Supplement to the
Fidelity® International Real Estate Fund
Class A, Class T, Class B and Class C
September 29, 2015
Prospectus
Effective on June 24, 2016, all Class B shares of the fund have been converted into Class A shares of the same fund. All references to Class B shares in the prospectus are no longer applicable.
| AIRE-16-04 1.855555.114 | July 15, 2016 |
Supplement to the
Fidelity® International Real Estate Fund
Class I
September 29, 2015
Prospectus
The following information replaces similar information found in paragraph 4. in the "Shareholder Information" section under the heading "Buying Shares" and the sub-heading "Eligibility".
4. Current or former Trustees or officers of a Fidelity® fund or current or retired officers, directors, or regular employees of FMR LLC or FIL Limited or their direct or indirect subsidiaries (Fidelity Trustee or employee), spouses of Fidelity Trustees or employees, Fidelity Trustees or employees acting as a custodian for a minor child, persons acting as trustee of a trust for the sole benefit of the minor child of a Fidelity Trustee or employee, or employee benefit plans sponsored by FMR LLC or an affiliate;
| AIREI-16-03 1.855554.114 | July 15, 2016 |
Supplement to the
Fidelity® Real Estate Investment Portfolio
September 29, 2015
Prospectus
Effective March 28, 2016, the following information supplements similar information found in the "Fund Services" section under the "Advisory Fee(s)" heading.
The basis for the Board of Trustees approving the management contract and sub-advisory agreements for the fund is available in the fund's semi-annual report for the fiscal period ended January 31, 2016.
| REA-16-04 1.734044.117 | July 15, 2016 |
Supplement to the
Fidelity® Select Portfolios®
April 29, 2016
STATEMENT OF ADDITIONAL INFORMATION
Janet Glazer and Tobias Welo have replaced Boris Shepov as co-managers of Industrial Equipment Portfolio.
Kyle Weaver no longer serves as a lead portfolio manager of Wireless Portfolio. Harlan Carere serves as portfolio manager of Wireless Portfolio.
The following information replaces similar information found in the "Trustees and Officers" section.
The following table sets forth information describing the compensation of each Trustee and Member of the Advisory Board (if any) for his or her services for the fiscal year ended February 29, 2016, or calendar year ended December 31, 2015, as applicable.
| Compensation Table (1) | ||||
| AGGREGATE COMPENSATION FROM A FUND | Donald F.Donahue (2) | David A.Rosow | Garnett A.Smith | Michael E.Wiley |
| Air Transportation Portfolio | $758 | $2,133 | $2,059 | $2,330 |
| Automotive Portfolio | $197 | $521 | $503 | $569 |
| Banking Portfolio | $1,383 | $3,004 | $2,902 | $3,284 |
| Biotechnology Portfolio (3) | $29,382 | $67,986 | $65,672 | $74,322 |
| Brokerage and Investment Management Portfolio (4) | $862 | $2,329 | $2,249 | $2,546 |
| Chemicals Portfolio (5) | $2,328 | $6,075 | $5,863 | $6,636 |
| Communications Equipment Portfolio | $396 | $1,018 | $983 | $1,112 |
| Computers Portfolio (6) | $1,025 | $2,855 | $2,756 | $3,120 |
| Construction and Housing Portfolio | $1,079 | $2,229 | $2,153 | $2,435 |
| Consumer Discretionary Portfolio | $2,564 | $5,492 | $5,305 | $6,002 |
| Consumer Finance Portfolio | $221 | $559 | $539 | $610 |
| Consumer Staples Portfolio (7) | $5,810 | $13,337 | $12,878 | $14,570 |
| Defense and Aerospace Portfolio (8) | $1,818 | $4,220 | $4,074 | $4,609 |
| Electronics Portfolio (9) | $3,024 | $8,472 | $8,173 | $9,252 |
| Energy Portfolio (10) | $3,871 | $9,415 | $9,089 | $10,286 |
| Energy Service Portfolio (11) | $1,041 | $2,815 | $2,716 | $3,075 |
| Environment and Alternative Energy Portfolio | $158 | $375 | $362 | $410 |
| Financial Services Portfolio | $2,593 | $6,183 | $5,971 | $6,757 |
| Gold Portfolio (12) | $1,771 | $4,306 | $4,156 | $4,703 |
| Health Care Portfolio (13) | $18,558 | $45,062 | $43,522 | $49,254 |
| Health Care Services Portfolio (14) | $2,016 | $4,472 | $4,320 | $4,888 |
| Industrial Equipment Portfolio | $287 | $758 | $731 | $827 |
| Industrials Portfolio (15) | $2,302 | $5,232 | $5,052 | $5,717 |
| Insurance Portfolio | $979 | $2,037 | $1,968 | $2,226 |
| IT Services Portfolio | $3,934 | $6,866 | $6,632 | $7,499 |
| Leisure Portfolio | $967 | $2,149 | $2,076 | $2,349 |
| Materials Portfolio (16) | $3,233 | $8,181 | $7,899 | $8,940 |
| Medical Equipment and Systems Portfolio (17) | $4,109 | $9,568 | $9,240 | $10,455 |
| Multimedia Portfolio | $1,429 | $3,493 | $3,373 | $3,817 |
| Natural Gas Portfolio (18) | $657 | $1,921 | $1,854 | $2,099 |
| Natural Resources Portfolio (19) | $1,137 | $2,982 | $2,879 | $3,258 |
| Pharmaceuticals Portfolio (20) | $4,224 | $9,697 | $9,368 | $10,600 |
| Retailing Portfolio | $3,471 | $5,930 | $5,725 | $6,472 |
| Software and IT Services Portfolio (21) | $6,387 | $13,827 | $13,351 | $15,105 |
| Technology Portfolio (22) | $6,062 | $13,326 | $12,867 | $14,559 |
| Telecommunications Portfolio | $1,134 | $2,174 | $2,100 | $2,375 |
| Transportation Portfolio | $980 | $3,104 | $2,995 | $3,391 |
| Utilities Portfolio | $1,405 | $3,604 | $3,479 | $3,937 |
| Wireless Portfolio | $470 | $1,135 | $1,096 | $1,240 |
| TOTAL COMPENSATION FROM THE FUND COMPLEX (23) | $99,000 | $392,000 | $378,500 | $428,500 |
(1) Brian B. Hogan is an interested person and is compensated by Fidelity.
(2) Effective October 1, 2015, Mr. Donahue serves as a Member of the Advisory Board.
(3) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $19,741, Garnett A. Smith, $60,549, and Michael E. Wiley, $59,101.
(4) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $576, Garnett A. Smith, $2,078, and Michael E. Wiley, $2,023.
(5) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $1,612, Garnett A. Smith, $5,409, and Michael E. Wiley, $5,267.
(6) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $689, Garnett A. Smith, $2,547, and Michael E. Wiley, $2,477.
(7) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $4,004, Garnett A. Smith, $11,845, and Michael E. Wiley, $11,561.
(8) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $1,265, Garnett A. Smith, $3,749, and Michael E. Wiley, $3,658.
(9) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $2,098, Garnett A. Smith, $7,548, and Michael E. Wiley, $7,341.
(10) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $2,664, Garnett A. Smith, $8,379, and Michael E. Wiley, $8,168.
(11) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $707, Garnett A. Smith, $2,508, and Michael E. Wiley, $2,441.
(12) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $1,219, Garnett A. Smith, $3,827, and Michael E. Wiley, $3,730.
(13) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $12,454, Garnett A. Smith, $40,123, and Michael E. Wiley, $39,125.
(14) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $1,375, Garnett A. Smith, $3,975, and Michael E. Wiley, $3,882.
(15) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $1,587, Garnett A. Smith, $4,654, and Michael E. Wiley, $4,543.
(16) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $2,208, Garnett A. Smith, $7,289, and Michael E. Wiley, $7,101.
(17) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $2,811, Garnett A. Smith, $8,508, and Michael E. Wiley, $8,302.
(18) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $445, Garnett A. Smith, $1,714, and Michael E. Wiley, $1,665.
(19) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $776, Garnett A. Smith, $2,657, and Michael E. Wiley, $2,587.
(20) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $2,838, Garnett A. Smith, $8,628, and Michael E. Wiley, $8,423.
(21) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $4,469, Garnett A. Smith, $12,280, and Michael E. Wiley, $12,001.
(22) Compensation figures include cash and may include amounts elected to be deferred. Certain individuals' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Donald F. Donahue, $4,229, Garnett A. Smith, $11,839, and Michael E. Wiley, $11,566.
(23) Reflects compensation received for the calendar year ended December 31, 2015 for 75 funds of 4 trusts. Compensation figures include cash and may include amounts elected to be deferred. Certain individuals elected voluntarily to defer a portion of their compensation as follows: Donald F. Donahue, $40,192; Garnett A. Smith, $248,091; and Michael E. Wiley, $240,000.
The following information replaces similar information found in the “Management Contracts” section.
The following table provides information relating to other accounts managed by Ms. Glazer as of April 30, 2016:
| Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
| Number of Accounts Managed | 1 | none | none |
| Number of Accounts Managed with Performance-Based Advisory Fees | none | none | none |
| Assets Managed (in millions) | $190 | none | none |
| Assets Managed with Performance-Based Advisory Fees (in millions) | none | none | none |
* Includes Industrial Equipment Portfolio ($190 (in millions) assets managed).
As of April 30, 2016, the dollar range of shares of Industrial Equipment Portfolio beneficially owned by Ms. Glazer was none.
The following table provides information relating to other accounts managed by Mr. Welo as of April 30, 2016:
| Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
| Number of Accounts Managed | 15 | none | 1 |
| Number of Accounts Managed with Performance-Based Advisory Fees | 2 | none | none |
| Assets Managed (in millions) | $7,842 | none | $0 |
| Assets Managed with Performance-Based Advisory Fees (in millions) | $2,138 | none | none |
* Includes Industrial Equipment Portfolio ($190 (in millions) assets managed).
As of April 30, 2016, the dollar range of shares of Industrial Equipment Portfolio beneficially owned by Mr. Welo was none.
| SELB-16-05 1.475630.192 | July 15, 2016 |
Supplement to the
Fidelity® Select Portfolios®
Information Technology Sector
April 29, 2016
Prospectus
The Board of Trustees has approved a fund name change from Electronics Portfolio to Semiconductors Portfolio effective October 1, 2016.
| SELTEC-16-03 1.918659.114 | July 15, 2016 |
Supplement to the
Fidelity® Select Portfolios®
Telecommunications Services Sector
April 29, 2016
Prospectus
Kyle Weaver no longer serves as lead portfolio manager of Wireless Portfolio.
The following information replaces the similar information for Wireless Portfolio found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.
Harlan Carere (portfolio manager) has managed the fund since December 2015.
The following information replaces the biographical information for Wireless Portfolio found in the "Fund Management" section under the "Portfolio Manager(s)" heading.
Harlan Carere is portfolio manager of Wireless Portfolio, which he has managed since December 2015. Since joining Fidelity Investments in 2000, Mr. Carere has worked as a research analyst and a portfolio manager.
| SELTS-16-03 1.918618.110 | July 15, 2016 |