N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3010

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	July 31

Date of reporting period:	April 30, 2007

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, 2007

1.800321.103

AFBT-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
BIOTECHNOLOGY - 86.3%
Biotechnology - 86.3%
3SBio, Inc. ADR	11,700		$ 118,170
Acadia Pharmaceuticals, Inc. (a)	31,774		434,033
Acorda Therapeutics, Inc. (a)	5,600		138,768
Affymax, Inc.	7,800		276,588
Alexion Pharmaceuticals, Inc. (a)	44,000		1,841,840
Alkermes, Inc. (a)	41,640		684,145
Alnylam Pharmaceuticals, Inc. (a)	10,000		187,700
Altus Pharmaceuticals, Inc. (a)	6,212		92,000
Amgen, Inc. (a)	219,604		14,085,399
Amylin Pharmaceuticals, Inc. (a)	29,108		1,203,034
Arena Pharmaceuticals, Inc. (a)	10,800		140,724
ArQule, Inc. (a)	15,381		135,045
Biogen Idec, Inc. (a)	93,807		4,428,628
Celgene Corp. (a)	78,708		4,813,781
Cephalon, Inc. (a)	35,299		2,810,153
Combinatorx, Inc. (a)	6,900		42,159
Cougar Biotechnology, Inc. (a)	3,700		78,625
Cubist Pharmaceuticals, Inc. (a)	11,500		246,675
Cytokinetics, Inc. (a)	7,800		51,558
Cytos Biotechnology AG (a)	598		85,156
Dendreon Corp. (a)(d)	15,600		234,468
Dyax Corp. (a)	12,900		59,340
Encysive Pharmaceuticals, Inc. (a)	13,200		43,956
Enzon Pharmaceuticals, Inc. (a)	6,800		57,664
Genentech, Inc. (a)	63,000		5,039,370
Gilead Sciences, Inc. (a)	35,500		2,901,060
GTx, Inc. (a)	10,700		208,757
Halozyme Therapeutics, Inc. (a)	6,310		64,047
Human Genome Sciences, Inc. (a)	21,930		236,186
Infinity Pharmaceuticals, Inc. (a)	1,899		19,940
Isis Pharmaceuticals, Inc. (a)	19,000		194,370
Ligand Pharmaceuticals, Inc. Class B	10,400		70,824
MannKind Corp. (a)	23,300		338,782
Martek Biosciences (a)	7,400		159,766
Medarex, Inc. (a)	45,185		618,583
Momenta Pharmaceuticals, Inc. (a)	11,308		177,762
Myriad Genetics, Inc. (a)	15,605		570,363
Neurochem, Inc. (a)	1,300		15,016
Neurocrine Biosciences, Inc. (a)	16,065		204,507
Novacea, Inc.	4,500		39,060
Omrix Biopharmaceuticals, Inc.	5,600		198,800
ONYX Pharmaceuticals, Inc. (a)	11,700		313,092
OREXIGEN Therapeutics, Inc.	2,300		32,315
OSI Pharmaceuticals, Inc. (a)	43,500		1,509,450
PDL BioPharma, Inc. (a)	51,500		1,300,890
Pharmion Corp. (a)	4,866		147,391

	Shares		Value
Poniard Pharmaceuticals, Inc. (a)	8,500		$ 59,075
Regeneron Pharmaceuticals, Inc. (a)	22,499		611,973
Rosetta Genomics Ltd.	10,800		77,760
Sangamo Biosciences, Inc. (a)	800		5,944
Tanox, Inc. (a)	5,700		106,362
Theravance, Inc. (a)	15,000		496,950
Trubion Pharmaceuticals, Inc.	4,700		80,558
United Therapeutics Corp. (a)	4,903		274,127
Vanda Pharmaceuticals, Inc.	6,331		136,180
Vertex Pharmaceuticals, Inc. (a)	51,700		1,589,258
ViaCell, Inc. (a)	500		3,130
Zymogenetics, Inc. (a)	12,400		185,504
			50,276,761
DIVERSIFIED FINANCIAL SERVICES - 0.1%
Other Diversifed Financial Services - 0.1%
Ithaka Acquisition Corp. (a)	11,500		63,595
HEALTH CARE EQUIPMENT & SUPPLIES - 1.6%
Health Care Equipment - 1.6%
Clinical Data, Inc. (a)	6,798		149,624
Gen-Probe, Inc. (a)	4,723		241,393
Quidel Corp. (a)	39,800		556,404
			947,421
HEALTH CARE PROVIDERS & SERVICES - 0.2%
Health Care Services - 0.2%
Oracle Healthcare Acquisition Corp. unit	9,600		82,368
LIFE SCIENCES TOOLS & SERVICES - 3.2%
Life Sciences Tools & Services - 3.2%
Advanced Magnetics, Inc. (a)	3,915		257,607
Applera Corp. - Celera Genomics Group (a)	31,700		443,800
Exelixis, Inc. (a)	39,500		424,230
Medivation, Inc. (a)	6,495		127,302
QIAGEN NV (a)	31,800		563,814
Ventana Medical Systems, Inc. (a)	1,100		53,449
			1,870,202
PHARMACEUTICALS - 8.2%
Pharmaceuticals - 8.2%
Akorn, Inc. (a)	125,679		909,916
Alexza Pharmaceuticals, Inc.	5,100		55,029
Auxilium Pharmaceuticals, Inc. (a)	21,700		322,462
Cardiome Pharma Corp. (a)	2,600		24,310
Catalyst Pharmaceutical Partners, Inc.	28,400		110,760
Cypress Bioscience, Inc. (a)	19,200		174,912
Elan Corp. PLC sponsored ADR (a)	67,400		935,512
Sepracor, Inc. (a)	22,096		1,186,113
Xenoport, Inc. (a)	25,000		1,071,750
			4,790,764
TOTAL COMMON STOCKS (Cost $55,963,248)		58,031,111
Money Market Funds - 1.1%
	Shares		Value
Fidelity Cash Central Fund, 5.29% (b)	436,976		$ 436,976
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	199,950		199,950
TOTAL MONEY MARKET FUNDS (Cost $636,926)		636,926

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $56,600,174)

58,668,037

NET OTHER ASSETS - (0.7)%			(411,602)
NET ASSETS - 100%		$ 58,256,435

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.

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	$ 20,379
Fidelity Securities Lending Cash Central Fund	25,664
Total	$ 46,043

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $57,293,100. Net unrealized appreciation aggregated $1,374,937, of which $5,516,812 related to appreciated investment securities and $4,141,875 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Communications Equipment Fund
(formerly Fidelity ® Advisor Developing Communications Fund)

Class A
Class T
Class B
Class C
Institutional Class

April 30, 2007

1.800324.103

AFDC-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.1%
Diversified Commercial & Professional Services - 1.1%
Tele Atlas NV (a)	5,400		$ 111,270
COMMUNICATIONS EQUIPMENT - 80.1%
Communications Equipment - 80.1%
3Com Corp. (a)	7,700		31,031
Acme Packet, Inc.	100		1,351
ADC Telecommunications, Inc. (a)	2,900		53,360
Adtran, Inc.	3,083		78,462
ADVA AG Optical Networking (a)	7,013		72,636
Alcatel-Lucent SA sponsored ADR	8,803		116,640
Alvarion Ltd. (a)	3,200		26,304
AudioCodes Ltd. (a)	20,500		137,350
Avanex Corp. (a)	11,600		20,416
Bookham, Inc. (a)	18,772		42,988
Carrier Access Corp. (a)	3,100		14,911
Ceragon Networks Ltd. (a)	100		694
Ciena Corp. (a)	5,607		163,500
Cisco Systems, Inc. (a)	34,500		922,530
Comtech Group, Inc. (a)	7,601		134,082
Comverse Technology, Inc. (a)	25,306		573,940
Corning, Inc. (a)	20,900		495,748
ECI Telecom Ltd. (a)	5,700		47,652
F5 Networks, Inc. (a)	5,100		391,578
Foundry Networks, Inc. (a)	6,900		104,328
Foxconn International Holdings Ltd. (a)	2,000		6,059
Harris Stratex Networks, Inc. (a)	3,075		61,316
Ixia (a)	2,963		25,423
JDS Uniphase Corp. (a)	4,600		75,808
Juniper Networks, Inc. (a)	20,150		450,554
Motorola, Inc.	17,500		303,275
Opnext, Inc.	500		6,710
Orckit Communications Ltd. (a)	3,800		39,938
Powerwave Technologies, Inc. (a)	69,500		432,985
QUALCOMM, Inc.	54,400		2,382,716
Research In Motion Ltd. (a)	4,940		650,005
Riverbed Technology, Inc.	2,300		73,393
Riverstone Networks, Inc. (a)	30,300		0
Sonus Networks, Inc. (a)	34,704		268,262
Symmetricom, Inc. (a)	8,145		66,545
			8,272,490
COMPUTERS & PERIPHERALS - 1.5%
Computer Hardware - 1.2%
Compal Electronics, Inc.	5,670		5,174
Concurrent Computer Corp. (a)	77,917		119,992
NEC Corp. sponsored ADR	90		481
			125,647
Computer Storage & Peripherals - 0.3%
SanDisk Corp. (a)	610		26,505
TOTAL COMPUTERS & PERIPHERALS			152,152

	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
Alternative Carriers - 0.3%
Aruba Networks, Inc.	100		$ 1,367
Level 3 Communications, Inc. (a)	5,900		32,804
			34,171
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
Energy Conversion Devices, Inc. (a)	300		10,623
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.0%
Electronic Equipment & Instruments - 0.7%
Chi Mei Optoelectronics Corp.	7,911		8,917
HannStar Display Corp. (a)	58,000		11,038
Nippon Electric Glass Co. Ltd.	3,000		51,350
			71,305
Electronic Manufacturing Services - 0.3%
Molex, Inc.	500		14,940
Trimble Navigation Ltd. (a)	600		17,208
			32,148
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			103,453
INTERNET SOFTWARE & SERVICES - 1.9%
Internet Software & Services - 1.9%
Openwave Systems, Inc. (a)	18,107		133,086
RADVision Ltd. (a)	3,050		67,436
			200,522
MEDIA - 0.0%
Publishing - 0.0%
Gemstar-TV Guide International, Inc. (a)	104		462
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.0%
Semiconductor Equipment - 0.3%
EMCORE Corp. (a)	5,800		28,710
Semiconductors - 6.7%
Actel Corp. (a)	451		6,603
Altera Corp.	2,500		56,350
AMIS Holdings, Inc. (a)	5,900		68,440
Applied Micro Circuits Corp. (a)	11,032		31,000
Broadcom Corp. Class A (a)	1,300		42,315
Conexant Systems, Inc. (a)	12,800		19,840
Cree, Inc. (a)	1,100		22,440
CSR PLC (a)	2,000		30,672
Exar Corp. (a)	143		1,928
Hittite Microwave Corp. (a)	600		27,108
Intersil Corp. Class A	2,000		59,580
Marvell Technology Group Ltd. (a)	1,200		19,356
Microsemi Corp. (a)	449		10,376
Mindspeed Technologies, Inc. (a)	12,509		28,145
MIPS Technologies, Inc. (a)	1,398		11,995
Netlogic Microsystems, Inc. (a)	1,400		43,064
Pericom Semiconductor Corp. (a)	1,700		17,017
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Pixelplus Co. Ltd. sponsored ADR (a)	3,600		$ 4,140
PLX Technology, Inc. (a)	1,400		14,700
PMC-Sierra, Inc. (a)	3,100		23,963
RF Micro Devices, Inc. (a)	2,400		15,000
Silicon Motion Technology Corp. sponsored ADR (a)	1,800		43,668
Silicon Storage Technology, Inc. (a)	1,200		4,944
SiRF Technology Holdings, Inc. (a)	200		4,852
Soitec SA (a)	2,100		49,805
Transmeta Corp. (a)	5,800		2,912
Vimicro International Corp. sponsored ADR (a)	600		3,324
Xilinx, Inc.	1,000		29,480
			693,017
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			721,727
SOFTWARE - 5.0%
Application Software - 2.2%
NAVTEQ Corp. (a)	2,100		74,256
Ulticom, Inc. (a)	17,898		153,028
			227,284
Home Entertainment Software - 0.4%
Ubisoft Entertainment SA (a)	800		39,846
Systems Software - 2.4%
Allot Communications Ltd.	300		2,316
Sandvine Corp. (U.K.)	57,300		245,177
			247,493
TOTAL SOFTWARE			514,623

	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
NII Holdings, Inc. (a)	300		$ 23,025
TOTAL COMMON STOCKS (Cost $10,399,668)		10,144,518

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	18,870

Money Market Funds - 1.8%
	Shares
Fidelity Cash Central Fund, 5.29% (b) (Cost $182,842)	182,842	182,842

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $10,602,510)

10,346,230

NET OTHER ASSETS - (0.2)%			(15,940)
NET ASSETS - 100%		$ 10,330,290

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	$ 6,223

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $10,715,891. Net unrealized depreciation aggregated $369,661, of which $978,732 related to appreciated investment securities and $1,348,393 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, 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. Debt securities, including restricted securities, for which quotations are readily available, 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 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

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

(formerly Fidelity Advisor Consumer Industries Fund)

April 30, 2007

1.800322.103

AFCI-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
AUTOMOBILES - 1.2%
Automobile Manufacturers - 0.9%
Renault SA	2,600		$ 339,611
Toyota Motor Corp. sponsored ADR	2,000		242,840
			582,451
Motorcycle Manufacturers - 0.3%
Harley-Davidson, Inc.	2,400		151,968
TOTAL AUTOMOBILES			734,419
COMPUTERS & PERIPHERALS - 1.1%
Computer Hardware - 1.1%
Hewlett-Packard Co.	16,600		699,524
DIVERSIFIED CONSUMER SERVICES - 1.8%
Specialized Consumer Services - 1.8%
Sotheby's Class A (ltd. vtg.)	22,000		1,135,640
DIVERSIFIED FINANCIAL SERVICES - 1.4%
Specialized Finance - 1.4%
Moody's Corp.	13,700		905,844
FOOD & STAPLES RETAILING - 0.8%
Food Retail - 0.8%
Tesco PLC Sponsored ADR	18,700		517,055
HOTELS, RESTAURANTS & LEISURE - 16.0%
Casinos & Gaming - 6.3%
Aristocrat Leisure Ltd.	12,176		167,852
Bally Technologies, Inc. (a)(d)	24,167		565,508
Boyd Gaming Corp.	12,200		555,100
International Game Technology	23,800		907,732
Las Vegas Sands Corp. (a)	8,800		749,672
Penn National Gaming, Inc. (a)	12,600		609,084
Wynn Resorts Ltd.	3,600		367,956
			3,922,904
Hotels, Resorts & Cruise Lines - 4.4%
Accor SA	10,400		986,049
Carnival Corp. unit	9,900		484,011
Hilton Hotels Corp.	23,700		805,800
Starwood Hotels & Resorts Worldwide, Inc.	7,200		482,544
			2,758,404
Restaurants - 5.3%
Applebee's International, Inc.	11,900		323,442
McDonald's Corp.	58,200		2,809,896
Tim Hortons, Inc.	6,265		197,535
			3,330,873
TOTAL HOTELS, RESTAURANTS & LEISURE			10,012,181
HOUSEHOLD DURABLES - 1.4%
Homebuilding - 0.8%
Centex Corp.	3,500		156,695

	Shares		Value
D.R. Horton, Inc.	7,700		$ 170,786
Toll Brothers, Inc. (a)	5,500		163,790
			491,271
Household Appliances - 0.6%
Whirlpool Corp.	3,500		371,105
TOTAL HOUSEHOLD DURABLES			862,376
INTERNET & CATALOG RETAIL - 0.6%
Internet Retail - 0.6%
Blue Nile, Inc. (a)(d)	7,600		357,656
INTERNET SOFTWARE & SERVICES - 2.3%
Internet Software & Services - 2.3%
Google, Inc. Class A (sub. vtg.) (a)	2,700		1,272,726
LoopNet, Inc.	10,200		186,966
			1,459,692
MEDIA - 24.5%
Advertising - 0.5%
National CineMedia, Inc.	5,600		147,224
Omnicom Group, Inc.	1,500		157,065
			304,289
Broadcasting & Cable TV - 7.2%
Clear Channel Communications, Inc.	20,600		729,858
Comcast Corp. Class A (a)	111,050		2,960,593
Grupo Televisa SA de CV (CPO) sponsored ADR	23,800		667,590
Liberty Media Holding Corp. - Capital Series A (a)	1,400		158,158
			4,516,199
Movies & Entertainment - 11.4%
Cinemark Holdings, Inc.	8,600		162,540
Live Nation, Inc. (a)	4,300		87,247
News Corp.:
Class A	116,684		2,612,555
Class B	6,100		146,400
Regal Entertainment Group Class A	6,800		147,900
The Walt Disney Co.	9,500		332,310
Time Warner, Inc.	164,400		3,391,571
Viacom, Inc. Class B (non-vtg.) (a)	5,300		218,625
			7,099,148
Publishing - 5.4%
Getty Images, Inc. (a)	6,300		327,600
McGraw-Hill Companies, Inc.	25,600		1,677,568
R.H. Donnelley Corp.	17,600		1,374,384
			3,379,552
TOTAL MEDIA			15,299,188
MULTILINE RETAIL - 17.2%
Department Stores - 12.0%
Federated Department Stores, Inc.	69,400		3,048,048
JCPenney Co., Inc.	21,600		1,708,344
Common Stocks - continued
	Shares		Value
MULTILINE RETAIL - CONTINUED
Department Stores - continued
Nordstrom, Inc. (d)	29,700		$ 1,631,124
Saks, Inc.	15,100		316,194
Sears Holdings Corp. (a)	4,100		782,731
			7,486,441
General Merchandise Stores - 5.2%
Family Dollar Stores, Inc.	20,600		655,904
Lojas Americanas SA	15,000		951
Target Corp.	43,400		2,576,658
			3,233,513
TOTAL MULTILINE RETAIL			10,719,954
PERSONAL PRODUCTS - 1.2%
Personal Products - 1.2%
Bare Escentuals, Inc.	18,500		747,955
SPECIALTY RETAIL - 21.7%
Apparel Retail - 6.0%
Abercrombie & Fitch Co. Class A	6,400		522,624
Casual Male Retail Group, Inc. (a)(d)	19,900		229,049
Gymboree Corp. (a)	4,000		152,720
Ross Stores, Inc.	20,400		676,260
TJX Companies, Inc.	35,548		991,434
Urban Outfitters, Inc. (a)	32,400		834,624
Zumiez, Inc. (a)	9,200		363,032
			3,769,743
Computer & Electronics Retail - 2.9%
Best Buy Co., Inc.	21,006		979,930
RadioShack Corp.	27,700		805,239
			1,785,169
Home Improvement Retail - 6.7%
Home Depot, Inc.	79,233		3,000,554
Lowe's Companies, Inc.	27,800		849,568
Sherwin-Williams Co.	4,900		312,473
			4,162,595
Homefurnishing Retail - 0.5%
Williams-Sonoma, Inc.	9,100		320,502
Specialty Stores - 5.6%
OfficeMax, Inc.	9,100		447,902
PETsMART, Inc.	18,500		614,015
Staples, Inc.	60,738		1,506,302
Tiffany & Co., Inc. (d)	19,800		944,262
			3,512,481
TOTAL SPECIALTY RETAIL			13,550,490

	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - 8.2%
Apparel, Accessories & Luxury Goods - 4.9%
Coach, Inc. (a)	32,900		$ 1,606,507
Luxottica Group Spa	10,300		356,792
Polo Ralph Lauren Corp. Class A	11,800		1,086,898
			3,050,197
Footwear - 3.3%
Deckers Outdoor Corp. (a)	8,748		662,486
Iconix Brand Group, Inc. (a)	25,100		505,263
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	27,900		876,060
			2,043,809
TOTAL TEXTILES, APPAREL & LUXURY GOODS			5,094,006
TOTAL COMMON STOCKS (Cost $53,982,294)		62,095,980
Money Market Funds - 6.1%

Fidelity Cash Central Fund, 5.29% (b)	456,755		456,755
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	3,352,600		3,352,600
TOTAL MONEY MARKET FUNDS (Cost $3,809,355)		3,809,355

TOTAL INVESTMENT PORTFOLIO - 105.5%

(Cost $57,791,649)

65,905,335

NET OTHER ASSETS - (5.5)%			(3,431,321)
NET ASSETS - 100%		$ 62,474,014

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	$ 43,206
Fidelity Securities Lending Cash Central Fund	6,338
Total	$ 49,544

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $57,825,185. Net unrealized appreciation aggregated $8,080,150, of which $8,773,380 related to appreciated investment securities and $693,230 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

For

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

April 30, 2007

1.800325.103

AFEL-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.9%
	Shares		Value
CAPITAL MARKETS - 0.4%
Asset Management & Custody Banks - 0.1%
Harris & Harris Group, Inc. (a)	2,402		$ 32,139
Diversified Capital Markets - 0.1%
Indochina Capital Vietnam Holdings Ltd.	4,600		42,412
Investment Banking & Brokerage - 0.2%
REXCAPITAL Financial Holdings Ltd. (a)	525,000		44,966
TOTAL CAPITAL MARKETS			119,517
CHEMICALS - 1.0%
Specialty Chemicals - 1.0%
Nanophase Technologies Corp. (a)	13,070		87,177
Nitto Denko Corp.	1,300		57,382
Tokuyama Corp.	4,000		59,978
Wacker Chemie AG	500		91,496
			296,033
COMMERCIAL SERVICES & SUPPLIES - 0.7%
Diversified Commercial & Professional Services - 0.7%
Arrowhead Research Corp. (a)	33,700		217,028
COMMUNICATIONS EQUIPMENT - 1.7%
Communications Equipment - 1.7%
Alcatel-Lucent SA sponsored ADR	8,800		116,600
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)	10,603		85,884
Nokia Corp. sponsored ADR	5,100		128,775
QUALCOMM, Inc.	1,600		70,080
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	3,200		122,144
			523,483
COMPUTERS & PERIPHERALS - 1.3%
Computer Hardware - 0.3%
Dell, Inc. (a)	1,900		47,899
Foxconn Technology Co. Ltd.	5,000		47,350
			95,249
Computer Storage & Peripherals - 1.0%
SanDisk Corp. (a)	6,300		273,735
STEC, Inc. (a)	4,400		35,376
			309,111
TOTAL COMPUTERS & PERIPHERALS			404,360
ELECTRICAL EQUIPMENT - 0.6%
Electrical Components & Equipment - 0.6%
Evergreen Solar, Inc. (a)	20,800		203,216
ELECTRONIC EQUIPMENT & INSTRUMENTS - 10.4%
Electronic Equipment & Instruments - 2.3%
AU Optronics Corp. sponsored ADR	6,500		103,415
LG.Philips LCD Co. Ltd. sponsored ADR (a)	17,000		343,570

	Shares		Value
Littelfuse, Inc. (a)	2,300		$ 92,253
Motech Industries, Inc.	5,000		62,058
Murata Manufacturing Co. Ltd.	600		44,222
Nidec Corp.	1,000		63,096
			708,614
Electronic Manufacturing Services - 1.8%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	49,000		325,779
Jabil Circuit, Inc.	9,700		226,010
			551,789
Technology Distributors - 6.3%
Arrow Electronics, Inc. (a)	28,800		1,138,176
Avnet, Inc. (a)	16,900		691,210
Wolfson Microelectronics PLC (a)	18,200		112,263
			1,941,649
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			3,202,052
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 84.8%
Semiconductor Equipment - 15.7%
Applied Materials, Inc.	51,700		993,674
ASML Holding NV (NY Shares) (a)	2,100		57,225
Cymer, Inc. (a)	6,300		255,213
Eagle Test Systems, Inc.	8,200		141,614
Entegris, Inc. (a)	15,200		178,144
FormFactor, Inc. (a)	7,800		322,062
Greatek Electronics, Inc.	30,000		46,105
KLA-Tencor Corp.	14,990		832,695
Lam Research Corp. (a)	11,830		636,217
MEMC Electronic Materials, Inc. (a)	13,300		729,904
Tessera Technologies, Inc. (a)	4,000		171,160
Topco Scientific Co. Ltd.	17,000		38,373
Varian Semiconductor Equipment Associates, Inc. (a)	4,100		272,076
Verigy Ltd.	6,500		164,255
			4,838,717
Semiconductors - 69.1%
Advanced Analogic Technologies, Inc. (a)	7,800		63,258
Advanced Micro Devices, Inc. (a)	57,000		787,740
Advanced Semiconductor Engineering, Inc. sponsored ADR (a)	8,200		47,642
Altera Corp.	32,100		723,534
Analog Devices, Inc.	34,750		1,342,045
Applied Micro Circuits Corp. (a)	34,100		95,821
ARM Holdings PLC sponsored ADR	41,300		329,574
Atheros Communications, Inc. (a)	5,000		133,950
Atmel Corp. (a)	39,100		208,012
Broadcom Corp. Class A (a)	53,300		1,734,915
Cirrus Logic, Inc. (a)	5,100		42,228
Cree, Inc. (a)	5,100		104,040
Fairchild Semiconductor International, Inc. (a)	6,600		116,160
Global Mixed-Mode Tech, Inc.	5,000		47,275
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Himax Technologies, Inc. sponsored ADR	17,100		$ 100,377
Hittite Microwave Corp. (a)	5,000		225,900
Ikanos Communications, Inc. (a)	4,800		37,104
Infineon Technologies AG sponsored ADR (a)	6,700		104,051
Intel Corp.	210,190		4,519,087
Intersil Corp. Class A	12,600		375,354
Linear Technology Corp.	27,500		1,029,050
LSI Logic Corp. (a)	53,200		452,200
Marvell Technology Group Ltd. (a)	81,100		1,308,143
Maxim Integrated Products, Inc.	47,600		1,509,872
Microchip Technology, Inc.	1,200		48,408
Micron Technology, Inc. (a)	8,200		94,054
Mindspeed Technologies, Inc. (a)	16,400		36,900
National Semiconductor Corp.	46,920		1,233,996
ON Semiconductor Corp. (a)	50,000		535,500
Power Integrations, Inc. (a)	5,500		142,175
Richtek Technology Corp.	6,000		62,313
Samsung Electronics Co. Ltd.	200		122,312
Semtech Corp. (a)	8,100		116,802
Silicon Laboratories, Inc. (a)	5,700		187,017
Soitec SA (a)	6,900		163,646
Siliconware Precision Industries Co. Ltd. sponsored ADR	42,512		412,366
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	33,899		357,295
Texas Instruments, Inc.	37,700		1,295,749
Volterra Semiconductor Corp. (a)	25,000		395,250
Xilinx, Inc.	23,700		698,676
			21,339,791
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			26,178,508
TOTAL COMMON STOCKS (Cost $30,996,628)		31,144,197

Convertible Bonds - 0.3%
	Principal Amount	Value
ELECTRICAL EQUIPMENT - 0.3%
Electrical Components & Equipment - 0.3%
Evergreen Solar, Inc. 4.375% 7/1/12 (Cost $85,650)	$ 60,000	$ 84,600

Money Market Funds - 1.5%
	Shares
Fidelity Cash Central Fund, 5.29% (b) (Cost $468,039)	468,039	468,039

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $31,550,317)

31,696,836

NET OTHER ASSETS - (2.7)%			(837,408)
NET ASSETS - 100%		$ 30,859,428

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	$ 46,334
Fidelity Securities Lending Cash Central Fund	11,432
Total	$ 57,766

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $31,803,758. Net unrealized depreciation aggregated $106,922, of which $2,808,725 related to appreciated investment securities and $2,915,647 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Energy Fund
(formerly Fidelity® Advisor Natural Resources Fund)
Class A
Class T
Class B
Class C
Institutional Class

April 30, 2007

1.800328.103

ANR-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
CONSTRUCTION & ENGINEERING - 0.9%
Construction & Engineering - 0.9%
Chicago Bridge & Iron Co. NV (NY Shares)	20,400		$ 706,452
Fluor Corp.	16,200		1,549,044
Jacobs Engineering Group, Inc. (a)	101,800		5,133,774
			7,389,270
ELECTRICAL EQUIPMENT - 1.9%
Electrical Components & Equipment - 0.0%
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	15,700		569,596
Heavy Electrical Equipment - 1.9%
Suzlon Energy Ltd.	71,698		2,074,342
Vestas Wind Systems AS (a)	204,800		13,466,281
			15,540,623
TOTAL ELECTRICAL EQUIPMENT			16,110,219
ENERGY EQUIPMENT & SERVICES - 30.0%
Oil & Gas Drilling - 10.9%
Diamond Offshore Drilling, Inc.	197,200		16,880,320
GlobalSantaFe Corp.	307,600		19,664,868
Noble Corp.	268,200		22,585,122
Pride International, Inc. (a)	410,400		13,465,224
Transocean, Inc. (a)	206,800		17,826,160
			90,421,694
Oil & Gas Equipment & Services - 19.1%
Baker Hughes, Inc.	155,550		12,504,665
Cameron International Corp. (a)	60,100		3,880,657
Grant Prideco, Inc. (a)	41,100		2,118,294
Halliburton Co.	321,700		10,220,409
Hanover Compressor Co. (a)	95,000		2,054,850
National Oilwell Varco, Inc. (a)	399,932		33,934,230
Oceaneering International, Inc. (a)	63,500		3,018,790
Schlumberger Ltd. (NY Shares)	716,000		52,862,280
Smith International, Inc.	335,427		17,589,792
Superior Energy Services, Inc. (a)	198,500		7,211,505
Universal Compression Holdings, Inc. (a)	31,400		2,090,298
W-H Energy Services, Inc. (a)	74,400		4,025,784
Weatherford International Ltd. (a)	136,000		7,138,640
			158,650,194
TOTAL ENERGY EQUIPMENT & SERVICES			249,071,888

	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 67.1%
Coal & Consumable Fuels - 2.5%
Arch Coal, Inc.	105,000		$ 3,787,350
CONSOL Energy, Inc.	189,900		7,951,113
Foundation Coal Holdings, Inc.	24,600		968,994
Peabody Energy Corp.	164,600		7,897,508
			20,604,965
Integrated Oil & Gas - 27.4%
Chevron Corp. (d)	358,356		27,876,513
ConocoPhillips	691,838		47,978,965
Exxon Mobil Corp.	1,419,228		112,658,317
Hess Corp.	135,900		7,712,325
Marathon Oil Corp.	88,700		9,007,485
Occidental Petroleum Corp.	260,900		13,227,630
Petroleo Brasileiro SA Petrobras sponsored ADR	54,500		5,517,035
Suncor Energy, Inc.	48,000		3,851,158
			227,829,428
Oil & Gas Exploration & Production - 24.8%
Aurora Oil & Gas Corp. (a)	310,900		817,667
Cabot Oil & Gas Corp.	699,000		25,457,580
Canadian Natural Resources Ltd.	33,700		2,008,215
Chesapeake Energy Corp. (d)	581,500		19,625,625
EOG Resources, Inc.	312,100		22,920,624
Forest Oil Corp. (a)	24,200		852,808
Goodrich Petroleum Corp.	13,000		456,690
Mariner Energy, Inc. (a)	34,210		771,436
Newfield Exploration Co. (a)	51,100		2,235,625
Noble Energy, Inc.	79,200		4,657,752
Petrohawk Energy Corp. (a)	316,500		4,573,425
Plains Exploration & Production Co. (a)	317,300		14,909,927
Quicksilver Resources, Inc. (a)	258,450		10,818,717
Range Resources Corp.	930,227		33,999,797
Talisman Energy, Inc.	154,800		2,937,281
Ultra Petroleum Corp. (a)	546,500		30,997,480
W&T Offshore, Inc.	119,500		3,626,825
Western Oil Sands, Inc. Class A (a)	79,000		2,566,664
XTO Energy, Inc.	410,400		22,272,408
			206,506,546
Oil & Gas Refining & Marketing - 10.5%
Petroplus Holdings AG	11,036		913,690
Sunoco, Inc.	164,500		12,424,685
Tesoro Corp.	50,900		6,169,080
Valero Energy Corp.	946,048		66,440,951
Western Refining, Inc.	22,400		887,488
			86,835,894
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Storage & Transport - 1.9%
Williams Companies, Inc.	528,277		$ 15,584,172
TOTAL OIL, GAS & CONSUMABLE FUELS			557,361,005
TOTAL COMMON STOCKS (Cost $600,635,527)		829,932,382
Money Market Funds - 5.3%

Fidelity Cash Central Fund, 5.29% (b)	3,440,841		3,440,841
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	40,849,125		40,849,125
TOTAL MONEY MARKET FUNDS (Cost $44,289,966)		44,289,966

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $644,925,493)

874,222,348

NET OTHER ASSETS - (5.2)%			(43,118,963)
NET ASSETS - 100%		$ 831,103,385

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	$ 232,632
Fidelity Securities Lending Cash Central Fund	60,838
Total	$ 293,470

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $646,848,859. Net unrealized appreciation aggregated $227,373,489, of which $228,276,254 related to appreciated investment securities and $902,765 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

1.800326.103

AFFS-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
CAPITAL MARKETS - 18.0%
Asset Management & Custody Banks - 7.1%
Affiliated Managers Group, Inc. (a)(d)	18,900		$ 2,223,207
American Capital Strategies Ltd. (d)	34,700		1,689,196
EFG International	10,270		463,398
Fortress Investment Group LLC	69,100		2,004,591
Franklin Resources, Inc.	42,900		5,633,199
Investors Financial Services Corp.	71,900		4,449,172
Julius Baer Holding AG (Bearer)	30,798		2,164,797
KKR Private Equity Investors, LP	23,000		561,200
KKR Private Equity Investors, LP Restricted Depositary Units (e)	37,100		905,240
State Street Corp.	82,000		5,647,340
T. Rowe Price Group, Inc.	35,600		1,768,608
			27,509,948
Diversified Capital Markets - 1.2%
Credit Suisse Group sponsored ADR	26,100		2,048,850
UBS AG (NY Shares)	38,800		2,518,120
			4,566,970
Investment Banking & Brokerage - 9.7%
Charles Schwab Corp.	176,000		3,365,120
E*TRADE Financial Corp.	47,700		1,053,216
Goldman Sachs Group, Inc.	18,400		4,022,424
Lazard Ltd. Class A	74,300		4,023,345
MarketAxess Holdings, Inc. (a)	74,242		1,216,084
Merrill Lynch & Co., Inc.	136,100		12,280,303
Morgan Stanley	119,100		10,005,591
optionsXpress Holdings, Inc.	58,900		1,453,652
			37,419,735
TOTAL CAPITAL MARKETS			69,496,653
COMMERCIAL BANKS - 15.7%
Diversified Banks - 11.2%
Banco Bilbao Vizcaya Argentaria SA	125,200		2,997,288
ICICI Bank Ltd. sponsored ADR (d)	22,500		920,700
Kookmin Bank sponsored ADR	8,300		745,506
Mizrahi Tefahot Bank Ltd.	96,900		722,179
U.S. Bancorp, Delaware	137,900		4,736,865
Unicredito Italiano Spa	406,000		4,199,529
Wachovia Corp.	207,598		11,529,993
Wells Fargo & Co.	493,000		17,693,770
			43,545,830
Regional Banks - 4.5%
Cathay General Bancorp	61,916		2,030,226
Center Financial Corp., California	57,600		942,336
Colonial Bancgroup, Inc.	82,000		1,972,920
Commerce Bancorp, Inc.	32,000		1,070,080
Nara Bancorp, Inc.	36,359		600,287
PNC Financial Services Group, Inc.	90,800		6,728,280
SVB Financial Group (a)	49,978		2,559,873

	Shares		Value
Wintrust Financial Corp.	2,800		$ 120,344
Zions Bancorp	15,500		1,267,900
			17,292,246
TOTAL COMMERCIAL BANKS			60,838,076
CONSUMER FINANCE - 3.8%
Consumer Finance - 3.8%
American Express Co.	145,800		8,845,686
Capital One Financial Corp. (d)	57,830		4,294,456
Dollar Financial Corp. (a)	46,862		1,365,559
			14,505,701
DIVERSIFIED FINANCIAL SERVICES - 16.0%
Other Diversifed Financial Services - 15.3%
Bank of America Corp.	367,672		18,714,505
Citigroup, Inc.	368,669		19,768,032
JPMorgan Chase & Co.	394,294		20,542,717
			59,025,254
Specialized Finance - 0.7%
CBOT Holdings, Inc. Class A (a)	4,600		867,882
Chicago Mercantile Exchange Holdings, Inc. Class A	3,600		1,860,300
			2,728,182
TOTAL DIVERSIFIED FINANCIAL SERVICES			61,753,436
HOUSEHOLD DURABLES - 0.0%
Homebuilding - 0.0%
D.R. Horton, Inc.	200		4,436
INSURANCE - 29.9%
Insurance Brokers - 1.3%
Hilb Rogal & Hobbs Co.	40,100		1,742,345
National Financial Partners Corp. (d)	49,200		2,266,644
Willis Group Holdings Ltd.	20,740		850,755
			4,859,744
Life & Health Insurance - 5.0%
AFLAC, Inc.	78,400		4,025,056
MetLife, Inc.	142,000		9,329,400
Prudential Financial, Inc.	63,700		6,051,500
			19,405,956
Multi-Line Insurance - 8.2%
American International Group, Inc.	350,160		24,479,685
Hartford Financial Services Group, Inc.	71,700		7,256,040
			31,735,725
Property & Casualty Insurance - 6.8%
ACE Ltd.	170,200		10,120,092
Allied World Assurance Co. Holdings Ltd.	24,600		1,090,272
Aspen Insurance Holdings Ltd.	99,300		2,632,443
Axis Capital Holdings Ltd.	83,700		3,105,270
MBIA, Inc.	50,800		3,533,648
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Property & Casualty Insurance - continued
The Travelers Companies, Inc.	75,300		$ 4,073,730
XL Capital Ltd. Class A	22,800		1,777,944
			26,333,399
Reinsurance - 8.6%
Endurance Specialty Holdings Ltd.	340,570		12,744,129
Everest Re Group Ltd.	24,000		2,415,360
IPC Holdings Ltd.	74,966		2,247,481
Max Re Capital Ltd.	118,862		3,185,502
Montpelier Re Holdings Ltd.	37,300		681,098
PartnerRe Ltd.	14,500		1,044,290
Platinum Underwriters Holdings Ltd.	313,700		10,734,814
			33,052,674
TOTAL INSURANCE			115,387,498
REAL ESTATE INVESTMENT TRUSTS - 6.5%
Mortgage REITs - 0.3%
Annaly Capital Management, Inc.	63,600		1,011,876
Residential REITs - 1.8%
Equity Lifestyle Properties, Inc.	43,900		2,382,453
Equity Residential (SBI)	57,300		2,660,439
UDR, Inc.	69,600		2,090,784
			7,133,676
Retail REITs - 4.4%
CBL & Associates Properties, Inc.	24,292		1,104,071
Developers Diversified Realty Corp.	82,900		5,396,790
General Growth Properties, Inc.	117,600		7,508,760
Simon Property Group, Inc.	26,100		3,008,808
			17,018,429
TOTAL REAL ESTATE INVESTMENT TRUSTS			25,163,981
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%
Real Estate Management & Development - 1.2%
Mitsubishi Estate Co. Ltd.	150,000		4,651,110
THRIFTS & MORTGAGE FINANCE - 8.7%
Thrifts & Mortgage Finance - 8.7%
BankUnited Financial Corp. Class A	85,600		1,853,240
Countrywide Financial Corp.	153,069		5,675,799
Fannie Mae	169,735		10,000,786

	Shares		Value
Freddie Mac	120,700		$ 7,818,946
Hudson City Bancorp, Inc.	208,575		2,778,219
MGIC Investment Corp.	29,600		1,823,656
Radian Group, Inc.	26,000		1,510,860
Washington Mutual, Inc.	46,900		1,968,862
			33,430,368
TOTAL COMMON STOCKS (Cost $278,987,619)		385,231,259
Money Market Funds - 3.4%

Fidelity Cash Central Fund, 5.29% (b)	2,610,939		2,610,939
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	10,515,520		10,515,520
TOTAL MONEY MARKET FUNDS (Cost $13,126,459)		13,126,459

TOTAL INVESTMENT PORTFOLIO - 103.2%

(Cost $292,114,078)

398,357,718

NET OTHER ASSETS - (3.2)%			(12,204,974)
NET ASSETS - 100%		$ 386,152,744

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 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 $905,240 or 0.2% 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	$ 83,402
Fidelity Securities Lending Cash Central Fund	37,398
Total	$ 120,800

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $292,855,778. Net unrealized appreciation aggregated $105,501,940, of which $106,900,351 related to appreciated investment securities and $1,398,411 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

1.800327.103

AFHC-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value
BIOTECHNOLOGY - 14.2%
Biotechnology - 14.2%
3SBio, Inc. ADR	173,800		$ 1,755,380
Alexion Pharmaceuticals, Inc. (a)	12,100		506,506
Alnylam Pharmaceuticals, Inc. (a)	138,400		2,597,768
Amgen, Inc. (a)	464,500		29,793,030
Amylin Pharmaceuticals, Inc. (a)(d)	162,000		6,695,460
Celgene Corp. (a)	246,300		15,063,708
CytRx Corp. (a)	163,200		674,016
deCODE genetics, Inc. (a)(d)	470,662		1,760,276
Genentech, Inc. (a)	147,986		11,837,400
Gilead Sciences, Inc. (a)	190,200		15,543,144
GTx, Inc. (a)	162,417		3,168,756
Human Genome Sciences, Inc. (a)	57,800		622,506
Isis Pharmaceuticals, Inc. (a)	60,000		613,800
MannKind Corp. (a)	37,600		546,704
Medarex, Inc. (a)	174,200		2,384,798
Omrix Biopharmaceuticals, Inc.	113,355		4,024,103
OREXIGEN Therapeutics, Inc.	15,100		212,155
Transition Therapeutics, Inc. (a)	327,000		524,426
Trubion Pharmaceuticals, Inc.	58,052		995,011
Vertex Pharmaceuticals, Inc. (a)	70,000		2,151,800
			101,470,747
CHEMICALS - 1.6%
Diversified Chemicals - 0.4%
Bayer AG	37,700		2,577,926
Fertilizers & Agricultural Chemicals - 1.2%
Fertilizantes Fosfatados SA (PN)	71,400		1,652,388
Monsanto Co.	89,000		5,250,110
Potash Corp. of Saskatchewan, Inc.	8,700		1,561,824
			8,464,322
TOTAL CHEMICALS			11,042,248
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Diversified Commercial & Professional Services - 0.4%
Healthcare Services Group, Inc.	105,409		2,951,452
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
Service Corp. International	120,800		1,467,720
Weight Watchers International, Inc.	45,500		2,183,545
			3,651,265
FOOD PRODUCTS - 1.9%
Agricultural Products - 0.4%
Nutreco Holding NV	33,500		2,487,304
Packaged Foods & Meats - 1.5%
BioMar Holding AS	45,900		2,782,684
Cermaq ASA	105,800		1,867,279
China Mengniu Dairy Co. Ltd.	482,000		1,475,721
Groupe Danone	6,600		1,091,121

	Shares		Value
Koninklijke Numico NV	33,500		$ 1,854,164
Marine Harvest ASA (a)	1,710,000		1,851,041
			10,922,010
TOTAL FOOD PRODUCTS			13,409,314
HEALTH CARE EQUIPMENT & SUPPLIES - 16.4%
Health Care Equipment - 13.5%
Advanced Medical Optics, Inc. (a)(d)	85,100		3,440,593
ArthroCare Corp. (a)	70,800		2,921,208
Aspect Medical Systems, Inc. (a)	108,800		1,671,168
Baxter International, Inc.	190,030		10,761,399
Becton, Dickinson & Co.	229,300		18,043,617
C.R. Bard, Inc.	325,079		27,023,817
Cochlear Ltd.	33,500		1,765,184
Electro-Optical Sciences, Inc. (a)(e)	400,123		1,792,551
Electro-Optical Sciences, Inc. warrants 11/2/11 (a)(e)	60,018		99,402
Gen-Probe, Inc. (a)	140,500		7,180,955
Imaging Dynamics Co. Ltd. (a)	265,100		303,340
Intuitive Surgical, Inc. (a)(d)	15,288		1,982,242
Kyphon, Inc. (a)	73,000		3,402,530
NeuroMetrix, Inc. (a)	64,400		651,728
Northstar Neuroscience, Inc.	171,400		2,334,468
Respironics, Inc. (a)	76,800		3,130,368
Sirona Dental Systems, Inc.	27,535		908,930
Stereotaxis, Inc. (a)	208,290		2,168,299
The Spectranetics Corp. (a)	320,309		3,321,604
Thermogenesis Corp. (a)	1,041,034		3,539,516
			96,442,919
Health Care Supplies - 2.9%
Alcon, Inc.	1,200		161,916
Cooper Companies, Inc.	188,843		9,649,877
DJO, Inc. (a)	58,241		2,274,893
Inverness Medical Innovations, Inc. (a)	150,444		6,025,282
Inverness Medical Innovations, Inc. (a)(e)	14,543		582,447
Merit Medical Systems, Inc. (a)	161,222		1,858,890
			20,553,305
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			116,996,224
HEALTH CARE PROVIDERS & SERVICES - 21.7%
Health Care Distributors & Services - 2.9%
Cardinal Health, Inc.	130,900		9,156,455
Henry Schein, Inc. (a)	54,100		2,820,233
McKesson Corp.	149,200		8,777,436
			20,754,124
Health Care Facilities - 6.3%
Brookdale Senior Living, Inc. (d)	728,800		33,094,808
Bumrungrad Hospital PCL (For. Reg.)	1,167,300		1,611,226
Capital Senior Living Corp. (a)	286,900		3,330,909
Community Health Systems, Inc. (a)	46,900		1,725,920
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Health Care Facilities - continued
Emeritus Corp. (a)	57,100		$ 1,881,445
Sun Healthcare Group, Inc. (a)	72,300		906,642
VCA Antech, Inc. (a)	63,620		2,508,537
			45,059,487
Health Care Services - 7.7%
Diagnosticos da America SA	48,500		1,048,546
Emergency Medical Services Corp. Class A (a)	47,200		1,580,256
Express Scripts, Inc. (a)	41,600		3,974,880
HAPC, Inc. unit	215,800		1,327,170
Health Grades, Inc. (a)	258,207		1,549,242
Healthways, Inc. (a)	758,633		32,181,212
HMS Holdings Corp. (a)	124,000		2,747,840
Medco Health Solutions, Inc. (a)	133,800		10,439,076
			54,848,222
Managed Health Care - 4.8%
Health Net, Inc. (a)	44,000		2,378,640
Humana, Inc. (a)	60,800		3,844,992
UnitedHealth Group, Inc.	431,409		22,890,562
WellPoint, Inc. (a)	64,700		5,109,359
			34,223,553
TOTAL HEALTH CARE PROVIDERS & SERVICES			154,885,386
HEALTH CARE TECHNOLOGY - 2.9%
Health Care Technology - 2.9%
Allscripts Healthcare Solutions, Inc. (a)(d)	39,700		1,050,065
Cerner Corp. (a)	269,000		14,321,560
Eclipsys Corp. (a)	68,867		1,290,568
Vital Images, Inc. (a)	69,000		2,129,340
WebMD Health Corp. Class A (a)(d)	42,289		2,199,028
			20,990,561
HOTELS, RESTAURANTS & LEISURE - 0.3%
Leisure Facilities - 0.3%
Life Time Fitness, Inc. (a)	34,200		1,757,880
LEISURE EQUIPMENT & PRODUCTS - 0.4%
Leisure Products - 0.4%
Cybex International, Inc. (a)	419,597		2,773,536

	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - 4.4%
Life Sciences Tools & Services - 4.4%
Advanced Magnetics, Inc. (a)	73,107		$ 4,810,441
Affymetrix, Inc. (a)	75,916		1,994,313
Charles River Laboratories International, Inc. (a)	69,300		3,282,048
Covance, Inc. (a)	84,200		5,094,100
Exelixis, Inc. (a)	342,797		3,681,640
Illumina, Inc. (a)(d)	79,672		2,599,697
Millipore Corp. (a)	57,170		4,220,861
Pharmaceutical Product Development, Inc.	62,600		2,257,982
QIAGEN NV (a)	181,000		3,209,130
			31,150,212
PERSONAL PRODUCTS - 0.2%
Personal Products - 0.2%
Hengan International Group Co. Ltd.	490,000		1,565,986
PHARMACEUTICALS - 34.6%
Pharmaceuticals - 34.6%
Adams Respiratory Therapeutics, Inc. (a)(d)	96,800		3,630,968
Allergan, Inc.	263,550		31,942,260
Barr Pharmaceuticals, Inc. (a)	78,800		3,810,768
BioMimetic Therapeutics, Inc.	331,162		6,205,976
Bristol-Myers Squibb Co.	248,300		7,165,938
Cadence Pharmaceuticals, Inc. (d)	146,746		2,380,220
Cipla Ltd.	142,584		732,808
Collagenex Pharmaceuticals, Inc. (a)	95,500		1,309,305
Elan Corp. PLC sponsored ADR (a)	78,100		1,084,028
Endo Pharmaceuticals Holdings, Inc. (a)	93,500		2,892,890
Inyx, Inc. (a)	2,005,600		5,114,280
Javelin Pharmaceuticals, Inc. (a)	205,925		1,291,150
Johnson & Johnson	1,267,958		81,428,259
Merck & Co., Inc.	909,000		46,758,960
Pfizer, Inc.	934,520		24,727,399
Schering-Plough Corp.	182,900		5,803,417
Wyeth	323,920		17,977,560
Xenoport, Inc. (a)	53,000		2,272,110
			246,528,296
SOFTWARE - 0.2%
Systems Software - 0.2%
Quality Systems, Inc.	36,648		1,483,145
TEXTILES, APPAREL & LUXURY GOODS - 0.3%
Apparel, Accessories & Luxury Goods - 0.3%
Under Armour, Inc. Class A (sub. vtg.) (a)	38,100		1,924,050
TOTAL COMMON STOCKS (Cost $585,957,474)		712,580,302
Money Market Funds - 1.8%
	Shares		Value
Fidelity Cash Central Fund, 5.29% (b)	37,929		$ 37,929
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	12,542,300		12,542,300
TOTAL MONEY MARKET FUNDS (Cost $12,580,229)		12,580,229

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $598,537,703)

725,160,531

NET OTHER ASSETS - (1.8)%			(12,593,701)
NET ASSETS - 100%		$ 712,566,830

Legend

(a) Non-income producing

(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 $2,474,400 or 0.3% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Electro-Optical Sciences, Inc.	11/1/06	$ 2,280,701
Electro-Optical Sciences, Inc. warrants 11/2/11	11/1/06	$ 6
Inverness Medical Innovations, Inc.	2/8/06	$ 354,995

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	$ 117,605
Fidelity Securities Lending Cash Central Fund	143,513
Total	$ 261,118

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $600,288,103. Net unrealized appreciation aggregated $124,872,428, of which $138,760,638 related to appreciated investment securities and $13,888,210 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Industrials Fund
(formerly Fidelity Advisor Cyclical Industries Fund)
Class A
Class T
Class B
Class C
Institutional Class

April 30, 2007

1.800323.103

AFCY-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
AEROSPACE & DEFENSE - 18.5%
Aerospace & Defense - 18.5%
DRS Technologies, Inc.	29,500		$ 1,484,145
General Dynamics Corp.	81,300		6,382,050
Honeywell International, Inc.	391,600		21,216,888
Raytheon Co.	133,900		7,169,006
United Technologies Corp.	356,000		23,898,280
			60,150,369
AIR FREIGHT & LOGISTICS - 4.1%
Air Freight & Logistics - 4.1%
C.H. Robinson Worldwide, Inc.	53,200		2,844,072
United Parcel Service, Inc. Class B	141,900		9,994,017
UTI Worldwide, Inc.	18,460		433,256
			13,271,345
AIRLINES - 1.1%
Airlines - 1.1%
UAL Corp. (a)(d)	53,900		1,800,260
US Airways Group, Inc. (a)	51,400		1,898,716
			3,698,976
AUTO COMPONENTS - 0.8%
Auto Parts & Equipment - 0.8%
Johnson Controls, Inc.	24,700		2,527,551
AUTOMOBILES - 0.5%
Automobile Manufacturers - 0.5%
Renault SA	13,000		1,698,054
BUILDING PRODUCTS - 1.7%
Building Products - 1.7%
Armstrong World Industries, Inc. (a)	34,300		1,749,300
Masco Corp.	136,000		3,700,560
			5,449,860
CHEMICALS - 2.2%
Fertilizers & Agricultural Chemicals - 0.5%
Agrium, Inc.	37,400		1,449,633
Industrial Gases - 1.2%
Airgas, Inc.	89,400		3,982,770
Specialty Chemicals - 0.5%
Minerals Technologies, Inc.	26,100		1,660,482
TOTAL CHEMICALS			7,092,885
COMMERCIAL SERVICES & SUPPLIES - 5.4%
Diversified Commercial & Professional Services - 2.6%
Cintas Corp.	79,500		2,978,865
The Brink's Co.	87,700		5,568,950
			8,547,815

	Shares		Value
Environmental & Facility Services - 2.8%
Allied Waste Industries, Inc.	296,000		$ 3,957,520
Waste Management, Inc.	134,400		5,027,904
			8,985,424
TOTAL COMMERCIAL SERVICES & SUPPLIES			17,533,239
COMMUNICATIONS EQUIPMENT - 0.5%
Communications Equipment - 0.5%
Harris Corp.	30,800		1,581,580
CONSTRUCTION & ENGINEERING - 5.7%
Construction & Engineering - 5.7%
Chicago Bridge & Iron Co. NV (NY Shares)	50,400		1,745,352
Fluor Corp.	46,000		4,398,520
Foster Wheeler Ltd. (a)	43,851		3,018,264
Granite Construction, Inc.	36,000		2,168,640
Jacobs Engineering Group, Inc. (a)	52,200		2,632,446
Quanta Services, Inc. (a)	1,500		41,235
Shaw Group, Inc. (a)	144,050		4,671,542
			18,675,999
ELECTRICAL EQUIPMENT - 7.9%
Electrical Components & Equipment - 6.3%
AMETEK, Inc.	65,900		2,390,852
Cooper Industries Ltd. Class A	119,100		5,926,416
Emerson Electric Co.	261,000		12,264,390
			20,581,658
Heavy Electrical Equipment - 1.6%
ABB Ltd. sponsored ADR	264,400		5,277,424
TOTAL ELECTRICAL EQUIPMENT			25,859,082
HOUSEHOLD DURABLES - 1.2%
Home Furnishings - 0.7%
Leggett & Platt, Inc. (d)	94,036		2,211,727
Household Appliances - 0.5%
Black & Decker Corp.	17,900		1,623,888
TOTAL HOUSEHOLD DURABLES			3,835,615
INDUSTRIAL CONGLOMERATES - 21.1%
Industrial Conglomerates - 21.1%
General Electric Co.	1,174,700		43,299,441
Siemens AG sponsored ADR	21,500		2,600,855
Textron, Inc.	45,125		4,587,859
Tyco International Ltd.	554,500		18,093,335
			68,581,490
MACHINERY - 12.3%
Construction & Farm Machinery & Heavy Trucks - 2.1%
Bucyrus International, Inc. Class A	13,600		853,264
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Construction & Farm Machinery & Heavy Trucks - continued
Cummins, Inc.	35,700		$ 3,290,112
Oshkosh Truck Co.	50,208		2,808,636
			6,952,012
Industrial Machinery - 10.2%
Danaher Corp.	145,500		10,358,145
Dover Corp.	106,000		5,100,720
Flowserve Corp.	62,300		3,800,923
IDEX Corp.	51,600		2,707,452
Illinois Tool Works, Inc. (d)	156,300		8,019,753
SPX Corp.	42,900		3,040,752
			33,027,745
TOTAL MACHINERY			39,979,757
MARINE - 0.9%
Marine - 0.9%
Kirby Corp. (a)	76,300		2,884,140
METALS & MINING - 4.4%
Aluminum - 0.6%
Alcoa, Inc.	59,100		2,097,459
Diversified Metals & Mining - 0.5%
Titanium Metals Corp.	44,300		1,529,679
Steel - 3.3%
Arcelor Mittal	49,100		2,622,922
Carpenter Technology Corp.	20,300		2,463,811
Reliance Steel & Aluminum Co. (d)	87,000		5,167,800
Steel Dynamics, Inc.	7,000		310,170
			10,564,703
TOTAL METALS & MINING			14,191,841
OIL, GAS & CONSUMABLE FUELS - 1.3%
Coal & Consumable Fuels - 1.3%
Massey Energy Co.	64,400		1,734,292
Peabody Energy Corp.	52,000		2,494,960
			4,229,252
PAPER & FOREST PRODUCTS - 0.3%
Forest Products - 0.3%
Louisiana-Pacific Corp.	44,400		875,124
ROAD & RAIL - 8.1%
Railroads - 4.8%
Burlington Northern Santa Fe Corp.	98,000		8,578,920
Union Pacific Corp.	60,600		6,923,550
			15,502,470
Trucking - 3.3%
Con-way, Inc.	36,600		1,999,458
Landstar System, Inc.	74,826		3,614,844

	Shares		Value
Old Dominion Freight Lines, Inc. (a)	58,401		$ 1,726,334
Ryder System, Inc.	67,300		3,542,672
			10,883,308
TOTAL ROAD & RAIL			26,385,778
TRADING COMPANIES & DISTRIBUTORS - 1.2%
Trading Companies & Distributors - 1.2%
UAP Holding Corp.	62,929		1,741,245
WESCO International, Inc. (a)	32,100		2,027,757
			3,769,002
TOTAL COMMON STOCKS (Cost $286,961,116)		322,270,939

Nonconvertible Bonds - 0.4%
	Principal Amount
AIRLINES - 0.4%
Airlines - 0.4%
Delta Air Lines, Inc. 8.3% 12/15/29 (e) (Cost $1,586,113)	$ 2,690,000	1,412,250

Money Market Funds - 4.0%
	Shares
Fidelity Cash Central Fund, 5.29% (b)	108,952		108,952
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	12,992,150		12,992,150
TOTAL MONEY MARKET FUNDS (Cost $13,101,102)		13,101,102
Cash Equivalents - 1.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 5.12%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Treasury Obligations) # (Cost $3,268,000)	$ 3,268,465		3,268,000

TOTAL INVESTMENT PORTFOLIO - 104.6%

(Cost $304,916,331)

340,052,291

NET OTHER ASSETS - (4.6)%			(15,085,557)
NET ASSETS - 100%		$ 324,966,734

Legend

(a) Non-income producing

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

(e) Non-income producing - Issuer is in bankruptcy.

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

Repurchase Agreement / Counterparty	Value
$3,268,000 due 5/1/07 at 5.12%
Banc of America Securities LLC	$ 499,181
Barclays Capital, Inc.	1,113,237
Fortis Securities LLC	713,613
Lehman Brothers, Inc.	941,969
	$ 3,268,000

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	$ 211,747
Fidelity Securities Lending Cash Central Fund	35,916
Total	$ 247,663

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $305,131,093. Net unrealized appreciation aggregated $34,921,198, of which $38,835,405 related to appreciated investment securities and $3,914,207 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, 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. Debt securities, including restricted securities, for which quotations are readily available, 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 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

1.800329.103

ARE-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Diversified Commercial & Professional Services - 0.5%
The Geo Group, Inc. (a)	40,250		$ 2,060,800
HEALTH CARE PROVIDERS & SERVICES - 1.1%
Health Care Facilities - 1.1%
Brookdale Senior Living, Inc.	61,000		2,770,010
Capital Senior Living Corp. (a)	49,727		577,330
Sun Healthcare Group, Inc. (a)	70,900		889,086
TOTAL HEALTH CARE FACILITIES			4,236,426
HOTELS, RESTAURANTS & LEISURE - 2.7%
Hotels, Resorts & Cruise Lines - 2.7%
Hilton Hotels Corp.	47,900		1,628,600
Starwood Hotels & Resorts Worldwide, Inc.	139,200		9,329,184
TOTAL HOTELS, RESORTS & CRUISE LINES			10,957,784
REAL ESTATE INVESTMENT TRUSTS - 92.2%
REITs - Apartments - 14.3%
Archstone-Smith Trust	26,900		1,401,759
AvalonBay Communities, Inc.	76,400		9,340,664
BRE Properties, Inc. Class A	228,300		13,707,132
Equity Residential (SBI)	424,400		19,704,892
GMH Communities Trust	179,979		1,806,989
Home Properties, Inc.	198,200		11,039,740
TOTAL REITS - APARTMENTS			57,001,176
REITs - Factory Outlets - 2.3%
Tanger Factory Outlet Centers, Inc.	226,100		9,166,094
REITs - Hotels - 5.4%
Hersha Hospitality Trust	84,700		1,006,236
Host Hotels & Resorts, Inc.	640,094		16,412,010
Strategic Hotel & Resorts, Inc.	189,600		4,104,840
TOTAL REITS - HOTELS			21,523,086
REITs - Industrial Buildings - 17.0%
DCT Industrial Trust, Inc.	574,849		6,455,554
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
REITs - Industrial Buildings - continued
Duke Realty LP	404,710		$ 17,447,048
ProLogis Trust	347,223		22,500,050
Public Storage, Inc.	228,718		21,343,964
TOTAL REITS - INDUSTRIAL BUILDINGS			67,746,616
REITs - Malls - 16.1%
CBL & Associates Properties, Inc.	132,092		6,003,581
General Growth Properties, Inc.	424,199		27,085,106
Simon Property Group, Inc.	244,500		28,185,961
Taubman Centers, Inc.	53,900		3,021,095
TOTAL REITS - MALLS			64,295,743
REITs - Management/Investment - 1.8%
British Land Co. PLC	40,900		1,204,583
Equity Lifestyle Properties, Inc.	56,500		3,066,255
Mission West Properties, Inc.	120,100		1,755,862
Unibail (Reg.)	3,700		1,032,222
TOTAL REITS - MANAGEMENT/INVESTMENT			7,058,922
REITs - Mortgage - 3.5%
HomeBanc Mortgage Corp., Georgia	197,300		552,440
UDR, Inc.	452,600		13,596,104
TOTAL REITS - MORTGAGE			14,148,544
REITs - Office Buildings - 18.7%
Alexandria Real Estate Equities, Inc.	138,500		14,660,225
American Financial Realty Trust (SBI)	382,000		4,049,200
Boston Properties, Inc.	125,900		14,800,804
Corporate Office Properties Trust (SBI)	213,800		10,072,118
Highwoods Properties, Inc. (SBI)	189,600		7,731,888
Kilroy Realty Corp.	134,500		10,212,585
SL Green Realty Corp.	67,800		9,553,020
Sovran Self Storage, Inc.	61,902		3,420,705
TOTAL REITS - OFFICE BUILDINGS			74,500,545
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
REITs - Shopping Centers - 13.1%
Developers Diversified Realty Corp.	159,300		$ 10,370,430
Equity One, Inc.	38,200		1,066,926
Inland Real Estate Corp. (d)	334,100		6,077,279
Kimco Realty Corp.	188,990		9,084,749
Vornado Realty Trust (d)	215,650		25,582,560
TOTAL REITS - SHOPPING CENTERS			52,181,944
TOTAL REAL ESTATE INVESTMENT TRUSTS			367,622,670
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.1%
Real Estate Management & Development - 2.1%
Brookfield Properties Corp.	182,100		7,478,848
Thomas Properties Group, Inc.	53,800		923,746
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			8,402,594
TOTAL COMMON STOCKS (Cost $313,122,427)		393,280,274
Money Market Funds - 7.6%

Fidelity Cash Central Fund, 5.29% (b)	8,196,739		8,196,739
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	22,005,600		22,005,600
TOTAL MONEY MARKET FUNDS (Cost $30,202,339)		30,202,339
TOTAL INVESTMENT PORTFOLIO - 106.2% (Cost $343,324,766)			423,482,613
NET OTHER ASSETS - (6.2)%			(24,556,375)
NET ASSETS - 100%		$ 398,926,238

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	$ 333,376
Fidelity Securities Lending Cash Central Fund	28,896
Total	$ 362,272

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $343,724,557. Net unrealized appreciation aggregated $79,758,056, of which $86,783,842 related to appreciated investment securities and $7,025,786 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

1.800330.103

AFTF-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.6%
Diversified Commercial & Professional Services - 0.5%
Equifax, Inc.	10,300		$ 409,940
Tele Atlas NV (a)(d)	180,406		3,717,349
			4,127,289
Human Resource & Employment Services - 0.1%
Kenexa Corp. (a)	20,400		631,584
TOTAL COMMERCIAL SERVICES & SUPPLIES			4,758,873
COMMUNICATIONS EQUIPMENT - 29.4%
Communications Equipment - 29.4%
Adtran, Inc.	98,100		2,496,645
ADVA AG Optical Networking (a)	312,331		3,234,910
Alcatel-Lucent SA sponsored ADR (d)	925,800		12,266,850
Andrew Corp. (a)	172,500		1,883,700
AudioCodes Ltd. (a)	647,250		4,336,575
Avocent Corp. (a)	72,100		2,019,521
Balda AG	111,500		1,597,605
Ciena Corp. (a)	102,500		2,988,900
Cisco Systems, Inc. (a)	1,024,400		27,392,456
Comtech Group, Inc. (a)(d)	486,419		8,580,431
Comverse Technology, Inc. (a)	345,000		7,824,600
Corning, Inc. (a)	261,100		6,193,292
ECI Telecom Ltd. (a)	305,718		2,555,802
F5 Networks, Inc. (a)	114,700		8,806,666
Finisar Corp. (a)(d)	823,671		2,981,689
Foxconn International Holdings Ltd. (a)	130,000		393,861
Gemtek Technology Corp.	587,000		1,511,747
JDS Uniphase Corp. (a)	49,700		819,056
Juniper Networks, Inc. (a)	1,004,546		22,461,649
Mogem Co. Ltd.	309,043		4,019,454
Opnext, Inc.	171,751		2,304,898
Optium Corp.	213,652		3,803,006
OZ Optics Ltd. unit (a)(e)	68,000		1,003,000
Powerwave Technologies, Inc. (a)	964,900		6,011,327
QUALCOMM, Inc.	977,600		42,818,881
Research In Motion Ltd. (a)	274,370		36,101,607
Riverbed Technology, Inc. (d)	27,200		867,952
Sonus Networks, Inc. (a)	709,000		5,480,570
			222,756,650
COMPUTERS & PERIPHERALS - 13.3%
Computer Hardware - 8.7%
Apple, Inc. (a)	340,855		34,017,329
Concurrent Computer Corp. (a)	2,073,564		3,193,289
Hewlett-Packard Co.	150,100		6,325,214
Palm, Inc. (a)(d)	212,400		3,585,312
Sun Microsystems, Inc. (a)	3,662,700		19,119,294
			66,240,438
Computer Storage & Peripherals - 4.6%
EMC Corp. (a)	402,700		6,112,986

	Shares		Value
Intermec, Inc. (a)	57,200		$ 1,277,276
Network Appliance, Inc. (a)	107,200		3,988,912
QLogic Corp. (a)	286,300		5,119,044
SanDisk Corp. (a)	359,500		15,620,275
STEC, Inc. (a)	320,100		2,573,604
			34,692,097
TOTAL COMPUTERS & PERIPHERALS			100,932,535
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%
Alternative Carriers - 0.0%
Aruba Networks, Inc.	9,800		133,966
Integrated Telecommunication Services - 0.1%
NeuStar, Inc. Class A (a)	12,300		353,748
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			487,714
ELECTRICAL EQUIPMENT - 1.0%
Electrical Components & Equipment - 1.0%
Evergreen Solar, Inc. (a)(d)	396,197		3,870,845
Q-Cells AG	1,200		87,280
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	111,200		4,034,336
			7,992,461
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.7%
Electronic Equipment & Instruments - 1.9%
Chi Mei Optoelectronics Corp.	2,066,000		2,328,595
China Security & Surveillance Tech, Inc. (a)	311,500		4,980,885
Chunghwa Picture Tubes LTD. (a)	7,265,000		1,766,340
Cogent, Inc. (a)	91,100		1,279,044
Cognex Corp.	13,600		293,080
Tektronix, Inc.	62,200		1,828,058
Vishay Intertechnology, Inc. (a)	119,800		1,994,670
			14,470,672
Electronic Manufacturing Services - 1.0%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	284,453		1,891,202
Jabil Circuit, Inc.	75,300		1,754,490
Molex, Inc.	91,500		2,734,020
Trimble Navigation Ltd. (a)	22,400		642,432
TTM Technologies, Inc. (a)	45,500		417,690
			7,439,834
Technology Distributors - 0.8%
Brightpoint, Inc. (a)	255,700		3,400,810
Mellanox Technologies Ltd.	800		13,272
Wolfson Microelectronics PLC (a)	402,000		2,479,658
			5,893,740
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			27,804,246
Common Stocks - continued
	Shares		Value
HOUSEHOLD DURABLES - 0.1%
Consumer Electronics - 0.1%
Directed Electronics, Inc. (a)	90,928		$ 911,099
Household Appliances - 0.0%
iRobot Corp. (a)	1,400		22,190
TOTAL HOUSEHOLD DURABLES			933,289
INTERNET SOFTWARE & SERVICES - 7.9%
Internet Software & Services - 7.9%
Akamai Technologies, Inc. (a)	25,600		1,128,448
DivX, Inc. (d)	32,400		653,184
Equinix, Inc. (a)	13,800		1,151,886
Google, Inc. Class A (sub. vtg.) (a)	78,150		36,838,347
Liquidity Services, Inc.	67,900		1,417,752
LivePerson, Inc. (a)	234,700		1,642,900
Marchex, Inc. Class B	151,060		1,932,057
Omniture, Inc. (d)	50,948		959,860
Openwave Systems, Inc. (a)(d)	585,793		4,305,579
RADVision Ltd. (a)	112,029		2,476,961
SAVVIS, Inc. (a)	47,400		2,444,418
Switch & Data Facilities Co., Inc.	2,600		47,658
WebSideStory, Inc. (a)(d)	418,895		4,674,868
			59,673,918
IT SERVICES - 2.2%
Data Processing & Outsourced Services - 1.0%
The Western Union Co.	348,700		7,340,135
IT Consulting & Other Services - 1.2%
Cognizant Technology Solutions Corp. Class A (a)	37,700		3,370,380
Infosys Technologies Ltd. sponsored ADR	17,100		895,185
Isilon Systems, Inc.	44,900		548,229
RightNow Technologies, Inc. (a)(d)	211,548		3,143,603
Satyam Computer Services Ltd. sponsored ADR	49,000		1,219,120
			9,176,517
TOTAL IT SERVICES			16,516,652
MEDIA - 0.8%
Advertising - 0.8%
Focus Media Holding Ltd. ADR (a)(d)	169,200		6,260,400
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
Real Estate Management & Development - 0.2%
Move, Inc. (a)	295,625		1,371,700
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 30.6%
Semiconductor Equipment - 3.8%
ASML Holding NV (NY Shares) (a)	212,100		5,779,725
Axcelis Technologies, Inc. (a)	149,500		1,143,675
Credence Systems Corp. (a)	261,900		971,649
Eagle Test Systems, Inc.	75,000		1,295,250
EMCORE Corp. (a)(d)	222,198		1,099,880

	Shares		Value
Entegris, Inc. (a)	254,345		$ 2,980,923
FormFactor, Inc. (a)	64,100		2,646,689
ICOS Vision Systems NV (a)	9,100		424,939
MEMC Electronic Materials, Inc. (a)	57,800		3,172,064
PDF Solutions, Inc. (a)	18,300		205,509
Rudolph Technologies, Inc. (a)	42,920		741,228
Tessera Technologies, Inc. (a)	79,500		3,401,805
Varian Semiconductor Equipment Associates, Inc. (a)	35,550		2,359,098
Verigy Ltd.	92,880		2,347,078
			28,569,512
Semiconductors - 26.8%
Advanced Analog Technology, Inc.	282,000		2,281,190
Advanced Analogic Technologies, Inc. (a)	90,974		737,799
Advanced Micro Devices, Inc. (a)(d)	1,251,936		17,301,756
Advanced Semiconductor Engineering, Inc. sponsored ADR (a)(d)	527,600		3,065,356
Altera Corp.	251,100		5,659,794
AMIS Holdings, Inc. (a)	353,600		4,101,760
Applied Micro Circuits Corp. (a)	1,633,000		4,588,730
Atheros Communications, Inc. (a)	259,900		6,962,721
Atmel Corp. (a)	681,900		3,627,708
Broadcom Corp. Class A (a)	602,722		19,618,601
Chartered Semiconductor Manufacturing Ltd. (a)	1,702,000		1,590,864
Chartered Semiconductor Manufacturing Ltd. sponsored ADR (a)(d)	200,700		1,878,552
Cirrus Logic, Inc. (a)	194,756		1,612,580
Cypress Semiconductor Corp. (a)	273,700		6,245,834
Fairchild Semiconductor International, Inc. (a)	216,900		3,817,440
Global Mixed-Mode Tech, Inc.	271,000		2,562,321
Hittite Microwave Corp. (a)	102,400		4,626,432
Ikanos Communications, Inc. (a)	470,539		3,637,266
Infineon Technologies AG sponsored ADR (a)(d)	713,900		11,086,867
Lattice Semiconductor Corp. (a)	397,500		2,170,350
LSI Logic Corp. (a)	1,365,608		11,607,668
Marvell Technology Group Ltd. (a)	1,954,400		31,524,472
Maxim Integrated Products, Inc.	158,400		5,024,448
Micrel, Inc.	67,100		842,105
Micron Technology, Inc. (a)	164,400		1,885,668
Microsemi Corp. (a)	35,800		827,338
Mindspeed Technologies, Inc. (a)	1,657,646		3,729,704
Monolithic Power Systems, Inc. (a)	133,100		1,815,484
MoSys, Inc. (a)	32,100		278,949
NVIDIA Corp. (a)	25,200		828,828
Omnivision Technologies, Inc. (a)	30,800		416,416
Pericom Semiconductor Corp. (a)	37,400		374,374
PixArt Imaging, Inc.	193,000		2,346,205
PLX Technology, Inc. (a)	45,400		476,700
PMC-Sierra, Inc. (a)	311,500		2,407,895
Qimonda AG Sponsored ADR	184,300		2,709,210
RF Micro Devices, Inc. (a)	122,500		765,625
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Richtek Technology Corp.	422,000		$ 4,382,705
Samsung Electronics Co. Ltd.	4,570		2,794,825
Semtech Corp. (a)	225,600		3,253,152
Silicon Laboratories, Inc. (a)	64,500		2,116,245
Silicon Motion Technology Corp. sponsored ADR (a)	84,800		2,057,248
SiRF Technology Holdings, Inc. (a)	60,700		1,472,582
Supertex, Inc. (a)	30,800		1,008,700
Taiwan Semiconductor Manufacturing Co. Ltd.	932,000		1,921,880
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	289,100		3,047,114
Vimicro International Corp. sponsored ADR (a)	340,600		1,886,924
Volterra Semiconductor Corp. (a)	106,200		1,679,022
Xilinx, Inc.	71,200		2,098,976
Zoran Corp. (a)	32,500		645,450
			203,399,833
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			231,969,345
SOFTWARE - 8.8%
Application Software - 5.4%
Adobe Systems, Inc. (a)	47,000		1,953,320
Ansys, Inc. (a)	92,700		4,746,240
Informatica Corp. (a)	304,550		4,482,976
NAVTEQ Corp. (a)	109,456		3,870,364
Opsware, Inc. (a)(d)	959,383		7,703,845
Salesforce.com, Inc. (a)	296,800		12,465,600
Ulticom, Inc. (a)	621,226		5,311,482
			40,533,827
Home Entertainment Software - 0.4%
Nintendo Co. Ltd.	6,600		2,061,920
THQ, Inc. (a)	37,900		1,264,723
			3,326,643
Systems Software - 3.0%
Double-Take Software, Inc.	100		1,677
Microsoft Corp.	134,800		4,035,912
Red Hat, Inc. (a)	278,500		5,887,490
Sandvine Corp. (a)	1,492,900		6,321,858
Sandvine Corp. (U.K.)	1,446,700		6,190,173
Sourcefire, Inc.	1,300		15,561
			22,452,671
TOTAL SOFTWARE			66,313,141
TOTAL COMMON STOCKS (Cost $759,102,531)		747,770,924

Convertible Bonds - 0.2%
	Principal Amount	Value
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
Ciena Corp. 0.25% 5/1/13 (Cost $1,270,000)	$ 1,270,000	$ 1,198,245

Money Market Funds - 6.2%
	Shares
Fidelity Cash Central Fund, 5.29% (b)	989,857		989,857
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	45,688,343		45,688,343
TOTAL MONEY MARKET FUNDS (Cost $46,678,200)		46,678,200

TOTAL INVESTMENT PORTFOLIO - 105.1%

(Cost $807,050,731)

795,647,369

NET OTHER ASSETS - (5.1)%			(38,311,953)
NET ASSETS - 100%		$ 757,335,416

Legend

(a) Non-income producing

(d) 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	$ 243,006
Fidelity Securities Lending Cash Central Fund	254,957
Total	$ 497,963

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $810,604,883. Net unrealized depreciation aggregated $14,957,514, of which $49,055,776 related to appreciated investment securities and $64,013,290 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, 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. Debt securities, including restricted securities, for which quotations are readily available, 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 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

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

(formerly Fidelity® Advisor Telecommunications &
Utilities Growth Fund)

April 30, 2007

1.800331.103

AFUG-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value
CHEMICALS - 0.2%
Specialty Chemicals - 0.2%
Zoltek Companies, Inc. (a)(d)	24,500		$ 745,780
ELECTRIC UTILITIES - 44.3%
Electric Utilities - 44.3%
Allegheny Energy, Inc. (a)	80,100		4,282,146
American Electric Power Co., Inc.	222,900		11,194,038
Cleco Corp.	50,700		1,422,642
DPL, Inc.	141,100		4,423,485
Duke Energy Corp.	513,600		10,539,072
Edison International	110,700		5,795,145
Entergy Corp.	154,100		17,434,874
Exelon Corp.	292,900		22,087,590
FirstEnergy Corp.	154,800		10,594,512
FPL Group, Inc.	183,200		11,792,584
Great Plains Energy, Inc.	25,700		838,848
ITC Holdings Corp.	45,800		1,927,264
Northeast Utilities	98,700		3,175,179
Pepco Holdings, Inc.	119,000		3,512,880
PPL Corp.	195,400		8,521,394
Progress Energy, Inc.	97,500		4,928,625
Reliant Energy, Inc. (a)	157,300		3,503,071
Sierra Pacific Resources (a)	273,800		4,999,588
			130,972,937
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.3%
Electronic Equipment & Instruments - 0.3%
Itron, Inc. (a)	11,200		754,208
GAS UTILITIES - 3.9%
Gas Utilities - 3.9%
Equitable Resources, Inc.	57,300		2,980,173
ONEOK, Inc.	48,600		2,352,726
Questar Corp.	36,200		3,516,106
Southern Union Co. (d)	91,200		2,777,952
			11,626,957
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 19.3%
Independent Power Producers & Energy Traders - 19.3%
AES Corp. (a)	593,700		13,055,463
Constellation Energy Group, Inc.	208,300		18,563,696
Dynegy, Inc. (a)	175,400		1,650,514
Mirant Corp. (a)	118,900		5,335,043
NRG Energy, Inc. (d)	89,700		7,082,712
TXU Corp.	173,100		11,351,898
			57,039,326
MULTI-UTILITIES - 28.7%
Multi-Utilities - 28.7%
Alliant Energy Corp.	48,100		2,106,780
Ameren Corp.	72,700		3,821,839
CenterPoint Energy, Inc.	205,000		3,860,150

	Shares		Value
CMS Energy Corp.	226,690		$ 4,198,299
Dominion Resources, Inc.	161,500		14,728,800
DTE Energy Co.	61,100		3,091,049
Integrys Energy Group, Inc.	17,800		998,580
MDU Resources Group, Inc.	92,600		2,805,780
NiSource, Inc.	112,600		2,768,834
PG&E Corp. (d)	156,900		7,939,140
Public Service Enterprise Group, Inc.	176,600		15,267,070
Puget Energy, Inc.	93,500		2,414,170
Sempra Energy	211,500		13,426,020
Wisconsin Energy Corp.	148,900		7,264,831
			84,691,342
OIL, GAS & CONSUMABLE FUELS - 3.3%
Coal & Consumable Fuels - 0.8%
Cameco Corp.	47,200		2,198,612
Oil & Gas Storage & Transport - 2.5%
Spectra Energy Corp.	285,400		7,448,940
TOTAL OIL, GAS & CONSUMABLE FUELS			9,647,552
TOTAL COMMON STOCKS (Cost $241,887,758)		295,478,102
Money Market Funds - 6.2%

Fidelity Cash Central Fund, 5.29% (b)	4,340,216		4,340,216
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	14,115,850		14,115,850
TOTAL MONEY MARKET FUNDS (Cost $18,456,066)		18,456,066

TOTAL INVESTMENT PORTFOLIO - 106.2%

(Cost $260,343,824)

313,934,168

NET OTHER ASSETS - (6.2)%			(18,427,774)
NET ASSETS - 100%		$ 295,506,394

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	$ 177,682
Fidelity Securities Lending Cash Central Fund	42,943
Total	$ 220,625

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $260,359,757. Net unrealized appreciation aggregated $53,574,411, of which $53,796,304 related to appreciated investment securities and $221,893 related to depreciated investment securities.

Investment Valuation

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/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	June 22, 2007

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/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	June 22, 2007

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	June 22, 2007