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Fidelity® Real Estate High Income Fund

Annual Report

November 30, 2019

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Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Amended and Restated Investment Advisory Contracts

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Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Past 10 years
Fidelity® Real Estate High Income Fund	9.15%	4.68%	9.12%

$1,000,000 Over 10 Years

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. CMBS ex AAA Index performed over the same period.

Let's say hypothetically that $1,000,000 was invested in Fidelity® Real Estate High Income Fund on November 30, 2009.

	Period Ending Values
	$2,393,749	Fidelity® Real Estate High Income Fund
	$2,344,389	Bloomberg Barclays U.S. CMBS ex AAA Index

Management's Discussion of Fund Performance

Market Recap: Commercial mortgage-backed securities, as measured by the Bloomberg Barclays U.S. CMBS ex AAA Index, gained 11.55% for the 12 months ending November 30, 2019. Falling U.S. Treasury yields were a major tailwind for the asset class. The bellwether 10-year U.S. Treasury note yield declined from 3.01% to 1.78% amid concerns about slowing global economic growth and U.S.–China trade conflict. Meanwhile, after raising its key policy rate once in December 2018, the U.S. Federal Reserve reversed its prior plans for more rate hikes in 2019 and lowered its rate three times by 0.25%. The central bank characterized these cuts as “mid-cycle adjustments,” rather than the beginning of an extended rate-cutting cycle. Overall, credit conditions remained favorable, with low delinquency and default rates, although both of these crept higher versus the previous 12 months. Commercial property fundamentals, such as rents and vacancies, remained healthy, except at mid- to lower-tier malls, where the secular migration to online shopping continued to be a drag.

Comments from Co-Managers Stephen Rosen and William Maclay: For the fiscal year, the fund gained 9.15%, trailing its benchmark, the Bloomberg Barclays U.S. CMBS ex AAA Index. Versus the benchmark, the fund was hampered mainly by its much shorter duration in a period of sharply falling rates. This duration difference was a result of our bottom-up security selection rather than a top-down duration call. GMACC 1997-C2 H was the fund’s top contributor in absolute terms. One of this security’s two remaining loans – both backed by embattled retailer Kmart – was defeased with U.S. Treasuries, eliminating credit risk, and the other continued to receive principal payments that reduced the loan balance. Another key contributor was HILT 2016-HHV F. The revenue and net cash flow of the Waikiki Beach resort hotel backing this security continued to grow this period, leading to spread-tightening for the bond, whose price was boosted by the Treasury rally. Conversely, the portfolio’s largest absolute detractor was JPMCC 14-DSTY E. The price of the bond – backed by Destiny USA, a mall in Syracuse, N.Y. – fell because the property struggled against falling rents and occupancy, forcing the borrower to seek an extension of the maturing loan that could not be refinanced. UBSCM 12-C1 F detracted as well.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Note to shareholders: On March 1, 2019, William Maclay assumed co-management responsibilities for the fund, joining co-managers Stephen Rosen and David Bagnani. On September 30, David retired from Fidelity after more than 25 years with the firm.

Investment Summary (Unaudited)

Quality Diversification (% of fund's net assets)

As of November 30, 2019
	AAA,AA,A	3.1%
	BBB	33.5%
	BB	20.4%
	B	13.6%
	CCC,CC,C	2.0%
	Not Rated	16.8%
	Equities	3.4%
	Short-Term Investments and Net Other Assets	7.2%

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. Where neither Moody's nor S&P ratings are available, we have used Fitch® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of November 30, 2019
	CMOs and Other Mortgage Related Securities	76.2%
	Asset-Backed Securities	4.9%
	Nonconvertible Bonds	3.3%
	Convertible Bonds, Preferred Stocks	3.4%
	Common Stocks	0.2%
	Bank Loan Obligations	4.8%
	Short-Term Investments and Net Other Assets (Liabilities)	7.2%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Corporate Bonds - 3.5%
	Principal Amount	Value
Convertible Bonds - 0.2%
Homebuilders/Real Estate - 0.2%
PennyMac Corp. 5.5% 11/1/24 (a)	$1,699,000	$1,707,567
Nonconvertible Bonds - 3.3%
Banks & Thrifts - 0.5%
HAT Holdings I LLC/HAT Holdings II LLC 5.25% 7/15/24 (a)	3,460,000	3,654,625
Healthcare - 0.3%
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25	1,433,000	1,490,320
MPT Operating Partnership LP/MPT Finance Corp. 5.25% 8/1/26	333,000	353,882
Sabra Health Care LP/Sabra Capital Corp. 3.9% 10/15/29	795,000	795,628
		2,639,830
Homebuilders/Real Estate - 1.3%
American Homes 4 Rent LP 4.25% 2/15/28	1,836,000	1,969,201
Howard Hughes Corp. 5.375% 3/15/25 (a)	2,712,000	2,845,376
iStar Financial, Inc.:
4.75% 10/1/24	2,495,000	2,562,053
6% 4/1/22	2,562,000	2,619,645
VICI Properties, Inc. 4.625% 12/1/29 (a)	835,000	861,010
		10,857,285
Hotels - 1.2%
ESH Hospitality, Inc. 5.25% 5/1/25 (a)	3,540,000	3,655,050
Marriott Ownership Resorts, Inc. 4.75% 1/15/28 (a)	3,250,000	3,331,250
Times Square Hotel Trust 8.528% 8/1/26 (a)	2,476,556	2,895,500
		9,881,800

TOTAL NONCONVERTIBLE BONDS		27,033,540

TOTAL CORPORATE BONDS
(Cost $27,740,928)		28,741,107

Asset-Backed Securities - 4.9%
American Homes 4 Rent:
Series 2014-SFR2 Class E, 6.231% 10/17/36 (a)	598,000	661,125
Series 2014-SFR3 Class E, 6.418% 12/17/36 (a)	1,553,000	1,731,462
Series 2015-SFR1 Class E, 5.639% 4/17/52 (a)	2,130,223	2,309,407
Series 2015-SFR2:
Class E, 6.07% 10/17/52 (a)	3,728,000	4,139,849
Class XS, 0% 10/17/52 (a)(b)(c)(d)	2,633,276	26
Argent Securities, Inc. pass-thru certificates Series 2004-W9 Class M7, 1 month U.S. LIBOR + 4.200% 4.1847% 6/26/34 (a)(b)(e)	51,392	122,088
Capital Trust RE CDO Ltd. Series 2005-1A:
Class D, 1 month U.S. LIBOR + 1.500% 3.2236% 3/20/50 (a)(b)(d)(e)	750,000	75
Class E, 1 month U.S. LIBOR + 2.100% 3.8236% 3/20/50 (a)(b)(d)(e)	2,670,000	267
Crest Ltd. Series 2004-1A Class H1, 3 month U.S. LIBOR + 3.690% 5.9458% 1/28/40 (a)(b)(d)(e)	2,721,418	272
Home Partners America Trust Series 2019-2 Class F, 3.866% 10/19/39 (a)	2,205,000	2,188,988
Home Partners of America Credit Trust Series 2017-1:
Class E, 1 month U.S. LIBOR + 2.650% 4.4125% 7/17/34 (a)(b)(e)	772,000	775,851
Class F, 1 month U.S. LIBOR + 3.530% 5.3015% 7/17/34 (a)(b)(e)	1,122,000	1,123,461
Home Partners of America Trust Series 2018-1 Class F, 1 month U.S. LIBOR + 2.350% 4.1125% 7/17/37 (a)(b)(e)	2,045,000	2,041,173
Invitation Homes Trust:
Series 2017-SFR2 Class E, 1 month U.S. LIBOR + 2.250% 4.0125% 12/17/36 (a)(b)(e)	736,437	735,410
Series 2018-SFR2 Class F, 1 month U.S. LIBOR + 2.250% 4.0154% 6/17/37 (a)(b)(e)	3,682,000	3,681,990
Merit Securities Corp. Series 13 Class M1, 7.3303% 12/28/33 (b)	1,146,890	1,194,169
Progress Residential Trust Series 2019-SFR4 Class F, 3.684% 10/17/36 (a)	4,527,000	4,530,572
Starwood Waypoint Homes Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.400% 5.1654% 1/17/35 (a)(b)(e)	2,935,000	2,937,204
Taberna Preferred Funding III Ltd. Series 2005-3A:
Class D, 3 month U.S. LIBOR + 2.650% 4.5405% 2/5/36 (a)(b)(d)(e)	2,737,204	205
Class E, 3 month U.S. LIBOR + 4.500% 6.3905% 2/5/36 (a)(b)(d)(e)	1,011,683	76
Taberna Preferred Funding VI Ltd. Series 2006-6A Class F1, 3 month U.S. LIBOR + 4.500% 6.3905% 12/5/36 (a)(b)(d)(e)	4,984,870	374
Tricon American Homes:
Series 2016-SFR1 Class F, 5.769% 11/17/33 (a)	2,486,000	2,537,990
Series 2017-SFR1 Class F, 5.151% 9/17/34 (a)	3,708,000	3,817,259
Series 2017-SFR2 Class F, 5.104% 1/17/36 (a)	664,000	693,257
Series 2018-SFR1 Class F, 4.96% 5/17/37 (a)	833,000	874,343
Series 2019-SFR1 Class F, 3.745% 3/17/38 (a)	2,121,000	2,119,731
VB-S1 Issuer LLC Series 2018-1A Class F, 5.25% 2/15/48 (a)	2,142,000	2,136,544
TOTAL ASSET-BACKED SECURITIES
(Cost $48,277,409)		40,353,168

Collateralized Mortgage Obligations - 0.0%
Private Sponsor - 0.0%
Countrywide Home Loans, Inc. Series 2003-R1 Class 2B4, 3.3614% 2/25/43 (a)(b)(d)	27,071	5,099
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-26 Class 4B3, 7% 10/25/17 (d)	28,363	3
Fannie Mae REMIC Trust:
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 4.1146% 2/25/42 (a)(b)	40,757	15,033
Series 2002-W6 subordinate REMIC pass thru certificates, Class 3B4, 4.3882% 1/25/42 (a)(b)(d)	27,262	327
Series 2003-W10 subordinate REMIC pass thru certificates:
Class 2B4, 4.1024% 6/25/43 (b)(d)(f)	146,288	47,754
Class 2B5, 4.1024% 6/25/43 (b)(d)(f)	1,666	21
RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B Class B9, 1 month U.S. LIBOR + 11.950% 13.709% 6/10/35 (a)(b)(d)(e)	63,839	18,460
TOTAL COLLATERALIZED MORTGAGE SECURITIES
(Cost $178,928)		86,697

Commercial Mortgage Securities - 76.2%
280 Park Avenue Mortgage Trust floater Series 2017-280P Class F, 1 month U.S. LIBOR + 2.820% 4.5924% 9/15/34 (a)(b)(e)	3,684,000	3,695,482
BAMLL Trust Series 2015-200P Class F, 3.7157% 4/14/33 (a)(b)	2,588,000	2,593,101
Banc of America Merrill Lynch Large Loan, Inc. floater:
Series 2019-AHT Class C, 1 month U.S. LIBOR + 2.000% 3.7654% 3/15/34 (a)(b)(e)	910,000	910,165
Series 2019-RLJ Class D, 1 month U.S. LIBOR + 1.950% 3.7154% 4/15/36 (a)(b)(e)	2,982,000	2,989,440
BANK:
Bank sequential payer Series 2019-BN23 Class E, 2.5% 12/15/52	1,638,000	1,319,873
Series 2017-BNK4 Class D, 3.357% 5/15/50 (a)	4,416,000	4,068,695
Series 2017-BNK6 Class D, 3.1% 7/15/60 (a)	2,593,000	2,378,628
Series 2017-BNK8 Class D, 2.6% 11/15/50 (a)	3,097,000	2,751,742
Series 2018-BN12 Class D, 3% 5/15/61 (a)	2,082,000	1,883,811
Series 2019-BN18:
Class D, 3% 5/15/62 (a)	737,000	676,359
Class E, 3% 5/15/62 (a)	1,302,000	1,121,794
Bank Series 2019-BN19:
Class D, 3% 8/15/61 (a)	1,554,000	1,404,186
Class E, 3% 8/15/61 (a)	1,071,000	911,510
Series 2019-BN20:
Class D, 2.5% 9/15/61 (a)	3,994,000	3,522,200
Class E, 2.5% 9/15/61 (a)	945,000	774,620
Series 2019-BN21 Class E, 2.5% 10/17/52 (a)	2,210,000	1,816,165
Series 2019-BN22 Class E, 2.5% 11/15/62 (a)	1,598,000	1,300,018
Bank of America Commercial Mortgage Securities Trust Series 2017-BNK3 Class D, 3.25% 2/15/50 (a)	2,201,000	2,031,615
Barclays Commercial Mortgage Securities LLC:
Series 2015-STP:
Class D, 4.4272% 9/10/28 (a)(b)	1,288,000	1,294,576
Class E, 4.4272% 9/10/28 (a)(b)	6,580,000	6,531,016
Series 2019-C5 Class E, 2.5% 11/15/52 (a)	2,545,000	2,020,276
BBCMS Mortgage Trust Series 2016-ETC Class D, 3.7292% 8/14/36 (a)(b)	1,749,000	1,760,175
Benchmark Mortgage Trust:
sequential payer Series 2019-B14:
Class 225D, 3.2896% 12/15/61 (a)	1,680,000	1,605,694
Class 225E, 3.2896% 12/15/61 (a)	1,132,000	1,046,244
Series 2018-B7:
Class D, 3% 5/15/53 (a)(b)	833,000	746,842
Class E, 3% 5/15/53 (a)(b)	833,000	684,502
Class F, 3.7673% 5/15/53 (a)(b)	3,065,000	2,410,230
Series 2019-B12 Class D, 3% 8/15/52 (a)	2,499,000	2,238,288
BX Commercial Mortgage Trust floater:
Series 2018-BIOA Class F, 1 month U.S. LIBOR + 2.470% 4.2364% 3/15/37 (a)(b)(e)	1,801,000	1,799,293
Series 2019-CALM Class E, 1 month U.S. LIBOR + 2.000% 3.75% 11/25/28 (a)(b)(e)	819,000	819,511
BX Trust floater:
Series 2018-IND Class H, 1 month U.S. LIBOR + 3.000% 4.7654% 11/15/35 (a)(b)(e)	958,478	959,972
Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 5.3654% 4/15/34 (a)(b)(e)	3,255,000	3,275,366
Series 2019-XL Class J, 1 month U.S. LIBOR + 2.650% 4.4154% 10/15/36 (a)(b)(e)	12,062,000	12,080,837
CALI Mortgage Trust Series 2019-101C Class F, 4.4686% 3/10/39 (a)(b)	3,093,000	3,182,742
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 5.0154% 12/15/37 (a)(b)(e)	1,163,000	1,170,992
CCRESG Commercial Mortgage Trust Series 2016-HEAT Class E, 5.6712% 4/10/29 (a)(b)	2,896,000	2,933,454
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (a)	4,073,000	3,804,144
CHC Commercial Mortgage Trust floater Series 2019-CHC:
Class E, 1 month U.S. LIBOR + 2.350% 4.1154% 6/15/34 (a)(b)(e)	6,654,000	6,662,274
Class F, 1 month U.S. LIBOR + 2.600% 4.3736% 6/15/34 (a)(b)(e)	8,568,000	8,503,076
Citigroup Commercial Mortgage Trust:
Series 2013-375P Class E, 3.6348% 5/10/35 (a)(b)	4,069,000	4,065,224
Series 2013-GC15 Class D, 5.3882% 9/10/46 (a)(b)	7,323,000	7,730,958
Series 2015-SHP2 Class E, 1 month U.S. LIBOR + 4.350% 6.1154% 7/15/27 (a)(b)(e)	2,972,000	2,976,166
Series 2016-C3 Class D, 3% 11/15/49 (a)	4,412,000	3,645,101
Series 2019-GC41:
Class D, 3% 8/10/56 (a)	861,000	780,932
Class E, 3% 8/10/56 (a)	1,848,000	1,539,097
Series 2019-GC43 Class E, 3% 11/10/52 (a)	2,772,000	2,260,666
COMM Mortgage Trust:
floater:
Series 2018-HCLV Class G, 1 month U.S. LIBOR + 5.050% 6.8217% 9/15/33 (a)(b)(e)	1,487,000	1,433,531
Series 2019-521F Class F, 1 month U.S. LIBOR + 2.390% 4.1594% 6/15/34 (a)(b)(e)	2,772,000	2,762,045
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (a)	4,373,000	3,811,887
Series 2012-CR1:
Class D, 5.4974% 5/15/45 (a)(b)	7,226,000	7,468,697
Class G, 2.462% 5/15/45 (a)	2,322,000	1,921,930
Series 2013-CR10 Class D, 4.9488% 8/10/46 (a)(b)	3,673,000	3,783,206
Series 2013-CR12 Class D, 5.2503% 10/10/46 (a)(b)	4,043,000	3,562,340
Series 2013-LC6 Class D, 4.4076% 1/10/46 (a)(b)	5,644,000	5,776,639
Series 2014-CR15 Class D, 4.8969% 2/10/47 (a)(b)	1,060,000	1,133,229
Series 2014-CR17 Class E, 5.0116% 5/10/47 (a)(b)	589,000	569,279
Series 2014-UBS2 Class D, 5.169% 3/10/47 (a)(b)	3,454,000	3,290,728
Series 2015-3BP Class F, 3.3463% 2/10/35 (a)(b)	4,405,000	4,362,001
Series 2016-CD1 Class D, 2.9006% 8/10/49 (a)(b)	2,318,000	2,039,740
Series 2017-CD4 Class D, 3.3% 5/10/50 (a)	3,234,000	2,915,602
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (a)	1,146,000	1,076,162
Commercial Mortgage Trust Series 2016-CD2 Class D, 2.9125% 11/10/49 (b)	1,680,000	1,473,938
Commercial Mortgage Trust pass-thru certificates:
Series 2012-CR2:
Class D, 4.992% 8/15/45 (a)(b)	789,000	809,880
Class E, 4.992% 8/15/45 (a)(b)	5,385,400	5,356,502
Class F, 4.25% 8/15/45 (a)	7,162,000	6,496,220
Series 2014-CR2 Class G, 4.25% 8/15/45 (a)	1,556,000	1,075,732
CPT Mortgage Trust sequential payer Series 2019-CPT Class F, 2.996% 11/13/39 (a)	2,772,000	2,562,401
Credit Suisse First Boston Mortgage Securities Corp. Series 1998-C1 Class H, 6% 5/17/40 (a)	1,095,286	829,960
Credit Suisse Mortgage Trust floater Series 2019-ICE4 Class F, 1 month U.S. LIBOR + 2.650% 4.4154% 5/15/36 (a)(b)(e)	1,512,000	1,516,257
CSAIL Commercial Mortgage Trust:
Series 2017-C8 Class D, 4.4701% 6/15/50 (a)	3,902,000	3,808,242
Series 2017-CX10 Class UESD, 4.3778% 10/15/32 (a)(b)	1,890,000	1,918,055
Series 2017-CX9 Class D, 4.2923% 9/15/50 (a)(b)	1,615,000	1,553,013
DBCCRE Mortgage Trust Series 2014-ARCP:
Class D, 5.099% 1/10/34 (a)(b)	833,000	864,181
Class E, 5.099% 1/10/34 (a)(b)	4,264,000	4,332,305
DBGS Mortgage Trust:
Series 2018-C1 Class D, 3.0353% 10/15/51 (a)(b)	3,459,000	3,143,080
Series 2019-1735 Class F, 4.3344% 4/10/37 (a)(b)	1,000,000	980,188
DBUBS Mortgage Trust Series 2011-LC1A:
Class F, 5.8877% 11/10/46 (a)(b)	7,292,000	7,461,231
Class G, 4.652% 11/10/46 (a)	7,812,000	7,507,348
DC Office Trust Series 2019-MTC Class E, 3.1744% 9/15/45 (a)	1,029,000	982,244
Freddie Mac:
pass-thru certificates Series K013 Class X3, 2.9101% 1/25/43 (b)(c)	4,473,000	108,954
Series KAIV Class X2, 3.6147% 6/25/41 (b)(c)	2,316,000	119,600
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2 Class H, 6.75% 4/15/29 (b)	3,603,259	3,646,877
Series 1999-C2I Class K, 6.481% 9/15/33 (f)	4,620,409	4,704,945
GPMT Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 4.6716% 11/21/35 (a)(b)(e)	1,227,000	1,226,818
Grace Mortgage Trust Series 2014-GRCE Class G, 3.7098% 6/10/28 (a)(b)	2,093,000	2,097,517
GS Mortgage Securities Corp. Trust floater:
Series 2019-70P Class F, 1 month U.S. LIBOR + 2.650% 4.4154% 10/15/36 (a)(b)(e)	2,550,000	2,559,581
Series 2019-SOHO Class E, 1 month U.S. LIBOR + 1.870% 3.64% 6/15/36 (a)(b)(e)	1,974,000	1,969,656
GS Mortgage Securities Trust:
Series 2011-GC5:
Class D, 5.5562% 8/10/44 (a)(b)	6,673,000	6,644,103
Class E, 5.5562% 8/10/44 (a)(b)	2,432,000	2,249,506
Class F, 4.5% 8/10/44 (a)	4,308,000	2,948,933
Series 2012-GC6:
Class D, 5.8396% 1/10/45 (a)(b)	3,753,000	3,855,475
Class E, 5% 1/10/45 (a)(b)	2,984,000	2,793,766
Series 2012-GC6I Class F, 5% 1/10/45 (b)	1,508,000	1,231,333
Series 2012-GCJ7:
Class D, 5.8753% 5/10/45 (a)(b)	8,756,500	8,776,383
Class F, 5% 5/10/45 (a)	7,032,000	2,273,844
Series 2012-GCJ9 Class D, 4.9019% 11/10/45 (a)(b)	4,238,000	4,344,265
Series 2013-GC12 Class D, 4.5881% 6/10/46 (a)(b)	869,000	865,152
Series 2013-GC13 Class D, 4.219% 7/10/46 (a)(b)	5,470,000	5,411,094
Series 2013-GC16:
Class D, 5.4877% 11/10/46 (a)(b)	3,923,000	4,238,798
Class F, 3.5% 11/10/46 (a)	2,530,000	2,149,939
Series 2016-GS2 Class D, 2.753% 5/10/49 (a)	2,058,050	1,862,568
Series 2016-GS3 Class D, 2.62% 10/10/49 (a)	6,086,000	5,367,413
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (a)	3,902,000	3,960,123
Series 2016-RENT:
Class E, 4.2022% 2/10/29 (a)(b)	7,178,000	7,227,653
Class F, 4.2022% 2/10/29 (a)(b)	8,451,000	8,463,587
Series 2017-GS6 Class D, 3.243% 5/10/50 (a)	4,676,000	4,286,931
Series 2019-GC38 Class D, 3% 2/10/52 (a)	1,162,000	1,039,197
Series 2019-GC39 Class D, 3% 5/10/52 (a)	2,515,000	2,242,106
Series 2019-GC40:
Class D, 3% 7/10/52 (a)	2,079,000	1,876,956
Class DBF, 3.668% 7/10/52 (a)(b)	2,523,000	2,431,599
Class E, 3% 7/10/52 (a)	1,228,000	1,024,472
Series 2019-GC42 Class E, 2.8% 9/1/52 (a)	2,519,000	2,022,927
Series 2019-GSA1 Class E, 2.8% 11/10/52 (a)	840,000	695,394
Hilton U.S.A. Trust:
Series 2016-HHV Class F, 4.3333% 11/5/38 (a)(b)	5,550,000	5,577,833
Series 2016-SFP Class F, 6.1552% 11/5/35 (a)	5,000,000	5,009,316
Home Partners of America Trust Series 2019-1:
Class E, 3.604% 9/17/39 (a)	1,627,000	1,631,719
Class F, 4.101% 9/17/39 (a)	264,000	267,777
Hudson Yards Mortgage Trust Series 2019-30HY Class E, 3.5579% 7/10/39 (a)(b)	1,947,000	1,943,326
IMT Trust Series 2017-APTS:
Class EFL, 1 month U.S. LIBOR + 2.150% 3.9154% 6/15/34 (a)(b)(e)	1,886,000	1,885,406
Class FFL, 1 month U.S. LIBOR + 2.850% 4.6154% 6/15/34 (a)(b)(e)	774,000	773,759
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (a)	2,083,000	2,207,238
Invitation Homes Trust floater Series 2018-SFR3 Class F, 1 month U.S. LIBOR + 2.250% 4.0125% 7/17/37 (a)(b)(e)	2,582,000	2,581,993
JP Morgan Chase Commercial Mortgage Securities Trust floater:
Series 2018-LAQ Class C, 1 month U.S. LIBOR + 1.600% 3.3654% 6/15/32 (a)(b)(e)	1,762,759	1,763,846
Series 2019-MFP:
Class E, 1 month U.S. LIBOR + 2.160% 3.9254% 7/15/36 (a)(b)(e)	2,292,000	2,294,871
Class F, 1 month U.S. LIBOR + 3.000% 4.7654% 7/15/36 (a)(b)(e)	777,000	778,459
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (a)	604,000	531,430
Series 2014-C26 Class D, 4.007% 1/15/48 (a)(b)	2,329,000	2,276,432
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.5762% 12/15/49 (a)(b)	2,418,000	2,213,111
JPMDB Commercial Mortgage Securities Trust:
Series 2016-C4 Class D, 3.2191% 12/15/49 (a)(b)	3,867,000	3,537,692
Series 2017-C7 Class D, 3% 10/15/50 (a)	1,813,000	1,625,185
Series 2018-C8 Class D, 3.4028% 6/15/51 (a)(b)	1,171,000	1,064,903
Series 2019-COR6:
Class D, 2.5% 11/13/52 (a)	1,354,000	1,150,610
Class E, 2.5% 11/13/52 (a)	2,582,000	2,051,991
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2012-CBX:
Class D, 5.3033% 6/15/45 (a)(b)	3,373,000	3,439,478
Class E, 5.3033% 6/15/45 (a)(b)	3,206,000	3,091,331
Class F, 4% 6/15/45 (a)	3,743,000	3,234,436
Class G 4% 6/15/45 (a)	4,129,000	2,632,515
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2011-C3:
Class E, 5.8527% 2/15/46 (a)(b)	3,008,000	2,917,727
Class G, 4.409% 2/15/46 (a)(b)	1,082,000	945,422
Class H, 4.409% 2/15/46 (a)(b)	2,622,000	2,052,657
Series 2011-C4:
Class F, 3.873% 7/15/46 (a)	494,000	496,996
Class H, 3.873% 7/15/46 (a)	2,683,000	2,585,133
Class NR, 3.873% 7/15/46 (a)	1,322,500	1,088,776
Series 2013-LC11:
Class D, 4.3067% 4/15/46 (b)	3,677,000	3,288,903
Class E, 3.25% 4/15/46 (a)(b)	104,000	79,995
Class F, 3.25% 4/15/46 (a)(b)	5,894,000	2,620,827
Series 2014-DSTY:
Class D, 3.9314% 6/10/27 (a)(b)	3,213,000	2,160,372
Class E, 3.9314% 6/10/27 (a)(b)	4,232,000	1,550,468
Series 2015-UES Class F, 3.7417% 9/5/32 (a)(b)	2,701,000	2,697,515
Series 2018-AON Class F, 4.767% 7/5/31 (a)(b)	2,150,000	2,187,711
Series 2019-OSB Class E, 3.9089% 6/5/39 (a)(b)	2,350,000	2,391,906
KNDL 2019-KNSQ Mortgage Trust floater Series 2019-KNSQ Class F, 1 month U.S. LIBOR + 2.000% 3.7654% 5/15/36 (a)(b)(e)	2,373,000	2,371,512
Liberty Street Trust Series 2016-225L Class E, 4.8035% 2/10/36 (a)(b)	2,063,000	2,168,329
Mach One Trust LLC Series 2004-1A Class M, 5.45% 5/28/40 (a)(b)	304,108	302,760
Merrill Lynch Mortgage Trust Series 2006-C1 Class AJ, 5.7726% 5/12/39 (b)	110,195	111,623
Morgan Stanley BAML Trust:
sequential payer Series 2014-C18 Class 300E, 4.6896% 8/15/31	1,666,000	1,704,052
Series 2012-C5 Class E, 4.8338% 8/15/45 (a)(b)	889,000	921,119
Series 2012-C6 Class D, 4.7614% 11/15/45 (a)(b)	3,633,000	3,774,434
Series 2012-C6, Class F, 4.7614% 11/15/45 (a)(b)	1,575,000	1,553,786
Series 2013-C12 Class D, 4.9247% 10/15/46 (a)(b)	3,996,000	4,125,052
Series 2013-C13:
Class D, 5.0711% 11/15/46 (a)(b)	5,150,000	5,344,225
Class E, 5.0711% 11/15/46 (a)(b)	1,666,000	1,565,161
Series 2013-C7:
Class D, 4.3766% 2/15/46 (a)(b)	4,791,000	4,642,030
Class E, 4.3766% 2/15/46 (a)(b)	1,316,000	1,163,409
Series 2013-C8 Class D, 4.1934% 12/15/48 (a)(b)	1,883,000	1,918,599
Series 2013-C9:
Class D, 4.2605% 5/15/46 (a)(b)	4,440,000	4,536,367
Class E, 4.2605% 5/15/46 (a)(b)	1,594,370	1,581,682
Series 2016-C30 Class D, 3% 9/15/49 (a)	1,565,000	1,317,843
Series 2016-C31 Class D, 3% 11/15/49 (a)(b)	2,453,000	2,081,341
Series 2016-C32 Class D, 3.396% 12/15/49 (a)	3,084,000	2,553,032
Series 2017-C33 Class D, 3.356% 5/15/50 (a)	2,932,000	2,681,125
Morgan Stanley Capital I Trust:
floater Series 2019-AGLN:
Class F, 1 month U.S. LIBOR + 2.600% 4.3654% 3/15/34 (a)(b)(e)	1,500,000	1,507,511
Class G, 1 month U.S. LIBOR + 3.150% 4.9154% 3/15/34 (a)(b)(e)	900,000	904,506
Series 1998-CF1 Class G, 7.239% 7/15/32 (a)(b)	158,237	140,118
Series 2011-C2:
Class D, 5.6705% 6/15/44 (a)(b)	6,083,000	6,137,802
Class E, 5.6705% 6/15/44 (a)(b)	3,717,000	3,610,915
Class F, 5.6705% 6/15/44 (a)(b)	3,015,000	2,813,835
Series 2011-C3:
Class D, 5.4193% 7/15/49 (a)(b)	8,074,000	8,162,830
Class E, 5.4193% 7/15/49 (a)(b)	2,610,000	2,594,832
Class F, 5.4193% 7/15/49 (a)(b)	984,000	953,922
Class G, 5.4193% 7/15/49 (a)(b)	3,536,800	3,251,347
Series 2012-C4 Class D, 5.6% 3/15/45 (a)(b)	1,624,000	1,615,040
Series 2015-MS1 Class D, 4.1653% 5/15/48 (a)(b)	4,300,000	4,138,286
Series 2015-UBS8 Class D, 3.18% 12/15/48 (a)	2,839,000	2,547,810
Series 2016-BNK2 Class C, 3% 11/15/49 (a)	4,506,000	4,140,589
Series 2017-CLS Class F, 1 month U.S. LIBOR + 2.600% 4.3654% 11/15/34 (a)(b)(e)	916,000	916,000
Series 2018-MP Class E, 4.4185% 7/11/40 (a)(b)	2,499,000	2,512,790
Morgan Stanley Dean Witter Capital I Trust Series 2001-TOP3 Class E, 7.8976% 7/15/33 (a)(b)	333,685	347,404
Motel 6 Trust floater:
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.920% 8.6919% 8/15/24 (a)(b)(e)	1,199,208	1,211,396
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 6.0154% 8/15/34 (a)(b)(e)	9,027,055	9,060,875
MSCG Trust Series 2016-SNR:
Class D, 6.55% 11/15/34 (a)	6,879,050	7,058,013
Class E, 6.8087% 11/15/34 (a)	1,727,200	1,705,745
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (a)(b)	1,014,000	1,071,482
Natixis Commercial Mortgage Securities Series 2019-10K Class F, 4.2724% 5/15/39 (a)(b)	3,014,000	2,890,586
Natixis Commercial Mortgage Securities Trust:
floater Series 2018-FL1:
Class WAN1, 1 month U.S. LIBOR + 2.750% 4.664% 6/15/35 (a)(b)(e)	262,000	262,766
Class WAN2, 1 month U.S. LIBOR + 3.750% 5.664% 6/15/35 (a)(b)(e)	222,000	221,253
Series 2018-285M Class F, 3.9167% 11/15/32 (a)(b)	909,000	903,647
Series 2018-TECH:
Class E, 1 month U.S. LIBOR + 2.250% 4.0154% 11/15/34 (a)(b)(e)	638,000	636,105
Class F, 1 month U.S. LIBOR + 3.000% 4.7654% 11/15/34 (a)(b)(e)	96,000	95,037
Class G, 1 month U.S. LIBOR + 4.000% 5.7654% 11/15/34 (a)(b)(e)	572,000	559,445
Series 2019-1776 Class F, 4.2988% 10/15/36 (a)	2,541,000	2,537,877
Progress Residential Series 2019-SFR3 Class F, 3.867% 9/17/36 (a)	1,228,000	1,224,399
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (a)	1,962,204	2,407,736
Sg Commercial Mtg Securities Trust 2019-Pres Series 2019-PREZ Class F, 3.5929% 9/15/39 (a)(b)	1,894,000	1,734,086
TIAA Seasoned Commercial Mortgage Trust:
sequential payer Series 2007-C4 Class AJ, 5.4839% 8/15/39 (b)	80,770	81,089
Series 2007-C4 Class F, 5.4839% 8/15/39 (b)	4,452,000	4,360,912
UBS Commercial Mortgage Trust Series 2012-C1:
Class D, 5.756% 5/10/45 (a)(b)	3,272,000	3,278,548
Class E, 5% 5/10/45 (a)(b)	1,911,000	1,534,182
Class F, 5% 5/10/45 (a)(b)	2,484,000	1,006,756
UBS-BAMLL Trust:
Series 12-WRM Class D, 4.3793% 6/10/30 (a)(b)	2,090,000	2,055,448
Series 2012-WRM Class C, 4.3793% 6/10/30 (a)(b)	890,000	897,806
Wells Fargo Commercial Mortgage Trust:
Series 2010-C1 Class XB, 0.6613% 11/15/43 (a)(b)(c)	21,422,279	89,672
Series 2012-LC5:
Class D, 4.9137% 10/15/45 (a)(b)	6,116,000	6,340,139
Class E, 4.9137% 10/15/45 (a)(b)	1,051,000	1,054,729
Class F, 4.9137% 10/15/45 (a)(b)	588,000	552,853
Series 2015-NXS4 Class E, 3.7504% 12/15/48 (a)(b)	2,047,000	1,812,381
Series 2016-BNK1 Class D, 3% 8/15/49 (a)	1,526,000	1,274,822
Series 2016-C35 Class D, 3.142% 7/15/48 (a)	5,461,000	4,768,043
Series 2016-NXS6 Class D, 3.059% 11/15/49 (a)	4,250,000	3,814,343
Series 2017-C38 Class D, 3% 7/15/50 (a)(b)	4,605,000	4,055,414
Series 2017-RB1 Class D, 3.401% 3/15/50 (a)	1,824,000	1,697,478
WF-RBS Commercial Mortgage Trust:
sequential payer Series 2011-C4I Class G, 5% 6/15/44	1,252,600	926,494
Series 2011-C3:
Class D, 5.8557% 3/15/44 (a)(b)	3,318,000	2,511,868
Class E, 5% 3/15/44 (a)	1,258,000	388,632
Class F, 5% 3/15/44 (a)	2,421,350	251,886
Series 2011-C4:
Class D, 5.3964% 6/15/44 (a)(b)	1,616,000	1,650,064
Class E, 5.3964% 6/15/44 (a)(b)	1,274,000	1,272,091
Series 2011-C5:
Class D, 5.8516% 11/15/44 (a)(b)	2,978,000	3,099,553
Class E, 5.8516% 11/15/44 (a)(b)	4,203,655	4,320,118
Class F, 5.25% 11/15/44 (a)(b)	3,930,000	3,872,686
Class G, 5.25% 11/15/44 (a)(b)	1,255,150	1,138,259
Series 2012-C6 Class D, 5.7674% 4/15/45 (a)(b)	2,707,000	2,851,125
Series 2012-C7:
Class E, 4.9681% 6/15/45 (a)(b)	3,644,000	2,564,140
Class F, 4.5% 6/15/45 (a)	1,470,000	742,431
Class G, 4.5% 6/15/45 (a)	4,218,750	1,369,767
Series 2012-C8:
Class D, 5.0482% 8/15/45 (a)(b)	833,000	863,013
Class E, 5.0482% 8/15/45 (a)(b)	1,167,000	1,184,910
Series 2013-C11:
Class D, 4.4031% 3/15/45 (a)(b)	1,865,000	1,892,917
Class E, 4.4031% 3/15/45 (a)(b)	4,999,000	5,005,625
Series 2013-C13 Class D, 4.2774% 5/15/45 (a)(b)	1,499,000	1,528,474
Series 2013-C16 Class D, 5.1916% 9/15/46 (a)(b)	668,000	660,711
Series 2013-UBS1 Class D, 4.8974% 3/15/46 (a)(b)	2,638,000	2,694,522
Worldwide Plaza Trust Series 2017-WWP Class F, 3.7154% 11/10/36 (a)(b)	4,695,000	4,417,430
WP Glimcher Mall Trust Series 2015-WPG:
Class PR1, 3.6332% 6/5/35 (a)(b)	1,638,000	1,416,551
Class PR2, 3.6332% 6/5/35 (a)(b)	4,354,000	3,604,651
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $608,317,539)		625,797,374
	Shares	Value

Common Stocks - 0.2%
Homebuilders/Real Estate - 0.2%
iStar Financial, Inc.
(Cost $1,843,540)	150,000	1,948,500

Preferred Stocks - 3.2%
Convertible Preferred Stocks - 0.3%
Homebuilders/Real Estate - 0.3%
RLJ Lodging Trust Series A, 1.95%	70,550	2,009,970
Nonconvertible Preferred Stocks - 2.9%
Diversified Financial Services - 0.5%
AGNC Investment Corp. Series E 6.50%	94,400	2,416,640
MFA Financial, Inc. Series B, 7.50%	80,525	2,066,272
		4,482,912
Homebuilders/Real Estate - 2.4%
American Homes 4 Rent Series D, 6.50%	86,125	2,266,810
Cedar Realty Trust, Inc. Series C, 6.50%	79,625	1,832,171
Colony Capital, Inc.:
Series H, 7.125%	76,200	1,756,410
Series I, 7.15%	71,600	1,658,256
National Storage Affiliates Trust Series A, 6.00%	37,975	1,018,490
Public Storage Series F, 5.15%	85,000	2,187,050
Rexford Industrial Realty, Inc. Series B, 5.875%	91,475	2,370,282
SITE Centers Corp. Series K, 6.25%	75,512	1,927,821
Spirit Realty Capital, Inc. Series A, 6.00%	17,968	458,184
Taubman Centers, Inc. Series J, 6.50%	55,202	1,399,371
UMH Properties, Inc. Series C, 6.75%	98,998	2,570,978
		19,445,823

TOTAL NONCONVERTIBLE PREFERRED STOCKS		23,928,735

TOTAL PREFERRED STOCKS
(Cost $25,456,176)		25,938,705
	Principal Amount	Value

Bank Loan Obligations - 4.8%
Air Transportation - 0.3%
Hanjin International Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.2016% 10/18/20 (b)(e)	2,120,000	2,090,850
Diversified Financial Services - 1.2%
Extell Boston 5.149% 8/31/21 (b)(d)	2,347,296	2,382,505
Veritas-B Junior Mezz C LLC 10.48% 2/6/21 (b)(d)	7,602,000	7,789,769

TOTAL DIVERSIFIED FINANCIAL SERVICES		10,172,274

Food & Drug Retail - 0.3%
Albertson's LLC Tranche B8, term loan 3 month U.S. LIBOR + 2.750% 4.4516% 8/17/26 (b)(e)	2,053,064	2,065,156
Homebuilders/Real Estate - 2.0%
Capital Automotive LP:
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 7.71% 3/24/25 (b)(e)	2,215,488	2,216,884
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.21% 3/24/24 (b)(e)	5,072,957	5,073,871
DTZ U.S. Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.9516% 8/21/25 (b)(e)	1,649,340	1,651,402
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 3.408% 2/6/22 (b)(d)(e)	4,165,000	4,081,700
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.496% 6/28/23 (b)(e)	3,224,546	3,232,608
Realogy Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3.958% 2/8/25 (b)(e)	94,179	90,805

TOTAL HOMEBUILDERS/REAL ESTATE		16,347,270

Hotels - 0.8%
ESH Hospitality, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.7016% 9/18/26 (b)(e)	904,035	905,717
Hilton Worldwide Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 3.458% 6/21/26 (b)(e)	3,195,308	3,208,888
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.45% 4/27/24 (b)(e)	932,587	908,498
Ryman Hospitality Properties, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.71% 5/11/24 (b)(e)	1,723,726	1,727,312

TOTAL HOTELS		6,750,415

Services - 0.0%
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.7016% 2/27/25 (b)(e)	29,612	29,525
Telecommunications - 0.2%
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.46% 4/11/25 (b)(e)	1,644,348	1,644,003
TOTAL BANK LOAN OBLIGATIONS
(Cost $39,069,802)		39,099,493

Preferred Securities - 0.0%
Homebuilders/Real Estate - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (a)(d)	3,000,000	61,944
Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (a)(d)	3,100,000	310
TOTAL PREFERRED SECURITIES
(Cost $6,004,704)		62,254
	Shares	Value

Money Market Funds - 7.2%
Fidelity Cash Central Fund 1.61% (g)
(Cost $59,381,553)	59,369,679	59,381,553
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $816,270,579)		821,408,851
NET OTHER ASSETS (LIABILITIES) - 0.0%		114,426
NET ASSETS - 100%		$821,523,277

Legend

(a) 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 $660,929,331 or 80.5% of net assets.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(c) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

(d) Level 3 security

(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,752,720 or 0.6% of net assets.

(g) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Fannie Mae REMIC Trust Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B4, 4.1024% 6/25/43	9/29/03	$59,407
Fannie Mae REMIC Trust Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B5, 4.1024% 6/25/43	9/29/03	$227
GMAC Commercial Mortgage Securities, Inc. Series 1999-C2I Class K, 6.481% 9/15/33	3/23/07	$4,399,659

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	$777,612
Total	$777,612

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Financials	$4,482,912	$4,482,912	$--	$--
Real Estate	23,404,293	21,394,323	2,009,970	--
Corporate Bonds	28,741,107	--	28,741,107	--
Asset-Backed Securities	40,353,168	--	40,351,873	1,295
Collateralized Mortgage Obligations	86,697	--	15,033	71,664
Commercial Mortgage Securities	625,797,374	--	625,797,374	--
Bank Loan Obligations	39,099,493	--	24,845,519	14,253,974
Preferred Securities	62,254	--	--	62,254
Money Market Funds	59,381,553	59,381,553	--	--
Total Investments in Securities:	$821,408,851	$85,258,788	$721,760,876	$14,389,187

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

Investments in Securities:
Bank Loan Obligations
Beginning Balance	$6,822,762
Net Realized Gain (Loss) on Investment Securities	(1,365)
Net Unrealized Gain (Loss) on Investment Securities	(16,542)
Cost of Purchases	4,547,389
Proceeds of Sales	(1,117,320)
Amortization/Accretion	(62,650)
Transfers into Level 3	4,081,700
Transfers out of Level 3	--
Ending Balance	$14,253,974
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2019	$(16,542)
Other Investments in Securities:
Beginning Balance	224,710
Net Realized Gain (Loss) on Investment Securities	220,210
Net Unrealized Gain (Loss) on Investment Securities	(265,114)
Cost of Purchases	721,943
Proceeds of Sales	(41,431)
Amortization/Accretion	(768,709)
Transfers into Level 3	43,604
Transfers out of Level 3	--
Ending Balance	$135,213
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2019	$(265,114)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

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

Financial Statements

Statement of Assets and Liabilities

		November 30, 2019
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $756,889,026)	$762,027,298
Fidelity Central Funds (cost $59,381,553)	59,381,553
Total Investment in Securities (cost $816,270,579)		$821,408,851
Cash		34,191
Receivable for investments sold		181,270
Dividends receivable		94,510
Interest receivable		3,177,702
Distributions receivable from Fidelity Central Funds		88,267
Prepaid expenses		1,132
Total assets		824,985,923
Liabilities
Payable for investments purchased	$2,143,667
Distributions payable	634,862
Accrued management fee	478,047
Other affiliated payables	40,020
Other payables and accrued expenses	166,050
Total liabilities		3,462,646
Net Assets		$821,523,277
Net Assets consist of:
Paid in capital		$821,577,505
Total accumulated earnings (loss)		(54,228)
Net Assets		$821,523,277
Net Asset Value, offering price and redemption price per share ($821,523,277 ÷ 93,630,239 shares)		$8.77

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

Statement of Operations

		Year ended November 30, 2019
Investment Income
Dividends		$1,572,065
Interest		38,547,856
Income from Fidelity Central Funds		777,612
Total income		40,897,533
Expenses
Management fee	$5,109,951
Transfer agent fees	108,905
Accounting fees and expenses	325,791
Custodian fees and expenses	23,219
Independent trustees' fees and expenses	4,311
Audit	201,814
Legal	3,361
Miscellaneous	5,771
Total expenses before reductions	5,783,123
Expense reductions	(13,545)
Total expenses after reductions		5,769,578
Net investment income (loss)		35,127,955
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	807,480
Total net realized gain (loss)		807,480
Change in net unrealized appreciation (depreciation) on investment securities		26,266,392
Net gain (loss)		27,073,872
Net increase (decrease) in net assets resulting from operations		$62,201,827

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

Statement of Changes in Net Assets

	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$35,127,955	$52,205,252
Net realized gain (loss)	807,480	(1,518,908)
Change in net unrealized appreciation (depreciation)	26,266,392	(16,721,062)
Net increase (decrease) in net assets resulting from operations	62,201,827	33,965,282
Distributions to shareholders	(35,999,475)	(53,762,837)
Share transactions
Proceeds from sales of shares	130,445,698	356,936,471
Reinvestment of distributions	30,268,155	49,618,853
Cost of shares redeemed	(98,384,669)	(756,871,686)
Net increase (decrease) in net assets resulting from share transactions	62,329,184	(350,316,362)
Total increase (decrease) in net assets	88,531,536	(370,113,917)
Net Assets
Beginning of period	732,991,741	1,103,105,658
End of period	$821,523,277	$732,991,741
Other Information
Shares
Sold	14,895,476	42,169,778
Issued in reinvestment of distributions	3,499,304	5,851,171
Redeemed	(11,621,345)	(89,472,668)
Net increase (decrease)	6,773,435	(41,451,719)

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

Financial Highlights

Fidelity Real Estate High Income Fund


Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$8.44	$8.60	$8.51	$8.80	$8.99
Income from Investment Operations
Net investment income (loss)^A	.418	.417	.433	.451	.539
Net realized and unrealized gain (loss)	.338	(.148)	.064	(.343)	(.190)
Total from investment operations	.756	.269	.497	.108	.349
Distributions from net investment income	(.426)	(.429)	(.407)	(.398)	(.462)
Distributions from net realized gain	–	–	–	–	(.050)
Tax return of capital	–	–	–	–	(.027)
Total distributions	(.426)	(.429)	(.407)	(.398)	(.539)
Net asset value, end of period	$8.77	$8.44	$8.60	$8.51	$8.80
Total Return^B	9.15%	3.23%	5.94%	1.26%	3.96%
Ratios to Average Net Assets^C,^D
Expenses before reductions	.80%	.80%	.80%	.80%	.80%
Expenses net of fee waivers, if any	.80%	.80%	.80%	.80%	.80%
Expenses net of all reductions	.79%	.80%	.80%	.80%	.80%
Net investment income (loss)	4.83%	4.91%	5.03%	5.23%	6.05%
Supplemental Data
Net assets, end of period (000 omitted)	$821,523	$732,992	$1,103,106	$1,033,232	$1,052,173
Portfolio turnover rate^E	26%	13%^F	18%	19%	20%

^A Calculated based on average shares outstanding during the period.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Portfolio turnover rate excludes securities received or delivered in-kind.

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

Notes to Financial Statements

For the period ended November 30, 2019

1. Organization.

Fidelity Real Estate High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

The Fund attempts to obtain prices from one or more third party pricing vendors or brokers. For certain securities, independent prices may be unavailable, unreliable or limited to a single third party pricing vendor or broker, and the values reflected may differ from the amount that would be realized if the securities were sold.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value	Valuation Technique (s)	Unobservable Input	Amount or Range / Weighted Average	Impact to Valuation from an Increase in Input^(a)
Bank Loan Obligations	$14,253,974	Market approach	Bid price	$98.00	Increase
		Discounted cash flow	Yield	5.5% - 8.8% - 7.6%	Decrease
Preferred Securities	$62,254	Recovery value	Recovery value	0.0% - 2.1% / 2.1%	Increase
Asset-Backed Securities	$1,295	Recovery value	Recovery value	0.0%	Increase
		Discounted cash flow	Yield	4.50%	Decrease
Collateralized Mortgage Obligations	$71,664	Recovery value	Recovery value	0.0%	Increase
		Discounted cash flow	Yield	5.5% - 18,282.0% / 89.7%	Decrease

(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2019, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to certain conversion ratio adjustments, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and expiring capital loss carryforwards.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$40,612,633
Gross unrealized depreciation	(35,864,451)
Net unrealized appreciation (depreciation)	$4,748,182
Tax Cost	$816,660,669

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$1,462,153
Capital loss carryforward	$(6,264,564)
Net unrealized appreciation (depreciation) on securities and other investments	$4,748,182

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration
Short-term	$(2,208,419)
Long-term	(4,056,145)
Total capital loss carryforward	$(6,264,564)

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$35,999,475	$ 53,762,837

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $182,572,159 and $178,937,758, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .70% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .02% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annual rate of .04%.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

	Amount
Real Estate High Income Fund	$117

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 17,894,579 shares of the Fund were redeemed in-kind for investments, including accrued interest, and cash with a value of $151,030,249. The Fund had a net realized gain of $916,170 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,998 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $740 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $9,155.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $3,650.

8. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, two otherwise unaffiliated shareholders were the owners of record of approximately 41% of the total outstanding shares of the Fund.

Effective January 1, 2020, following any required regulatory notices and approvals:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. (FIIOC) converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

9. Credit and Liquidity Risk.

The Fund invests a significant portion of its assets in below investment grade securities with contractual cash flows, such as asset backed securities, collateralized mortgage obligations and commercial mortgage backed securities. As these securities have a higher degree of sensitivity to changes in economic conditions, including real estate values, the risk of default is higher, and the liquidity and/or value of such securities may be adversely affected.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Real Estate High Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Real Estate High Income Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the “Fund”) as of November 30, 2019, the related statement of operations for the year ended November 30, 2019, the statement of changes in net assets for each of the two years in the period ended November 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2019 and the financial highlights for each of the five years in the period ended November 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2019 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 16, 2020

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Michael E. Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-401-292-6402.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity^® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity^® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity^® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity^® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity^® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity^® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity^® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity^® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity^® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity^® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity^® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity^® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity^® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as Secretary and CLO of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity^® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Actual	.79%	$1,000.00	$1,033.20	$4.03
Hypothetical-^C		$1,000.00	$1,021.11	$4.00

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

A total of 0.41% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $30,646,351 of distributions paid during the period January 1, 2019 to November 30, 2019 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Amended and Restated Investment Advisory Contracts

Fidelity Real Estate High Income Fund

At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.

The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.

Fidelity Investments

REHI-ANN-0120
1.734092.120


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Real Estate High Income Fund	$172,000	$13,300	$6,700	$6,000


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Real Estate High Income Fund	$295,000	$23,000	$5,700	$11,400


	November 30, 2019^A	November 30, 2018^A
Audit-Related Fees	$7,890,000	$7,745,000
Tax Fees	$10,000	$20,000
All Other Fees	$-	$-


Billed By	November 30, 2019^A	November 30, 2018^A
PwC	$12,565,000	$10,980,000


Date of fiscal year end:	November 30

Date of reporting period:	November 30, 2019


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	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.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	January 24, 2020


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	January 24, 2020