42,500		1,636,675
Genoptix, Inc. (a)	22,700		660,116
Health Grades, Inc. (a)	301,898		966,074
Laboratory Corp. of America Holdings (a)	63,497		4,073,333
Medco Health Solutions, Inc. (a)	466,915		20,334,145
			41,021,969
Managed Health Care - 5.2%
Health Net, Inc. (a)	138,600		2,001,384
Humana, Inc. (a)	68,579		1,973,704
UnitedHealth Group, Inc.	477,409		11,228,660
WellPoint, Inc. (a)	74,800		3,198,448
			18,402,196
TOTAL HEALTH CARE PROVIDERS & SERVICES			73,439,111
HEALTH CARE TECHNOLOGY - 2.1%
Health Care Technology - 2.1%
Allscripts-Misys Healthcare Solutions, Inc.	107,627		1,336,727
athenahealth, Inc. (a)(d)	71,700		2,280,060
Common Stocks - continued
	Shares		Value
HEALTH CARE TECHNOLOGY - CONTINUED
Health Care Technology - continued
Cerner Corp. (a)	59,249		$ 3,187,596
MedAssets, Inc. (a)	31,114		536,405
			7,340,788
INTERNET SOFTWARE & SERVICES - 0.3%
Internet Software & Services - 0.3%
WebMD Health Corp. Class A (a)	46,757		1,206,798
LIFE SCIENCES TOOLS & SERVICES - 10.5%
Life Sciences Tools & Services - 10.5%
AMAG Pharmaceuticals, Inc. (a)	27,927		1,252,526
Bruker BioSciences Corp. (a)	228,304		1,502,240
Illumina, Inc. (a)(d)	281,541		10,515,556
Life Technologies Corp. (a)	152,819		5,700,149
Millipore Corp. (a)	74,000		4,373,400
QIAGEN NV (a)	487,278		8,030,341
Waters Corp. (a)	130,906		5,782,118
			37,156,330
PHARMACEUTICALS - 28.0%
Pharmaceuticals - 28.0%
Abbott Laboratories	171,463		7,175,727
Allergan, Inc.	375,563		17,523,770
Auxilium Pharmaceuticals, Inc. (a)	21,200		485,480
Cadence Pharmaceuticals, Inc. (a)(d)	108,669		1,099,730
Johnson & Johnson	168,109		8,802,187
King Pharmaceuticals, Inc. (a)	170,700		1,345,116
Medicines Co. (a)	101,251		1,010,485
Merck & Co., Inc.	732,651		17,759,460
Merck KGaA	26,700		2,371,021
Optimer Pharmaceuticals, Inc. (a)	69,962		977,369
Pfizer, Inc.	944,121		12,613,457
Roche Holding AG (participation certificate)	24,180		3,048,397
Schering-Plough Corp.	695,900		16,019,618
Teva Pharmaceutical Industries Ltd. sponsored ADR	79,182		3,475,298
Wyeth	101,285		4,294,484
XenoPort, Inc. (a)	59,053		807,255
			98,808,854
TOTAL COMMON STOCKS (Cost $349,695,895)		348,298,857
Convertible Preferred Stocks - 0.2%

PHARMACEUTICALS - 0.2%
Pharmaceuticals - 0.2%
Mylan, Inc. 6.50% (Cost $610,071)	1,000		843,750

Nonconvertible Bonds - 0.3%
	Principal Amount	Value
PHARMACEUTICALS - 0.3%
Pharmaceuticals - 0.3%
Elan Finance PLC/Elan Finance Corp. 5.2344% 11/15/11 (e) (Cost $844,815)	$ 1,100,000	$ 929,500

Money Market Funds - 2.6%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	6,777,688		6,777,688
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	2,578,040		2,578,040
TOTAL MONEY MARKET FUNDS (Cost $9,355,728)		9,355,728

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $360,506,509)

359,427,835

NET OTHER ASSETS - (1.7)%			(6,022,730)
NET ASSETS - 100%		$ 353,405,105

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

(e) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(f) 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 $440,436 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Electro-Optical Sciences, Inc.: warrants 11/2/11	11/1/06	$ 6
warrants 8/2/12	8/1/07	$ 17

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 71,329
Fidelity Securities Lending Cash Central Fund	161,303
Total	$ 232,632

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 359,427,835	$ 349,888,571	$ 9,539,264	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $369,584,292. Net unrealized depreciation aggregated $10,156,457, of which $28,055,484 related to appreciated investment securities and $38,211,941 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2009

1.800323.105

AFCY-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
AEROSPACE & DEFENSE - 19.7%
Aerospace & Defense - 19.7%
Alliant Techsystems, Inc. (a)	14,900		$ 1,186,785
BE Aerospace, Inc. (a)	26,500		285,935
Goodrich Corp.	68,500		3,033,180
Honeywell International, Inc.	352,500		11,001,525
Lockheed Martin Corp.	86,100		6,761,433
Precision Castparts Corp.	43,600		3,263,896
Raytheon Co.	111,000		5,020,530
Stanley, Inc. (a)	18,100		466,618
United Technologies Corp.	270,300		13,201,452
			44,221,354
AIR FREIGHT & LOGISTICS - 5.8%
Air Freight & Logistics - 5.8%
C.H. Robinson Worldwide, Inc.	45,700		2,429,412
FedEx Corp.	91,400		5,114,744
United Parcel Service, Inc. Class B	76,500		4,004,010
UTI Worldwide, Inc.	100,700		1,355,422
			12,903,588
AUTO COMPONENTS - 3.6%
Auto Parts & Equipment - 1.4%
Johnson Controls, Inc.	166,300		3,161,363
Tires & Rubber - 2.2%
The Goodyear Tire & Rubber Co. (a)	440,200		4,837,798
TOTAL AUTO COMPONENTS			7,999,161
BUILDING PRODUCTS - 2.3%
Building Products - 2.3%
Masco Corp.	476,600		4,222,676
Owens Corning (a)	49,461		885,352
			5,108,028
CHEMICALS - 0.6%
Specialty Chemicals - 0.6%
W.R. Grace & Co. (a)	160,900		1,420,747
COMMERCIAL SERVICES & SUPPLIES - 2.1%
Commercial Printing - 0.3%
R.R. Donnelley & Sons Co.	48,100		560,365
Diversified Support Services - 0.7%
Cintas Corp.	61,300		1,572,958
Environmental & Facility Services - 0.7%
Republic Services, Inc.	74,560		1,565,760
Office Services & Supplies - 0.4%
United Stationers, Inc. (a)	29,000		949,170
TOTAL COMMERCIAL SERVICES & SUPPLIES			4,648,253
CONSTRUCTION & ENGINEERING - 0.3%
Construction & Engineering - 0.3%
Chicago Bridge & Iron Co. NV (NY Shares)	61,500		658,050

	Shares		Value
CONSTRUCTION MATERIALS - 0.1%
Construction Materials - 0.1%
Eagle Materials, Inc.	12,000		$ 333,600
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
Brinks Home Security Holdings, Inc. (a)	43,410		1,153,838
ELECTRICAL EQUIPMENT - 11.1%
Electrical Components & Equipment - 11.1%
Acuity Brands, Inc.	65,742		1,889,425
AMETEK, Inc.	166,000		5,346,860
Cooper Industries Ltd. Class A	104,300		3,419,997
Emerson Electric Co.	100,020		3,404,681
Ener1, Inc. (a)(d)	120,173		707,819
Energy Conversion Devices, Inc. (a)(d)	59,027		1,084,916
Regal-Beloit Corp.	85,404		3,469,965
Rockwell Automation, Inc.	146,400		4,624,776
Saft Groupe SA	34,560		1,057,493
			25,005,932
ELECTRONIC EQUIPMENT & COMPONENTS - 0.4%
Electronic Equipment & Instruments - 0.4%
Itron, Inc. (a)	18,200		837,200
HOUSEHOLD DURABLES - 1.2%
Homebuilding - 0.3%
Centex Corp.	73,300		801,902
Household Appliances - 0.9%
Black & Decker Corp.	48,100		1,938,430
TOTAL HOUSEHOLD DURABLES			2,740,332
INDUSTRIAL CONGLOMERATES - 13.7%
Industrial Conglomerates - 13.7%
3M Co.	141,400		8,144,640
General Electric Co.	1,120,146		14,169,846
Siemens AG sponsored ADR (d)	39,035		2,612,613
Textron, Inc.	108,400		1,163,132
Tyco International Ltd.	195,925		4,655,178
			30,745,409
IT SERVICES - 0.2%
IT Consulting & Other Services - 0.2%
NCI, Inc. Class A (a)	19,678		479,356
MACHINERY - 19.7%
Construction & Farm Machinery & Heavy Trucks - 11.3%
Cummins, Inc.	211,532		7,192,088
Deere & Co.	160,500		6,622,230
Navistar International Corp. (a)	100,514		3,799,429
PACCAR, Inc.	156,600		5,549,904
Toro Co. (d)	66,671		2,025,465
			25,189,116
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - 8.4%
Briggs & Stratton Corp.	44,400		$ 660,672
Danaher Corp.	148,100		8,654,964
Graco, Inc.	92,300		2,177,357
Ingersoll-Rand Co. Ltd. Class A	169,900		3,698,723
Parker Hannifin Corp.	81,200		3,682,420
			18,874,136
TOTAL MACHINERY			44,063,252
MARINE - 0.3%
Marine - 0.3%
Ultrapetrol (Bahamas) Ltd. (a)	175,033		651,123
PAPER & FOREST PRODUCTS - 0.6%
Forest Products - 0.6%
Weyerhaeuser Co.	36,200		1,276,412
PROFESSIONAL SERVICES - 2.0%
Human Resource & Employment Services - 1.2%
Manpower, Inc.	61,000		2,628,490
Research & Consulting Services - 0.8%
Equifax, Inc.	65,300		1,904,148
TOTAL PROFESSIONAL SERVICES			4,532,638
ROAD & RAIL - 11.3%
Railroads - 7.6%
CSX Corp.	16,300		482,317
Genesee & Wyoming, Inc. Class A (a)	27,000		810,000
Kansas City Southern (a)	21,100		321,775
Norfolk Southern Corp.	124,610		4,446,085
Union Pacific Corp.	225,800		11,095,812
			17,155,989
Trucking - 3.7%
Con-way, Inc.	68,500		1,697,430
Heartland Express, Inc.	44,700		668,265
Knight Transportation, Inc.	24,200		427,856
Landstar System, Inc.	18,000		640,980
Old Dominion Freight Lines, Inc. (a)	60,936		1,715,348
Ryder System, Inc.	113,678		3,147,744
			8,297,623
TOTAL ROAD & RAIL			25,453,612

	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 2.5%
Trading Companies & Distributors - 2.5%
Interline Brands, Inc. (a)	59,100		$ 765,936
Rush Enterprises, Inc. Class A (a)	302,357		3,979,018
WESCO International, Inc. (a)	31,000		806,000
			5,550,954
TRANSPORTATION INFRASTRUCTURE - 0.3%
Marine Ports & Services - 0.3%
Aegean Marine Petroleum Network, Inc.	39,000		590,850
TOTAL COMMON STOCKS (Cost $243,958,807)		220,373,689

Nonconvertible Bonds - 0.0%
	Principal Amount
AIRLINES - 0.0%
Airlines - 0.0%
Delta Air Lines, Inc. 8.3% 12/15/29 (a) (Cost $52,101)	$ 2,690,000	26,900

Money Market Funds - 5.2%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	6,521,797		6,521,797
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	5,016,975		5,016,975
TOTAL MONEY MARKET FUNDS (Cost $11,538,772)		11,538,772

TOTAL INVESTMENT PORTFOLIO - 103.5%

(Cost $255,549,680)

231,939,361

NET OTHER ASSETS - (3.5)%			(7,770,233)
NET ASSETS - 100%		$ 224,169,128

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 84,747
Fidelity Securities Lending Cash Central Fund	146,499
Total	$ 231,246

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 231,939,361	$ 230,854,968	$ 1,057,493	$ 26,900

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 33,625
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	18,924
Cost of Purchases	-
Proceeds of Sales	(25,649)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 26,900

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $263,390,541. Net unrealized depreciation aggregated $31,451,180, of which $17,463,838 related to appreciated investment securities and $48,915,018 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2009

1.800329.105

ARE-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 1.0%
Health Care Facilities - 1.0%
Capital Senior Living Corp. (a)	13,600		$ 53,720
Emeritus Corp. (a)(d)	160,854		1,454,120
TOTAL HEALTH CARE FACILITIES			1,507,840
HOUSEHOLD DURABLES - 1.0%
Homebuilding - 1.0%
Centex Corp.	24,900		272,406
D.R. Horton, Inc.	13,800		180,090
Lennar Corp. Class A	7,800		75,972
Meritage Homes Corp. (a)	23,200		482,792
Pulte Homes, Inc.	43,600		501,836
TOTAL HOMEBUILDING			1,513,096
REAL ESTATE INVESTMENT TRUSTS - 91.0%
REITs - Apartments - 14.6%
American Campus Communities, Inc.	32,300		700,264
Apartment Investment & Management Co. Class A	321,847		2,349,483
AvalonBay Communities, Inc.	64,931		3,688,730
Camden Property Trust (SBI)	156,600		4,248,558
Equity Residential (SBI)	270,500		6,191,745
Home Properties, Inc.	92,600		3,374,344
UDR, Inc.	197,000		1,983,790
TOTAL REITS - APARTMENTS			22,536,914
REITs - Factory Outlets - 0.8%
Tanger Factory Outlet Centers, Inc.	36,200		1,206,184
REITs - Health Care Facilities - 11.0%
HCP, Inc.	193,800		4,253,910
Healthcare Realty Trust, Inc.	254,809		4,278,243
Omega Healthcare Investors, Inc.	12,300		193,356
Ventas, Inc.	283,700		8,125,168
TOTAL REITS - HEALTH CARE FACILITIES			16,850,677
REITs - Hotels - 5.8%
DiamondRock Hospitality Co.	451,256		2,928,651
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
REITs - Hotels - continued
Host Hotels & Resorts, Inc.	236,394		$ 1,817,870
Sunstone Hotel Investors, Inc.	799,084		4,227,154
TOTAL REITS - HOTELS			8,973,675
REITs - Industrial Buildings - 13.5%
Duke Realty LP	543,800		5,312,926
ProLogis Trust	778,423		7,091,434
Public Storage	125,618		8,398,819
TOTAL REITS - INDUSTRIAL BUILDINGS			20,803,179
REITs - Malls - 13.1%
CBL & Associates Properties, Inc. (d)	150,212		1,192,683
Simon Property Group, Inc.	293,038		15,120,762
The Macerich Co. (d)	218,700		3,833,811
TOTAL REITS - MALLS			20,147,256
REITs - Management/Investment - 3.6%
Digital Realty Trust, Inc. (d)	153,500		5,527,535
REITs - Office Buildings - 15.0%
Alexandria Real Estate Equities, Inc. (d)	102,000		3,720,960
Boston Properties, Inc.	76,400		3,775,688
Brandywine Realty Trust (SBI)	207,200		1,282,568
Corporate Office Properties Trust (SBI)	150,800		4,608,448
Highwoods Properties, Inc. (SBI)	254,000		6,093,460
Mack-Cali Realty Corp.	8,500		228,310
SL Green Realty Corp. (d)	190,500		3,364,230
TOTAL REITS - OFFICE BUILDINGS			23,073,664
REITs - Shopping Centers - 13.6%
Acadia Realty Trust (SBI)	57,000		826,500
Developers Diversified Realty Corp.	468,671		1,935,611
Inland Real Estate Corp.	394,906		3,467,275
Kimco Realty Corp.	136,890		1,645,418
Ramco-Gershenson Properties Trust (SBI)	88,100		969,100
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
REITs - Shopping Centers - continued
Regency Centers Corp.	116,200		$ 4,351,690
Vornado Realty Trust	157,652		7,707,606
TOTAL REITS - SHOPPING CENTERS			20,903,200
TOTAL REAL ESTATE INVESTMENT TRUSTS			140,022,284
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.5%
Real Estate Operating Companies - 2.1%
Brookfield Properties Corp.	431,900		3,226,294
Real Estate Services - 1.4%
CB Richard Ellis Group, Inc. Class A (a)	245,223		1,839,173
Jones Lang LaSalle, Inc.	9,100		293,657
TOTAL REAL ESTATE SERVICES			2,132,830
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			5,359,124
TOTAL COMMON STOCKS (Cost $200,245,442)		148,402,344
Money Market Funds - 11.8%

Fidelity Cash Central Fund, 0.53% (b)	6,101,103		6,101,103
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	12,112,957		12,112,957
TOTAL MONEY MARKET FUNDS (Cost $18,214,060)		18,214,060
TOTAL INVESTMENT PORTFOLIO - 108.3% (Cost $218,459,502)		166,616,404
NET OTHER ASSETS - (8.3)%		(12,743,173)
NET ASSETS - 100%		$ 153,873,231

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 56,144
Fidelity Securities Lending Cash Central Fund	152,070
Total	$ 208,214

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 166,616,404	$ 166,616,404	$ -	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $244,666,916. Net unrealized depreciation aggregated $78,050,512, of which $10,050,367 related to appreciated investment securities and $88,100,879 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2009

1.800330.105

AFTF-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 13.5%
Communications Equipment - 13.5%
ADC Telecommunications, Inc. (a)	257,199		$ 1,892,985
Adtran, Inc.	10,600		224,190
ADVA AG Optical Networking (a)	442,449		722,783
Alcatel-Lucent SA sponsored ADR (a)	14,300		35,750
Aruba Networks, Inc. (a)	9,800		45,962
AudioCodes Ltd. (a)	179,235		265,268
Brocade Communications Systems, Inc. (a)	290,400		1,678,512
Ciena Corp. (a)	99,200		1,185,440
Cisco Systems, Inc. (a)	10,300		198,996
Cogo Group, Inc. (a)	22,469		183,796
CommScope, Inc. (a)	63,600		1,596,360
Comverse Technology, Inc. (a)	311,500		2,227,225
Delta Networks, Inc.	1,493,000		331,662
Emulex Corp. (a)	8,000		83,760
F5 Networks, Inc. (a)	66,008		1,800,038
Infinera Corp. (a)(e)	116,200		980,728
Juniper Networks, Inc. (a)	77,100		1,669,215
Motorola, Inc.	538,700		2,979,011
Nice Systems Ltd. sponsored ADR (a)	8,265		211,667
Nokia Corp. sponsored ADR	94,300		1,333,402
OZ Optics Ltd. unit (a)(f)	68,000		320,960
Palm, Inc. (a)(e)	120,000		1,258,800
Powerwave Technologies, Inc. (a)	281,700		239,445
QUALCOMM, Inc.	468,400		19,822,688
Research In Motion Ltd. (a)	20,800		1,445,600
Riverbed Technology, Inc. (a)	100		1,832
Sandvine Corp. (a)	1,587,300		1,742,605
Sandvine Corp. (U.K.) (a)	1,078,100		1,204,999
Sonus Networks, Inc. (a)	167,560		289,879
Starent Networks Corp. (a)	501,777		9,900,060
			55,873,618
COMPUTERS & PERIPHERALS - 16.3%
Computer Hardware - 13.8%
3PAR, Inc. (a)	5,900		45,194
Apple, Inc. (a)	201,755		25,386,829
Dell, Inc. (a)	181,300		2,106,706
Hewlett-Packard Co.	683,100		24,577,938
NCR Corp. (a)	166,000		1,684,900
Stratasys, Inc. (a)(e)	108,790		1,018,274
Sun Microsystems, Inc. (a)	110,426		1,011,502
Toshiba Corp.	293,000		1,005,720
Wistron Corp.	159,000		201,035
			57,038,098
Computer Storage & Peripherals - 2.5%
Chicony Electronics Co. Ltd.	269,390		439,876
EMC Corp. (a)	220,100		2,757,853
NetApp, Inc. (a)	28,000		512,400
SanDisk Corp. (a)	109,500		1,721,340
Seagate Technology	457,400		3,732,384

	Shares		Value
SIMPLO Technology Co. Ltd.	130,000		$ 494,601
Synaptics, Inc. (a)(e)	29,700		964,656
			10,623,110
TOTAL COMPUTERS & PERIPHERALS			67,661,208
CONSTRUCTION & ENGINEERING - 0.1%
Construction & Engineering - 0.1%
Dycom Industries, Inc. (a)	40,900		344,378
MasTec, Inc. (a)	14,500		181,395
			525,773
DIVERSIFIED CONSUMER SERVICES - 0.0%
Education Services - 0.0%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	600		31,788
ELECTRICAL EQUIPMENT - 1.0%
Electrical Components & Equipment - 1.0%
centrotherm photovoltaics AG (a)	1,273		48,828
Energy Conversion Devices, Inc. (a)(e)	20,400		374,952
First Solar, Inc. (a)(e)	4,014		751,782
General Cable Corp. (a)	64,600		1,753,244
JA Solar Holdings Co. Ltd. ADR (a)	76,000		266,760
Q-Cells SE (a)	1,200		25,453
Roth & Rau AG	1,516		35,821
Sunpower Corp. Class B (a)	18,344		465,204
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(e)	31,800		474,774
Yingli Green Energy Holding Co. Ltd. ADR (a)(e)	17,900		124,942
			4,321,760
ELECTRONIC EQUIPMENT & COMPONENTS - 6.3%
Electronic Components - 1.2%
Amphenol Corp. Class A	53,900		1,823,976
AVX Corp.	18,400		184,184
DTS, Inc. (a)	16,500		439,725
Everlight Electronics Co. Ltd.	498,376		1,051,543
Tripod Technology Corp.	275,000		451,771
Unimicron Technology Corp.	578,000		390,072
Vishay Intertechnology, Inc. (a)	106,400		624,568
			4,965,839
Electronic Equipment & Instruments - 1.1%
Agilent Technologies, Inc. (a)	2,300		41,998
China Security & Surveillance Technology, Inc. (a)(e)	282,434		1,914,903
Chroma ATE, Inc.	1,366,316		1,311,829
Comverge, Inc. (a)	10,189		78,150
Coretronic Corp.	174,300		150,527
FLIR Systems, Inc. (a)	21,700		481,306
National Instruments Corp.	18,700		412,148
			4,390,861
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Manufacturing Services - 1.6%
Flextronics International Ltd. (a)	638,400		$ 2,476,992
Jabil Circuit, Inc.	52,400		424,440
Ju Teng International Holdings Ltd.	1,328,000		575,220
Molex, Inc.	29,400		490,098
Multi-Fineline Electronix, Inc. (a)	27,589		553,711
Trimble Navigation Ltd. (a)	68,400		1,466,496
Tyco Electronics Ltd.	45,800		798,752
			6,785,709
Technology Distributors - 2.4%
Arrow Electronics, Inc. (a)	48,300		1,098,342
Avnet, Inc. (a)	101,800		2,228,402
Brightpoint, Inc. (a)	40,300		209,963
Digital China Holdings Ltd. (H Shares)	2,246,000		1,225,920
Ingram Micro, Inc. Class A (a)	190,600		2,767,512
Inspur International Ltd. (a)	500,000		85,964
Synnex Technology International Corp.	285,000		413,351
Tech Data Corp. (a)	16,000		460,640
WPG Holding Co. Ltd.	1,800,000		1,492,207
			9,982,301
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			26,124,710
HEALTH CARE EQUIPMENT & SUPPLIES - 1.4%
Health Care Equipment - 1.1%
China Medical Technologies, Inc. sponsored ADR (e)	61,500		1,201,710
Golden Meditech Co. Ltd. (a)	2,168,000		292,754
I-Flow Corp. (a)	77,610		388,050
Mindray Medical International Ltd. sponsored ADR	200		4,564
Mingyuan Medicare Development Co. Ltd. (e)	33,580,000		2,447,363
			4,334,441
Health Care Supplies - 0.3%
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	730,000		1,373,762
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			5,708,203
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
athenahealth, Inc. (a)	600		19,080
HOTELS, RESTAURANTS & LEISURE - 0.0%
Hotels, Resorts & Cruise Lines - 0.0%
Ctrip.com International Ltd. sponsored ADR	5,800		179,336
HOUSEHOLD DURABLES - 0.0%
Consumer Electronics - 0.0%
TomTom Group BV (a)	100		638

	Shares		Value
INTERNET & CATALOG RETAIL - 1.1%
Internet Retail - 1.1%
Amazon.com, Inc. (a)	28,000		$ 2,254,560
Expedia, Inc. (a)	3,560		48,452
Priceline.com, Inc. (a)(e)	22,612		2,195,399
			4,498,411
INTERNET SOFTWARE & SERVICES - 9.3%
Internet Software & Services - 9.3%
Akamai Technologies, Inc. (a)	19,800		435,996
Baidu.com, Inc. sponsored ADR (a)	17,900		4,168,910
comScore, Inc. (a)	17,300		220,748
Constant Contact, Inc. (a)	8,924		142,159
DealerTrack Holdings, Inc. (a)	12,300		186,714
eBay, Inc. (a)	133,300		2,195,451
Equinix, Inc. (a)	28,600		2,008,578
Google, Inc. Class A (sub. vtg.) (a)	55,500		21,976,335
NetEase.com, Inc. sponsored ADR (a)	29,800		899,364
Omniture, Inc. (a)	2,900		35,728
Rackspace Hosting, Inc.	24,291		223,234
SAVVIS, Inc.	8,900		101,282
Sohu.com, Inc. (a)	40,700		2,122,505
Switch & Data Facilities Co., Inc. (a)	12,600		145,782
Tencent Holdings Ltd.	185,600		1,640,447
VeriSign, Inc. (a)	15,800		325,164
Vocus, Inc. (a)	10,300		175,100
Websense, Inc. (a)	25,600		456,448
Yahoo!, Inc. (a)	67,200		960,288
			38,420,233
IT SERVICES - 2.7%
Data Processing & Outsourced Services - 2.2%
CyberSource Corp. (a)	31,895		465,986
Lender Processing Services, Inc.	46,400		1,329,824
MasterCard, Inc. Class A	5,400		990,630
Visa, Inc.	96,300		6,255,648
			9,042,088
IT Consulting & Other Services - 0.5%
CACI International, Inc. Class A (a)	3,600		142,380
China Information Security Technology, Inc. (a)	8,917		27,108
Cognizant Technology Solutions Corp. Class A (a)	16,700		413,993
SAIC, Inc. (a)	33,400		604,540
Satyam Computer Services Ltd. sponsored ADR	11,600		20,880
Yucheng Technologies Ltd. (a)	135,000		962,550
			2,171,451
TOTAL IT SERVICES			11,213,539
MACHINERY - 0.5%
Industrial Machinery - 0.5%
China Fire & Security Group, Inc. (a)	24,900		274,149
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - continued
Meyer Burger Technology AG (a)	270		$ 36,993
Shin Zu Shing Co. Ltd.	438,424		1,808,157
			2,119,299
MEDIA - 1.0%
Advertising - 0.8%
AirMedia Group, Inc. ADR (a)	111,900		628,319
Focus Media Holding Ltd. ADR (a)(e)	63,500		400,050
VisionChina Media, Inc. ADR (a)	401,700		2,157,129
			3,185,498
Cable & Satellite - 0.2%
Virgin Media, Inc.	98,600		761,192
TOTAL MEDIA			3,946,690
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Timminco Ltd. (a)	5,600		8,213
OFFICE ELECTRONICS - 0.1%
Office Electronics - 0.1%
Xerox Corp.	36,300		221,793
PROFESSIONAL SERVICES - 0.0%
Research & Consulting Services - 0.0%
IHS, Inc. Class A (a)	1,100		45,496
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 24.7%
Semiconductor Equipment - 7.9%
Aixtron AG	98,400		753,577
Amkor Technology, Inc. (a)	872,100		3,758,751
Applied Materials, Inc.	66,700		814,407
ASM Pacific Technology Ltd.	44,200		197,614
ASML Holding NV (NY Shares)	381,700		8,072,955
Cymer, Inc. (a)	101,200		2,875,092
FormFactor, Inc. (a)	53,200		927,276
Global Unichip Corp.	85,675		391,591
Inotera Memories, Inc. (a)	1,283,000		673,281
Lam Research Corp. (a)	99,500		2,774,060
LTX-Credence Corp. (a)	497,102		243,580
MEMC Electronic Materials, Inc. (a)	80,900		1,310,580
Photronics, Inc. (a)	82,700		138,109
Tessera Technologies, Inc. (a)	336,000		4,717,440
Varian Semiconductor Equipment Associates, Inc. (a)	136,800		3,500,712
Verigy Ltd. (a)	165,200		1,817,200
			32,966,225
Semiconductors - 16.8%
Advanced Micro Devices, Inc. (a)	115,700		417,677
Advanced Semiconductor Engineering, Inc. sponsored ADR (e)	609,280		1,846,118
ANADIGICS, Inc. (a)	30,400		91,808
Analog Devices, Inc.	1,800		38,304

	Shares		Value
Applied Micro Circuits Corp. (a)	8,650		$ 47,143
ARM Holdings PLC sponsored ADR	340,100		1,805,931
Atheros Communications, Inc. (a)	23,600		406,392
Atmel Corp. (a)	858,300		3,295,872
Cavium Networks, Inc. (a)	372,131		4,681,408
Cree, Inc. (a)	88,550		2,425,385
CSR PLC (a)(e)	171,600		660,418
Cypress Semiconductor Corp. (a)	274,700		2,178,371
Diodes, Inc. (a)	20,900		310,992
Elpida Memory, Inc. (a)(e)	30,600		327,802
Epistar Corp.	725,000		1,426,519
Fairchild Semiconductor International, Inc. (a)	409,600		2,523,136
Hynix Semiconductor, Inc. (a)	22,350		251,831
Infineon Technologies AG (a)	2,115,700		5,416,319
Integrated Device Technology, Inc. (a)	17,300		93,939
Intel Corp.	332,200		5,242,116
International Rectifier Corp. (a)	184,500		3,114,360
Intersil Corp. Class A	14,800		171,680
Kinsus Interconnect Technology Corp.	223,000		402,358
LSI Corp. (a)	201,000		771,840
Marvell Technology Group Ltd. (a)	395,300		4,340,394
MediaTek, Inc.	37,000		384,669
Micron Technology, Inc. (a)	1,511,300		7,375,144
Monolithic Power Systems, Inc. (a)	76,800		1,420,800
MoSys, Inc. (a)	32,100		44,940
National Semiconductor Corp.	63,200		781,784
Netlogic Microsystems, Inc. (a)	32,800		1,068,952
NVIDIA Corp. (a)	206,200		2,367,176
O2Micro International Ltd. sponsored ADR (a)	17,800		77,786
Omnivision Technologies, Inc. (a)	175,299		1,667,093
PMC-Sierra, Inc. (a)	146,900		1,163,448
Power Integrations, Inc.	16,600		353,580
Powertech Technology, Inc.	239,000		497,741
Radiant Opto-Electronics Corp.	325,000		388,770
RF Micro Devices, Inc. (a)	600,700		1,267,477
Samsung Electronics Co. Ltd.	3,796		1,758,398
Silicon Image, Inc. (a)	88,800		241,536
Silicon Laboratories, Inc. (a)(e)	13,900		462,314
Siliconware Precision Industries Co. Ltd. sponsored ADR	47,100		351,837
SiRF Technology Holdings, Inc. (a)	678,131		1,885,204
Skyworks Solutions, Inc. (a)	191,800		1,695,512
Standard Microsystems Corp. (a)	71,900		1,140,334
Supertex, Inc. (a)	7,300		187,756
TriQuint Semiconductor, Inc. (a)	103,000		394,490
Volterra Semiconductor Corp. (a)	15,500		178,095
			69,442,949
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			102,409,174
Common Stocks - continued
	Shares		Value
SOFTWARE - 18.2%
Application Software - 7.3%
Adobe Systems, Inc. (a)	23,900		$ 653,665
Amdocs Ltd. (a)	35,300		738,829
Ansys, Inc. (a)	5,900		162,958
Autodesk, Inc. (a)	1,800		35,892
Autonomy Corp. PLC (a)	89,100		1,868,543
Blackboard, Inc. (a)(e)	19,900		677,197
Cadence Design Systems, Inc. (a)	1,102,600		6,152,508
Callidus Software, Inc. (a)	107,291		346,550
Citrix Systems, Inc. (a)	94,200		2,687,526
Concur Technologies, Inc. (a)	38,100		1,031,367
Epicor Software Corp. (a)	31,500		173,880
Informatica Corp. (a)	56,700		901,530
JDA Software Group, Inc. (a)	50,000		705,500
Kingdee International Software Group Co. Ltd.	6,108,000		1,037,118
Longtop Financial Technologies Ltd. ADR (a)	43,500		1,029,210
Nuance Communications, Inc. (a)	17,300		230,955
Parametric Technology Corp. (a)	19,300		215,195
Salesforce.com, Inc. (a)	108,200		4,632,042
Smith Micro Software, Inc. (a)	204,100		1,755,260
SuccessFactors, Inc. (a)	212,200		1,848,262
Synchronoss Technologies, Inc. (a)	121,348		1,611,501
Synopsys, Inc. (a)	1,700		37,026
Taleo Corp. Class A (a)	76,988		924,626
TIBCO Software, Inc. (a)	33,900		214,248
Ulticom, Inc.	318,926		637,852
			30,309,240
Home Entertainment Software - 2.5%
Activision Blizzard, Inc. (a)	15,000		161,550
Changyou.com Ltd. (A Shares) ADR	800		24,600
Electronic Arts, Inc. (a)	248,500		5,056,975
Kingsoft Corp. Ltd.	442,000		200,463
Nintendo Co. Ltd.	6,100		1,642,120
Perfect World Co. Ltd. sponsored ADR Class B (a)	145,500		2,642,280
Take-Two Interactive Software, Inc.	22,500		204,300
THQ, Inc. (a)	49,400		168,948
			10,101,236
Systems Software - 8.4%
Ariba, Inc. (a)	18,908		181,706
BMC Software, Inc. (a)	91,800		3,182,706
CA, Inc.	9,000		155,250
Check Point Software Technologies Ltd. (a)	1,700		39,389
CommVault Systems, Inc. (a)	31,300		389,685
Insyde Software Corp.	498,239		1,947,320
McAfee, Inc. (a)	5,200		195,208
Microsoft Corp.	1,252,000		25,365,520
Oracle Corp.	9,700		187,598
Phoenix Technologies Ltd. (a)	31,000		88,350

	Shares		Value
Red Hat, Inc. (a)	100,800		$ 1,740,816
Symantec Corp. (a)	43,300		746,925
VMware, Inc. Class A (a)	24,600		641,568
			34,862,041
TOTAL SOFTWARE			75,272,517
WIRELESS TELECOMMUNICATION SERVICES - 1.3%
Wireless Telecommunication Services - 1.3%
American Tower Corp. Class A (a)	43,400		1,378,384
Crown Castle International Corp. (a)	8,000		196,160
SBA Communications Corp. Class A (a)	135,200		3,407,040
Sprint Nextel Corp. (a)	132,200		576,392
			5,557,976
TOTAL COMMON STOCKS (Cost $428,540,121)		404,159,455

Convertible Bonds - 1.3%
		Principal Amount (d)
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
Ciena Corp. 0.25% 5/1/13		$ 1,270,000		812,673
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.1%
Semiconductors - 1.1%
Advanced Micro Devices, Inc. 5.75% 8/15/12		6,960,000		3,706,200
Infineon Technologies Holding BV 5% 6/5/10	EUR	1,000,000		833,333
				4,539,533
TOTAL CONVERTIBLE BONDS (Cost $7,494,023)			5,352,206

Money Market Funds - 2.5%
	Shares
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) (Cost $10,157,835)	10,157,835	10,157,835

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $446,191,979)

419,669,496

NET OTHER ASSETS - (1.3)%		(5,286,316)
NET ASSETS - 100%		$ 414,383,180

Currency Abbreviation
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(d) Principal amount is stated in United States dollars unless otherwise noted.

(e) Security or a portion of the security is on loan at period end.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
OZ Optics Ltd. unit	8/18/00	$ 1,003,680

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 90,713
Fidelity Securities Lending Cash Central Fund	761,381
Total	$ 852,094

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 419,669,496	$ 376,520,811	$ 42,827,725	$ 320,960

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 821,100
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(500,140)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 320,960

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $452,915,760. Net unrealized depreciation aggregated $33,246,264, of which $51,381,108 related to appreciated investment securities and $84,627,372 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2009

1.800331.105

AFUG-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares		Value
ELECTRIC UTILITIES - 50.9%
Electric Utilities - 50.9%
Allegheny Energy, Inc.	124,355		$ 3,223,282
American Electric Power Co., Inc.	496,900		13,108,222
Entergy Corp.	63,100		4,086,987
Exelon Corp.	266,500		12,293,645
FirstEnergy Corp.	239,300		9,787,370
FPL Group, Inc.	162,600		8,746,254
NV Energy, Inc.	298,900		3,063,725
PPL Corp.	201,575		6,029,108
Westar Energy, Inc.	113,100		1,982,643
			62,321,236
GAS UTILITIES - 3.3%
Gas Utilities - 3.3%
EQT Corp.	43,700		1,469,631
Questar Corp.	88,100		2,618,332
			4,087,963
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 10.6%
Independent Power Producers & Energy Traders - 10.6%
AES Corp. (a)	324,700		2,295,629
Black Hills Corp.	13,467		267,724
Calpine Corp. (a)	53,600		434,696
Constellation Energy Group, Inc.	262,900		6,330,632
Dynegy, Inc. Class A (a)	171,900		305,982
NRG Energy, Inc. (a)	97,100		1,745,858
Ormat Technologies, Inc.	45,400		1,598,080
			12,978,601
MULTI-UTILITIES - 29.6%
Multi-Utilities - 29.6%
CenterPoint Energy, Inc.	568,100		6,044,584

	Shares		Value
CMS Energy Corp.	275,600		$ 3,312,712
OGE Energy Corp.	187,600		4,823,196
PG&E Corp.	158,604		5,887,380
Public Service Enterprise Group, Inc.	178,080		5,313,907
Sempra Energy	181,000		8,329,620
TECO Energy, Inc.	244,700		2,591,373
			36,302,772
OIL, GAS & CONSUMABLE FUELS - 1.0%
Oil & Gas Storage & Transport - 1.0%
Southern Union Co.	78,811		1,253,883
TOTAL COMMON STOCKS (Cost $145,023,225)		116,944,455
Money Market Funds - 0.6%

Fidelity Cash Central Fund, 0.53% (b) (Cost $665,900)	665,900		665,900

TOTAL INVESTMENT PORTFOLIO - 96.0%

(Cost $145,689,125)

117,610,355

NET OTHER ASSETS - 4.0%			4,947,574
NET ASSETS - 100%		$ 122,557,929

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 81,080
Fidelity Securities Lending Cash Central Fund	21,538
Total	$ 102,618

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 117,610,355	$ 117,610,355	$ -	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $154,396,516. Net unrealized depreciation aggregated $36,786,161, of which $2,084,940 related to appreciated investment securities and $38,871,101 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	June 29, 2009

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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	June 29, 2009

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	June 29, 2009