SCHEDULE 14A INFORMATION |
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PROXY STATEMENT PURSUANT TO SECTION 14(a) |
OF THE SECURITIES EXCHANGE ACT OF 1934 |
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[ ] | Preliminary Proxy Statement |
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X | Definitive Additional Materials |
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| Fidelity Advisor Series VII |
| (Name of Registrant as Specified In Its Charter) |
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Dear Valued Client:
You may recall from our letter to you last month that Fidelity is planning to restructure our lineup
of sector funds - Fidelity Select Portfolios, Advisor Focus Funds, and VIP sector funds -
in order to make them easier to evaluate and use.
Now that proxies have been mailed to shareholders, I'm pleased to be able to provide you with
details about these exciting proposed changes. Some benefits for you and your clients are:
Easier-to-distinguish investment focus
Several funds will be streamlined and renamed to reflect their new pure-sector investment focus.
For example, we are planning to rename Fidelity Advisor Natural Resources as Fidelity Advisor
Energy, and the fund is expected to be narrowed to exclude materials.
Easier-to-track performance
Most of the funds will adopt standard industry performance benchmarks from Morgan Stanley
Capital International (MSCI), under the Global Industry Classification Standard (GICS) scheme.
Continuing the above example, Advisor Energy will adopt the MSCI US Investable Market Energy
Index.
Easier-to-combine funds within a portfolio
The GICS system ensures virtually no investment overlap among the benchmarks. Applying this
system to the funds will clarify each fund's investment discipline, making it easier for you to combine sector weightings according to your clients' needs.
Breakdown of changes
· Some funds will only undergo a benchmark change, which does not require shareholder
approval.
· Other funds will undergo fundamental investment policy and name changes. Fundamental
policy changes require shareholder approval.
The table on page two of this letter maps the scope of the proposed changes for the Advisor Funds.
We hope you will support these changes in conversations with your clients ahead of the
September shareholder meeting. The funds' Board believes the restructuring is in the best interest of our shareholders and will enable you to provide more accurate and individualized investment solutions to your clients.
Please visit advisor.fidelity.com, where the proxy statements for all of the product lines, as well
as accompanying Q&As, are posted. Results of the shareholder meeting will be added after
September 20, 2006. You may also call us at 800-544-9999 to discuss how these changes may
benefit your practice and your clients' portfolios.
Sincerely,
Craig W. Huntley
Executive Vice President
Fidelity Investments Institutional Services Company, Inc.
Fidelity Investments
Institutional Services Company, Inc.
100 Salem Street
Smithfield, RI 02917
Fidelity Sector Funds Restructuring
Note: Similar changes are proposed for Fidelity Select Portfolios and VIP sector funds.
Current Fund Name | Current Performance Benchmark | New Fund Name | New Performance Benchmark | Nature of Change |
Sectors |
FA Consumer Industries | Goldman Sachs Consumer Industries | Advisor Consumer Discretionary | MSCI US Investable Market Consumer Discretionary Index | Narrow fund to exclude consumer staples |
FA Cyclical Industries | Goldman Sachs Cyclical Industries | Advisor Industrials | MSCI US Investable Market Industrials Index | Modify fund to focus on industrial products, services, or equipment |
FA Financial Services | Goldman Sachs Financial Services | No change | MSCI US Investable Market Financials Index | New benchmark |
FA Health Care | Goldman Sachs Health Care | No change | MSCI US Investable Market Health Care Index | New benchmark |
FA Natural Resources | Goldman Sachs Natural Resources | Advisor Energy | MSCI US Investable Market Energy Index | Narrow fund to exclude industrial or agricultural materials and unfinished goods and focus on energy |
FA Technology | Goldman Sachs Technology | No change | MSCI US Investable Market Information Technology Index | New benchmark |
FA Telecom and Utilities Growth | Goldman Sachs Utilities | Advisor Utilities | MSCI US Investable Market Utilities Index | Narrow fund to exclude telecom and focus on utilities |
Industries |
FA Biotechnology | Goldman Sachs Health Care | No change | MSCI US Investable Market Biotechnology Index | New benchmark |
FA Developing Communications | Goldman Sachs Technology | Advisor Communications Equipment | MSCI US Investable Market Communications Equipment Index | Modify fund to focus on communications equipment |
FA Electronics | Goldman Sachs Technology | No change | MSCI US Investable Market Semiconductors & Semiconductor Equipment Index | New benchmark |
For investment professional use only.
Not FDIC insured. May lose value. No bank guarantee.
Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.
Focus funds can be more volatile because of their narrow concentration in a specific c industry.
Before investing, have your client consider the funds' investment objectives, risks, charges,
and expenses. Contact Fidelity for a prospectus containing this information. Have your
client read it carefully.
438487 1.834074.100
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