QUARTERLY FUND REVIEW | AS OF SEPTEMBER 30, 2016

Fidelity® Real Estate Income Fund Investment Approach

FUND INFORMATION

• Fidelity® Real Estate Income Fund seeks above-average income and capital growth by investing in a mix of commercial real estate security types, including common stock, preferred stock, corporate bonds and commercial mortgage-backed securities (CMBS).

Manager(s): Mark Snyderman

• Leveraging our significant experience in commercial real estate investing, we own a diversified mix of security types in an effort to generate higher yield and less volatility than can be achieved by holding real estate investment trust (REIT) common stocks alone. Bonds and preferred stocks help to generate attractive yield and dampen volatility, as they are higher in a company's capital structure and tend to move out of sync with common stocks. • We seek to limit the fund's overall sensitivity to interest rates by investing in high-dividend-paying common stocks, taking intelligent credit risk backed by thorough bottom-up research, and avoiding long-dated bonds.

PERFORMANCE SUMMARY

Cumulative

Annualized

3 Month

YTD

1 Year

3 Year

5 Year

10 Year/ LOF1

Fidelity Real Estate Income Fund Gross Expense Ratio: 0.82%2

2.92%

11.20%

13.33%

8.76%

10.80%

6.79%

S&P 500 Index

3.85%

7.84%

15.43%

11.16%

16.37%

7.24%

FID Real Estate Income Composite Index

0.71%

8.36%

11.34%

9.46%

8.97%

7.59%

Morningstar Real Estate

-0.89%

9.51%

16.66%

12.72%

14.56%

5.47%

% Rank in Morningstar Category (1% = Best)

--

--

94%

92%

96%

11%

# of Funds in Morningstar Category

--

--

284

250

219

155

1 2

Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 02/04/2003. This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year. This fund has a short term trading fee – 0.75% for shares held less than 90 days.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, advisor.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. For definitions and other important information, please see the Definitions and Important Information section of this Fund Review.

Not FDIC Insured • May Lose Value • No Bank Guarantee

Trading Symbol: FRIFX Start Date: February 04, 2003 Size (in millions): $4,962.95 Morningstar Category: Real Estate Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry.

QUARTERLY FUND REVIEW: Fidelity® Real Estate Income Fund | AS OF SEPTEMBER 30, 2016

Market Review

Performance Review

Real estate securities produced mixed results but gained modest ground for the three months ending September 30, 2016, as investors continued to search for yield in a low-rate environment.

The fund's share classes (excluding sales charges, if applicable) gained about 3% for the three months ending September 30, 2016, significantly outpacing the 0.71% advance of the Fidelity Real Estate Income Composite IndexSM.

With respect to equities, real estate investment trust (REIT) common stocks fell modestly, returning -0.95% for the quarter, as measured by the FTSE® NAREIT® All REITs Index. Incomeoriented REITs tended to perform well, given their relative appeal as rates remained historically low. In comparison, the broad U.S. stock market gained 3.85%, according to the S&P 500® index. Real estate preferred stocks, meanwhile, gained slightly, with the MSCI REIT Preferred Index advancing 0.80% the past three months. For the same period, The BofA Merrill LynchSM US Real Estate Index, a market-capitalization-weighted measure of investmentgrade corporate debt in the domestic real estate sector, finished the quarter up 1.42%. Spreads on real estate bonds tended to tighten during the quarter. This performance took place across a solid fundamental backdrop among most property types and local markets, with hotels and, in certain areas, apartments serving as notable exceptions. ■

Looking at the fund's equity holdings, the fund's REIT common stocks gained 3% for the quarter, as did our investments in preferred stocks. In both cases, our allocations significantly outperformed their respective benchmarks, the FTSE® NAREIT® All REITs Index and the MSCI REIT Preferred Index. Among our common stocks, the fund benefited from favorable security selection, notably a focus on various income-oriented REIT stocks, such as mortgage REITs and net-lease companies, which tended to rally this quarter. With respect to our preferred holdings, we tend to favor preferreds with higher coupons issued by companies that we believe have respectable balance sheets. The high coupon gives shareholders some protection in a rising-rate environment, as well as the potential for capital appreciation if the issuer improves its credit. On the fixed-income side of the portfolio, our holdings also performed well, with good results from our high-yield bonds, investment-grade bonds and commercial mortgage-backed securities (CMBS). All three of these security types handily outpaced the roughly 1% gain in The BofA Merrill LynchSM US Real Estate Index, a market-capitalization-weighted measure of investment-grade corporate debt in the domestic real estate sector. Of final note, the fund had a cash allocation of 7%, on average, the past three months. We typically hold anywhere from 5% to 10% of the portfolio in cash. This stance provides flexibility to invest in issues we like when other investors may be forced to sell. ■

2 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity® Real Estate Income Fund | AS OF SEPTEMBER 30, 2016

Outlook and Positioning As of quarter end, we plan to maintain the fund's current positioning by security type. Given the market environment, an asset mixture of almost one-third common stocks, roughly 18% preferred stocks, and the remainder in bonds and cash makes sense to us. We tend to make asset-mix shifts gradually, because we think we have an advantage in identifying longer-term trends relative to shorter-term ones, and we want to limit transaction costs. This quarter, our allocation to REIT common and preferred stocks went down very modestly, as did our exposure to cash, while the fund's positions in high-yield bonds, investment-grade bonds and CMBS each increased a bit. For the fund's bond allocation, we will continue to take advantage of our CMBS research as we seek to buy securities with wide credit spreads. We also plan to take advantage of our high-yield and investment-grade bond research capabilities. If we are correct in our assessment of issuers' credit quality, we will not only be able to earn the coupon income, but also a capital gain from selling the security at a tighter spread. The goal of this approach is to reduce interest rate risk, as being right about credit decisions can help to mitigate interest rate movement.

For common stocks, we will continue to use a barbell approach, owning blue-chip real estate companies, along with what we consider high-dividend-yielding, undervalued companies. Our approach continued to emphasize income-oriented stocks, such as those of medical-property, net-lease and mortgage REITs. Among preferred stocks, we will still emphasize higher-coupon issues of companies we believe have respectable balance sheets. Here, we think the higher coupons offer some degree of relative protection in a rising-rate environment, as well as provide us with more potential upside if a company's credit improves. At quarter end, valuations for most types of real estate securities strike us as fair compared to those of other asset classes, but high relative to history. Any time security types go up a lot – as they have done in recent months – they become less likely to do so in the future. Regardless of the market backdrop, our approach will remain consistent – we will continue to seek good value opportunities in the marketplace while limiting the fund's interest rate risk. We will continue to emphasize credit research; companies with good cash flow and with securities trading at attractive prices; and a combination of blue-chip and higher-yielding, undervalued equities. ■

We continued to favor REIT bonds with credit ratings of BBB and BB, where we believe our strong credit research provides the best risk/reward trade-off. Also, we continued to de-emphasize longterm bonds trading at tight credit spreads, which we see as having limited upside and added interest rate risk.

LARGEST HOLDINGS BY ISSUER

10 LARGEST HOLDINGS

Issuer

Holding

Instrument Type

EQUITY LIFESTYLE PPTYS INC

Equity Lifestyle Properties, Inc.

Common Stock

MFA FINANCIAL INC

Acadia Realty Trust (SBI)

Common Stock

ACADIA RLTY TR

MFA Financial, Inc.

Common Stock

SENIOR HOUSING PPTYS TR

Ventas, Inc.

Common Stock

VENTAS INC

Apartment Investment & Management Co. Class A

Common Stock

Senior Housing Properties Trust (SBI)

Common Stock

Five Largest Issuers as a % of Net Assets

14.99%

Total Number of Holdings

569

The five largest issuers are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

VEREIT, Inc. Series F, 6.70%

Preferred Stock

NorthStar Realty Finance Corp.

Common Stock

Extra Space Storage, Inc.

Common Stock

WP Carey, Inc.

Common Stock

10 Largest Holdings as a % of Net Assets

18.16%

Total Number of Holdings

569

The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

3 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity® Real Estate Income Fund | AS OF SEPTEMBER 30, 2016

EQUITY MARKET-SEGMENT DIVERSIFICATION

FIXED-INCOME MARKET-SEGMENT DIVERSIFICATION

Market Segment

Portfolio Weight*

Market Segment

Home Financing

19.46%

U.S. Treasury

0.00%

Apartments

13.89%

U.S. Agency

0.00%

Health Care

10.38%

Mortgage Pass-Through

0.08%

Manufactured Homes

9.49%

Asset-Backed Securities

5.43%

Commercial Financing

9.40%

CMBS

23.96%

Shopping Centers

8.79%

CMOs

0.01%

Diversified

6.50%

Investment-Grade Credit

15.35%

Industrial

3.84%

Municipal Bonds

0.00%

Lodging/Resorts

3.21%

High-Yield Credit

53.69%

Self Storage

2.68%

Non-U.S. Developed

1.48%

Free Standing

2.48%

Emerging Markets

0.00%

Real-Estate Related

2.36%

Other Debt Assets

0.00%

Regional Malls

2.01%

* % of debt assets

Specialty

1.99%

Office

1.82%

Mixed, Industrial/Office

1.51%

Other

0.00%

* % of equity assets

ASSET ALLOCATION

Portfolio Weight*

CREDIT-QUALITY DIVERSIFICATION Credit Quality

Portfolio Weight

U.S. Government

0.50%

AAA

0.78%

AA

1.23% 4.12%

Asset Class

Portfolio Weight

A BBB

24.74%

Domestic Equities

48.97%

BB

23.30%

International Equities

0.62%

B

27.96%

Developed Markets

0.62%

CCC & Below

2.82%

Emerging Markets

0.00%

Short-Term Rated

0.00%

Tax-Advantaged Domiciles

0.00%

Not Rated/Not Available

14.55% 0.00%

Bonds

43.27%

Cash & Net Other Assets

Cash & Net Other Assets

7.14%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. Credit ratings for a rated issuer or security are categorized using Moody's Investors Service (Moody's). If Moody's does not publish a rating for a security or issuer, then the Standard & Poor's Ratings Services (S&P) rating is used. When S&P and Moody's provide different ratings for the same issuer or security, the Moody's rating is used. If neither Moody's nor S&P publishes a rating on the issuer or security, then the security is categorized as Not Rated. All U.S. government securities are included in the U.S. Government category. The table information is based on the combined debt investments of the fund and its pro-rata share of any debt investments in other Fidelity funds.

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

CHARACTERISTICS Portfolio Duration 30-Day SEC Yield 30-Day SEC Restated Yield Net Asset Value

2.63 years 4.19% -$12.11

4 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity® Real Estate Income Fund | AS OF SEPTEMBER 30, 2016

Definitions and Important Information CHARACTERISTICS Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. 30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield". 30-Day SEC Restated Yield is the fund's 30-day yield without applicable waivers or reimbursements, stated as of month-end. Net Asset Value is the dollar value of one share of a fund; determined by taking the total assets of a fund, subtracting the total liabilities, and dividing by the total number of shares outstanding.

IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance.

INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. Fidelity Real Estate Income Composite Index is a customized blend of unmanaged indexes, weighted as follows: The BofA Merrill Lynch US Real Estate Index - 40%; MSCI REIT Preferred Index 40%; and FTSE NAREIT All REITs Index - 20%. S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. The BofA Merrill Lynch US High Yield Constrained Index is a modified market capitalization–weighted index of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). The country of risk of qualifying issuers must be an FX-G10 member, a Western European nation, or a territory of the US or a Western European nation. The FX-G10 includes all Euro members, the US, Japan, the UK, Canada, Australia, New Zealand, Switzerland, Norway and Sweden. In addition, qualifying securities must have at least one year remaining to final maturity, a fixed coupon schedule and at least $100 million in outstanding face value. Defaulted securities are excluded. The index contains all securities of The BofA Merrill Lynch US High Yield Index but caps

5 |

issuer exposure at 2%. FTSE NAREIT All REITs Index is a market capitalization–weighted index that is designed to measure the performance of all tax– qualified Real Estate Investment Trusts (REITs) that are listed on the New York Stock Exchange, the NYSE MKT LLC, or the NASDAQ National Market List. MSCI REIT Preferred Index is a preferred stock market capitalization-weighted index of certain exchanged-traded perpetual preferred securities issued by US Equity and US Hybrid REITS. The BofA Merrill Lynch US Real Estate Index is a market capitalization–weighted index of US dollar denominated investment grade corporate debt publicly issued in the US domestic market by Real Estate issuers. It is a subset of The BofA Merrill Lynch US Corporate Index. Qualifying securities must have an investment grade rating (based on an average of Moody's, S&P and Fitch) and an investment grade rated country of risk. In addition, qualifying securities must have at least one year remaining to final maturity.

MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION © 2016 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges.

Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. 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. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss.

S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. © 2016 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 694684.11.0