07.31 Fidelity Series Real Estate Equity Fund Series PRO-01 | Fidelity® Series Real Estate Equity Fund

Fund Summary

Fund/Class:
Fidelity® Series Real Estate Equity Fund/Fidelity® Series Real Estate Equity Fund

Investment Objective

The fund seeks above-average income and long-term capital growth, consistent with reasonable investment risk. The fund seeks to provide a yield that exceeds the composite yield of the S&P 500^® Index.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

Shareholder fees

Shareholder Fees {- Fidelity® Series Real Estate Equity Fund}	07.31 Fidelity Series Real Estate Equity Fund Series PRO-01 Fidelity® Series Real Estate Equity Fund USD ($)
(fees paid directly from your investment)	none

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Annual Operating Expenses {- Fidelity® Series Real Estate Equity Fund}	07.31 Fidelity Series Real Estate Equity Fund Series PRO-01 Fidelity® Series Real Estate Equity Fund Fidelity Series Real Estate Equity Fund-Series Class
Management fee	0.55%
Distribution and/or Service (12b-1) fees	none
Other expenses	0.21%
Total annual operating expenses	0.76%

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

Sell All Shares

Expense Example {- Fidelity® Series Real Estate Equity Fund}	07.31 Fidelity Series Real Estate Equity Fund Series PRO-01 Fidelity® Series Real Estate Equity Fund Fidelity Series Real Estate Equity Fund-Series Class USD ($)
1 year	$ 78
3 years	243
5 years	422
10 years	$ 942

Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 64% of the average value of its portfolio.

Principal Investment Strategies

• Normally investing primarily in common stocks.
• Normally investing at least 80% of assets in equity securities of companies principally engaged in the real estate industry and other real estate related investments.
• Investing in domestic and foreign issuers.
• Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

• Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

• Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

• Real Estate Industry Concentration. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry.

• Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the Additional Index Information section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit www.fidelity.com for more recent performance information.

Year-by-Year Returns

Calendar Years

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	14.16%	December 31, 2014
Lowest Quarter Return	-10.16%	June 30, 2015
Year-to-Date Return	10.61%	June 30, 2016

Average Annual Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.

For the periods ended December 31, 2015

Average Annual Total Returns{- Fidelity® Series Real Estate Equity Fund} - 07.31 Fidelity Series Real Estate Equity Fund Series PRO-01 - Fidelity® Series Real Estate Equity Fund	Past 1 year	Since Inception	[1]	Inception Date
Fidelity Series Real Estate Equity Fund-Series Class				Oct. 20, 2011
Fidelity Series Real Estate Equity Fund-Series Class | Return Before Taxes	3.63%	14.05%
Fidelity Series Real Estate Equity Fund-Series Class | After Taxes on Distributions	1.16%	12.30%		Oct. 20, 2011
Fidelity Series Real Estate Equity Fund-Series Class | After Taxes on Distributions and Sales	3.34%	10.83%		Oct. 20, 2011
S&P 500® Index(reflects no deduction for fees, expenses, or taxes)	1.38%	15.63%
Dow Jones U.S. Select Real Estate Securities Index℠(reflects no deduction for fees, expenses, or taxes)	4.46%	14.88%

[1] From October 20, 2011