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07.31 Fidelity Real Estate Income Fund AMCI PRO-06 | Fidelity Real Estate Income Fund
<p style="font: bold 20pt Arial, Helvetica, sans-serif;">Fund Summary</p><p style="font: normal 12pt Arial, Helvetica, sans-serif;"><b>Fund/Class</b>:<br/><b>Fidelity® Real Estate Income Fund</b>/Fidelity Advisor® Real Estate Income Fund A, M, C, I</p>
<font style="font: bold 16pt Arial, Helvetica, sans-serif;">Investment Objective</font>

The fund seeks higher than average income. As a secondary objective, the fund also seeks capital growth.

As a secondary objective, the fund also seeks capital growth.
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Fee Table</b></font>

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 27 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see “Sales Charge Waiver Policies Applied by Certain Intermediaries” in the “Appendix” section of the prospectus.

<p style="font: bold 11pt Arial, sans-serif; margin-bottom: 0px;">Shareholder fees</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">(fees paid directly from your investment)</p>
Shareholder Fees {- Fidelity Real Estate Income Fund} - 07.31 Fidelity Real Estate Income Fund AMCI PRO-06 - Fidelity Real Estate Income Fund
Fidelity Advisor Real Estate Income Fund: Class A
Fidelity Advisor Real Estate Income Fund: Class M
Fidelity Advisor Real Estate Income Fund: Class C
Fidelity Advisor Real Estate Income Fund: Class I
Maximum sales charge (load) on purchases (as a % of offering price) 4.00% 4.00% none none
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds) none [1] none [1] 1.00% [2] none
[1] Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.
[2] On Class C shares redeemed less than one year after purchase.
<p style="font: bold 11pt Arial, sans-serif; margin-bottom: 0px;">Annual Operating Expenses</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">(expenses that you pay each year as a % of the value of your investment)</p>
Annual Operating Expenses {- Fidelity Real Estate Income Fund} - 07.31 Fidelity Real Estate Income Fund AMCI PRO-06 - Fidelity Real Estate Income Fund
Fidelity Advisor Real Estate Income Fund: Class A
Fidelity Advisor Real Estate Income Fund: Class M
Fidelity Advisor Real Estate Income Fund: Class C
Fidelity Advisor Real Estate Income Fund: Class I
Management fee 0.54% 0.54% 0.54% 0.54%
Distribution and/or Service (12b-1) fees 0.25% 0.25% 1.00% none
Other expenses 0.23% 0.25% 0.22% 0.21%
Total annual operating expenses 1.02% 1.04% 1.76% 0.75%

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 and if you hold your shares:

<p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Sell All Shares</p>
Expense Example {- Fidelity Real Estate Income Fund} - 07.31 Fidelity Real Estate Income Fund AMCI PRO-06 - Fidelity Real Estate Income Fund - USD ($)
Fidelity Advisor Real Estate Income Fund: Class A
Fidelity Advisor Real Estate Income Fund: Class M
Fidelity Advisor Real Estate Income Fund: Class C
Fidelity Advisor Real Estate Income Fund: Class I
1 year $ 500 $ 502 $ 279 $ 77
3 years 712 718 554 240
5 years 941 951 954 417
10 years $ 1,598 $ 1,620 $ 2,073 $ 930
<p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Hold Shares</p>
Expense Example, No Redemption {- Fidelity Real Estate Income Fund} - 07.31 Fidelity Real Estate Income Fund AMCI PRO-06 - Fidelity Real Estate Income Fund - USD ($)
Fidelity Advisor Real Estate Income Fund: Class A
Fidelity Advisor Real Estate Income Fund: Class M
Fidelity Advisor Real Estate Income Fund: Class C
Fidelity Advisor Real Estate Income Fund: Class I
1 Year $ 500 $ 502 $ 179 $ 77
3 Years 712 718 554 240
5 Years 941 951 954 417
10 Years $ 1,598 $ 1,620 $ 2,073 $ 930
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Portfolio Turnover</b></font>

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 27% of the average value of its portfolio.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Principal Investment Strategies</b></font>
  • Normally investing primarily in preferred and common stocks of real estate investment trusts (REITs); debt securities of real estate entities; and commercial and other mortgage-backed securities, with an emphasis on lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds).
  • Normally investing at least 80% of assets in 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 each issuer's financial condition and industry position and market and economic conditions to select investments.
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Principal Investment Risks</b></font>
  • 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.
  • Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
  • 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. The value of securities of issuers in the real estate industry can be affected by changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, and the management skill and creditworthiness of the issuer.
  • Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
  • 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. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

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.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Performance</b></font>

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 a hypothetical composite of market indexes 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 institutional.fidelity.com for more recent performance information.

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.

<p style="font:bold 11pt Arial, sans-serif; margin-bottom: 0px;">Year-by-Year Returns</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Calendar Years</p>
Bar Chart
During the periods shown in the chart for Class A:ReturnsQuarter ended
Highest Quarter Return6.67%March 31, 2012
Lowest Quarter Return-5.96%September 30, 2011
Year-to-Date Return0.73%June 30, 2018
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Average Annual Returns</b></font>

Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. 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. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. 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, 2017

Average Annual Total Returns{- Fidelity Real Estate Income Fund} - 07.31 Fidelity Real Estate Income Fund AMCI PRO-06 - Fidelity Real Estate Income Fund
Past 1 year
Past 5 years
Since Inception
 [1]
Inception Date
Fidelity Advisor Real Estate Income Fund: Class A       Apr. 14, 2010
Fidelity Advisor Real Estate Income Fund: Class A | Return Before Taxes 2.76% 5.99% 8.00%  
Fidelity Advisor Real Estate Income Fund: Class A | After Taxes on Distributions 0.69% 3.69% 5.73% Apr. 14, 2010
Fidelity Advisor Real Estate Income Fund: Class A | After Taxes on Distributions and Sales 1.73% 3.63% 5.35% Apr. 14, 2010
Fidelity Advisor Real Estate Income Fund: Class M       Apr. 14, 2010
Fidelity Advisor Real Estate Income Fund: Class M | Return Before Taxes 2.73% 5.98% 7.98%  
Fidelity Advisor Real Estate Income Fund: Class C       Apr. 14, 2010
Fidelity Advisor Real Estate Income Fund: Class C | Return Before Taxes 5.22% 6.08% 7.77%  
Fidelity Advisor Real Estate Income Fund: Class I       Apr. 14, 2010
Fidelity Advisor Real Estate Income Fund: Class I | Return Before Taxes 7.34% 7.16% 8.86%  
S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 21.83% 15.79% 13.17%  
Fidelity Real Estate Income Composite Index℠(reflects no deduction for fees, expenses, or taxes) 8.34% 6.31% 8.08%  
[1] From April 14, 2010
07.31 Fidelity Real Estate Income Fund AMCI PRO-06 | Fidelity Real Estate Income Fund | Fidelity Advisor Real Estate Income Fund: Class A
Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.
07.31 Fidelity Real Estate Income Fund AMCI PRO-06 | Fidelity Real Estate Income Fund | Fidelity Advisor Real Estate Income Fund: Class M
Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.
07.31 Fidelity Real Estate Income Fund AMCI PRO-06 | Fidelity Real Estate Income Fund | Fidelity Advisor Real Estate Income Fund: Class C
On Class C shares redeemed less than one year after purchase.