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fsp:S000039312Member fsp:SAndPFiveHundredIndexMember 2011-12-15 2012-12-14 0000320351 fsp:S000039312Member fsp:RussellThirtyHundredUtlitiesIndexMember 2011-12-15 2012-12-14 0000320351 fsp:S000039312Member fsp:ReturnBeforeTaxesMember fsp:C000121123Member 2011-12-15 2012-12-14 pure iso4217:USD 0.0575 0.035 0 0 0 0 0.05 0.01 -0.015 -0.015 -0.015 -0.015 0.0071 0.0071 0.0071 0.0071 0.0025 0.005 0.01 0.01 0.0048 0.0051 0.0048 0.0048 0.0144 0.0172 0.0219 0.0219 713 519 722 322 1004 873 985 685 1317 1251 1375 1175 2200 2309 2245 2524 713 519 222 222 1004 873 685 685 1317 1251 1175 1175 2200 2309 2245 2524 -0.5071 0.356 0.1424 -0.2243 -0.2689 -0.2771 -0.1709 -0.2538 -0.2677 -0.2373 -0.1204 -0.176 -0.1256 -0.1388 -0.1057 -0.1236 -0.1243 -0.1215 -0.0457 -0.0853 -0.1414 -0.1551 -0.1182 -0.1394 -0.1401 -0.1371 -0.0597 -0.1064 2007-04-04 2007-04-04 2007-04-04 2007-04-04 2007-04-04 2007-04-04 2007-04-04 2007-04-04 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityInternationalRealEstateFundClassATBC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleNoRedemptionFidelityInternationalRealEstateFundClassATBC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityInternationalRealEstateFundClassATBCBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityInternationalRealEstateFundClassATBC column period compact * ~</div> 2012-12-14 485BPOS FIDELITY SELECT PORTFOLIOS 0000320351 2012-12-14 2012-12-14 false 2012-07-31 Fund Summary Fund: Fidelity® Real Estate Investment Portfolio Investment Objective 0.0071 0 0.0048 0.0119 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, hold, or sell shares of the fund. 121 Shareholder fees (fees paid directly from your investment) 378 Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) 654 Portfolio Turnover 1443 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 26% of the average value of its portfolio. This example helps compare the cost of investing in the fund with the cost of investing in other mutual 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: Principal Investment Strategies <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments.</li><li>Investing in domestic and foreign issuers.</li><li>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.</li></ul> Principal Investment Risks <ul><li>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 and different types of securities can react differently to these developments.</li><li>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. </li><li>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. </li><li>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. </li></ul>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 Information about the Indexes section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. 0.1494 0.4287 -0.0825 -0.5052 0.3582 0.1453 -0.2224 Year-by-Year Returns Calendar Years -0.2224 -0.2314 -0.14 -0.1204 -0.176 -0.113 -0.1266 -0.0963 -0.0457 -0.0853 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">41.03% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-37.43% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">15.51% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns 0.0092 -0.0076 0.0026 0.0393 0.0405 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. 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, 2011 0.26 -0.015 0.0071 0 0.0048 0.0119 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. Fund Summary Fund/Class: Fidelity® International Real Estate Fund/Fidelity International Real Estate Fund <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityInternationalRealEstateFundClassATBC column period compact * ~</div> Past performance (before and after taxes) is not an indication of future performance. <ul><li>Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments.</li></ul> 121 378 654 1443 -0.506 0.3593 0.1456 -0.2226 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityTelecomandUtilitiesFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesFidelityTelecomandUtilitiesFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityTelecomandUtilitiesFundBarChart column period compact * ~</div> 0 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. www.fidelity.com 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. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. 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. -0.2226 -0.2316 -0.14 -0.1204 -0.176 Highest Quarter Return -0.1268 -0.1131 -0.0964 -0.0457 -0.0853 2009-09-30 0.4103 Lowest Quarter Return -0.1284 -0.1427 -0.1087 -0.0597 -0.1064 Year-to-Date Return 0.1551 2012-09-30 -0.0075 0.0056 0 0.0028 Fund Summary Fund: Fidelity® Telecom and Utilities Fund Investment Objective 0.0084 The fund seeks high total return through a combination of current income and capital appreciation. The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 86 268 466 1037 Shareholder fees (fees paid directly from your investment) 0.0577 Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) 0.3378 0.3415 This example helps compare the cost of investing in the fund with the cost of investing in other mutual 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: 0.1487 Portfolio Turnover 0.3284 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 160% of the average value of its portfolio. -0.2134 Principal Investment Strategies -0.3821 <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of telecommunications services companies and utility companies.</li><li>Investing in domestic and foreign issuers.</li><li>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.</li></ul> 0.3289 Principal Investment Risks 0.2985 <ul><li>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 and different types of securities can react differently to these developments.</li><li>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.</li><li>Utilities Industry Concentration. The utilities industries can be significantly affected by government regulation, financing difficulties, supply and demand of services or fuel, intense competition, and natural resource conservation.</li><li>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.</li></ul>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. 0.0829 Performance Year-by-Year Returns Calendar Years 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 Information about the Indexes section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">19.40% </div></td><td><div align="left">June 30, 2003</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-19.49% </div></td><td><div align="left">September 30, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">11.06% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> 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. 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, 2011 Investment Objective Fee Table Shareholder fees (fees paid directly from your investment) 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. 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. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Fidelity Real Estate Investment Portfolio Fidelity Real Estate Investment Portfolio Fidelity Real Estate Investment Portfolio Past performance (before and after taxes) is not an indication of future performance. www.fidelity.com Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500® Index 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. 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. Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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. Portfolio Turnover You could lose money by investing in the fund. <ul><li>Normally investing at least 80% of assets in securities of telecommunications services companies and utility companies.</li></ul> 1.6 0.0048 0 0.0027 0.0075 Principal Investment Strategies Principal Investment Risks Performance Year-by-Year Returns Calendar Years 77 240 417 930 Average Annual Returns 0.0829 0.0817 0.0553 0.0211 0.0887 -0.2664 0.2088 -0.0191 -0.0257 -0.0183 -0.0025 -0.0222 0.2113 0.099 0.3052 0.1083 0.1016 0.0891 -0.3455 0.0856 0.0292 0.1011 0.1108 0.1733 0.1187 Fee Table Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Portfolio Turnover Principal Investment Strategies Principal Investment Risks The fund seeks capital appreciation. The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityRealEstateInvestmentPortfolio column period compact * ~</div> This example helps compare the cost of investing in the fund with the cost of investing in other mutual 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: 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 138% of the average value of its portfolio. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesFidelityRealEstateInvestmentPortfolio column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityRealEstateInvestmentPortfolio column period compact * ~</div> <ul><li>Normally investing primarily in non-U.S. securities.</li><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments.</li><li>Allocating investments across different countries and regions.</li><li>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.</li></ul> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityRealEstateInvestmentPortfolioBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityRealEstateInvestmentPortfolio column period compact * ~</div> 0.114 0.0831 0.0211 0.1246 0.007 0.009 -0.0025 0.0171 0.0458 0.0424 0.0292 0.0402 0.1187 0.0113 0.05 -0.3743 2008-12-31 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityTelecomandUtilitiesFund column period compact * ~</div> Year-to-Date Return 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. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. 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. www.fidelity.com Past performance (before and after taxes) is not an indication of future performance. 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. You could lose money by investing in the 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. 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. <ul><li>Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments.</li></ul> 2012-09-30 0.1106 Highest Quarter Return 2003-06-30 0.194 Lowest Quarter Return 2008-09-30 -0.1949 <ul><li>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 and different types of securities can react differently to these developments.</li><li> Foreign Exposure. Foreign markets, particularly emerging 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. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile. </li><li> 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. </li><li> 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. </li></ul>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. 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 Information about the Indexes section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. 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. 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, 2011 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">35.18% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-24.32% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">29.29% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityTelecomandUtilitiesFund column period compact * ~</div> Fund Summary Fund/Class: Fidelity® International Real Estate Fund/Fidelity Advisor® International Real Estate Fund A, T, B, C Investment Objective Fee Table Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 1.38 Fund Summary Fund/Class: Fidelity® International Real Estate Fund/Fidelity Advisor® International Real Estate Fund Institutional Investment Objective Portfolio Turnover Principal Investment Strategies Principal Investment Risks Year-to-Date Return The fund seeks capital appreciation. 0.2929 2012-09-30 Highest Quarter Return 0.3518 2009-06-30 Lowest Quarter Return -0.2432 2008-12-31 The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. This example helps compare the cost of investing in the fund with the cost of investing in other mutual 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: 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 138% of the average value of its portfolio. 1.38 Performance Year-by-Year Returns Calendar Years Average Annual Returns <ul><li>Normally investing primarily in non-U.S. securities.</li><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments.</li><li>Allocating investments across different countries and regions.</li><li>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. </li></ul> <ul><li>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 and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets, particularly emerging 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. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>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.</li><li>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.</li></ul>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. Fidelity International Real Estate Fund Fidelity International Real Estate Fund Fidelity International Real Estate Fund MSCI® EAFE® Index FTSE® EPRASM/NAREIT® Developed ex North America Index Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares The fund seeks capital appreciation. The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares 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 (Click Here) of the prospectus. This example helps compare the cost of investing in the fund with the cost of investing in other mutual 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: 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 138% of the average value of its portfolio. <ul><li>Normally investing primarily in non-U.S. securities.</li><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments.</li><li>Allocating investments across different countries and regions. </li><li>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. </li></ul> <ul><li>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 and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets, particularly emerging 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. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>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. </li><li>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.</li></ul>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 Information about the Indexes section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. Year-by-Year Returns <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart for Class A: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">35.25% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-24.43% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">28.90% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns 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. 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, 2011 1.38 You could lose money by investing in the fund. 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. 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 Information about the Indexes section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. 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. Past performance (before and after taxes) is not an indication of future performance. 50000 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. <ul><li>Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments.</li></ul> You could lose money by investing in the fund. www.advisor.fidelity.com <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">35.24% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-24.37% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">29.24% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> 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. 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, 2011 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. 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. 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. www.advisor.fidelity.com Past performance (before and after taxes) is not an indication of future performance. 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. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. 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. 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. Calendar Years <ul><li>Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments.</li></ul> Year-to-Date Return 2012-09-30 0.289 Highest Quarter Return 2009-06-30 0.3525 Lowest Quarter Return 2008-12-31 -0.2443 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. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. 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. Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Highest Quarter Return 0.3524 2009-06-30 Lowest Quarter Return -0.2437 2008-12-31 Year-to-Date Return 0.2924 2012-09-30 Fee Table Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares MSCI® EAFE® Index FTSE® EPRASM/NAREIT® Developed ex North America Index -0.015 Class A - Return Before Taxes Class T - Return Before Taxes Class B - Return Before Taxes Class C - Return Before Taxes Class A - Return After Taxes on Distributions Class A - Return After Taxes on Distributions and Sale of Fund Shares MSCI® EAFE® Index FTSE® EPRASM/NAREIT® Developed ex North America Index Fidelity Telecom and Utilities Fund Fidelity Telecom and Utilities Fund Fidelity Telecom and Utilities Fund Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500® Index Russell 3000® Utilities Index Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Declines over 6 years from 5.00% to 0%. On Class C shares redeemed less than one year after purchase. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityInternationalRealEstateFundClassATBC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityInternationalRealEstateFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityInternationalRealEstateFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityInternationalRealEstateFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityInternationalRealEstateFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityInternationalRealEstateFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityInternationalRealEstateFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityInternationalRealEstateFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityInternationalRealEstateFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityInternationalRealEstateFundClassInstitutionalBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityInternationalRealEstateFundClassInstitutional column period compact * ~</div> Dow Jones U.S. Select Real Estate Securities IndexSM Institutional Class Institutional Class Institutional Class 2007-04-04 2007-04-04 2007-04-04 2007-04-04 2007-04-04 2004-09-08 2004-09-08 2004-09-08 2004-09-08 2004-09-08 You could lose money by investing in the fund. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Declines over 6 years from 5.00% to 0%. On Class C shares redeemed less than one year after purchase. From April 4, 2007. From September 8, 2004.